EU member stated urged to re-commit to aid target

22 Apr 15

European Union member states should issue annual timetables setting out how they plan to meet the goal of spending 0.7% of national income by 2020, the European Parliament’s development committee has said.

In 2005, EU member states committed meeting the United Nations’ 0.7% target by 2015, although those that joined the bloc in 2004 or later only need to be spending 0.33% of gross national income on development.

Those that have met the target include the UK, Luxembourg, Sweden and Denmark and those that have yet to do so includes Greece, Italy and France.

‘Goals and targets mean nothing if they are not financed,’ said Pedro Silva Pereira, the committee’s rapporteur and Portuguese MEP.

‘This House wants to send a strong political message about the future implementation and financing of the new global development agenda for the period 2015-2030.’

The MEPs also called on the European Commission to enhance the assistance it offers to developing countries in tax collection, public financial management and anti-corruption activities.

They also acknowledged that public aid alone was not enough and needed to be complemented by private sector investment.

‘The EU should set up a regulatory framework together with developing countries that stimulates more responsible, transparent and accountable investment, contributing to the development of a socially conscious private sector in developing countries,’ the MEPs said.

  • Judith Ugwumadu
    Judith Ugwumadu

    Judith writes about public finance, public services and economics across Public Finance International and Public Finance. She previously undertook reporting stints at Financial Adviser, Global Security Finance and The Sunday Express.

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