PARIS, Oct. 30 (Xinhua) -- The Paris-based Organization for Economic
Cooperation and Development (OECD) Thursday called on the world's main donor
countries to honor their pledges to aid the developing nations while wrestling
with the global financial turmoil.
"Unless we act decisively now, we may not be able to prevent the financial
crisis from generating an aid crisis", said a letter issued by the OECD
addressing the heads of the member countries of the OECD's Development
Assistance Committee (DAC).
OECD Secretary-General Angel Gurria and the Chair of DAC, Eckhard
Deutscher, in a joint letter urged these countries to sign an "Aid Pledge" to
keep their commitments and avert budget cuts for development aid.
"Let us not repeat the mistakes we made following the recession of the
early 1990s when many OECD governments let aid efforts decline, with the
consequent impacts on developing countries in such areas as agricultural
production, infrastructure, social welfare and political stability," said the
letter.
Cuts in budgets for development aid will pile more pressure on developing
economies over food and energy prices in the following years, said Gurria and
Deutscher.
Such a move will also constrain donor countries' ability to help developing
nations adapt to climate change.
"Action is essential to avoid a deepening poverty crisis, and we know that
poor countries face heightened possibilities of conflict in times of economic
and social stress," the letter warned.
Other international organizations and countries have issued alike appeals
as worries mount that the current financial crisis and looming recession will
affect donor countries' aid for developing nations.