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Among its many other functions and performance dimensions, the annual G7/8 Summit can be considered a great global fundraiser. It mobilizes and promises new monies and financial resources of any kind for the purposes the G8 leaders specify. By publicly and collectively committing to new, additional financial resources, at the highest level, in the high profile communiqué or other documentation issued by leaders at the summit, G8 member governments back their summit deliberations, normative directions and decisional commitments with real resources, to help ensure that compliance, implementation and real action take place.
Over the years the G7/8 summits have succeeded in mobilizing large amounts of such new money. In the early 1990s, the then G7 mobilized in its summits and preparatory processes financial assistance packages to the former Soviet Union of US$26 billion in 1992 and then US$43 billion in 1993. At the 2002 Kananaksis Summit, the G8 mobilized US$27 billion in new money promised (see below). This total was composed of $20 billion to fund the Global Partnership against Weapons and Materials of Mass Destruction, $6 billion for development in Africa, and $1 billion to relieve the debt of the worlds poorest countries under the Highly Indebted Poor Countries (HIPC) plan.
G8 Money Mobilized can be defined as the G8 itself devoting, being likely to devote, or possibly devoting in the future, additional financial resources from G8 members for particular purposes they specify. To be included in this category an item requires explicit communiqué references to financial resources (broadly defined) and to the G8s role or responsibility in relation to raising or providing these financial resources at least in part.
Excluded from the definition are
G8 Money Mobilized comes in four categories, along a scale, as follows:
An application of these definitions, exclusions and categories to the documents issued by the leaders at the 2003 Evian G8 Summit yields the results listed below.
Appendix: 2003 Evian
New Money Promised
In keeping with our pledge at Kananaskis to provide, on a fair and equitable basis, sufficient resources to eradicate polio by 2005, we have pledged an additional US$ 500 million and remain committed to playing our full part to ensure that the remaining funding gap is closed. (Health: A G8 Action Plan)
Old Money Re-affirmed
We are determined to sustain and broaden our efforts towards: reaching our Kananaskis commitment of raising up to US$20 billion over 10 years. (Chairs Summary)
Need for More Money and G8 Responsibility Recognized
We noted that achieving these ambitious goals would require considerable efforts from both developed and developing countries, including increased resources. We welcomed the report of our Finance ministers discussions on our increased resources and on financing instruments. We invite them to report back to us in September on the issues raised by the financing instruments (Chairs Summary)
We tasked our relevant Ministers to examine as soon as possible the measures necessary to support a plan for the revitalization and reconstruction of the Palestinian economy, including the leveraging of private investment, within the framework of the Middle East Peace Process. (Chairs Summary).
We are providing urgent humanitarian aid and, to address the financial consequences of this situation, we are instructing our relevant Ministers to report within one month on how best to help Algeria recover. (Chairs Summary).
To these ends we direct our ministers and officials to pursue urgently with WTO partners [actions to]...Deliver capacity building technical assistance to developing countries in need to help them participate fully in WTO negotiations,, implement trade agreements, and respond to the trade opportunities created, in co-operation with other bilateral and multilateral donors. (Co-operative G8 Action on Trade)
The CTAG will analyse and prioritise needs, and expand counter-terrorism capacity building assistance (Building International Political Will and Capacity to Combat Terrorism: A G8 Action Plan).
Monitoring of Possible More Needed Money with G8 Responsibility Acknowledged
We welcomed the progress made towards completing our commitments in Kananaskis to fill the estimated financing gap in the HIPC Trust Fund, through the pledges of $850 million made in Paris in October 2002. We will continue to monitor the financing needs of the Trust Fund. (Chairs Summary).
We will address new needs [against famine, especially in Africa] when they are confirmed with appropriate aid commitments. (Action Against Famine, Especially in Africa: A G8 Action Plan).
whilst recognising that significant additional funds are required. We commit, with recipient countries, to fulfil our shared obligations as contained in the Declaration of Commitment on HIV/AIDS for the 2001 United Nations General Assembly Special Session. (Health: A G8 Action Plan).
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