E.U., U.S. pledge to increase development assistance. (Environmental Intelligence).
Announced just prior to the U.N. Conference on Financing for Development in Monterrey, Mexico, in March 2002, the U.S. pledge represented a significant policy change. President George W. Bush reversed his earlier opposition to increased development assistance, expanded his anti-terrorism stance to include the connection between violence and poverty, and argued that "we fight against poverty because hope is the answer to terror." He also said that a higher percentage of money should be given to developing nations as grants, rather than as loans that beneficiaries may have difficulty repaying. However, civil society groups are concerned that allocations of aid may be significantly biased by the U.S. anti-terrorist political agenda.
The Monterrey conference brought together over 250 heads of state and government ministers and hundreds of non-governmental and private sector leaders. Besides donor nations' pledge of increased aid, the Monterrey Consensus adopted at the conference includes a promise by receiving nations to curb government corruption and to implement a range of reforms aimed at opening their economies and spurring economic growth.
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|Title Annotation:||European Union/ United States economic aid|
|Article Type:||Brief Article|
|Date:||Jul 1, 2002|
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