G8 Summit Closes Successfully as Leaders Agree $50bn Aid Boost

The G8 summit at Gleneagles, Scotland has concluded successfully on Friday afternoon, despite the terrorist attacks in London, which allegedly were an attempted to disperse the focus at the crucial conference. Initial reports by BBC News reveal that G8 leaders have set concrete agreements to boost aid for poor countries, though the final communiqué is set to be published later in the day.

Under the pressure of the "Make Poverty History" campaigners in the UK and all over the world, the leaders of the world’s eight richest nations - Canada, France, Germany, Italy, Japan, Russia, UK, US - have finally signalled a deal on trade, access to Aids treatment, debt cancellation and $3bn for the Palestinian authority, according to Prime Minister Tony Blair.

"It isn't all everyone wanted, but it is progress," the Prime Minister said.

Following the G8 nations’ pledge to drop the debt of the 18 poorest countries in the world prior to the G8 summit, the communiqué is expected to reconfirm the debt cancellation of a further nine countries if they can meet certain criteria.

In addition, the G8 agrees a $50bn (£28.8bn) boost to aid. The agreement to increase the share of GDP given to developing countries to the UN target of 0.7% was not, however, confirmed.

Among the three principles the UK-based anti-poverty campaign Make Poverty History has fought for - Drop the Debt, Trade Justice, More and Better Aid - two have been fulfilled through the G8 summit.

A promise of a new peacekeeping force for Africa as well as the commitment "in return by African leaders to democracy and good governance and the rule of law" will be included in the communiqué, according to Prime Minister.

"The communique is the definitive expression of our collective will to act in the face of death. It has a pride and a hope and a humanity that can lift the shadow of terrorism," he added.

Nigeria's President Olusegun Obasanjo hailed the meeting of G8 leaders and African leaders as "a great success".

Apart from poverty, another major theme on the G8 summit was climate change. The talk has yet remained in deadlock as the US has been insistent to reject the Kyoto Protocol. The draft communiqué states that global warming is a "serious long-term challenge" for the entire planet. Prime Minister Tony Blair says the G8 countries will meet in November for further discussions.