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The report also shows that Italy and United States are worst in giving aid to poor nations. The Italians spend approximately 90% of its aid on Italian goods and services while United States spends around 70% on its own companies.
The report also shows that not only is aid important, but also their influence on World Bank and International Monetary Fund. If countries like United States wished to do so, they could cancel their debt that is causing so many problems in places like Africa.
The debt in fact, makes these countries pay three dollars for every two dollars they received in aid. This causes many indebted countries to spend more on debt services than it does on its own health services for its people, which is especially hard on countries in Africa which have been stricken with wide spread HIV/AIDS.
The latest report by Oxam showed that spending $30 billion would cancel debt of 32 of poorest countries; this would only cost $2.10 per person each year in wealthiest countries.
Oxfam states that if current trends continue nearly 247 million more people in sub-Saharan Africa will live in poverty; 34 million more will suffer from hunger; and 45 million children will die.
"Unless world leaders act now to deliver a historic breakthrough on poverty," said Jeremy Hobbs, Oxfam's executive director, "next year will end in shameful failure."
Gary is a blogger for The Peoples Politics