Paris:
A new report released by UNESCO has said that the global financial crisis, which is sweeping through Wall Street and European banking sector, will touch the lives of the world's most vulnerable, push millions into deeper poverty and lead to the deaths of thousands of children.
The study, prepared by the Education for All Global Monitoring Report (GMR) team, has documented the potential impact of the current worldwide economic meltdown on the Millennium Development Goals (MDGs).
According to the report, increased international aid could help reduce fiscal pressure, but development assistance budgets are coming under increased pressure and countries are using these crisis as an excuse to turn their back on the world's poor.
The European Union's aid commitment to provide 0.5 per cent of GDP in aid by 2010 will be $4.6 billion less than committed, the report said.
It also called for a concerted international effort to limit the impact of the financial crisis on the poor.
The study, prepared by the Education for All Global Monitoring Report (GMR) team, has documented the potential impact of the current worldwide economic meltdown on the Millennium Development Goals (MDGs).
According to the report, increased international aid could help reduce fiscal pressure, but development assistance budgets are coming under increased pressure and countries are using these crisis as an excuse to turn their back on the world's poor.
The European Union's aid commitment to provide 0.5 per cent of GDP in aid by 2010 will be $4.6 billion less than committed, the report said.
It also called for a concerted international effort to limit the impact of the financial crisis on the poor.
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