Aid, debt relief and new sources of finance for meeting the millennium development goals

This article focuses on aid, debt relief and new sources of finance for meeting the Millennium Development Goals (MDGs). It was said that MDGs provide a clear set of objectives for mobilizing the international development community, especially in the area of development finance. The call for increased aid as well as for more debt relief in the creation of new sources of development finance has increased since the United Nations Financing for Development Summit and the subsequent report of the panel chaired by then President Ernesto Zedillo of Mexico on development finance. The goal of reducing the proportion of people living in extreme poverty by 2015 cannot be achieved in Sub-Saharan Africa (SSA). Such optimistic forecast suggests that MDG income poverty target will not be achieved in SSA until 2147.<br />