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World’s Rich Nations To Rescue Africa

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Posted by Jayden Attard on September 29, 2008 at 3:32 am

Do you know that two-fifths of Africa’s population still live on less than $1 a day, the continent has 12 percent of the world’s population but accounts for just 1 percent of global gross domestic product, and its volume of external trade represents just 2 percent of global trade. And there are much more things about the poverty of Africa. Our UN secretary-General Ban Ki-Moon said that the situations have gone worst after the global financial crisis. And to rescue Africa from this, it is estimated to cost around $72 billion a year. Who can donate such a big amount except the richer countries? This price tag may be daunting but “it is affordable,” and points to the estimated $267 billion that the world’s richest nations spent last year just on agricultural subsidies. But we can see the situation of rich nations after the economic slowdown and turmoil on Wall Street. At this phase this may be hard to achieve. Moreover some people blame rich countries for the break down of global trade negotiations that would open markets to poorer countries. So, lets wish for the crisis to waive soon even for the sake of poor souls expecting some help from us.

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