Thursday, February 26, 2009

US Economic Doldrums Impact The World's Poor

Downturn to cost billions in aid to world's poor

Squeeze comes as needs of crisis-hit Zimbabwe, Sri Lanka and Darfur rise

LONDON - The cost to aid budgets of the world economic downturn is headed for billions of dollars, slashing assistance to the world's poorest people just as it becomes harder for them to make money for themselves.

In the United States, the heads of more than 50 groups in the InterAction coalition, whose 175 members manage a total of $9 billion annually, say they expect donations from individuals, businesses and foundations to fall by about $1 billion this year.

"If this (recession) goes into 2010, we will be seeing a significant reduction in delivery of programs in the world's poorest areas," InterAction president Sam Worthington told Reuters, adding weaker organizations may fall by the wayside.

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