Stefán Ingi Stefánsson, director of UNICEF in Iceland, pointed out in an interview with Fréttablaðið today that Iceland is yet to reach the 0.7 percent target in development funding. Last year, contributions amounted to 0.22 percent of GNP. It was recently announced that the Icelandic government intends on making further cuts to development aid next year.
Photo: Páll Stefánsson/Iceland Review.
The 0.7 target refers to the commitment of the governments of rich countries to commit 0.7 percent of GNP to Official Development Assistance in order to provide enough resources to meet the Millennium Development Goals.
A total of 0.4 percent was achieved in 2008, the highest proportion yet. Contributions from Iceland have ranged from ISK 1.3 billion (USD 11 million, EUR 8 million) to ISK 4.3 billion (USD 36.6 million, EUR 26.6 million) annually, with the majority of funds going to ICEIDA, the Icelandic International Development Agency, ruv.is reports.