The economic crisis and global recession should not be an excuse for developed countries to cut back on aid to poor nations, musician and activist Bob Geldof said Thursday at the Group of 20 Summit in London. He urged countries to look at aid as an investment and warned that failure to help will have catastrophic consequences.
If you treat this as expansionism rather than protectionism, treating this money as an investment, you will see a return, Geldof said. Always aid has been an investment.
Part of the problem that led to the current economic crisis is the structure of the system, Geldof said, describing it as top-heavy.
The system we have build is asymmetric, he said. It failed because we didn't include 50% of the world that lives on less than $2 a day.
Geldof achieved fame in the 1980s with the group the Boomtown Rats, whose hits included I Don't Like Mondays. However, Geldof - who has been knighted and is now Sir Bob Geldof - has since turned his attention to poorer nations.
Specifically, Geldof called for Africa and Africans to be included as a main component of the summit's conclusions.
In addition, he called for emerging markets and other less developed countries to be given permanent seats at international organizations, like the International Monetary Fund and the United Nations Security Council.
If we do not recognize these marginalized countries it will fall over again, Geldof warned.
For comments and feedback: contact firstname.lastname@example.org