Faith groups back global child bond, but caution urged
-11/11/06
Faith leaders includi
Faith groups back global child bond, but caution urged
-11/11/06
Faith leaders including the Archbishop of Canterbury, Dr Rowan Williams, are among the first holders of an international finance bond designed to raise money to provide immunisation for up to 500 million of the worldís poorest children. But development groups also called for close scrutiny of its overall impact.
The bond has been issued by the UK treasury and is expected to raise one billion US dollars out of a total of 4 billion being sought over the next ten years.
The plan has received an initial endorsement from church and development groups, including SCIAF in Scotland and CAFOD, the Catholic Fund for Overseas Development in England and Wales. Christian Aid has given it a “cautious welcome”.
The scheme has been organised by the UK Chancellor of the Exchequer, Gordon Brown, who comes from a Presbyterian background, and Dr Williams was accompanied by Pope Benedict, the Chief Rabbi of the United Hebrew Congregations, Sir Jonathan Sacks, the Muslim Council of Britain, the Hindu Forum of Britain and the Network of Sikh organisations in holding the first of the bonds to be issued.
Dr Williams claimed that the fact the scheme had the support of faith leaders was important: “No-one needs reminding that faith and the state can be at odds on occasion about certain issues of contemporary significance. This emphatically is not such an occasion; indeed quite the opposite. I am delighted to be here with other Church and faith leaders to endorse an initiative masterminded by the Chancellor which we all hope will deliver something of uncommon good to millions of children – and by extension their parents – the great majority of whom are living in abject poverty at huge risk to their health and happiness.”
The Anglican Archbishop added: “By buying a bond I make a small contribution to a much bigger effort to mobilise resources to relieve poverty and suffering and build hope for a better future.”
Secular individuals and agencies will also play a big part in the scheme, which is designed to attract a broad base of support.
If the International Finance Facility for Immunisation (IFFIm) initiative works, ten million lives could be saved over the next decade.
The IFFIm will raise money from private markets by selling bonds, which will be paid back by the UK government in the future. This money can be raised quickly so that more children can be immunised now, as opposed to having to wait for the funds to become available.
However, Christian Aid policy officer Anna Thomas said it was important the initiative “did not result in a reduction in the future level of aid”, adding it was vital the bonds came in “addition to existing aid budgets”.
A similar warning has been made by campaigning organisation the World Development Movement (WDM), which has been sharply critical of the real impact of government anti-poverty initiatives, questioning the gap between image and substance.
Ms Thomas said on behalf of Christian Aid that the amount of money to be raised was small compared with the annual 20 billion US dollars needed for HIV prevention, care and treatment, or the tens of billions of dollars needed every year to build comprehensive health systems for all.
She stressed: “To complement initiatives like the IFFIm developing countries also need support to invest in doctors, nurses and clinics, so that everyone has access to health care when they need it.”
Faith groups back global child bond, but caution urged
-11/11/06
Faith leaders including the Archbishop of Canterbury, Dr Rowan Williams, are among the first holders of an international finance bond designed to raise money to provide immunisation for up to 500 million of the worldís poorest children. But development groups also called for close scrutiny of its overall impact.
The bond has been issued by the UK treasury and is expected to raise one billion US dollars out of a total of 4 billion being sought over the next ten years.
The plan has received an initial endorsement from church and development groups, including SCIAF in Scotland and CAFOD, the Catholic Fund for Overseas Development in England and Wales. Christian Aid has given it a “cautious welcome”.
The scheme has been organised by the UK Chancellor of the Exchequer, Gordon Brown, who comes from a Presbyterian background, and Dr Williams was accompanied by Pope Benedict, the Chief Rabbi of the United Hebrew Congregations, Sir Jonathan Sacks, the Muslim Council of Britain, the Hindu Forum of Britain and the Network of Sikh organisations in holding the first of the bonds to be issued.
Dr Williams claimed that the fact the scheme had the support of faith leaders was important: “No-one needs reminding that faith and the state can be at odds on occasion about certain issues of contemporary significance. This emphatically is not such an occasion; indeed quite the opposite. I am delighted to be here with other Church and faith leaders to endorse an initiative masterminded by the Chancellor which we all hope will deliver something of uncommon good to millions of children – and by extension their parents – the great majority of whom are living in abject poverty at huge risk to their health and happiness.”
The Anglican Archbishop added: “By buying a bond I make a small contribution to a much bigger effort to mobilise resources to relieve poverty and suffering and build hope for a better future.”
Secular individuals and agencies will also play a big part in the scheme, which is designed to attract a broad base of support.
If the International Finance Facility for Immunisation (IFFIm) initiative works, ten million lives could be saved over the next decade.
The IFFIm will raise money from private markets by selling bonds, which will be paid back by the UK government in the future. This money can be raised quickly so that more children can be immunised now, as opposed to having to wait for the funds to become available.
However, Christian Aid policy officer Anna Thomas said it was important the initiative “did not result in a reduction in the future level of aid”, adding it was vital the bonds came in “addition to existing aid budgets”.
A similar warning has been made by campaigning organisation the World Development Movement (WDM), which has been sharply critical of the real impact of government anti-poverty initiatives, questioning the gap between image and substance.
Ms Thomas said on behalf of Christian Aid that the amount of money to be raised was small compared with the annual 20 billion US dollars needed for HIV prevention, care and treatment, or the tens of billions of dollars needed every year to build comprehensive health systems for all.
She stressed: “To complement initiatives like the IFFIm developing countries also need support to invest in doctors, nurses and clinics, so that everyone has access to health care when they need it.”