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2005 Gleneagles Summit Analytical Studies

Official Documents

Gleneagles Performance:
Money Mobilized

John Kirton, Courtney Brady and Janel Smith
G8 Research Group
July 8, 2005

Gleneagles 2005 • Sea Island 2004 • Definition • Sources

Total new money mobilized at the Gleneagles Summit: US$204.7 billion

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Money Mobilized Defined

July 5, 2005

The annual general summit can be considered a great global fundraiser, mobilizing money beyond that already committed or that would otherwise be committed to address global public goods. To identify the new and annual amounts of money mobilized requires an estimate of two major dimensions.

1. The amount of new money mobilized caused by and that can be reasonably attributed to the G8 summit and process before, during and immediately after the event (G8 causality.

2. The amount of money mobilized, expressed in a common metric of nominal U.S. dollars at the prevailing exchange rate at the time of the actual summit.

As G8 summits have causal effects before, during and immediately after they take place, assessments of the power of the G8 summit to mobilize new and additional money can be assessed by:

a. Monies formally recorded and the docs released by and at the summit (eliminating those that are merely restatements of existing commitments made at previous summits or elsewhere unless these are confirmation of earlier commitments caused by the summit — see below).

b. Announcements by individual leaders at the summit of the new and additional monies that they or their partners will raise and are thus committed to.

c. New and additional monies announced at G8 ministerial and other G8 meetings in the leadup to the summit with an emphasis on those meetings taking place temporally closest to the summit and particularly the finance and foreign ministers meetings deliberated scheduled and tasked to prepare for the summit itself.

d. For announcements made by individual G8 leaders in their national capitals or in other international contexts, including non-G8 ones about monies they are committing to the priority issues for the forthcoming summit, especially as these issues have been identified by the host.

e. Process-tracing evidence includes statements by the leaders, ministers or officials that they are committing these new and additional monies in order to meet the priority objectives of the summit, in order to meet specific summit commitments, in order to follow or inspire other G8, or in order to make the summit a success. Even more important are data from press reports and interview research indicating that the summit forthcoming present or past was the direct cause of the new money being mobilized by the summit regardless of the particular calculus or causal logic employed by the country representative whose commitment it is.

Included is money committed by multilateral institutions such as the IMF and the World Bank, especially if these institutions are controlled in their voting share and budgets by the members of the G8.

"New Money Promised" is a clear new commitment made at the summit to mobilize additional new monies for a stated purpose.

"New Money Likely" is recognition that new money is needed for a particular purpose and that the G8 accepts its responsibility to provide at least some of the money. This category suggests that more money from the G8 is likely to, or will probably come.

Rationale for amounts recorded in the instance of the doubling of foreign aid: When accounting for declarations announcing the doubling of foreign aid, the amount indicated was achieved by doubling current aid figures then multiplying by the number of years over which the sum will be increased until it has been doubled. This product is then divided by two as a precaution; the sum is reduced to take into account the increases in aid before the sum has actually been doubled, in addition to conditions that may be placed upon increases in aid, as in the case of Germany.

Sources:

Development Assistance Increasing. OECD- Paris, 8 July 05

G8 Environment and Development Ministers Agree Action on Illegal Logging and Put Climate Change in Africa on Agenda for G8 Heads. Derby- 18 March, 2005. https://www.g8.utoronto.ca/environment/env_dev050318.htm.

Japanese PM apologizes over war. BBC News- 22 April, 2005. https://news.bbc.co.uk/1/hi/world/asia-pacific/4471495.stm.

Mark Rice- Oxley, "Europe OKs doubling of foreign aid" Christian Science Monitor- May 26, 2005. https://www.csmonitor.com/2005/0526/p07s03-woeu.html.

"Cautious welcome for G8 debt deal" BBC News- 12 June, 2005. https://news.bbc.co.uk/1/hi/business/4084574.stm.

Mabvuto Banda, "Malawi is not alright" The Sunday Times- Scotland- 19 June, 2005. https://www.timesonline.co.uk/article/0,,2090-1657672,00.html.

"Nigeria to get $18bn in debt relief" BBC News- 30 June, 2005. https://news.bbc.co.uk/1/hi/business/4637395.stm.

George Gedda, "White House plans to double Africa aid" Los Angeles Times- 4 July, 2005.

Briefing by EU President Barroso. Gleneagles- 6 July, 2005.

Statement on Middle East Peace Process, Gleneagles- 8 July, 2005.

Statement on Africa, Gleneagles- 8 July, 2005.

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