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Why did the figure 0.7% of national income for aid get chosen?

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Why did the figure 0.7% of national income for aid get chosen?

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Research by the United Nations (UN) indicates that 0.7% of rich world GNI can provide enough resources to meet the UN Millennium Development Goals. The figure was already first committed to in a 1970 General Assembly Resolution. By supplying a percentage rather than a set amount, all countries can make a fair contribution relative to their wealth.

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