US president pledges revamp of foreign aid policy

United States President Barack Obama has pledged a revamp of US foreign aid policy to help lift nations out of poverty by focusing on good governance and encouraging trade and investment.



Obama told the UN summit in New York on the Millennium Development Goals (MDG) that the focus should be on development, not dependence.



However, he has insisted that helping poor nations is in the US national interest.



He says the US will do its part to help lift millions out of poverty.



However with five years left to reach the Millennium Development Goals, Obama says the world must do better.



The eight goals were adopted in 2000, and include improving health care, increasing access to education and promoting equal rights for women.



Obama says if the international community continues to do the same things the same way, many of the development goals will be missed.