UNITED NATIONS, Jan 17: More than 500 million people can be lifted out of abject poverty, 250 million people will no longer go to bed hungry and 30 million children can be saved if rich countries double development aid over the next 10 years, a new UN-sponsored report said on Monday.

In a 3,000-word report, some 265 experts came up with long-term projects and quick fixes, such as supplying mosquito bed nets against malaria to creating free school lunch programs - to meet global goals of alleviating poverty and preventing disease that nations promised at a UN summit in 2000.

Poor nations were to reorder priorities, such as eliminating school fees and drawing up realistic development plans, and rich nations were to step up funds for specific projects, forgive debts and promote trade. But few have lived up to their commitments.

"The system is not working right now - let's be clear," said Jeffrey Sachs, a Columbia University professor and lead author of the report, commissioned by UN Secretary General Kofi Annan. "It has taken too long to figure out an approach that will work. It's now a question of life and death."

The report, "Investing in Development", was presented to Kofi Annan on Monday. It will also be presented at the G8 meeting in July and to world leaders in September at the UN General Assembly. It proposed deadlines for specific projects and asks developing nations to present strategies by 2006 that would increase public investments. -Reuters