The UK is on track to meet the target of spending 0.7 per cent. of gross national income (GNI) on official development assistance (oda) by 2013. Total net oda from the UK to developing countries was £4.3 billion in 2004 which represented 0.36 per cent. of GNI. In the Spending Review 2004, the Chancellor announced that total UK oda will reach nearly £6.5 billion a year by 2007–08. This represents 0.47 per cent. of GNI, and is a real terms increase in UK oda of 140 per cent. since 1997. He also stated that the Government wishes to maintain these rates of growth in the overseas aid budget in order to meet the UN target by 2013.