BRUSSELS, (Reuters) – The European Commission yesterday unveiled plans to accelerate aid to developing  countries hit hard by the economic crisis, warning that failure  to act could pose a threat to global stability.

The executive arm of the EU said it was bringing forward to  2009 nearly 4.3 billion euros ($5.82 billion) of previously  earmarked funds to help poor countries fight a recession that  has staunched credit flows, curtailed investment and sent a  number of local currencies into a tailspin.

“This multi-faceted crisis poses a serious threat to global  stability,” the Commission said in a statement.

The move does not entail adding existing aid to funds  already set aside by the EU.

Instead the Commission will “front-load”, or accelerate  payment of 3 billion euros, or 72 percent of budget support to  African, Pacific and Caribbean (ACP) nations and will direct at  least 500 million euros to support local welfare spending.