"The promises from the economically powerful to the economically weak are perhaps the most sacred promises we make... because if we break that promise, we kill them," Sir Geldof said at the unveiling of a G8 progress update from campaigning group DATA - which stands for Debt, AIDS, Trade, Africa.
The press conference came one year after he helped organise ten Live 8 music concerts worldwide - timed to coincide with the G8 summit hosted by Britain - to raise awareness of the plight of Africans living in poverty.
The DATA report said progress on meeting G8 commitments was "painfully slow" and "proceeding at best at half-pace".
The report said wealthy countries had delivered on their promise to cancel the debts of 19 poor countries, most of them in Africa, with a total of 44 countries eligible under programs of the International Monetary Fund and World Bank.
Relief from the debt payments in Cameroon, Mozambique, Tanzania, Uganda and Zambia had already swelled spending on education, health and the battle against HIV/AIDS, it said.
However, DATA called for action on the crucial issues of aid and trade and said much more was needed to provide access to drug therapy to fight the spread of HIV/AIDS in Africa.
The report said that the number of people in Africa receiving AIDS treatment rose from 100,000 in 2003 to 810,000 by the end of 2005 - but donors were still spending only half the amount needed to reach Gleneagles targets.
'Live 8 worked'
"Did Live 8 work? Yes, it did. Are more people being saved today because of Live 8? Yes, they are,” Sir Geldof said.
"Are more children in school because of what we did last year? Are they being offered a gateway to the world because of what we did last year? Yes, they are.
"Are more people being treated medically across the board, is there more access to doctors and nurses because of what we did? Yes, there is.
"That's good for me but it isn't enough because the full promise must be implemented and nothing else will do."
Activist rock star Bono said "(the world's richest countries) started to climb an Everest but over the past year they got lost at base camp.”
"I'd like to think that the DATA report is a kind of a GPS system for how to get back on track and back up the mountain.
"Overall, there is one cheer on debt, half a cheer on AIDS and boos and wolf-whistles for what is happening on trade.”
The main outcome of last July's G8 summit in Scotland was a 50-billion-dollar (US) increase in annual development aid, including 25 billion dollars for Africa, by 2010.
The next G8 summit takes place in Saint Petersburg, Russia next month.
G8 foreign ministers meet
Meanwhile foreign ministers of the G8 countries have urged restraint from all sides in the Israeli-Palestinian conflict and turned up the pressure on Iran at talks held in Moscow.
"We call on Israel to exercise utmost restraint in the current crisis. The detention of elected members of the Palestinian government and legislature raises particular concerns," said the statement from the G8, which comprises Britain, Canada, France, Germany, Italy, Japan, Russia and the US.
The declaration also called for the immediate release of an Israeli soldier abducted by Palestinian militants last Sunday.
The ministers urged also Iran to give a "clear and substantive" response at talks scheduled for next week to a series of proposals from UN Security Council members and Germany on its nuclear programme.
"We expect a response from Iran, an official response. We would hope for a serious response," US Secretary of State Condoleezza Rice said.
Earlier, talks between the US Secretary of State and her Russian counterpart Sergei Lavrov grew heated when the question was raised of addressing the Iraq issue in the final G-8 declaration.
After some debate, the ministers resolved to "call on the international community... to respond to this new era in Iraq's development by giving great support to the new Iraqi government and its people, including response to the Iraqi government's proposal of an international convention."
US President George W. Bush said earlier this month that his administration will press leaders in Europe, Asia and the Middle East to boost support for Iraq's fledgling government.