The Hindu : Business : Financing development must be reviewed by 2013

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Financing development must be reviewed by 2013

Special Correspondent

Doha follow-up conference highlights sense of urgency

— PHOTO: AP

A general view of the International Conference on Financing for Development in Doha, Qatar.

CHENNAI: The Financing for Development Conference that concluded in Doha, Qatar, urged that aid commitments be maintained despite the global economic crisis, and called for the convening of an inclusive international conference under United Nations auspices to review the international financial and monetary architecture.

Welcoming ‘the remarkable’ Doha Declaration on Financing for Development after its adoption by consensus, General Assembly President Miguel d’Escoto Brockmann said it “highlighted a new sense of solidarity and goodwill among nations at a time when we can be tempted to withdraw into our narrowly defined self-interests.”

Affirming in its entirety the Monterrey Consensus on aid, investment, debt relief and other spurs to poverty relief in poor countries, the outcome document emerging from Doha said the economic slowdown and all other obstacles must not slow down efforts to achieve “people-centred development” in developing countries, particularly those in Africa.

“We express our deep concern that the international community is now challenged by the severe impact on development of multiple, interrelated global crises and challenges, such as increased food insecurity, volatile energy and commodity prices, climate change and a global financial crisis, as well as the lack of results so far in the multilateral trade negotiations and a loss of confidence in the international economic system", the text stated.

Participants

High-ranking officials of more than 160 countries, including nearly 40 heads of State or Government, attended the four-day follow-up International Conference on Financing for Development to Review the Implementation of the Monterrey Consensus, which opened on November 29.

Despite those restraints, and because of their impact on developing countries, participants pledged to “devise important measures for the full, effective and timely implementation of the Monterrey Consensus.”

They affirmed that commitments for an increase in official development assistance made in Monterrey should be maintained despite the crises, including the pledge by many developed countries to devote 0.7 per cent of their gross national product to development aid by 2015, according to United Nations release.

The participants agreed finally to strengthen the follow-up on development financing, including the ongoing review of the fulfilment of commitments and challenges to be overcome, and recognised the need to hold an additional follow-up conference in five years, by 2013, the release said.

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