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LDC Chairman calls for adequate flow of ODA to vulnerable countries
23 March 2010
Today, H.E. Gyan Chandra Acharya, Ambassador and Permanent Representative of Nepal addressed, on behalf of the Least Developed Countries (LDCs), the Fourth United Nations High level Dialogue on Financing for Development held in New York on the theme, “The Monterrey Consensus and Doha Declaration on Financing for Development: Status of Implementation and Tasks Ahead.” The High Level Dialogue was organized in the lead up to the forthcoming high level review on MDGs in September this year.
Ambassador Acharya said that the Monterrey Consensus and the Doha Declaration on Financing for Development were built on the premises that substantially enhanced and comprehensive international partnership was essential to secure adequate resources for financing development in line with the commitment to making the 21st century, a century of development for all. Unmet ODA, deteriorating terms of trade, loss of export revenue, fluctuating commodity price, declining flow of FDI, reduction in the earnings from remittances and tourism posed a serious challenge to development financing, undermining the attainment of MDGs and the goals outlined in the Brussels Programme of Action for the LDCs, he added.
Mr. Acharya also underlined the necessity of the adequate flow of ODA to fully take cognizance of and be aligned with the level of structural vulnerabilities and the enormity of the development challenges of the countries concerned. He urged the international community to fulfill all commitments to ODA, particularly those committed to LDCs to deal with the regular development issues as well as the new and emerging challenges. Likewise, he called for providing the unrestricted greater market access to LDCs in the developed markets. In this context, he underlined the importance of an early conclusion of Doha round of negotiations. He further said that the Aid for trade must be additional and substantive to LDCs and should aim at enhancing their trading capacity and international competitiveness.
Ambassador Acharya also called for the International financial institutions in particular World Bank and IMF, to ensure creating of new facilities that are inclusive of all LDCs by substantially financed and easily accessible with less conditionality to protect development goals as well as social goals including employment to all. He urged the development partners and IFIs to encourage the private investors to consider investing in the countries concerned for sustaining livelihood and maintaining basic economic activities. He stressed for special risk mitigation and institutional guarantee mechanisms to encourage FDI in the LDCs. He also emphasized on the need to explore the innovative sources of financing for development and to ease the burden of debt on poor countries through sustainable management and temporary debt moratorium. Countries emerging from conflicts need a consolidated package of rehabilitation, reconstruction and recovery, all operating simultaneously yet in a rightly sequenced manner with concerted efforts of all development institutions and stakeholders, he added.
Mr Acharya further requested the international community to come forward with additional, substantial and secure funding and technology to the LDCs for adaptation and mitigation of the climate effects together with legally binding and ambitious climate mitigation measures.
Permanent Mission of Nepal to the United Nations
New York
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