| Financing Development In Least Developed Countries: Trends and Prospects |
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The lack of financial resources is a major constraint to poverty reduction and achievement of the Millennium Development Goals (MDGs) in the Least Developed Countries (LDCs).
Under the Programme of Action for the Least Developed Countries adopted in Brussels in 2001, donor countries committed themselves to providing 0.15 – 0.20 percent of their Gross National Product as development assistance to the LDCs. They also agreed to cancel the debt owed by LDCs and to encourage Foreign Direct Investment (FDI) to the LDCs. LDCs committed themselves to take measures to improve domestic resources mobilisation.
However, except for oil-exporting countries, there has been no major improvement in domestically generated revenues in LDCs. External support, especially official development assistance (ODA) and debt cancellation, remains essential to the implementation of the Brussels Programme and the MDGs.
Between 2001 and 2006, ODA to LDCs increased by about 75 per cent. However, despite recent pledges, most donors are falling behind their ODA commitments. With the recent global financial crisis, there is concern that the flow of resources to the LDCs will stagnate or, worse, decline.
In this context and in view of the forthcoming Doha Conference on implementation of the Monterrey Consensus, the Office of the High Representative for Least Developed Countries, Landlocked Developing Countries and Small Island Developing States (UN-OHRLLS), in collaboration with the Development Cooperation Directorate of the Organisation of Economic Cooperation and Development, the UN Non-Government Liaison Service (UN-NGLS) and LDC Watch, organized a seminar on the challenge of mobilizing resources for development. The seminar took place at the United Nations on 18 November 2008.
Objectives:
The objectives of the seminar are:
a) To assess trends and prospects of the flow of resources for development to LDCs
b) To assess the potential impact of the global financial crisis on availability of resources for development in the LDCs
c) To assess progress in the implementation of the Monterrey Consensus as it relates to LDCs and highlight issues of interest to LDCs at the forthcoming Doha Conference and its subsequent follow up.
Presentations
- Programme
- Welcome remarks by Mr. Cheick Sidi Diarra, High Representative for LDCs, LLDCs and SIDS
- Doha Conference - Issues for LDCs by Mr. Oscar de Rojas, Director, Financing for Development Office, Department for Economic and Social Affairs
- Impact of World Financial Crisis on Development Finance Prospects for LDCs by Mr. Douglas Hostland, Senior Economist, International Finance Team, World Bank
- Trends in Official Development Assistance to LDCs by Mr. Simon Scott, Head of Statistics and Monitoring Division, Development Cooperation Directorate, Organisation for Economic Cooperation and Development
- Civil Society Perspectives: Mr. Arjun Karki, LDC Watch President
- Remarks by Ms. Ismat Jahan, Permanent Representative of Bangladesh to the United Nations, Chairperson of the LDC Group
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