World Video | Defence | Foreign Affairs | Natural Events | Trade | NZ in World News | NZ National News Video | NZ Regional News | Search

 

Development funds move from poor to rich countries

Development funds moving from poor countries to rich ones, Annan says

  • Click here to view video of this UN report
  • United Nations Secretary-General Kofi Annan today challenged the General Assembly to face the stark fact that, "even taking all subtlety and nuance into account," developing countries made the sixth consecutive and largest ever transfer of funds to "other countries" in 2002, a sum totalling "almost $200 billion."

    "Funds should be moving from developed countries to developing countries, but these numbers tell us the opposite is happening," he told the Assembly, as well as heads of the affiliated international financial institutions, on the second day of its high-level dialogue on financing for development.

    "Funds that should be promoting investment and growth in developing countries, or building schools and hospitals, or supporting other steps towards the Millennium Development Goals, are, instead, being transferred abroad."

    The Millennium Development Goals, worked out at a UN summit in New York in 2000, collectively aim to halve extreme poverty worldwide by 2015.

    If discussion about financing for development is not to ring hollow, the balance sheet must be reversed and the system fixed so that all countries and people, especially the poorest, can benefit, Mr. Annan said.

    The wish to fix these problems brought about the meeting in Monterrey, Mexico, last year, which, though "not free of tension and disagreement," did achieve real breakthroughs, he said.

    A major breakthrough was the effort made to reverse a troubling and devastating decade of decline, or stagnation, by making new commitments to official development assistance (ODA), he said.

    Other Monterrey successes were improving government policy coherence, looking at poor people and poor countries as partners in the development process, and acknowledging the mutual accountability and mutual responsibilities of rich and poor, Mr. Annan said.

    Trade tariffs and subsidies have been stifling the ability of poor countries to compete fairly in the international trading system and trade their way out of poverty, he told the Assembly, while too many developing countries have been carrying too much debt.

    Too many developing countries have also been excluded from meaningful participation in the decision-making of key international bodies on economic and financial and trade issues, he said.

    The Secretary-General said he had called for better, more focused preparation for the annual spring meeting next year of the UN Economic and Social Council (ECOSOC), the Bretton Woods institutions - comprising the World Bank and the International Monetary Fund - and the World Trade Organization (WTO).

    Before that meeting, further WTO talks were scheduled for December in Geneva, he said. "We must stay together, stay engaged and make this process work."


    © Scoop Media

     
     
     
     
     
    World Headlines

     

    Werewolf: Gordon Campbell On North Korea, Neo-Nazism, And Milo

    With a bit of luck the planet won’t be devastated by nuclear war in the next few days. US President Donald Trump will have begun to fixate on some other way to gratify his self-esteem – maybe by invading Venezuela or starting a war with Iran. More>>

    Victory Declared: New Stabilisation Funding From NZ As Mosul Is Retaken

    New Zealand has congratulated the Iraqi government on the successful liberation of Mosul from ISIS after a long and hard-fought campaign. More>>

    Gordon Campbell: On The Current US Moves Against North Korea

    If Martians visited early last week, they’d probably be scratching their heads as to why North Korea was being treated as a potential trigger for global conflict... More>>

    ALSO:

    Gordon Campbell: On The Lessons From Corbyn’s Campaign

    Leaving partisan politics aside – and ignoring Jeremy Corbyn’s sensational election campaign for a moment – it has to be said that Britain is now really up shit creek... More>>

    ALSO:

    Another US Court: Fourth Circuit Rules Muslim Ban Discriminatory

    ACLU: Step by step, point by point, the court laid out what has been clear from the start: The president promised to ban Muslims from the United States, and his executive orders are an attempt to do just that. More>>

    ALSO:

     
     
     
     
     
     
    • Pacific.Scoop
    • Cafe Pacific
    • PMC