International Conference on Financing for Development

Department of Public Information - News and Media Services Division - New York
Monterrey, NL, Mexico
18-22 March 2002
22 March 2002

5th Meeting (AM)


Monterrey Consensus Adopted

The summit-level segment of the International Conference on Financing for Development this morning adopted by acclamation the "Monterrey Consensus", by which States resolved to address the challenges of development financing around the world, with the goal of eradicating poverty, achieving sustained economic growth, and promoting sustainable development. (For details, see Press Release DEV/M/13 of 22 March.)

Also this morning, United States President George Bush and French President Jacques Chirac joined the high-level talks today, which continued to search for a balance between the needs and responsibilities of both developed and developing countries in the complex development financing process. Several other presidents and prime ministers, as well as ministers of trade, finance and development, and heads of delegations participated in the discussion.

President Bush said he had come to reaffirm the United States' commitment to bring hope and opportunity to the world's poorest people and to call for a new "compact for development", defined by greater accountability for rich and poor nations, alike. He fought against poverty because hope was an answer to terror, because opportunity was a fundamental right to human dignity, and because faith required it and his conscience demanded it. Major progress was within reach.

The United States proposal for increased official development assistance (ODA), announced earlier in the week, amounted to a 50 per cent increase in core development assistance over the next three budget years, or a $5 billion annual increase over current levels, Mr. Bush explained. That would go into a new "millennium challenge account" devoted to projects in nations that governed justly, invested in their people, and encouraged economic freedom.

He said he would promote development "from the bottom up", helping countries find the tools, training and technologies to seize the opportunities of the global economy. For decades, the success of development aid was measured only in the resources spent, not by the results achieved. Yet, pouring money into a failed status quo did little to help the poor and could actually delay the process of reform. "We must tie greater aid to political, legal and economic reforms", he urged.

President Chirac said that now that the world was no longer frozen by the clash of blocs that threatened peace and liberty, it could at last set about accomplishing its common destiny. What was at stake in Monterrey was not only the financing of development, but also the harnessing of the world's nations in search of an answer to the gnawing questions of the times, namely, how to end a situation that was morally unacceptable, politically dangerous and economically absurd.

He said he wanted to see a "new wind blowing in Monterrey" -- of generosity and hope. The Conference was only the first realization of the scale of the problem. It was time to be more ambitious. Europe had already decided to step up its development aid effort, aiming for the objective of 0.7 per cent. Developing countries had committed themselves to promoting economic growth through good governance and greater recourse to private initiative.

Everyone would be pulling their weight in the emerging global partnership for development, he said. But, they needed to go further still. Defeating poverty meant pursuing every possible avenue, starting with an increase in ODA. Debt cancellation could be considered with more generosity, and there could be more ambitious treatment for the severely indebted middle-income countries. Also, the possibilities of international taxation should be pondered more deeply.

"What can be done against terrorism can surely be done against poverty", he said, referring to the coalition against terrorism that evolved following the terrorist attacks against the United States last September. Inspired by the notion of a "universal civilization", France proposed working together over the coming decade to conclude five projects, including reaching the internationally target of 0.7 per cent gross national product (GNP) for ODA and the creation of an economic and social security council.

The Minister for Development Cooperation of the Netherlands, Eveline Herfkens, said that during the week she had seen the emergence of a "coalition of the willing". Never before had the plight of the poor been so high on the international political agenda. In the spotlight of international public opinion, the countries of the Organization for Economic Cooperation and Development (OECD) had started to live up to their commitments to the Millennium Development Goals.

She said she had seen an even larger group of countries signing up to a commitment that no low-income country with credible poverty-reducing policies should fail because of lack of funding. What a fantastic challenge to the developing countries. They should "call our bluff" by putting in place credible strategies and improved governance strategies, increased domestic savings, and so forth. "We should hang onto the spirit of Monterrey", and keep the promises made to the 1 billion people living in absolute poverty who could not be here to speak for themselves.

The Presidents of Chile and Guatemala also spoke, as well as the Prime Ministers of Armenia, Republic of Moldova, and the Bahamas.

Statements were also made by: the Deputy Prime Minister and Minister for Finance and Economy of the Republic of Korea; Deputy Prime Minister and Minister for Finance of Poland; Deputy Prime Minister and Minister for Foreign Affairs of the Czech Republic; and Deputy Prime Minister for Economic Affairs of Slovakia.

The Ministers for Foreign Affairs of Paraguay, Guyana, and Estonia made statements. Also speaking were the Minister for Foreign Affairs and Regional Cooperation of Mauritius, Minister of State and Minister for Foreign Affairs of Côte d'Ivoire, Minister of State for Foreign Affairs and Cooperation of Portugal, Vice-Minister for Foreign Affairs of Georgia, and Vice-Minister for Foreign Affairs of Italy.

The following ministers also made statements: Minister for Trade of Iraq, Minister for Finance and Economy of Mongolia, Minister for Finance of the Lao People's Republic, Minister for Development and Economic Planning of Sierra Leone, Minister for Economic Affairs and Finance of Iran, and the Minister for Foreign Affairs and Foreign Trade of Jamaica.

Also speaking this morning were the Minister for Disarmament and Arms Control and Associate Minister for Foreign Affairs and Trade of New Zealand, Minister for Finance of Nepal, Minister for Rural Development of Malaysia, Parliamentary Secretary for Foreign Affairs of Australia, Minister of State, Ministry of Finance and Economic Development of Ethiopia, and the Vice-Minister for Finance of the Russian Federation. The President of the European Commission also spoke.

Additional statements were made by the representatives of Fiji, Trinidad and Tobago, Samoa, United Kingdom and Turkey.

On behalf of the Parliamentarians Forum, the President of the Mexican Senate also spoke.

The sixth plenary meeting of the International Conference on Financing for Development will meet immediately upon the adjournment of the morning meeting, to conclude the summit-level segment and the Conference itself.


Conference Work Programme

The summit-level segment of the International Conference on Financing for Development met this morning to continue its general exchange of views.


ANDRANIK MARGARYAN, Prime Minister of Armenia, expressed gratitude to those donors that had helped Armenia with its economic growth. His country's transition period had been aggravated by poverty, he noted. It was committed to principles enshrined in the Millennium Declaration and would adopt a programme to combat poverty this year. He also drew attention to efforts to mobilize internal resources, both State and private, to aid development. Reforms had been undertaken in the civil service and to combat corruption. The Government was working to improve conditions to stimulate the private sector and to stimulate FDI. Armenia was in the last stage of acceding to the World Trade Organization (WTO), which would provide new opportunities in foreign trade.

The economic and transport blockade by certain countries had a negative impact on development efforts, he said. He believed that, through the convening of the Conference, an important step in cooperation had been taken. Transparency in decision-making was key. Regional cooperation for development would follow from the Conference -- that would help with conflict settlement. He was certain the Monterrey consensus would lead to positive outcome.

RICARDO LAGOS, President of Chile, said the Conference was a success because it laid down a new scenario for setting up balanced structures for the development of developing countries. It was designed to flag problems and was a good step forward for finding solutions. The world had changed so much over the past
50 years. The 0.7 per cent of gross domestic product (GDP) target was still valid. However, a set of rules was needed to ensure fair and equitable access to that assistance and to ensure that it was untied by donor countries.

A recent study had showed that if trade barriers were lifted, developing countries would be able to generate over $300 billion, he said. Doha was a great success, but there were still difficult tasks ahead. One third of the anti-dumping measures that were adopted from 1995 to 2000 were traced to three developed countries. The international community must work to address that issue. Also, the protectionist measures practised by developed countries had resulted in high volatility of commodity prices.

Private financing was just as important as public financing, he said. Private flows to developing countries were very cyclical. Access to international markets was essential, especially for countries like Chile. Chile had private finance sources with regard to education, health and the prison system. Capital flight was a serious issue in the context of financing for development.

Finally, he said that special drawing rights (SDRs) provided a way to create money at the international level through the International Monetary Fund (IMF). Special drawing rights went hand in hand with contributions each country made into the Fund. Special drawing rights could be devoted to financing public goods, as well as pay for copyrights. Special drawing rights would also make it possible to find machinery to address crises, such as those faced in recent years. Institutions were needed that were well prepared to deal with such crises. What countries did domestically was an essential element in determining the level of progress and development.

JACQUES CHIRAC, President of France, wanted to see a new wind blowing in Monterrey, a wind of generosity and hope. The consensus represented only a first step, a first realization of the scale of the problem. A global partnership for development through solidarity was being established where everyone would be pulling their weight. Africa had shown the way with the adoption of the New Partnership for African Development (NEPAD).

Every avenue must be pursued to achieve the aims of the Millennium Summit, he said. Those avenues existed, starting with an increase in official development assistance (ODA), but that alone was not enough. It was necessary to build on that via an additional allocation of SDRs, greater generosity regarding debt cancellation, and more ambitious treatment for the severely indebted middle-income countries. It was natural to consider drawing on the wealth created by globalization to finance efforts to humanize and control it. Therefore, it was necessary to ponder more deeply the possibilities of international taxation.

Inspired by the commitments of the Millennium Summit, he proposed that the international community work together over the coming decade to bring to fruition five projects, that would testify to its resolve to make globalization serve mankind. They were allocating 0.7 per cent of the wealth of the industrialized countries to the development of the poor countries; agreement on new funding for their development; the creation of an economic and social security council, within which all could work together for the sustainable management of global public goods; fulfilment of the Kyoto objectives and the establishment of a world environment organization; and the conclusion of a convention on cultural diversity, expressing confidence in the capacity of humans to reconcile the unity of the world with its diversity.

GEORGE W. BUSH, President of the United States, said he was in Monterrey to reaffirm the United States' commitment to bring hope and opportunity to the world's poorest people and to call for a new "compact for development", defined by greater accountability for rich and poor nations, alike.

Progress required change, he said. For decades, the success of development aid was measured only in the resources spent, not by the results achieved. Yet, pouring money into a failed status quo did little to help the poor and could actually delay the process of reform. A higher, more difficult, more promising call must be accepted. Developed nations had a duty, not only to share their wealth, but also to encourage sources that produced wealth, economic freedom, political liberty, the rule of law and human rights.

The lesson of the time was that when nations closed their markets and opportunity was hoarded by a private few, no amount of development aid was ever enough, he said. When nations respected their people, opened markets, invested in better health and education, aid dollars, trade revenues and domestic capital were used more effectively. "We must tie greater aid to political, legal and economic reforms", he urged. He added that "by insisting in reform, we did the work of compassion".

He said his country would lead by example. He had proposed a 50 per cent increase in core development assistance over the next three budget years, or a $5 billion annual increase over current levels. That would go into a new "millennium challenge account" devoted to projects in nations that governed justly, invested in their people, and encouraged economic freedom. He would promote development "from the bottom up", helping countries find the tools, training and technologies to seize the opportunities of the global economy.

The goal of his development aid was for nations to grow beyond the need for any aid, he went on. When nations adopted reform, each dollar of aid attracted
$2 of investments. When linked to good policy, that meant four times as many people lifted out of poverty. Everyone must focus on real benefits to the poor instead of debating arbitrary levels of inputs from the rich. There should be investment in better health, and efforts should build to fight HIV/AIDS. More aid should be given in the form of grants, rather than loans that could never be repaid.

He said that the work of development was much broader than development aid. The vast majority of financing for development came, not from aid, but from trade and domestic capital and foreign investment. Developing countries received some $50 billion per year in aid, compared to foreign investment of almost $200 billion and annual export revenue of $2.4 trillion. So, to be serious about fighting poverty, one must be serious about expanding trade. Trade brought new technologies, new ideas and new habits. And trade brought expectations of freedom and greater access to the markets of wealthy countries. That had a direct and immediate impact on the economies of developing nations.

Developing countries needed greater access to the markets of wealthy nations and trade barriers must be brought down, he continued. The global trade negotiations launched in Doha would confront those challenges. A new global trade pact could lift 300 million people out of poverty. "When trade advances, poverty retreats", he said.

The development talks were urgent and difficult, yet the way was clear, he said. The true source of economic progress was the creativity of human beings. The greatness of a society was achieved by unleashing the greatness of its people. The poor needed resources and deserved institutions that encouraged their dreams. And everyone deserved governments instituted by their own consent, and legal systems that spread opportunity instead of protecting the narrow interests of a few, as well as an economy that rewarded efforts.

"Prosperity comes as freedom triumphs", he said. That was why the United States was leading the fight for freedom from terror, and he thanked its friends around the world. "History had called us to a titanic struggle whose stakes could not be higher because we are fighting for freedom, itself".

ALFONSO PORTILLO CABRERA, President of Guatemala, said the Conference offered a new opportunity to renew commitments undertaken in other forums and to give them concrete content. The poverty afflicting half the world's population was the great unfinished task of the twentieth century and the gravest challenge for the century ahead. Poverty and social injustice were the breeding grounds for fanaticism. The Conference placed development in the centre of the international agenda, viewed from the perspective of financing.

Guatemala had made a considerable domestic effort to raise the tax ratio and assign the funds thus mobilized towards development, he said. An agreement had recently been reached with the IMF on a support programme, which would be formalized in few weeks. Numerous other measures -- especially in the areas of labour policies and intellectual property -- designed to improve Guatemala's participation in the global economy had been approved. Guatemala had adopted, by its own choosing, a strategy to eradicate poverty, he added.

The Conference would allow progress towards an enhancement of the adequacy of the multilateral institutions that supported international cooperation, he said. He welcomed advances already made within the framework of the preparatory process for moving the United Nations closer to the Bretton Woods institutions, as well as the regional financial organizations. Despite positive developments, including the recent announcement by the United States on ODA, he was surprised at the absence in the Monterrey consensus of a more comprehensive focus on how to finance global public goods. He would have welcomed pledges to create a fund for financing education, as well as redoubled efforts to finance the eradication of HIV/AIDS.

ROMANO PRODI, President of the European Commission, said the same determination shown in fighting terrorism must be shown in tackling poverty. The international community had shown such determination in Doha in addressing a large number of issues related to trade and investment and would do so when meeting again in Johannesburg for the World Summit on Sustainable Development. All of those processes were linked as they all dealt with different aspects of same issue -- how to harness globalization and preserve the resources of the planet. For Europe, the year 2002 began with the successful introduction of the euro. He hoped that it would conclude with the accession of 10 new States to the European Union.

He stated that there could not be peaceful globalization without respect for cultural and religious diversity. Culture was a greater gift to share than commercial goods. Europe's markets were wide open, not least to the imports of developing countries, which amounted to about $400 billion euros a year. In the context of ensuring the success of the Doha round, he expressed concern about recent trade frictions. The largest share of investment in developing countries, he noted, came from the European Union.

It was a moral imperative to combat extreme poverty, suffered by one fifth of humanity, he said. To attain that objective, it was necessary to substantially increase aid and its effectiveness. European member States had set the interim target of 0.39 per cent by 2006, which would mean an increase of 8 billion euros by that year. International cooperation must be based on shared principles and rules.

VASILE TARLEV, Prime Minister of the Republic of Moldova, said the Conference provided a unique opportunity to discuss sustainable development, and the mission statement of the Millennium Summit clearly indicated the direction to take. He supported the recent initiatives of the United States and the European Union to increase ODA. The Republic of Moldova was attempting to overcome the difficulties of the transition period it was in. All measures were being taken to implement steps to improve the situation, and efforts were being made to stimulate growth.

Problems such as accumulated debt hindered progress, he said. With the burden of national debt servicing amounting to 150 per cent of GDP, it was difficult to mobilize domestic resources and meet the needs of the low-income population. He, therefore, called for debt alleviation.

He said he fully supported the Monterrey consensus. The document properly pointed out that the basic responsibility lay with national governments. He hoped that donors would have deeper understanding of the specifics of the problems encountered by democratic but fragile States such as his own. He was following with hope the debate on the increase of grant aid under the auspices of the Bretton Woods institutions. Grants should help with national disasters, terrorism, conflict and combating diseases. Moldova would continue to rationally and effectively use its own resources to stimulate the development of the private economy. He stressed his country's readiness to further integrate into the international economy.

HUBERT A. INGRAHAM, Prime Minister of the Bahamas, said that economic growth must transcend demographic features and provide hope and assurance to all that the future would be better than today. The link between strong and growing economies and enhanced social and economic welfare was clear. Vibrant growth increased employment, enabled the development of inclusive social policies, raised living standards, and promoted the economic and social security of a people. Failure to attain economic security resulted in the tragic persistence of political refugees and undocumented economic migrants, and underscored the urgency of the Conference.

He identified three areas of focus for his country. The first concerned how the international community could truly assist in accelerating the economic growth of developing nations. The second was about how developing nations could provide a framework for achieving the greatest benefit from that assistance and attract additional capital. And the third concerned how international non-discriminatory rules could be developed that took into the characteristics of smaller developing countries. His national experience had shown that when economic policies were introduced, encouraging foreign investment and establishing strict and prudent fiscal management, a favourable climate for increased investment inflows to the Bahamas resulted.

His country also faced the strain of unplanned demands on social, educational, health and security resources of countries like the Bahamas, created largely by the continued infiltration of undocumented migrants from neighbouring small island States, he said. As it continued to come to terms with the new globalized world, he called on the developed world to help create an enabling international environment that would permit small island States to achieve reasonable development. He welcomed the decisions of both the United States and the European Union to increase their level of ODA, and hoped that the Monterrey consensus would be a symbol of the commitment to begin the essential dialogue and vigorous action needed to pursue a coherent inclusive strategy for promoting economic and social progress for all.

The Conference then adopted, by acclamation, the Monterrey Consensus, contained in document A/CONF.198/3.

JIN NYUM, Deputy Prime Minister and Minister for Finance and Economy of the Republic of Korea, said that the international community could help finance development and overcome poverty by doing the following. First, international cooperation must be strengthened to expand the flow of capital from developed to developing countries. Notwithstanding each country's own efforts, it was necessary to provide substantial aid to meet basic human needs such as food, health care and basic education.

Second, he said, to meeting financing needs, it was necessary to facilitate the flow of private capital, including loans and foreign direct investment (FDI). At the same time, recipient countries should make their own efforts to attract foreign investment and improve its business climate. Third, industrialized countries needed to offer wider opportunities for trade because free trade and market access was essential for the development of developing countries. Fourth, industrialized countries also needed to share their development experience, be it a success or failure story, with other countries.

He stressed that no country could possibly hope to develop unless it was willing to set its own developmental goals and prepared to use resources in a cost-effective and efficient way. Likewise, the international community should endeavour to expand their support for those countries.

MAREK BELKA, Deputy Prime Minister and Minister for Finance of Poland, said globalization had made individual national economies much more dependent on external environment. A key policy challenge was how to benefit from increased openness while, at the same time, reducing and better controlling the risks, including vulnerability to financial crises and backlash of nationalist and isolationist sentiments.

Cooperation with the developing countries was one of the top priorities of Poland's external policy, he said. Development cooperation was becoming an integral part of Polish foreign policy. Active participation in efforts to resolve financing for development issues was a moral and political obligation, especially to the inhabitants of the poorest countries, as well as those who were victims of conflicts and national disasters. For many years, Poland had received foreign assistance -- in fact, it was still a net recipient. However, the situation was gradually changing, and Poland was beginning to pay back its debt.

The success of the Conference and the upcoming Johannesburg Summit would not be measured by the number of officials attending, or by the quality of statements made, he said. Its success or failure would become evident in the near future by assessing whether "we have succeeded in increasing the volume of assistance and the efficiency with which it is absorbed". A holistic view must be taken, one that covered trade, debt relief, technical assistance, integrating private flows. He hoped that Monterrey would soon gain a new reputation as a city that had hosted a successful Conference that had led to action and real achievements.

JAN KAVAN, Deputy Prime Minister and Minister for Foreign Affairs of the Czech Republic, said he placed great importance on the international development goals adopted by the United Nations Millennium Summit. As a candidate for the presidency of the fifty-seventh General Assembly, his country was committed, as much as possible, to halving poverty, promoting universal access to primary education, reducing maternal and child mortality, and reversing the spread of HIV/AIDS by the year 2015. Partnerships were needed in order to facilitate progress in those areas.

The process of financing for development represented, by its comprehensive scope, a fresh and holistic approach by the international community towards the sustainable development worldwide. All elements of financing for development -- domestic resources, private investments, international trade, ODA and debt relief -- should be mutually supportive and beneficial. He noted his country's support for measures to eliminate the marginalization of the least developed countries. As an active member of the WTO, his delegation believed the organization should take into account the requirements and justified needs of developing countries, namely, the least developed ones, and supported their deeper engagement in the multilateral trade system.

Although he was sure that there was no direct causal link between poverty and terrorism, he was convinced that they shared a common base. Unsolved extreme poverty, like unsolved long-term political conflicts, could lead to feelings of powerlessness, frustration and anger, which created fertile soil to sympathies for fundamentalist, radical or even terrorist behaviour. The Millennium Goals must, therefore, be implemented -- not just for moral and humanitarian reasons, but also as an integral part of a struggle against terrorism and extreme intolerance of all kinds.

IVAN MÍKLOŠ, Deputy Prime Minister for Economic Affairs of Slovakia, said the foundation of further global economy and social progress must be complemented by national efforts. Among the developing nations, a number of middle-income developing countries also needed the world's attention. The main task ahead, however, concerned extreme poverty, increasing in nearly every part of the globe. Indeed, some 74 countries were not even on the track towards meeting the poverty reduction goals. In that context, he welcomed the unilateral initiatives by the United States and the European Union and other donors to increase their share of ODA.

He said he shared the objectives enshrined in the Millennium Declaration. As an economy in transition, Slovakia still benefited from assistance, but it had begun to define its national development policies in line with the Millennium Development Goals. He fully supported the aim of the Conference to give impetus to further increasing ODA. Following the Conference, his Government would continue to increase its ODA. At the same time, a reduction of trade barriers and an elimination of subsidies must serve as a natural impetus for development. The post-Doha talks would attempt to tackle the major concerns of developing countries committed to rules-based principles.

To meet the global development goals by mobilizing an increased use of public and private financial resources, a firm partnership between the developed and developing world was critical, he said. Compromising any elements of that partnership would delay sustained results and visible progress. Hopefully, the favourable climate of the Conference would lead to a successful outcome of those efforts, in real terms.

DIEGO FERNANDEZ DE CEVALLOS, President of the Mexican Senate, speaking on behalf of the Parliamentarians Forum, said that parliamentarians wanted to "go to the trenches" to serve the objectives of the Conference. The legislators of the world must participate in their spheres of competence to do away with the physical and moral poverty affecting humanity. Effectively combating hunger was an immediate task for governments, parliaments, intellectuals and the media, among others. It was the responsibility of all.

Parliaments, he said, were the proper places for exercising the rule of law. He hoped the current meeting would be a summit in the full sense of the word in so far as it resulted in commitments, capable of overcoming the vicious cycle of poverty. There were no poor countries, only people who were pillaged. Financial resources alone would never be enough. It was imperative to have the commitment of the international community to undertake a great crusade to retrieve the fundamental values of the human being, ensure the equality of men and women and stop the destruction of nature. Statements made here must be followed with resources applied generously and fairly.

JOSÉ ANTONIO MORENO RUFFINELLI, Minister for Foreign Affairs of Paraguay, said adoption of the Consensus underlined the political commitment for the formulation of an agreed international strategy to address the complex situation related to financing for development. It was the tool needed to combat poverty and help peoples achieve higher standards of living. The outcome of the Conference was just the beginning of a long path that the international community must follow in solidarity.

The Conference could not be limited to statements and expressions of intent, he said. A global overview must be formed to help set up a financial system that was equitable. Out-of-date formulas that had not achieved their vision must be discarded. It was a serious error to assume that all developing countries shared the same needs. Some were at a greater disadvantage because of particular circumstances. He called for special strategies for landlocked countries such as Paraguay.

Levels of ODA had slumped over recent years, he said. Such assistance was an important element in development financing, so he hoped there would be concrete increases in it. Trade was the best way to achieve economic growth, but also represented some of the greatest obstacles. The outcome from the Doha meeting should be part and parcel of the financing for development process. He stressed the need to reform the international financial system and placed great emphasis on education as an effective tool for eradicating poverty.

ANIL KUMARSINGH GAYAN, Minister for Foreign Affairs and Regional Cooperation of Mauritius, said that the Millennium Development Goals would only be met if ODA was substantially increased. A major commitment must come from the donor countries if they were sincere in reducing the poverty escalation. While he welcomed the increase by the United States, that was inadequate in light of the
challenges. He also welcomed a similar announcement by the European Union, but wished that both had pledged to double their aid.

The fight against poverty could not be waged on the battlefield of ideology and subjectivity, he said. Already, there were too many conditionalities attached to the aid. For their part, developing countries were wedded to sound economic policies, good governance, a right mix between the public and private sectors, and a determination to eradicate corruption. Good governance was a two-way process and, thus, the request by African developing nations to their developed partners to return ill-acquired wealth invested in the West should be favourably entertained. Accountability must be based on reciprocity.

As Africa embarked upon implementing NEPAD, and as it reformed and modernized its economic structures in conjunction with the private sector, the legal systems, and other institutions, its people needed to know that there would be no major policy shifts on the part of the developed countries. He could not accept a situation whereby those who preached fair trade and competition also practised protectionism for short-term domestic political gain. Such policy shifts damaged Africa's confidence and adversely affected its long-term planning.

SAMUEL INSANALLY, Minister for Foreign Affairs of Guyana, said it was regrettable that, at a time when the interdependence of peoples was spoken of and when poverty was so rampant everywhere, there was not enough generosity on the part of those who had for those who had not. "We would, therefore, like to think that this Conference is not a one-off event, but rather a part of a process that will quickly lead to more substantial results", he said

He was pleased to note that there had been a reaffirmation at the Conference of the importance of financing for global economic growth. However, though dynamic and sophisticated, international financial markets were altogether too concentrated and selective. The international community should seek to ensure that financial markets generated new assets that could create the wealth and employment so desperately needed for long-term development. To that end, the campaign for reforming the international financial architecture to make it more congenial must be pursued. Equally important, he said, was the commitment that must be made by the international community to ensuring that the debt burden, which continued to overwhelm so many developing countries, was made more sustainable.

Although much was made of market access as a panacea for all that ails the developing countries, it was for many small economies a useless key to a door that could not be reached. Without assistance to help with adequate infrastructure and investment, such countries could not hope to compete in the global economy. It was politically and morally imperative that the highest priority be given by developed countries to honouring their commitment to the 0.7 per cent target for ODA. At the same time, consideration must be given to finding new and additional forms of financing to bridge the shortfall.

MOHAMMED MAHDI SALIH, Minister for Trade of Iraq, reiterated the proposal of Iraqi President Saddam Hussein for the establishment of a long-term global fund to assist developing countries. The proposal offered a practical solution to some of the fundamental problems of financing development and to address the economic challenges facing developing countries.

The "oil-for-food" programme, he said, had turned into a programme to finance compensations, to cover the expenses of the United Nations and to stabilize oil prices rather than providing for the needs of the Iraqi people. Iraq exported oil worth more than $52 billion. The United Nations deducted
$18 billion for its own expenses and compensations while Iraq received $17 billion -- about $10 per person per month. Iraq was prevented from financing its development through that programme.

The continued imposition of that unjust programme, he stated, ran counter to the leading actions proposed in the Consensus, particularly those relating to poverty eradication and the achievement of sustained economic growth. It was incumbent on countries participating in the Conference to support the lifting of the embargo so Iraq could support its development with its own resources. Then Iraq would also be able to contribute to financing the development of other countries, as it had always done before the embargo.

EVELINE HERFKENS, Minister for Development Cooperation of the Netherlands, said that never before had the discussion about how to reduce poverty been held in such a comprehensive and holistic fashion. And never before had the plight of the poor been so high on the international political agenda. In the spotlight of international public opinion, the countries of the Organization for Economic Cooperation and Development (OECD) had started to live up to what they had agreed when committing to the Millennium Development Goals.

She said that, last week, the European Union decided to increase its ODA, which would amount to about $20 billion for the coming years. That was big money, so the glass was half full. In terms of a percent of gross national product (GNP), however, that glass was still half empty. "We have to fulfil our side of reaching the Millennium Development Goals" ,she urged. She could not understand how heads of State would sign up to them in September 2000 and then say part of check was still in mail in 2015.

There was also good news, she went on. This week, she had seen a new emerging "coalition of the willing". Five European prime ministers indicated their willingness to do better, and those were not just the four usual suspects -- Norway, Denmark, Sweden and the Netherlands. Luxembourg had now joined what had been a too small and exclusive club. She also welcomed Ireland to the club, and paid tribute to Belgium, which had said it would reach the target 0.7 per cent, and France, which committed itself to staying above the European Union's average. She hoped she would see the "G-7" finance ministers "pooling their checkbooks" in the coming months.

What had been done in Monterrey, she said, after years of a vicious spiralling down of ODA, had been a virtual spiral going up. She had seen an even larger group of countries signing up to a commitment that no low-income country with credible poverty-reducing policies should fail because of lack of funding. What a fantastic challenge to those countries. She asked them to "call our bluff" as part of the Monterrey Conference, by putting in place credible strategies and improved governance strategies, increased domestic savings, and so forth. An effective mechanism should monitor, country by country, rich and poor, the extent to which all countries lived up to the commitments they made this week.

CHULTEM ULAAN, Minister for Finance and Economy of Mongolia, said that for landlocked Mongolia, with a transition economy, the outcome of the Conference was of utmost importance. Since it had joined the international community by upholding freedom and democratic principles, Mongolia had made enormous efforts to promote human rights and good governance and to open up its economy on a market basis. Nevertheless, the transition had negatively affected the social infrastructure, especially the health and education sectors, as well as the most vulnerable groups. Poverty had emerged as one of the most critical issues facing society, and Mongolia was taking decisive steps to combat it.

Good governance and human security were two sides of the same coin, he said. Mongolia, therefore, placed high importance on human development and structural reforms. Trade and investment were an integral part of the concept of development. In many developing countries, especially in landlocked developing countries, trade and investment flows were much less than desired. The two major obstacles to flows were underdeveloped infrastructure and the size and vulnerability of economies. The multilateral trading system was not doing enough to facilitate trade. The problems facing landlocked countries should be given further consideration.

The decisions taken in recent days by the European Union, the United States and other developed partners could play an important role in promoting poverty reduction and further strengthening democracy, human rights and free enterprise, he said. The immediate implementation of those initiatives, together with the commitments taken by the Monterrey Consensus, would help improve the living standard of millions of the poor and fully achieve the goals of the Millennium Declaration.

SOUKANH MAHALATH, Minister for Finance of the Lao People's Democratic Republic, said that the goals of his country included poverty eradication with sustained economic growth and environmental protection. Poverty eradication was the essential element of the Government's development strategy. In that regard, attention had focused on issues such as food production and rural development. Financial resources were needed to translate the Government's priority programmes into action. Increased priority had been placed on mobilizing internal resources. In that regard, the Government had encouraged the participation of the private sector in the country's development.

The challenges faced by his country as a least developed country and as a landlocked developing country required external assistance, he said. The group of landlocked developing countries was pleased to see the special problems facing those countries recognized in the Consensus, particularly regarding domestic resource mobilization and financial and technical cooperation for development. The Consensus had recognized the importance of enhanced and credible access to markets for the exports of landlocked developing countries. Effective implementation of the Consensus would help those countries to further develop their respective economies.

KRISTIINA OJULAND, Minister for Foreign Affairs of Estonia, noted that her country had itself started providing assistance to other countries. According to World Bank criteria, its economy had passed the transitional period and had become a regular Western economy. On the other hand, Estonia was still involved in several capital-intensive processes that were being financed by other donors. This placed Estonia in a unique position to contribute to the ongoing development dialogue.

She said that, despite all external factors, success lay mainly in one's commitment to implement changes according to a pre-set development plan. That commitment might also require the making of choices and decisions that might not be popular, but as long as sound policies regarding governance and the rule of law were not implemented, no nation had a real chance of carrying out a rapid, or even stable development programme.

Trade liberalization was a crucial precondition for sustained global development, she said. After the initial shock of trade liberalization to producers, everybody would gain from a freer world market. If developing countries could produce products cheaper, and were permitted to export them freely, all consumers would benefit. Development should be a "positive sum game". To enhance the commonwealth of the world, all should be ready to give up a marginal percentage of their material wealth. That would make a radical difference for the developing world. She strongly supported increasing ODA to the levels needed to reach the Millennium Development Goals.

KADI SESAY, Minister for Development and Economic Planning of Sierra Leone, said the cost of the conflict in terms of human lives, property and lost opportunity was enormous. On the human side, millions remained either internally displaced or refugees in neighbouring countries, while tens of thousand had died. The war had severely damaged basic society and infrastructure, but the economy remained relatively stable, despite fiscal imbalances. Like other post-conflict countries, Sierra Leone must be treated as a special case. Despite those difficulties, the Government had worked hard to secure peace, disarm and mobilize former combatants, and establish relative calm throughout the country.

She said that, as a country just emerging from war, Sierra Leone understood what was needed to grow a strong economy, but given the many deterrents, including the low-income level, the need for external financing was enormous. In the short to medium term, the focus would increasingly be to turn to external support to finance immediate and critical development objectives. At the current levels, however, it would not be possible to do so. Effective ODA could facilitate key public investment programmes in infrastructure and human resources development, accompanied by efficient aid coordinating mechanisms. At the same time, donor countries should revisit conditionalities tied to aid since those created burdensome bureaucratic processes. The slow and inadequate disburse of funds should also be examined.

ABOUDRAMANE SANGARÉ, Minister of State and Minister for Foreign Affairs of Cote d'Ivoire, said that world leaders, aware that poverty and destitution were a threat to international peace and security, had at the Millennium Summit agreed to address that issue and ensure the success of the Conference. He paid tribute to development partners, such as the World Bank, IMF, WTO and regional development banks, as well as all those who had vested efforts in developing the Consensus and reaching agreement on it.

Africa, he said, had the largest number of least developed countries, and its people had great expectations for the outcome of the Conference. Effective cooperation between developed and developing countries could help eliminate poverty. In that regard, efforts to relieve the debt burden should be enhanced. Also, private direct investment, which had a direct impact on wealth creation and required less conditionalities, must be increased. In addition, trade barriers must be removed and partnerships between North and South must be strengthened. All of those steps, if effectively put into place, would lead to the halving of poverty by 2015 called for in the Millennium Declaration.

TAHMASEB MAZAHERI, Minister for Economic Affairs and Finance of Iran, said it was a fact that each country had primary responsibility for its own development, and that domestic resources should constitute the lion's share of financial resources for development; however, national undertakings alone could not suffice. They must be supplemented by an international environment to foster national economies and to enhance the capacity for mobilization of resources. Private international capital flows, particularly FDI, were another major source of financing for development. In that regard, he stressed the need to improve national infrastructures to attract and absorb more private flows.

Trade was the most important vehicle of financing for development, he said. A universal, rule-based, open, non-discriminatory and equitable multilateral trading system was a prerequisite for economic growth and development of developing countries and their integration into the global economic system. Bold actions should be taken to remove trade barriers and tariff peaks, in particular, in areas in which the developing countries had a comparative advantage.

He said good governance at the international level in various financial, monetary and trade fields was vital for sustained economic growth and sustainable development. Enhancing coherence and consistency in governance of the international monetary, financial and trading systems in support of development was key. In that respect, the international financial architecture was in dire need of reform. It should promote further transparency and broader and more meaningful participation by developing countries in global economic governance and norm-setting.

K.D. KNIGHT, Minister for Foreign Affairs and Foreign Trade of Jamaica, said that all countries recognized the importance of good governance in harnessing and attracting capital resources through prudent policies, promoting macroeconomic stability and efficiency and facilitating the expansion of the private sector as the engine of growth. But experience had shown that that was not enough. Over the past 20 years, many developing countries had undertaken substantial reforms and painful social sacrifices under structural adjustment and other programmes towards economic liberalization, deregulation and privatization. Yet, the expectations had not been realized.

He said that the other vehicle for the effective transfer of resources was international trade. But the simple fact was that most developing countries lacked the productive capacity and were unable to reach the level of competitiveness to benefit from the opening of overseas markets. For that reason, among others, only developed countries were reaping the benefits of free trade, while developing nations struggled to compete with the dominant economies. Also, debt remained a heavy burden and a crippling drain on domestic resources desperately needed for development.

The international system should take that reality into account and arrange for compensatory mechanisms, he said. In that context, concessionary financing through multilateral institutions and ODA assumed significance. Those capital flows remained an important source for capacity-building and poverty alleviation. In the face of those immense resource problems, the Monterrey Consensus was a "modest response", which fell short of the needs and expectations of developing countries.

MATT ROBSON, Minister for Disarmament and Arms Control and Associate Minister for Foreign Affairs and Trade of New Zealand, said he would have welcomed a reference in the Consensus to the global imbalance between military and defence expenditure and expenditure on aid and development. Everyone knew that reducing poverty was the best hope for reducing violence. Buying and supplying weapons of war was not.

His Government had just created a new aid agency -- the New Zealand Agency for International Development - which, while semi-autonomous within the Ministry of Foreign Affairs and Trade, would give primacy to development and aid effectiveness. As a result, it could focus primarily on poverty eradication and support for good governance, particularly in the Pacific.

If countries were serious about targeting poverty in developing countries, he said, they must open their markets to goods from developing countries. They must also implement the Doha Development Agenda, help to build systems for good governance and address debt relief.

RAM SHARAN MAHAT, Minister for Finance of Nepal, said that developing countries must own and lead coherent and consistent efforts to raise more domestic resources, attract investments, foster trade and improve governance. However, they could not do it alone. They required, from their development partners, increased aid, debt relief, market access, support to improve governance, and an equitable voice in global decisions that impacted their destiny.

Nepal, as most other developing countries, had been doing all it could to reduce poverty and promote sustainable development through innovative means. The Government was investing in people by focusing on public expenditure on education, health and drinking water, as well as in infrastructure. It was also engaged in broad-based partnerships with the private sector, non-governmental organizations and community groups to work towards progress.

Resources were needed, he said, to implement quick-impact projects in rural areas, where poverty was most acute. Also necessary was sustained and increased assistance to bridge the chronic resource gap to complement the Government's development efforts and to strengthen democracy and foster a just society. Nepal's generally satisfactory macroeconomic and human development performance in the last decade qualified it for more aid and support on merit.

AZMI KHALID, Minister for Rural Development of Malaysia, said development could not be discussed in isolation without reference to globalization, which had been a source of great concern for developing countries. The rapid phase of globalization and the increasing instability in the international economic environment had made the issue of financing for development ever more critical. Globalization alone did not lead to growth and development, nor did it solve the problem of poverty. There can still be globalization, but it should not be absolutely free or purely market-driven. He supported regulated globalization which took into account specific-country circumstances.

The East Asian financial crisis underscored the risks and challenges posed by globalization, he said. It was clear that the bitter lessons of the crisis showed that globalization was not a universal solution. The crisis had also shown that the present international financing system was badly equipped to deal effectively with the new complex challenges of globalization. Furthermore, part of the problem that brought the financial crisis was the inherent defect of the international financial architecture, which was inadequate to cope with the effect of huge and volatile financial flows. Even countries regarded as success stories of development and those with sound economic fundamentals were vulnerable to shocks generated in their international financial markets.

The Conference had strengthened and renewed the resolve to eradicate poverty and bring sustainable development and prosperity to all mankind, he said. If the international community committed itself to implementing the proposals of the Monterrey Consensus, he was confident that it could achieve a more inclusive and equitable global economic system.

CHRISTINE GALLUS, Parliamentary Secretary for Foreign Affairs of Australia, said that if there was one theme that had emerged in Monterrey, it was that there had to be greater coherence and consistency in the approach of the international community. Two examples illustrated that point.

First, much of the benefit of ODA was undermined by distortions in the international trading system. Agriculture accounted, on average, for 70 per cent of employment and 30 per cent of production in developing countries. Yet, developing countries were often excluded from export markets by tariffs, quotas and subsidized exports from high-income countries. According to the World Bank, high-income countries spent $350 billion a year -- nearly $1 billion each day -- on agricultural protection and support. That was seven times greater than the amount those countries provided in ODA and twice the value of agricultural exports from all developing countries. If the international community was serious about financing development, it must tackle those distortions and ensure that trade could play its critical role as an engine of growth for developing countries.

The second example, she said, drew on Australia's own efforts to promote coherent approaches to development in the Asia-Pacific region. Australia's approach aimed to assist developing countries to meet their own development goals through agreed development frameworks, strengthened institutions and improved policy settings. It worked closely with national governments, other donors and the international financial institutions to maximize the impact of development assistance and ensure that donor support was integrated within the recipient country's own development agenda.

LUIS MARQUES AMADO, Minister of State for Foreign Affairs and Cooperation of Portugal, said his Government had sought to strengthen its development policy. The dimension and nature of the challenges, however, required concerted, rather than isolated, initiatives. He was pleased at the renewed commitments made by the European Union, but many countries, including his own, had not been able to honour them. It was not easy to take on higher budget commitments. The new announcement had shown that there was now a new and deeper understanding of the critical dimension of poverty and its link with peace and stability. September 11th had shown that marginalized regions, which condemned their citizens to extreme misery, could erupt at any time.

In that context, he said, the Monterrey Conference would become the historical reference point in what was an open-ended discussion about a new development agenda. The Millennium Development Goals should be perceived in their political dimension. To achieve them, more public and private resources were needed. Consolidating the new partnership meant assuming political responsibility, globally and nationally, both as developed and developing countries. That must translate into fulfilling commitments. Trust must be deepened and the new partnership must put to rest the colonial paradigm that still shaped certain relationships. The other ingredients for success were leadership and the trend towards democratizing the development system.

MULU KETSELA, Minister of State, Ministry of Finance and Economic Development of Ethiopia, said the Consensus was a promising accord, which reaffirmed that partnership must be based on a firm and meaningful footing. In recent years, she noted, a handful of African countries had embraced a sectoral development approach and other countries were moving in that direction.

It was increasingly recognized that to accelerate the pace of growth, the relationships between donors and recipients must be based on trust and mutual respect, she said. She noted the importance of the African NEPAD initiative in poverty eradication and sustainable development, which would, among other things, help define the partnerships between donors and recipients.

Developed countries had placed non-tariff barriers against the exports of developing countries, she said. In recent decades, ODA had slumped and become less efficient. She was encouraged by the recent decisions of the United States and the European Union to increase ODA. She hoped the Conference would help encourage developed countries to raise ODA and open their markets to the products of developing countries.

She stressed that debt relief should be additional to the net inflows already being received by the highly indebted poor countries, as set out in the Consensus. Financial institutions and donors must revisit the existing debt- reduction mechanisms. She hoped that the resources would be found to implement the goals set out in the Consensus.

DAVID APTSIAURI, Deputy Minister for Foreign Affairs of Georgia, said it had become clear that sustained economic growth was the best contributor to international security and that both needed the unqualified commitment of every nation. For low-income countries, the main factor for success of economic reforms and poverty-eradication programmes lay in obtaining free access to the world markets, liberalization of trade, and resolution of external debt problems. It was in that domain that the United Nations and international financial institutions could launch their initiatives.

He said that poverty alleviation had been a key consideration of his Government's reform programmes. Georgia was among the transition economies that had suffered most in the past decade. Fiscal collapse in the early 1990s, associated with a catastrophic decline in GDP, had made it impossible to finance the most basic functions, let alone an effective safety net. A series of bold reforms had been introduced, but weak implementation had not allowed society to reap their benefits. At the end of 2001, a national poverty reduction and economic growth programme was developed.

He highlighted the persistence of the external debt problem and its negative consequences for countries where democratic and market-oriented transformations were under way. He was alarmed by the fact that debt servicing had grown at a much greater rate than the debt itself. There were many countries that had no prospect of paying their debts, which underlined the need to collectively pursue a durable solution. In some cases, debt reduction was a necessary condition for crisis resolution. It could play a vital role in freeing resources, which could then be directed towards social programmes. As a recent member of the WTO, Georgia was determined to contribute to the liberalization of global trade.

SERGEI KOLOTUKHIN, Vice-Minister for Finance of the Russian Federation, said that against the backdrop of achievements in science and technology and the development of freedom and democracy, the spread of poverty was one of the major challenges to modern civilization. Unless everyone worked together, it would be impossible to solve the problem of poverty.

Mobilization of domestic resources should play a decisive role in financing for development, based on sound national economic policies and improved public administration, he said. Official development assistance should play a complimentary role and should not substitute for individual efforts of national governments to reform the economy and provide conditions for sustainable development. Foreign assistance could play a key role in the poorest countries, especially those in crisis areas. It should be provided in a way that would contribute to stabilizing the situation and launching domestic growth mechanisms against the backdrop of financial stability.

In the era of globalization, he said, external conditions for a successful self-sustained development were no less important. The role of international trade as one of the major development factors became more pronounced. It was particularly important to provide stable, predictable and non-discriminatory conditions for market access and to avoid protectionism.

ALFREDO MANTICA, Vice-Minister for Foreign Affairs of Italy, said the slowdown of economic growth in 2001 had had a negative impact on the pursuit of the Millennium Goals. Innovative and effective forms of resources must be found, especially to help regions like sub-Saharan Africa. Maintenance of peace and security was linked to development, he stressed. He supported the formulation of NEPAD in Africa -- it was an example of international partnership in which Italy would play an important role.
Levels of ODA must be increased, he said. Italy would pursue the objective of 0.7 per cent by the agreed means of progressive increase. The international community must foster the growth of the private sector. Italy could draw on solid experience to help in that area. The spread of micro-credit schemes was key in rural areas. A solid private sector was essential for sustainable development.

Regarding debt relief, he said both creditor and debtor countries must do everything they could to meet the High Indebted Poor Countries (HIPC) Debt Initiative targets. Italy had adopted provisions for the poorest and most indebted countries, which would enable it to write off their loans. He called on all to do their utmost on a bilateral level to realize the goal of ridding the poorest countries of debt once and for all. Technological innovation must play a key role in development, he added. The digital divide must be bridged. Italy would host a conference in April in Palermo to promote the use of computer technology to enhance transparency in the governance of developing countries.

AMRAIYA NAIDU (Fiji) said that his country, like many developing States, had high hopes for the Conference outcome. The draft declaration was an excellent platform for addressing the challenges of financing development. It would be the launching pad for mobilizing global awareness and commitments, and engendering tangible results. Fiji's participation in the world economy was beset with numerous challenges. It suffered specific handicaps arising from the interplay of factors such as smallness, remoteness, geographical dispersions, natural disasters and other environmental and economic vulnerabilities, and a limited internal market.

Today, he continued, the twin forces of globalization and trade liberalization had accelerated global developments at an alarming pace and widened the gulf between the haves and have-nots. The current trend could place developing countries, including Fiji, on a downward spiral unless substantial financial and monetary measures were put in place by the global financial institutions. It was imperative that the Conference reach a successful conclusion. The collective commitments made must be able to advance the real concerns and threats to survival. At the same time, he believed that actions started at home. Individual countries must formulate effective policies and development strategies.

SHEELAGH DE OSUNA (Trinidad and Tobago) said resource mobilization at the national, regional and international levels was central to the development of small island developing States. Her country had consequently given priority to the mobilization of domestic and international resources within an overall macroeconomic policy, which encouraged the creation of a competitive business environment. For more than 15 years, the Government had maintained savings conducive to the generation of savings and the attraction of local and foreign investments. Focus had been placed on creating an institutional, legislative and administrative framework that was investment friendly.

Success in domestic resource mobilization was, however, heavily dependent on the external environment and linked to success in accessing the markets of developed countries, she said. Many of the factors that precluded foreign investment flows lay outside of her country's control. The challenge for the international community, including the multilateral financial institutions, was to
facilitate stronger public-private sector partnerships so that foreign investment was made more supportive of national development goals.

She applauded the recognition given to the importance of sustainable debt financing. Her country supported the call for further initiatives to reduced outstanding indebtedness by major stakeholders.

BARRIE IRETON (United Kingdom) endorsed the Consensus, which provided a good basis for mobilizing resources, both domestic and external. His country was determined to press for an early adoption of improved trade regimes, based on Doha, to allow developing countries to participate in the global economy on a fair basis. No country seriously committed to poverty reduction should be denied the opportunity to achieve those goals due to a lack of resources. The United Kingdom was committed to increasing its aid volume in line with the target set by the European Union. The World Summit on Sustainable Development must build on what was achieved in Monterrey.

TUILOMA NERONI SLADE (Samoa) said high goals had been set at the Millennium Summit. Poverty was unacceptable. Monterrey presented a moment to fashion the needed response. The Consensus was an essential step towards the Sustainable Development Summit in Johannesburg. He noted the particularly precarious situation of least developed, landlocked and small island developing States. Risks rendered them unattractive for FDI and underscored the need for ODA. His country was devoted to putting in place the conditions necessary to attract capital flows, including good governance.

His country was committed to developing what it had, he said. Policies had been put in place to help the private sector. Ultimately, it was a country's responsibility to promote its own growth. Health, education and the environment were areas where attention was needed in the development context. The fundamental place of trade and development and the need for fair treatment in that regard was essential. Capacity building was high on Samoa's national priorities.

The mid-ocean location of his country meant it was at the frontline of major global environmental risks, including sea-level rise and ocean pollution. He called for the full and effective replenishment of the Global Environment Facility this year.

ERGÜN PELIT (Turkey) said that it was important that development guided by specific policies continued to dominate the international agenda. For a transition to a market economy, it was necessary to concentrate on enhancing markets in developing countries, as well as amending the malfunctioning aspects of the markets. One of the most effective vehicles of rapid change would be an intuitively planned change. Governments should stay clear of daily market functions. Priority should be given to arrangements for better governance at the national level.

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