Meltdown to affect LDCs' exports, FDI, remittances: Mirza Aziz
Wednesday, 3 December 2008
Finance Adviser Dr Mirza Azizul Islam has said the global financial crisis is likely to cast a serious impact on exports, FDI, ODA and remittances of the LDCs like Bangladesh, reports UNB.
"Its (financial crisis) debilitating impact on the real economy is no longer a mere possibility, but a stark reality," he said while addressing the plenary session of the Follow-up International Conference on Financing for development in Doha, Qatar Monday.
Dr Aziz delivered his address on behalf of the LDCs (Least Developed Countries), calling for a strengthened multidimensional global action to face the complex and multifaceted challenges, according to a message received here.
The focus of the conference is on reviewing the implementation and progress of the internationally agreed development goals, including the MDGs.
The finance adviser said the international community must agree on an ambitious action plan for full implementation of the Monterrey Consensus as well as effectively addressing new and emerging challenges with additional resources.
"We firmly believe that the fast deteriorating global economic scenario can only be remedied through inclusive multilateralism," he said adding that only the UN General Assembly has the legitimate authority and expertise to lead that process.
"Conditionality, unpredictability and earmarking of ODA remain some key challenges in ensuring aid effectiveness," he said, urging the developed countries to fulfill their ODA commitment.
He also called for immediate writing off of all outstanding debt of the LDCs from the multilateral and bilateral donors, and stressed that the future development assistance should be grant-based one.
Aziz said many LDCs are falling victims to the impact of climate change for which they bear little or no responsibility. "It's crucial that their adaptation as well as mitigation need to deal with such impacts..."
The finance adviser said access to energy, including renewable sources of energy, and modern eco-friendly technologies at an affordable cost is essential for the LDCs to achieve the MDGs and other internationally agreed development goals.
He called upon the advanced developing countries to extend commercially meaningful duty- and quota-free market access to exports of the LDCs.
He felt that the review and monitoring of the implementation of the commitments of both Monetary and Doha are critically important.
"A comprehensive and diverse multi-stakeholder follow-up process is necessary. We look forward to a concrete decision on the effective follow-up of conference," said the finance adviser.
"Its (financial crisis) debilitating impact on the real economy is no longer a mere possibility, but a stark reality," he said while addressing the plenary session of the Follow-up International Conference on Financing for development in Doha, Qatar Monday.
Dr Aziz delivered his address on behalf of the LDCs (Least Developed Countries), calling for a strengthened multidimensional global action to face the complex and multifaceted challenges, according to a message received here.
The focus of the conference is on reviewing the implementation and progress of the internationally agreed development goals, including the MDGs.
The finance adviser said the international community must agree on an ambitious action plan for full implementation of the Monterrey Consensus as well as effectively addressing new and emerging challenges with additional resources.
"We firmly believe that the fast deteriorating global economic scenario can only be remedied through inclusive multilateralism," he said adding that only the UN General Assembly has the legitimate authority and expertise to lead that process.
"Conditionality, unpredictability and earmarking of ODA remain some key challenges in ensuring aid effectiveness," he said, urging the developed countries to fulfill their ODA commitment.
He also called for immediate writing off of all outstanding debt of the LDCs from the multilateral and bilateral donors, and stressed that the future development assistance should be grant-based one.
Aziz said many LDCs are falling victims to the impact of climate change for which they bear little or no responsibility. "It's crucial that their adaptation as well as mitigation need to deal with such impacts..."
The finance adviser said access to energy, including renewable sources of energy, and modern eco-friendly technologies at an affordable cost is essential for the LDCs to achieve the MDGs and other internationally agreed development goals.
He called upon the advanced developing countries to extend commercially meaningful duty- and quota-free market access to exports of the LDCs.
He felt that the review and monitoring of the implementation of the commitments of both Monetary and Doha are critically important.
"A comprehensive and diverse multi-stakeholder follow-up process is necessary. We look forward to a concrete decision on the effective follow-up of conference," said the finance adviser.