PM seeks intensified supports for LDCs******

ISTANBUL, May 10: Prime Minister Sheikh Hasina today demanded intensified supports of the affluent nations for the least developed countries (LDCs) or emerging economies to enable them attain sustained economic growth, report agencies. "Investment and technical assistance from the South enjoy possibility of easier replication and absorption by LDCs. South- South Cooperation should be complementary to similar assistance from our traditional development partners in the North, and not a substitute," she told the 4th Conference on LDCs in Istanbul. She sought the summit level conference to formulate a new era of cooperation between the LDCs and the affluent Northern globe cautioning that "time is running out for uplifting the living conditions in the LDCs while new challenges are emerging with globalization and climate change". "If we wish the Istanbul Conference to be our last attempt to correct the situation, we must give up rhetoric and honour the commitments we make here," the Bangladesh premier told the conference. Sheikh Hasina said commitments must be accompanied by country- specific development strategies as well as system-wide development programme and overall recasting of cooperation mechanism and aid criteria. "LDCs achieved good progress in areas such as trade and investment and social development. It looks that some of them will attain the MDGs," she said and added LDCs could not make similar progress in developing productive capacities, infrastructure building and upgrading the human and social capital. The premier said the efforts of the developing countries were further affected by sudden increase in oil and food prices, climate change and the global financial meltdown widening the gap between the LDCs and the developed world. Moreover, she said, the failure of development partners in meeting their commitments for enhancing support also impeded their growth prospects. LDCs affected by climate change must receive additional funds on top of ODA, the Prime Minister said adding, "We need to agree on additional compensatory support to the LDCs to meet the challenges posed by climate change and external threats." Sheikh Hasina said the fragility of the LDCs, their structural weaknesses and constant economic marginalization are retarding their development and prosperity. She said per capita income of LDCs fell from 18% of the global average in 1971 to 15% in 2008. Though poverty reduction shows some progress, people living on less than USD 2 a day remains almost unchanged at 75%.