253-268. VI. A. Finance
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253. We call on all countries to prioritize sustainable development in the allocation of resources in accordance with national priorities and needs, and we recognize the crucial importance of enhancing financial support from all sources for sustainable development for all countries, in particular developing countries. We recognize the importance of international, regional and national financial mechanisms including those accessible to sub-national and local authorities to implement sustainable development programmes and call for their strengthening and implementation. New partnerships and innovative sources of financing can play a role in complementing sources of financing for sustainable development. We encourage their further exploration and use, alongside the traditional means of implementation.

254. We recognize the need for significant mobilization of resources from a variety of sources and effective use of financing, to give strong support to developing countries in their efforts to promote sustainable development, including through actions undertaken according to the outcome of UN Conference on Sustainable Development and for achieving sustainable development goals.

255. We agree to establish an intergovernmental process under the United Nations General Assembly, with technical support from the UN System, and in open and broad consultation with relevant international and regional financial institutions and other relevant stakeholders. The process will assess financing needs, consider the effectiveness, consistency and synergies of existing instruments and frameworks, and evaluate additional initiatives, with a view to prepare a report proposing options on an effective Sustainable Development Financing Strategy to facilitate the mobilization of resources and their effective use in achieving sustainable development objectives.

256. An intergovernmental committee, comprising thirty experts nominated by regional groups, with equitable geographical representation, will implement this process, concluding its work by 2014.

257. We request the General Assembly to consider this report and take appropriate actions.

258. We recognize that the fulfilment of all ODA commitments is crucial, including the commitments by many developed countries to achieve the target of 0.7 per cent of GNP for ODA to developing countries by 2015, as well as a target of 0.15 to 0.20 per cent of GNP for ODA to least developed countries. To reach their agreed timetables, donor countries should take all necessary and appropriate measures to raise the rate of aid disbursements to meet their existing commitments. We urge those developed countries that have not yet done so to make additional concrete efforts towards the target of 0.7 per cent of GNP for ODA to developing countries, including the specific target of 0.15 to 0.20 per cent of GNP for ODA to least developed countries, in accordance with their commitments. To build on progress achieved in ensuring that ODA is used effectively, we stress the importance of democratic governance, improved transparency and accountability, and managing for results. We strongly encourage all donors to establish, as soon as possible, rolling indicative timetables that illustrate how they aim to reach their goals, in accordance with their respective budget allocation process. We stress the importance of mobilizing greater domestic support in developed countries towards the fulfillment of their commitments, including through raising public awareness, and by providing data on the development impact of aid provided and demonstrating tangible results.

259. We welcome increasing efforts to improve the quality of ODA and to increase its development impact. We also recognize the need to improve development effectiveness, increase programme-based approaches, use country systems for activities managed by the public sector, reduce transaction costs and improve mutual accountability and transparency and, in this regard, we call upon all donors to untie aid to the maximum extent. We will further make development more effective and predictable by providing developing countries with regular and timely, indicative information on planned support in the medium term. We recognize the importance of efforts by developing countries to strengthen leadership of their own development, national institutions, systems and capacity to ensure the best results of effective development by engaging with parliaments and citizens in shaping those policies and deepening engagement with civil society organizations. We should also bear in mind that there is no one-size-fits-all formula that will guarantee development effectiveness. The specific situation of each country needs to be fully considered.

260. We note that the aid architecture has significantly changed in the current decade. New aid providers and novel partnership approaches, which utilize new modalities of cooperation, have contributed to increasing the flow of resources. Further, the interplay of development assistance with private investment, trade and new development actors provides new opportunities for aid to leverage private resource flows. We reiterate our support for South-South cooperation, as well as triangular cooperation, which provides much needed additional resources to the implementation of development programmes. We recognize the importance and different history and particularities of South-South cooperation and stress that South-South cooperation should be seen as an expression of solidarity and cooperation between countries, based on their shared experiences and objectives. Both forms of cooperation support a development agenda that addresses the particular needs and expectations of developing countries. We also recognize that South-South cooperation complements rather than substitutes for North-South cooperation. We acknowledge the role played by middle-income developing countries as providers and recipients of development cooperation.

261. We invite the international financial institutions, within their respective mandates, to continue providing financial resources, including through specific mechanisms for the promotion of sustainable development and poverty eradication in developing countries.

262. We recognize that greater coherence and coordination among the various funding mechanisms and initiatives related to sustainable development is crucial. We reiterate the importance of ensuring that developing countries have steady and predictable access to adequate financing from all sources to promote sustainable development.

263. We recognize that ongoing serious global financial and economic challenges carry the possibility of undoing years of hard work and gains made in relation to the debt of developing countries. We further recognize the need to assist developing countries in ensuring long-term debt sustainability through coordinated policies aimed at fostering debt financing, debt relief and debt restructuring, as appropriate.

264. We stress the need for adequate funding for the operational activities of the United Nations development system as well as the need to make funding more predictable, effective and efficient as part of wider efforts to mobilize new, additional and predictable resources to achieve the objectives that we have set forth in this Declaration.

265. We recognize the important achievements of the GEF over the last twenty years in funding environmental projects and welcome important reform processes that the Global Environment Facility (GEF) has carried out during recent years and we call for its further improvement and encourage the GEF to take additional steps within its mandate to make resources more accessible to meet country needs for the national implementation of their international environmental commitments. We support further simplification of procedures and assistance to developing countries, in particular in assisting the least developed countries, Africa and SIDS in accessing resources from the GEF, and enhanced coordination with other instruments and programmes focusing on environmentally sustainable development.

266. We stress that fighting corruption and illicit financial flows at both the national and international levels is a priority and that corruption is a serious barrier to effective resource mobilization and allocation and diverts resources away from activities that are vital for poverty eradication, the fight against hunger and sustainable development. We are determined to take urgent and decisive steps to continue to combat corruption in all of its manifestations, which requires strong institutions at all levels, and urge all States that have not yet done so to consider ratifying or acceding to the United Nations Convention against Corruption and begin its implementation.

267. We consider that innovative financing mechanisms can make a positive contribution in assisting developing countries to mobilize additional resources for financing for development on a voluntary basis. Such financing should supplement and not be a substitute for traditional sources of financing. While recognizing the considerable progress in innovative sources of financing for development, we call for scaling-up of present initiatives, where appropriate.

268. We recognize that a dynamic, inclusive, well-functioning, socially and environmentally responsible private sector is a valuable instrument that can offer a crucial contribution to economic growth and reducing poverty and promoting sustainable development. In order to foster private-sector development, we shall continue to pursue appropriate national policy and regulatory frameworks in a manner consistent with national laws to encourage public and private initiatives, including at the local level, to foster a dynamic and well-functioning business sector, and to facilitate entrepreneurship and innovation including among women, the poor and the vulnerable. We will work to improve income growth and distribution, inter alia through raising productivity, empowering women and protecting labour rights, and taxation. We recognize that the appropriate role of Government in relation to the promotion and regulation of the private sector will vary from country to country depending on national circumstances.


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