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Jubilee USA: Keeping our Promises to Finance Development December 20th, 2019

Author: Eric LeCompte, Executive Director, Jubilee USA Network (OMI JPIC Partner)

According to UNCTAD, the Sustainable Development Goals (SDGs) could be achieved with a 5-7 trillion US dollar investment. If we fund the SDGs, the Business and Sustainable Development Commission notes that 12 trillion US dollars of new market opportunities and 380 million new jobs could be created. Yet we know that the developing world is losing a trillion dollars a year, and according to the IMF’s latest report – 15 trillion US dollars is held in tax havens and financial secrecy havens.

UNCTAD notes that debt sustainability in developing countries is “deteriorating fast”, and the IMF states that as of last August, 47 per cent of low-income countries were in debt crisis or facing high debt distress. Human beings are suffering. In too many poor countries, high debts mean people don’t eat, people don’t see doctors and communities are unprepared to deal with the havoc caused by tsunamis, hurricanes, earth quakes and other extreme weather events. Read the full article on Friedrich-Ebert-Stiftung’s website.

 Friedrich-Ebert-Stiftung ((FES) is a non-profit German foundation 

 


UNCTAD Meeting Overcomes Serious Disagreements April 27th, 2012

At a contentious meeting of the UN Commission on Trade and Development (UNCTAD) ending Thursday in Doha, Qatar, the role of the UN organization in examining trade and development was confirmed, but not after a week of hard debate. The Doha Mandate, adopted by consensus by the member States, requests that UNCTAD continue its work along the three pillars of consensus-building, policy research and technical assistance. “UNCTAD remains the focal point in the United Nations for the integrated treatment of trade and development, and interrelated issues in the areas of finance, technology, investment and sustainable development,” reads part of the agreed text.

Profound discord between industrialized nations and developing countries threatened to ruin the UNCTAD meeting in Doha, and endangered the survival of this United Nations body that defends the interests of the developing nations of the South. Disagreements between the blocs, broadly identified as countries of the North and of the South, have arisen mainly from differing views of UNCTAD’s mandate and different visions of development and how it relates to social, environmental, economic and financial variables. 

One important area under discussion involved giving UNCTAD a mandate to investigate the current global financial crisis and its effects on the real economy, something for which developing countries and NGOs pressed, but which industrialized countries rejected out of hand.

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