A/RES/51/165 Page 2 international trading system, advancing liberalization in international trade and creating a more secure trading environment, Noting that capital flows, in particular private capital flows, to developing countries have been increasing strongly but that not all countries have benefited from such flows and that short-term capital movements can be unpredictable, Noting also that the future course of net transfer of resources to developing countries depends on a growth-oriented and supportive international economic environment and on sound domestic economic policies, Stressing the unpredictable character of short-term private capital movements, which are particularly subject to interest-rate variations and other possible fluctuations in the domestic and international economic environment, Noting that in the 1990s the net transfer of resources from the Bretton Woods institutions to developing countries has been negative in real terms, although it has been positive to countries in Africa and to certain countries in Asia, and noting also that the net financial transfer from regional banks to developing countries, taken together, has been generally positive in the 1990s, although it became slightly negative in 1994 and 1995, Expressing its concern at the recent decline in the overall level of official development assistance, Bearing in mind that all countries, particularly the major industrialized countries, which have significant weight in influencing world economic growth and the international economic environment, should continue their efforts to promote sustained economic growth and sustainable development, to narrow imbalances, and to cooperate with the developing countries so as to enhance their ability to address and alleviate their major problems in the areas of money, finance, resource flows, trade, commodities and external indebtedness, 1. Stresses the need to increase efforts to ensure the flow of substantial resources to developing countries through, inter alia, an expansion of multilateral credits, the promotion of foreign direct investment and an increase in concessional and non-debt resources; 2. Also stresses that private capital flows are an important external source of financing for sustainable development and that attracting such investment requires, inter alia, sound fiscal and monetary policies, accountable governmental institutions and transparent legal and regulatory regimes; 3. Reaffirms the pressing need of developing countries for official development assistance, especially those in Africa and the least developed countries, and urges countries to strive to fulfil, consistent with commitments in international agreements, the agreed target of 0.7 per cent of the gross national product of developed countries for official development assistance to the developing countries, and the target, where agreed, of 0.15 per cent of the gross national product of the developed countries for official development assistance to the least developed countries as soon as possible; /...