A/RES/53/28 Page 3 dialogue on strengthening international economic cooperation for development through partnership, held on 17 and 18 September 1998, on the overall theme of “the social and economic impact of globalization and interdependence and their policy implications”; Mobilization of financial resources 11. Reaffirms that the mobilization of domestic and international resources for development from all sources is an essential component for the comprehensive and effective implementation of the outcome of the Summit; 12. Calls upon all countries to develop economic policies that promote and mobilize domestic savings and attract external resources for productive investment and to seek innovative sources of funding, both public and private, for social programmes, while ensuring their effective utilization, and in the budgetary process, to ensure transparency and accountability in the use of public resources and to give priority to providing and improving basic social services; 13. Expresses concern that the volatility of short-term capital flows can have negative consequences for social development, undermining the goals of the Summit and setting back progress in its implementation, in particular in developing countries, and underlines the need to study the ways and means to address the problem; 14. Reaffirms that a strong political commitment by the international community is needed to implement strengthened international cooperation for development, including social development, that the mobilization of domestic and international resources for development from all sources is an essential component for the comprehensive and effective implementation of development, that enhanced efforts should be made for the mobilization and provision of new and additional financial resources for the development of developing countries and that, despite an increase in private capital flows, official development assistance remains an essential source of external funding, and notes that developed countries reaffirm the commitments undertaken to fulfil as soon as possible the agreed United Nations targets of 0.7 per cent of their gross national product for overall official development assistance and 0.15 per cent of their gross national product for official development assistance for the least developed countries, that donor countries that have met the 0.15 per cent target will seek to undertake to reach 0.20 per cent, and that further efforts are also needed to improve the effectiveness of official development assistance and to focus such aid on the poorest countries; 15. Also reaffirms the importance of agreeing on a mutual commitment between interested developed and developing country partners to allocate, on average, 20 per cent of official development assistance and 20 per cent of the national budget, respectively, to basic social programmes; 16. Calls upon the international community, including international financial institutions, to implement fully and effectively all initiatives that will contribute to a durable solution to the debt problems of developing countries, in particular African countries and the least developed countries, and thus to support their efforts to achieve social development and, in this context, reaffirms the need to make further progress towards the implementation of the recommendations of the Summit by the Bretton Woods institutions, including the Heavily Indebted Poor Countries Debt Initiative; /...