A/RES/60/209 17. Reaffirms the Monterrey Consensus, and recognizes that mobilizing financial resources for development and the effective use of those resources in developing countries and countries with economies in transition are central to a global partnership for development in support of the achievement of the internationally agreed development goals, including the Millennium Development Goals. In this regard: (a) Welcomes the increased resources that will become available as a result of the establishment of timetables by many developed countries to achieve the target of 0.7 per cent of gross national product for official development assistance by 2015 and to reach at least 0.5 per cent of gross national product for official development assistance by 2010 as well as, pursuant to the Brussels Programme of Action for the Least Developed Countries for the Decade 2001–2010, 11 0.15 per cent to 0.20 per cent for the least developed countries no later than 2010, and urges those developed countries that have not yet done so to make concrete efforts in this regard in accordance with their commitments; (b) Recognizes the importance of official development assistance as an important source of financing development for many developing countries, and stresses the need to translate increases in official development assistance into real increases in resources for national development strategies, to achieve their national development priorities as well as the internationally agreed development goals and objectives including the Millennium Development Goals, taking into account the need for resource predictability including budget support mechanisms where appropriate; also, welcomes recent efforts and initiatives to enhance the quality of aid and increase its impact, including the Paris Declaration on Aid Effectiveness, and resolves to take concrete, effective and timely action in implementing all agreed commitments on aid effectiveness, with clear monitoring and deadlines, including through further aligning assistance with countries’ strategies, building institutional capacities, reducing transaction costs and eliminating bureaucratic procedures, making progress on untying aid, enhancing the absorptive capacity and financial management of recipient countries and strengthening the focus of development results; also encourages the broadest possible participation of developing countries in future work on aid effectiveness; (c) Recognizes the importance of developing innovative sources of financing for development, provided that such sources do not unduly burden developing countries, notes that some countries will launch the International Financial Facility, have launched its immunization pilot, and that some countries, utilizing their national authorities, will implement in the near future a contribution on airline tickets as a “solidarity contribution” to enable financing for development projects, and notes that other countries are considering whether and to what extent they will participate in those initiatives; (d) Emphasizes the importance of microcredit and microfinance in the eradication of poverty and highlights that the observance of the International Year of Microcredit 2005 has provided a significant opportunity to raise awareness, to share best practices and to further enhance financial sectors that support sustainable propoor financial services in all countries, in this regard urges member countries to put best practices into action, and invites the international community, including the United Nations system, to build on the momentum created by the Year; _______________ 11 A/CONF.191/13, chap. II. 5