A/RES/60/188 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 by 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 a major source of financing development for many developing countries; stresses the need to translate increases in official development assistance into real increases in resources for national development strategies to achieve the national development priorities of developing countries 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; welcomes recent efforts and initiatives to enhance the quality of aid and increase its impact, including the Paris Declaration on Aid Effectiveness; resolves to take concrete, effective and timely action to implement 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; and 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, some countries have launched the Facility’s immunization pilot and 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) Recognizes the progress achieved in this regard, and decides to give further consideration to the subject of innovative development financing from all sources, public and private, domestic and external; (e) Emphasizes the importance of microcredit and microfinance in the eradication of poverty; highlights that the observance of the International Year of Microcredit 2005 has provided a significant opportunity to raise awareness, share best practices and further enhance financial sectors that support sustainable pro-poor 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; (f) Acknowledges the vital role that the private sector can play in generating new investments, employment and financing for development; 6. Stresses the importance of investments in basic economic and social infrastructure, as set out in the Monterrey Consensus; notes that scaling up _______________ 11 4 A/CONF.191/13, chap. II.