A/RES/59/225
10. Notes that, while foreign direct investment is a major source of financing
development, the flow of such funds to developing countries and countries with
economies in transition remains uneven, and in this regard calls upon developed
countries to continue to devise source-country measures to encourage and facilitate
the flow of foreign direct investment, inter alia, through the provision of export
credits and other lending instruments, risk guarantees and business development
services, and calls upon developing countries and countries with economies in
transition to continue their efforts to create a conducive domestic environment for
attracting investments by, inter alia, achieving a transparent, stable and predictable
investment climate with proper contract enforcement and respect for property rights;
11. Recalls the commitments made at the International Conference on
Financing for Development to increase the levels and effectiveness of official
development assistance, in this regard welcomes the recent increase in official
development assistance, which represents progress towards the target of 0.7 per cent
of gross national product, as well as the progress announced by some countries,
including in some cases the setting of clear timetables to achieve this objective,
urges developed countries that have not yet done so to make concrete efforts to
achieve the target of 0.7 per cent of gross national product as official development
assistance to developing countries and 0.15 to 0.20 per cent of gross national
product to least developed countries, and encourages developing countries to
continue to build on progress achieved in ensuring that official development
assistance is used effectively to help achieve development goals and targets;
12. Notes the efforts of donor countries and recipient countries to improve
aid effectiveness, based on national development needs and priorities, including
through sound policies at all levels, and stresses the need to intensify the efforts of
multilateral and bilateral financial and development institutions in accordance with
the Monterrey Consensus;
13. Stresses that debt relief can play a key role in liberating resources that
should be directed towards activities consistent with poverty eradication, achieving
sustained economic growth and sustainable development, as well as in the
achievement of the internationally agreed development goals, including those
contained in the United Nations Millennium Declaration;6 in this regard notes with
concern that, in spite of some progress, some countries that have reached the
completion point of the Heavily Indebted Poor Countries Initiative have not been
able to achieve lasting debt sustainability; stresses the importance of promoting
responsible lending and borrowing and the need to help these countries manage their
borrowings and avoid a build-up of unsustainable debt, including through the use of
grants; and in this regard welcomes the ongoing work by the International Monetary
Fund and the World Bank to develop a forward-looking debt-sustainability
framework for heavily indebted poor countries and low-income countries, as well as
the current discussion on other initiatives aimed at ensuring long-term debt
sustainability, including through debt reduction or cancellation, while stressing the
need to maintain the financial integrity of the multilateral financial institutions;
14. Stresses also the importance of advancing in the efforts to reform the
international financial architecture, as envisaged in the Monterrey Consensus, and in
this regard encourages the International Monetary Fund and the World Bank to
continue examining the issues of the voice and effective participation of developing
countries and countries with economies in transition in their decision-making
processes;
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