Feasible Additional Sources of Finance for Development

May 29, 2003

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Executive Summary

The conference, "Feasible Additional Sources of Finance for Development," was concerned with possibilities of additional sources of finance either for disposition through multilateral agencies or bilateral aid for global priorities or as additional own resources for developing countries. Its background was the challenge posed by the Millennium Development Goals (MDGs) and the accepted best-estimate that their fulfillment by the target year of 2015 would require (beside much larger additional outlays in such fields as health and education and environment on the part of the low-income and middle-income countries) an additional annual contribution in the order of $50 billion in present prices as Official Development Assistance (ODA): roughly equal to the present annual total of bilateral and multilateral ODA.

In its sessions the conference considered:

    • the International Finance Facility proposal;
    • the creation and disposition of IMF Special Drawing Rights (SDRs);
    • international tax cooperation; and
    • internationally coordinated taxes for global use, together with
    • voluntary and market methods

The speakers on the first topic were Tom Scholar and Emmanuel Moulin; on the second, Jacques Polak and Karin Lissakers; on the third, Reuven Avi-Yonah and Ghislain Joseph; on the fourth, Anthony Clunies-Ross; and on the fifth, Ian Kinniburgh. A summary of what emerged from presentation and discussion on the five topics follows.

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