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Declaration of Conakry (November 2008)

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The Leading Group on Solidarity Levies to Fund Development, consisting of 55 member countries, and working in conjunction with international organizations (particularly United Nations-related agencies) and representatives of the civil society, held its fifth plenary meeting in Conakry (Guinea) on November 6th and 7th 2008, in order to address a message to the Doha Conference on development financing. Poverty alleviation requires, more than ever under the current circumstances, a scaling up in the implementation of innovative financing mechanisms for development.

Innovative financing mechanisms for development

The achievement of the Millennium Development Goals (MDGs) is a key element to eradicate poverty, promote sustainable development in its economic, social and environmental aspects, and achieve global prosperity for all. It is our collective responsibility to make all efforts to achieve these goals, as the MDGs can only be reached with the commitment of all actors - donor and recipient countries alike.

At the close of the Monterrey Conference in March 2002, the international community committed to increasing resources for development, including official development assistance (ODA). During the 2005 World Summit, it urged developed countries that had not yet done so to make concrete efforts towards the target of 0.7 per cent of gross national income (GNI) as official development assistance.

We acknowledge efforts by developed countries to increase ODA, in particular the establishment of timetables by some developed countries, in particular by those the European Union adopted in 2005, to achieve the target of 0.7 per cent of the GNI by 2015 or to sustain their efforts beyond this level, and call upon other developed countries to do likewise. We note with concern, however, the risks of an overall ODA decrease and reaffirm the target of 0.7 per cent of GNI for ODA by 2015.

However, the urgency of the action against poverty has subjected us to the pressing obligation for promoting innovative financing mechanisms, with a view to increasing and supplementing traditional sources of finance.

We are convinced that the most stable and predictable aid flows within the existing aid architecture would considerably enhance aid effectiveness and its impact on poverty. A huge gap between traditional official development assistance and the economically-oriented efficiency of private financing mechanisms is widening in relation to increased needs for financing the Millennium Development Goals and global public goods, the arrival of new actors (private foundations, emerging donors) and the outdatedness of classical categories of developing/developed countries.

Innovative financing mechanisms fill this gap. They enable better redistribution of the benefits of globalization.

The Leading Group

At the International Conference on Financing for Development held in Monterrey in March 2002, the international community recognized how important it was to seek innovative financing sources and agreed to study the findings of the United Nations Secre