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The Least Developed Countries Report 2010

image of The Least Developed Countries Report 2010

This report calls for the creation of a new international development architecture (NIDA) for the LDCs aimed at: a) reversing their marginalization in the global economy and helping them in their catch-up efforts; b) supporting a pattern of accelerated economic growth and diversification to improve the well-being of all their people; and c) helping them graduate from LCD status. The NIDA for LDCs would be constituted through reforms of the global economic regimes which directly affect development and poverty reduction in LDCs, and through the design of a new generation of special international support mechanisms for the LDCs aimed at addressing their specific structural constraints and vulnerabilities. Increasing South-South cooperation could play an important role in a NIDA for LCDs. The Report proposes five major pillars of the NIDA: finance, trade, commodities, technology, and climate change mitigation and adaptation and identifies a forward-looking action.

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An agenda for action: (I) Finance and (II) Trade

Governments of the LDCs face many challenges in fostering sustainable growth and structural transformation in a manner that would reduce poverty substantially. Following the analyses in chapters 2 to 4, this Report advocates a paradigm shift towards new, more inclusive development paths based on promoting the productive capacities of LDCs through a strengthened developmental role of the State. This should be facilitated by means of a new international development architecture (NIDA) for the LDCs which encompasses both coherent systemic reforms of the global economic regimes of relevance to the LDCs and improved LDC-specific international support mechanisms (ISMs). Policy changes are necessary in all the five major pillars of the NIDA — finance, trade, commodities, technology and climate change. This chapter focuses on two pillars which generally receive the most attention. These are, firstly, the financial architecture, including domestic resource mobilization, private capital flows, aid, investment and debt relief, and secondly, the multilateral trade regime.

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