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World Economic and Social Survey 2005

Financing for Development

image of World Economic and Social Survey 2005

The World Economic and Social Survey 2005 focuses on the Monterrey Consensus as the current framework for international cooperation for development. The report examines the correspondingly broad agenda for action that was set out in the Consensus, recognizing numerous accomplishments to date and draws attention to the further actions—in the financing and trade areas—that need to be undertaken in the years ahead to achieve both the Millennium Development Goals, as well as the broader United Nations Development Agenda.

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External debt

External finance is meant to supplement and support developing countries’ domestic resource mobilization. However, since the nineteenth century, developing countries have experienced repeated episodes of rapidly increasing external indebtedness and debt-service burdens that have brought slower growth or recession and eventually produced renegotiation and restructuring. For this reason, the Monterrey Consensus of the International Conference on Financing for Development (United Nations, 2002b, annex) emphasized the importance of sustainable debt levels in mobilizing resources for development.

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