International financial resource transfer

As part of continuing efforts by the international community to increase the flow of financial resources to developing countries, the International Development Strategy for the Third United Nations Development Decade envisaged that “a rapid and substantial increase will be made in official development assistance by all developed countries, with a view to reaching and, where possible, surpassing the agreed international target of 0.7 per cent of the gross national product (GNP) of developed countries. To this end, developed countries which have not yet reached the target should exert their best efforts to reach it by 1985, and in any case not later than in the second half of the decade. The target of 1 per cent should be reached as soon as possible thereafter”. The Strategy recommended that “international financial flows, particularly public flows, should be improved and adapted, consistent with the needs of developing countries as regards volume, composition, quality, forms and distribution of flows”. The Strategy also assigned an important role to non-concessionary flows as a source of development finance for many developing countries. Further, it showed a great deal of concern with reforms in the international monetary and financial system with a view to making it more responsive to the needs of developing countries.

Sustainable Development Goals:

Decent Work and Economic Growth

Reduced Inequalities