Freer access to industrial country markets and greater and more predictable aid are needed to support sustainable development (included under Goal 8 of the MDGs). Countries in the developed world need to support more robust world economic growth by opening their markets to exports from the developing world. As IMF Managing Director Horst Köhler has stated, “we need to work first and foremost on trade . . . this requires greater ambition to open markets and phase out trade-distorting subsidies in the industrial countries, beginning with agriculture, textiles, and labor-intensive manufactures.”54 Higher aid flows will also facilitate growth, since it is unlikely that many poor countries, particularly in Africa, can mobilize enough of their own resources to meet all of their human development needs.
Moreover, aid flows could be made more continuous and predictable, in order to facilitate budget planning in developing countries. The need for more trade and more aid is echoed in the New Partnership for Africa’s Development (NEPAD), which calls on the international community “to reverse the decline in ODA [official development assistance] flows to Africa and . . . . admit goods into markets of developed countries. . . ."
Fiscal Dimensions of Sustainable Development Prepared for World Summit on Sustainable Development Johannesburg, August 26–September 4, 2002
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International Monetary Fund
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The IMF is an international organization
of 185 member countries. It was
established to promote international
monetary cooperation, exchange stability,
and orderly exchange arrangements; to
foster economic growth and high levels of
employment; and to provide temporary
financial assistance to countries to help
ease balance of payments adjustment.
Since the IMF was established its purposes
have remained unchanged but its
operations—which involve surveillance,
financial assistance, and technical
assistance—have developed to meet the
changing needs of its member countries in
an evolving world economy.
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