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Monitoring of Developed countries policies and actions for achieving the MDGs

Monitoring of Developed countries policies and actions for achieving the MDGs. Pierre Duquesne Executive Director for France IMF – World Bank. Strong language from G8 finance ministers’ communiqué, Deauville,. We owe it to developing countries to take our responsibilities

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Monitoring of Developed countries policies and actions for achieving the MDGs

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  1. Monitoring of Developed countries policies and actions for achieving the MDGs Pierre Duquesne Executive Director for France IMF – World Bank

  2. Strong language from G8 finance ministers’ communiqué, Deauville, • We owe it to developing countries to take our responsibilities • First, we need to raise economic growth • Second, within a predictable medium term framework, we need to provide the developing countries the resources necessary to support their commitment • Third, we are committed to the objectives and timetable of Doha • Commitments taken must be fulfilled

  3. Alignment with Global monitoring framework for developed countries Developing countries Developed countries Trade Economic and financial policies Quantity and quality of aid Social sector policies Public sector governance Debt Overall macro-policies Environment

  4. Macro-policies • Economic recovery • IMF WEO for World Output • 2002 : 3% • 2003 : 3.2% • 2004 : 4,1% • Impact on developing countries of interest rate cuts • Progress on crisis prevention : CACs, Code of conduct

  5. Trade agenda • G8 commitment to Doha agenda in action plan on trade • Need to refine indicators on trade issues • On market access : deepen analysis on preferential treatment • On market distortions : focus on harmful subsidies for developing countries (cotton, rice, sugar) including food aid and export credit • Emphasis on commodity prices • Focus on marginalized continent

  6. Debt agenda • HIPC, commitment to the initiative • Process of identification of specific impediments in each country and the steps that need to be taken to tackle them • Methodology for calculating topping up to be reviewed in September • Evian approach for non-HIPC low and middle income countries focusing on lasting debt sustainability

  7. Quantity of Aid • EU : + 6 bn$ to reach 0.39% in 2006 • France = 0.5% by 2007, 0,7% by 2012 • UK : 0.4% by 2006 • Italy : + 2.4 bn$ by 2006 • US : + 5 bn$ by 2006 • Canada : + 0.95 bn$ by 2005 • Total commitments : 16 bn$

  8. According to WB, more effective ODA could add 7 bn = Total 23 bn Need to find indicators of aid effectiveness For bilaterals : OECD-DAC peer review Quality of Aid

  9. Need to monitor MDBs • Adherence of bilaterals and MDBs to Rome Declaration • Financial contribution to achieve the MDGs • Results management • Create a system of peer reviews among MDBs

  10. Who monitors the “monitorers” ? • Global monitoring involves the whole financial architecture : UN, Bretton Woods, WTO, WHO • No political forum to deal with the issues related to globalization • Experience of the Enlarged dialogue

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