Type of paper: Essay

Topic: Development, Countries, Finance, Developing, Developing Country, Actions, Ownership, Partnership

Pages: 3

Words: 825

Published: 2020/11/02

American Public University

1-Monterrey Consensus on Financing for Development (2002): This document focuses on other sources of financing for development in addition to aid. Explain at least three other sources highlighted.
The Monterrey Consensus mentions the following three other resources: 1) Foreign direct investment and other private flow, 2) External debt, and 3) Aids from the developed countries to the less developed countries as Official Development Assistance (ODA).
Foreign direct investment increases the income level in the country, causes technology transfers from the developed countries to the developing countries and creates new job opportunities in the developing countries.
External debt is a risky financing tool for the developing countries because the country has to pay an interest for the external debts. For this reason, the country should be able to use the external debt in the areas where they might bring higher returns than the interest loss.
Finally, the financial aid from the developed countries to the less-developed countries might be an essential resource for development; however, many developed countries did not keep their promises they made at the Third United Nations Conference on Least Developed Countries. The Official Development Assistance (ODA) is a program with which the developed countries are supposed to provide financial resources and guidance to the less-developed countries. The developed countries are supposed to give away 7% of their GDP to the less-developed countries as financial aid.
2-The Paris Declaration on Aid Effectiveness (2005): This document introduces the concept of aid beneficiaries as “partners” rather than “developing countries” or “recipients”. What is the significance of this approach? Use examples from the Declaration in your explanation.
Enhancing the effectiveness of the financial aids provided by the developed countries to the less-developed countries has an essential place in the economic development of the less-developed countries. Many less developed countries receiving the financial aids are failing to develop their economies or create a sustainable development due to the structural problems like corruption in the government. For this reason, only providing financial aids for these countries is not enough for creating a sustainable development in these countries.
The approach of the Paris Decleration (2005) is based on the mentioned idea above. The donor country should develop a partnership with the financial aid receiving country and the donor country should guide the aid receiving country to make sure the financial aid creates the aimed or desired influences on the target economy through this program.
3- Accra Agenda for Action (2008): This document also focuses on partnerships. Explain the concept that is presented in the Agenda and provide at least two examples from your research.
The partnership is similar to the one in the Paris Declaration, and even it is further than this. Accra Agenda for Action calls it as "better partnership." "Better Partnership" means that the development program implemented by the donor developed countries will take the local agents ideas into account and support the ownership of the development program by the domestic agents and extend the positive desired influences of the programs in the less developed countries.
Two of the main concepts in the Accra Agenda for Action are: 1) Ownership and 2) Delivering results. Ownership means the donor country will support the ownership of the program by the domestic agents by increasing the participation. Delivering results means creating observable results through data.
4-Busan Partnership for Effective Development Co-Operation (2011): Choose at least three proposed actions and explain why their success will depend on high-quality data collection.

Thre main actions are as follows:

Developing democratic ownership of the economic development programs through the financial aids from the developed countries.
For developing a sustainable development, the less developed countries have to be supported and promoted.
The donor countries have develop relatively better programs to satisfy the needs of the less developed countries and the programs have to be more inclusive.
These three actions require a high level of success for relatively better results. Developing ownership, creating sustainable and concrete results for development, and developing horizontal partnership between the donor and the receiver countries heavily depends on collecting a well-prepared data set. The actions mentioned in the Accra Agenda has created some implementations all around the world; however, without measuring the effects of the implemented programs, it is not possible to develop relatively better implementations. For this reason, each implementation has to give us some information. Data collection on the results of the development programs is a must for developing relatively better programs.

References

Collins, Michael. 2008. 'The Monterrey Process And Beyond: An Interview With Tim Wall.' Callaloo 31 (4): 1302-1305. doi:10.1353/cal.0.0280.
Eyben, Rosalind, and Laura Savage. 2012. 'Emerging And Submerging Powers: Imagined Geographies In The New Development Partnership At The Busan Fourth High-Level Forum.' The Journal Of Development Studies 49 (4): 457-469. doi:10.1080/00220388.2012.733372.
Gray, Larissa, Kjetil Hansen, Pranvera Recica-Kirkbride, and Linnea Mills. 2014. Few And Far. Washington: World Bank Publications.
Sjöstedt, Martin. 2013. 'Aid Effectiveness and The Paris Declaration: A Mismatch between Ownership and Results-Based Management?'. Public Administration Development. 33 (2): 143-155. doi:10.1002/pad.1645.

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