Bush Calls for Reform on Ways of Development Aid

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Last updated at: (Beijing Time) Saturday, March 23, 2002

Bush Calls for Reform on Ways of Development Aid

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U.S. President George W. Bush on Friday promoted a plan here in Monterrey to reform ways of development assistance and give billions of dollars in additional U.S. aid to poor countries that pledge to fight corruption.

Speaking on the final day of a five-day United Nations- sponsored International Conference on Financing for Development, Bush proposed a new compact for development that increases accountability for rich and poor nations alike, linking greater contributions by developed nations to greater responsibility by developing nations.

Bush announced at the conference that the United States will contribute 5 billion dollars in development aid over the next 3 budget years as part of the new compact.

But he stressed that the value of development aid must be measured by results achieved, not just by resources spent, saying that "Pouring money into a failed status quo does little to help the poor."

Bush said the goal of U.S. development aid would be for nations to grow and prosper beyond the need for any aid. "When actions adopt reforms, each dollar of aid attracts two dollars of private investment."

He said expanding trade is the best way to fight poverty. " Trade helped nations as diverse as South Korea, Chile and China to replace despair with opportunity for millions of their citizens. Trade brings new technology, new ideas and new habits."

The results can be immediate and immense, he said, citing the African Growth and Opportunity Act, which increased African exports to the United States by more than 10 times in one year, generated nearly 1 billion dollars in investment and created thousands of jobs.

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