UN stages high-level discussions on financing for development in face of crises (2)

15:54, July 01, 2010      

Email | Print | Subscribe | Comments | Forum 

Another speaker, Alonzo Fulgham, CEO of the United States Agency for International Development, was in agreement with Jacobs about the need to supplement ODA with other forms of financing.

"As we saw with the global financial crisis, the toolkit to advance global growth is quite diverse and ODA is not the soul driver," Fulgham said. "Private investment in trade will be essential for global food security and economic growth objectives to be accomplished."

Jacobs and the fourth expert speaker at the event, Masihur Rahman, economic affairs adviser to the prime minister of Bangladesh, shared the strategies that their national governments have used in order to combat climate change problems and the food crisis, respectively.

Jacobs explained that Luxembourg has embraced the challenge of fighting climate change worldwide by working outside of traditional ODA to create a fund for countries in the global South so that they can adapt to the effects of climate change. Called "Fund Kyoto," it is comprised of annual budgetary donations, and a tax on fuel in Luxembourg.

Bangladesh has worked to combat the food crisis with many forms of social security designed to help empower its primarily poor, hungry, and rural population. A notable specific effort supported by Rahman has been a system of subsidies for food and agricultural training to smallholder farmers.

"The moment you say 'subsidy,’ most people turn around and say that this government does not have money for investing on other things," said Rahman. "You provide some subsidy to the small farmers so thereby the agricultural yield is high. So, what you lose in terms of fiscal subsidy you gain in terms of higher yield and in terms of better income distribution, employment in the rural sector, and also poverty alleviation."

Source: Xinhua
【1】 【2】


  • Do you have anything to say?


Special Coverage
  • Premier Wen Jiabao visits Hungary, Britain, Germany
  • From drought to floods
Major headlines
Editor's Pick
  • Photo taken on Sept. 29, 2011 shows strong wind blows trees in Sanya, south China's Hainan Province. Typhoon Nesat heads towards south China and is moving at an average wind speed of 20 km per hour toward the west coast of China's Guangdong Province. (Xinhua/Hou Jiansen)
  • A fallen tree is seen on a road in Qionghai, south China's Hainan Province, Sept. 29, 2011. Typhoon Nesat was predicted to land in Hainan later Thursday, bringing heavy rainfalls to the island. (Xinhua/Meng Zhongde)
  • A man visits "Thy Word Is Truth, the Bible Ministry Exhibition of the Protestant Church in China", during its opening at Mount Vernon Place United Methodist Church in Washington DC, capital of the United States, Sept. 28, 2011. Through the Bible's various Chinese versions, ancient or modern, as well as pictures, paintings, calligraphy, art works and historical documents, the exhibition was expected to give an overall understanding of how Bible was brought into China, how it was translated, published, distributed and loved. (Xinhua/Zhang Jun)
  • A visitor passes by in the exhibition of Istanbul design week on Sept. 28, 2011 in Istanbul, Turkey. Istanbul design week will be hosting designers and design exhibitions from around the world in Istanbul from Sept 28 to Oct 2 with the participation of 25 countries. (Xinhua/Ma yan)
  • Red flag flies at the Jiuquan Satellite Launch Center in northwest China's Gansu Province, Sept. 28, 2011. A spokesperson with China's manned space program said Wednesday that fuel has been injected into the Long March-2FT1 carrier rocket in preparation for launching the Tiangong-1 space module Thursday evening as planned. (Xinhua/Wang Jianmin)
  • A militant loyal to the Libyan National Transitional Council (NTC) waves in a tank near Bani Walid, one of the pro-Muammar Gaddafi strongholds, on Sept. 28, 2011. (Xinhua/Hamza Turkia)
Hot Forum Discussion