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

15:54, July 01, 2010      

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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
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(Editor:李牧(实习))

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