G20 Seoul Summit endorses Multi-Year Action Plan on Development

17:06, November 12, 2010      

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The G20 Seoul Summit has endorsed Multi-Year Action Plan on Development over the medium term with deadlines from next year to late 2014, according to the joint communique issued on Friday afternoon after the end of the summit.

The G20 countries said as the crisis disproportionately affected the most vulnerable in the poorest countries and slowed progress toward achievement of the Millenium Development Goals ( MDGs), they recognize the need to strengthen and leverage develop efforts to address such challenges.

The plan includes actions on infrastructure, human resources and development, private investment and job creation, food security, growth resilience, financial inclusion and domestic resource mobilization, and knowledge sharing.

According to the plan, there are altogether 16 actions under the seven categories. The G20 countries will work with regional and international organizations, such as World Bank, and UNESCO and WTO, to realize the targets.

There are some core principles on which the plan was based, said the communiqu.An enduring and meaningful poverty reduction can not be achieved without inclusive, sustainable and resilient growth. Partnership should be established among developing countries and priority should be put on global or regional systematic issues that call for collective action.

Conscious of the role of private sector, the G20 countries agree that there is need for a policy environment that supports sustainable private sector-led growth.

The Development Working Group will monitor progress on the Multi-Year Action Plan by reporting to the Sherpas.



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