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26.11.2008 General News

UN Holds Conference On Financial Crises

By ISD (Delight Biney & Sethline Frempong)

The European Commission  held a Press Conference via video in Accra, yesterday. The press conference was to brief journalists on the upcoming United Nations Conference on Financing for Development, scheduled for Doha/ Qatar from 29th November to 2nd December this year.

According to the European Union Commissioner General in Brussels, Mr Maciej Popowski, the conference will be a credibility test for donors. He added that the conference is to implore the donors to give clear answers to the basic questions of what will likely happen to developing countries during this financial crisis and whether donors will stick to the promises made in the financial crises.

He also stated that, the European Union is the world biggest donor and it has spent 46 billion Euros on development aid and that represents almost 60 percent of the worldwide official development assistance whiles the United State provides 21 percent.

Mr Popowski noted that the conference, which is at the highest possible political level, will include participants, Heads of State or Government, Ministers and special representatives.

He said the conference will comprise plenary meetings and six interactive multi-stakeholder roundtables on the six major areas of the Monterrey Consensus under the theme 'Looking ahead: further cooperative actions in financing for development.'

Mr Popwski added that these six areas are under: Mobilising domestic financial resources for development ,Mobilising international resources for development, foreign direct investment and other private flows, International trade as an engine for development, and  Increasing international financial and technical co-operation for development.

The rest are on External debt and enhancing the coherence and consistency of the international monetary, financial and trading systems in support of development.                                                                         

The Commissioner advised Developing Countries to endeavour to generate internal funding, fight corruption and encourage good governance in this time of financial crisis. Journalists from Ghana, Barbados and Zambia participated in the conference.