Financing

Annan addresses high-level meeting

Development funds moving from poor countries to rich ones, Annan says

30 October 2003
United Nations Secretary-General Kofi Annan today challenged the General Assembly to face the stark fact that, "even taking all subtlety and nuance into account," developing countries made the sixth consecutive and largest ever transfer of funds to "other countries" in 2002, a sum totalling "almost $200 billion."
James Wolfensohn

UN system leaders review development parameters of Monterrey Consensus

30 October 2003
The World Bank is concerned about the imbalances in the global system, especially in instances in which defence spending reached $800 billion, but development assistance only $56 billion, James Wolfensohn said today in the first address by a World Bank President to the United Nations General Assembly.
USG Ocampo briefs the press

General Assembly begins ministerial-level debate on financing for development

29 October 2003
The global financial system must be reformed to give fair exits from sovereign debt crises, such as Argentina's emergency in 2001, and better tax coordination worldwide to reduce tax dodging and illicit cross-border financial flows, according to a report by United Nations Secretary-General Kofi Annan to a ministerial debate on financing for development which opened today in the General Assembly.