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6 trades, finance bodies to reform aid program for LDCs |
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July 8, 2000
UNITED NATIONS : Six of the world’s biggest international trade and finance organizations announced they would reform a four –year-old program to help the world’s poorest nations integrate into the global economy, says AP.
The reorganization was prompted by a report earlier prompted by a report earlier this month from independent experts that criticized the programme for weak administration and failing to link their efforts to improve trade to the overall development plans of the world’s 48 least developed countries.
The organizations the world Bank, the international Monetary fund, the World Trade Organization, the International Trade Center and two UN agencies agreed Thursday to ensure that trade related initiatives address the specific needs of the countries and be included in the broader context of development.
The six organizations also set up a trust fund for the program, Known as the Integrated Framework, and called on Governments and international organizations to donate $20 million to fund technical assistance of trade over the next three years.
The United Nations designated 48 countries; most of them in sub-Saharan Africa, where per capita yearly income stands at one dollar per day or less.
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