Developing countries sidetracked17 July 2015
Staff Reporter :The Addis Ababa conference on financing development of the developing and least developed nations ended in adoption of Addis Abada Agenda (AAA) on Thursday in strong opposition of developed countries especially led by the UK forcing participating countries to agree on a compromised outcome agreement. There is virtually nothing new or little hope for developing countries in it.EquityBd in Dhaka released the outcome yesterday in a statement. It said the G77 plus China group representing all developing and least developed countries led by Brazil, India and South Africa tried best for pursuing the agenda of Intergovernmental Tax Body, Sustainable Debt Mechanism, Measurable Commitment on Overseas Development Assistance (ODA) including Climate Finance and inclusion of CBDR (common but differential responsibilities) principles in the AAA. But the move was foiled with the compromise agenda at the end. Bangladeshi civil society participants Asgar Ali Sabri, Mohshin Reza and Rezaul Karim Chowdhury said the outcome has reflected policies of the developed countries as they were reluctant to come up with new financing and tangible action to tackle illicit financial flow to stop the capital flight. Dr Abdul Momen, Bangladesh's Permanent Representative to UN spoke as one of the panelists in a side event organized by ACG (Addis Civil Society Group), Third World Network and Eurodad held at Elilly International HotelHe urged for reform in global financial architecture and global governance where developing especially least developed countries have little policy space. He urged global community especially developed countries to come forward with a new challenging financing model like Marshal Plan to finance and support UN Post 2015 Sustainable Development Goals (SDG). Implementation of SDG is imperative to save planetThe Addis Ababa outcome is that more than 100 developing countries will remain excluded from decision making on global tax standards.