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The general assembly has called for a treaty addressing both the impact and sustainability of International Financial Aid. Most developing countries which have received aid has seen their per capita income fall or stagnate - this shows that aid given is not channelled to sustainable economic projects. Calls for the creation of a central International Aid Agency established under the auspices of the United Nations where all International Financial Assistance is directed.
The general assembly has called for a treaty addressing both the impact and sustainability of International Financial Aid. Most developing countries which have received aid has seen their per capita income fall or stagnate - this shows that aid given is not channelled to sustainable economic projects. Calls for the creation of a central International Aid Agency established under the auspices of the United Nations where all International Financial Assistance is directed.
The general assembly has called for a treaty addressing both the impact and sustainability of International Financial Aid. Most developing countries which have received aid has seen their per capita income fall or stagnate - this shows that aid given is not channelled to sustainable economic projects. Calls for the creation of a central International Aid Agency established under the auspices of the United Nations where all International Financial Assistance is directed.
COMMITTEE: ECOSOC MAIN-SUBMITTER: Thailand CO-SUBMITTERS: Uruguay, Brazil, Turkey, India, Pakistan, Greece, Malaysia, Tunisia, Congo, Zimbabwe, Colombia, Mexico
THE QUESTION OF THE IMPACT AND SUSTAINABILITY OF INTERNATIONAL
FINANCIAL AID The General Assembly, Recognising that International Financial Aid constitutes the greatest source of external development financing and that it can support a countrys education, health, public infrastructure, agricultural and rural development, Bearing in mind the United Nations (UN) Resolution in 1970 for More Economically Developed Countries (MEDCs) to progressively increase Official Development Aid spending (ODA) to a target of 0.7% of Gross National Product (GNP) in international financial assistance, Observing that most developing countries which have received aid has seen their per capita income fall or stagnate this shows that aid given is not channelled to sustainable economic projects, Deploring that a large percentage of aid given is not given on the basis of Third World impact but on benefits to donor nations themselves, Noting with deep concern that there is a lack of accountability to where financial aid is being channelled, Confident that a sound treaty addressing both the impact and sustainability of financial aid will motivate more countries to advance on the issue of international aid, 1. Strongly encourage that MEDCS meet their targets of donating 0,7% of their GNI; 2. Calls for the creation of a central International Aid Agency established under the auspices of the United Nations where all International Financial Assistance is directed; 3. Proposes a model for the distribution of international financial aid based on the model of the Millennium Challenge Account announced at the Inter-American Development Bank on March 14, 2002 by President George W. Bush; 4. Affirms the following clauses of the Millennium Challenge Account model; a) Financial Aid will be made out to recipient nations based on the viability of the economic projects which they propose thus respecting their sovereignty and reducing the incidence of tied aid;
b) The establishment of an agency comprising of independent economic advisors
to allocate the distribution of aid based on a criteria for selection the membership of this panel will change every three years; c) The objective selection of recipient countries for grants on a competitive basis; i)
The competitiveness of a potential recipient country will be
measured against an objective yardstick comprising of a set of indicators;
ii)
These indicators will include Corruption Levels of the Recipient
Government and Human Development Index, et cetera, which give a good indication of the impact and sustainability of financial aid allocated to them;
iii)
These indicators will be measured by the various specialised
agencies of the United Nations such as the International Monetary Fund and by third party, non-governmental organizations such as Global Integrity Index;
d) The suspension of financial aid grants should a country is shown to backslide t
its various indices; 5. Recommends that all members of the United Nations (UN) ratify this treaty and that in all decisions, be it made in this treaty or as a result of this treaty, and be binding; 6. Hopes that this treaty be put in place by 2009.