The third International Conference on Financing for Development wrapped up in Addis Ababa, Ethiopia, last week with the Addis Ababa Action Agenda, which builds on the 2002 Monterrey Consensus and the 2008 Doha Declaration as well as creates a foundation for implementing the sustainable development goals that will be adopted in New York in September.
“This historic agreement marks a turning point in international cooperation that will result in the necessary investments for the new and transformative sustainable development agenda that will improve the lives of people everywhere,” Wu Hongbo, secretary-general of the conference, said.
The agenda, which has 100 measures covering seven action areas, “provides a global framework for financing sustainable development,” according to U.N. Secretary-General Ban Ki-moon.
But while the Addis Ababa Action Agenda is a welcome step toward a more meaningful discussion of the SDGs, it still lacks the teeth to rein in the flows that continue to drain developing countries of revenues and resources. The establishment of an intergovernmental tax body, for example, did not happen in Addis, much to the disappointment of civil society.
Anna Patricia Valerio is a Manila-based development analyst focusing on writing innovative, in-the-know content for senior executives in the international development community. Before joining Devex, Patricia wrote and edited business, technology and health stories for BusinessWorld, a Manila-based business newspaper.
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