The Commonwealth Ministers of Finance called on the international community to strengthen transparency for more effective aid use and delivery. They also pledged to promote a sharing of experiences on innovative sources of financing for development.
The Commonwealth ministers’ discussion on aid effectiveness took place Sept. 21 in Washington, D.C. — during the Annual Meetings of the World Bank Group and the International Monetary Fund — ahead of the high-level forum on aid effectiveness in Busan, South Korea, in November.
The ministers agreed on the need for greater openness and better tracking of aid of both partner and donor countries, as aid delivery and use can impact domestic accountability of both.
They also noted that many Commonwealth partner countries have had substantial progress in implementing and sustaining aid reforms, but many donors have been relatively reluctant to implement similar aid reforms.
Read more development aid news online, and subscribe to The Development Newswire to receive top international development headlines from the world’s leading donors, news sources and opinion leaders — emailed to you FREE every business day.