LDCs Eyeing Alternative Development Financing Sources

In next month’s United Nations Conference on the Least Developed Countries, the world’s poorest nations are expected to push for new sources of development funding, including a global tax on financial transactions.

The financial transactions tax is seen to generate billions of dollars that could help fund development projects. It is expected to be floated at the four-day conference that begins on May 9 in Istanbul, Turkey, IPS reports.

>> 1,000 Economists Voice Support for Financial Transaction Tax

The poorest countries need some $60 billion each year to achieve the Millennium Development Goals by 2015, the United Nations estimates. 

Calls for better governance as well as improved investment and trade opportunities could also emerge from the conference, IPS adds.

Read more development aid news.

About the author

  • Ma. Rizza Leonzon

    As a former staff writer, Rizza focused mainly on business coverage, including key donors such as the Asian Development Bank and AusAID.