The chang­ing face and na­ture of devel­op­ment fi­nanc­ing

Stabroek News Sunday - - LETTERS -

From page 12

their coun­try to ben­e­fi­ciary coun­tries. It helps to ex­pand mar­ket reach for their prod­ucts and ac­cess to in­ter­na­tional jobs for their skilled hu­man re­sources. This strat­egy does not favour ca­pac­i­ty­build­ing and tech­nol­ogy trans­fer.

Face of devel­op­ment fi­nanc­ing

It is not sur­pris­ing that the face of devel­op­ment fi­nanc­ing has changed over the years.

More de­vel­op­ing coun­tries are of­fer­ing tech­ni­cal as­sis­tance to each other through south-south co­op­er­a­tion. Coun­tries like Brazil, Chile, Colom­bia and Mex­ico to men­tion a few, have in­creased of­fi­cial as­sis­tance to coun­tries like Guyana in or­der to help ad­dress its devel­op­ment needs. China has also emerged as a ma­jor donor of devel­op­ment as­sis­tance.

The ar­eas of fo­cus are not only in­fra­struc­ture devel­op­ment.

They in­clude also ca­pac­ity-build­ing, hu­man devel­op­ment, pro­tec­tion of rev­enue and im­prove­ment in pub­lic safety and se­cu­rity. The need to ac­cel­er­ate ro­bust, re­silient and sus­tain­able devel­op­ment has forced the in­ter­na­tional com­mu­nity to re­con­sider devel­op­ment fi­nanc­ing.

In­ten­sity di­min­ished

The topic of Fi­nanc­ing for Devel­op­ment (FFD) is noth­ing new, but has been un­der the spot­light more to­day, fol­low­ing the rise of the Sus­tain­able Devel­op­ment Goals (SDGs) in 2015 and the call for its in­cor­po­ra­tion into na­tional devel­op­ment poli­cies and plans to achieve the 17 agreed tar­gets by 2030. The is­sues of poverty, hunger, ed­u­ca­tion, health, ac­cess to potable wa­ter and san­i­ta­tion have not gone away, even though their in­ten­sity might have di­min­ished.

It has be­come clear that after 56 years of devel­op­ment fi­nanc­ing us­ing of­fi­cial flows, the prob­lems of the poor and un­de­vel­oped have not been solved and a new ap­proach to fi­nanc­ing devel­op­ment is re­quired.

This is be­ing looked at but the early signs for change are not good.

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