Conference on Financing for Development in Doha, Qatar: Commitment to development remains strong in spite of financial crisis

Press release 449/2008
2 December, 2008

The UN International Conference on Financing for Development underscored the importance of comprehensiveness of financing for development. In addition to the developing countries using their own resources, development can be promoted by supporting trade and enhancing investment, and by means of public development aid funding and debt resolution.

The importance of a successful conclusion of the Doha Round of WTO trade negotiations emerged strongly in the conference. Furthermore, the conference acknowledged that adaptation to climate change will also pose new challenges for development and financing for development.

In its final document, the conference stated that each country has responsibility for its own economic and social development. All countries made a commitment to the promotion of equitable social development and the principles of good governance, and to the creation of an operating environment conducive to development.

According to Minister for Foreign Trade and Development Paavo Väyrynen, who chaired the Finnish delegation, in the course of negotiations it was possible to retain many views presented by Finland in the final document. The conference reaffirmed the importance of comprehensive sustainable development and its economic, social and environmental aspects. "It is important that both the commitments made by industrialised countries and the responsibilities and obligations of the developing countries themselves were extensively reaffirmed in Doha. The conference also confirmed the commitment of so-called new donors to mutually approved principles related to aid efficiency."

As concerns official development aid, the existing commitments to increase assistance were reaffirmed. In spite of the financial crisis, it was considered important to abide by them and also to meet the challenges posed by the international economic situation by means of them. Finland is committed to the decision made by the European Council in 2005 to achieve the minimum GNI goal of 0.51 per cent for old member states by 2010, and the goal of 0.7 per cent by 2015.

In the conference, an agreement was also made about the organisation of a high-level conference under UN auspices on the impact of economic and financial crisis on development. The details of the conference will be agreed upon by the end of March 2009.

Additional information: Special Adviser Ossi Martikainen, tel. +358 40 592 6769 and Deputy Director General Pasi Hellman, tel. +358 40 761 1551