Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.

Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.


Key global development summit to open in Ethiopia

13 July 2015, 08:00

Addis Ababa - World leaders are meeting in Ethiopia's capital from Monday for a development financing summit presented as crucial for the United Nations efforts to end global poverty and manage climate change by 2030.

The objective of the five days of talks, the third summit of its kind after talks in Monterrey in 2002 and Doha in 2008, is ambitious: laying out the ground rules for a fairer world of inclusive, low-carbon growth.

Concretely, that means deciding how to fill a colossal annual investment gap in key sustainable development sectors for developing nations - estimated at up to $2.5 trillion annually according to the UN's trade and development body UNCTAD.

Also Read: Ethiopia, 30 years on from famine and Live Aid

This in turn will enable the world body to push ahead with its 2015-2030 Sustainable Development Goals, which are due to be formally adopted in New York in October. There are 17 in all, ranging from ending poverty to providing universal access to sustainable energy.

The choice of Ethiopia as summit host highlights the importance of the issue for Africa, a continent which counts 33 out of the world's 49 least developed countries.

Despite concerns over its record on democracy and human rights, the country - gripped by an appalling famine 30 years ago but now one of the world's fastest growing economies - is seen as something as a model for development, having brought millions out of poverty and having invested heavily in infrastructure and key public services.

Tax evasion

But preparatory talks in New York have so far failed to yield an agreement on a common summit outcome, with rich nations - many of which are embroiled in their own financing woes and reluctant to up their aid budgets - pushing for greater private sector involvement and for emerging economies like China, Brazil and India to share the burden.

"Many donors are questioning who should receive development aid. They tell middle income countries 'you're wealthy, you can raise your own money, let's focus on poor countries'," explained Gail Hurley, a policy specialist with the United Nations Development Programme.

With much left to resolve during the summit, Oxfam policy advisor Claire Godfrey said success was far from guaranteed.

"What we don't want to see is platitudes and promises," she said.

"Any agreement that favours rich governments and commercial interests isn't worth the paper it is printed on. The talks so far have seen governments 'sitting on their hands' and waiting for others to make the first move."

Also Read: Ethiopian bloggers freed ahead of Obama visit

The summit should nevertheless reaffirm the objective for rich nations to allocate 0.7 percent of their wealth to development aid for the poorest countries, something that has been rarely respected.

One of the main sticking points is the creation of an international tax organisation within the United Nations to fight against tax evasion by multinationals.

International tax rules that allow large companies to avoid tax end up costing developing countries $100 billion every year, according to Oxfam.

Rich countries, however, want decisions about international taxation frameworks to remain in the hands of the OECD and G20, where they control the agenda.

"To take decision-making on taxation away from the OECD is not only a question of principle," said Lucie Watrinet of CCFD-Terre Solidaire, a French development NGO.

"The measures proposed by the OECD regarding tax evasion hardly ever take into account the concerns of developing countries, and even put them at a disadvantage."



Read News24’s Comments Policy

Comment on this story
1 comment
Comments have been closed for this article.

Read more from our Users

Nigeria @ 56: Words to my green f...

A leader’s job is not to dictate, but rather to be respected, admired and be a trustee, of the land we love, with so much potential, a land which should be freer than free. Its still a long way to fufilling our destiny! Read more...

Submitted by
Isaac Asabor263
Recession: An opportunity for Nig...

The recession should be seen as an opportunity for the country’s promotion as long as we all collectively conduct ourselves in a patriotic manner, writes Isaac Asabor.  Read more...

Submitted by
Black and White

We want to imitate the whites in everything because we are ignorant of our inherent originality and content. We spend all our Naira to acquire his inventions because we so oblivious of our natural endowments that we allow him have it for free. Read more...

Submitted by
Nate Nat
Adamawa State University Mubi: A ...

ADSU integrity forum has accused the Sunday Joshua Wugira, a lawyer, of adopting unorthodox tactics by abusing his privilege by attacking the integrity of ADSU Vice Chancellor Dr. Moses Zira Zaruwa, writes a News24 reader. Read more...

Submitted by
Abdulsalam Jubril
My Country Nigeria (Part One)

Poetry by Abdulsalam Jubril.

Submitted by
Abdulsalam Jubril
Recession, dearth in leadership a...

Every leader has the opportunity to become great and making himself immortal in the lives and hearts of people for generations to come. Will Mr. President seize this opportunity?, questions Abdulsalam Jubril. Read more...