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Monday, 16 May 2011

UN summit adopts 10-year plan to help lift LDCs out of poverty

Participants at a United Nations summit today outlined a 10-year plan to support the world’s most vulnerable countries overcome poverty, calling on the private sector to play a greater role in the fight, urging wealthy nations to step up their aid commitments and demanding the elimination of many trade barriers. The Istanbul Programme of Action to spur development and economic growth was made public at the end of the Fourth UN Conference on the Least Developed Countries (LDCs) after five days of discussions in the Turkish city. The summit focused on ways to harness the potential of the 48 countries – many of them in sub-Saharan Africa – classified as LDCs so that they can lift themselves out of poverty and develop economically. Under the programme of action, affluent countries have committed to realizing the target of spending 0.15 per cent to 0.20 per cent of their national incomes on official development assistance (ODA). If implemented, this would represent a significant increase on current levels of aid. The plan also calls for the abolition or reduction of arbitrary or unjustified trade barriers, and the opening up of markets in wealthier countries to products from poorer nations.

Source: UN