Aid alone not enough to address needs of poor countries: EU

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Ambassador Thomas Mayr-Harting, Head of the European Union Delegation to the UN

Developing countries have the ownership and primary responsibility for their own prosperity and growth.

Ambassador Thomas Mayr-Harting, Head of the European Union Delegation to the UN, made the remark during a meeting on financing for development.

Stronger tax systems, improved policies and better governance are vital for mobilising domestic resources in developing countries.

Aid alone will never be enough to sustainably address the needs of developing countries, says Ambassador Harting.

"There is a clear need to mobilize more non-government contributions that are supplementary to traditional sources. The EU is exploring new financing approaches that help to mobilize additional funding from new sources and partners, especially the private sector."

Duration:   20″

According to Mr. Harting, EU members have accounted for more than half of the $129 billion allocated to the Official Development Assistance, which is money given to developing countries and institutions to promote economic growth.

Filed under Today's News.
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