n Acta Juridica - 'Financing development' as a field of practice, study and innovation : commercial aspects of global administrative law : part II
|Article Title||'Financing development' as a field of practice, study and innovation : commercial aspects of global administrative law : part II|
|© Publisher:||Juta Law Publishing|
|Author||Kevin E. Davis|
|Publication Date||Jan 2009|
|Pages||168 - 184|
There is ongoing debate about the role foreign capital plays in developing countries efforts to reduce poverty and promote development. In theory poor countries should almost always be able to put foreign capital to good use. In practice though, much depends on the terms on which the capital is provided. This holds true whether the transaction in question involves a loan from the International Monetary Fund (IMF) or bilateral aid or project financing. In each case the great challenge is to find terms that are sufficiently appealing to induce financiers to part with their funds yet still compatible with the social and economic needs of inhabitants of developing countries. In 2002 fifty world leaders acknowledged these interrelated challenges and, as part of the Monterrey Consensus, endorsed the statement that '[A] holistic approach to the interconnected national, international and systemic challenges of financing for development ... in all parts of the globe is essential.'
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