Economy

UNCTAD calls on world’s poorest countries to take a leasing role in directing external aid to development

UNCTAD calls on world’s poorest countries to take a leasing role in directing external aid to development

Least developed countries (LDCs), the world’s most impoverished nations, should proactively ensure external finance from all sources is directed to national development priorities. This approach is the best way to manage their aid dependency and eventually escape it, says UNCTAD’s Least Developed Countries Report 2019.

For them to attain the Sustainable Development Goals, LDCs should take ownership of their development agenda and manage the allocation of external development finance in alignment with their national development priorities. The international community also needs to step up its support towards this common goal, the report states.

LDCs account for 15 of the 20 most aid-dependent countries in the world due to persistent shortfalls in their domestic savings, among other factors, according to the report.

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