STATEMENT BY

STATEMENT BY

AMBASSADOR RAYMOND WOLFE

PERMANENT REPRESENTATIVE OF JAMAICA TO THE UNITED NATIONS

AGENDA ITEM 53(B):

HIGH-LEVEL DIALOGUE FOR THE IMPLEMENTATION OF THE OUTCOME OF THE INTERNATIONAL CONFERENCE ON FINANCING FOR DEVELOPMENT

23 OCTOBER 2007

NEW YORK

Mr. President,

My delegation welcomes the opportunity to participate in the 2007 High-level Dialogue on Financing for Development. It provides an important platform for our deliberations as we prepare for the follow-up international conference on financing for development to review the implementation of the Monterrey Consensus that is scheduled to be held in Qatar next year. My delegation also associates itself with the statement made by Pakistan on behalf of the G77 and China.

The Reports of the Secretary-General before us speak to the overall improvement in the performance of developing countries and the mixed results in terms of the progress being made in implementing the Monterrey Consensus. It is important that as we read the Reports, we bear in mind the diverse needs of developing countries and their extreme vulnerability to global economic and financial instability, rising commodity prices and natural disasters. Against this background, our discussions on financing for development take on even more significance since progress will depend on the extent to which grave inequities and persistent challenges can be addressed, and the benefits of globalization more evenly distributed. From this perspective, I wish to draw attention to some of the issues that are of particular importance to my delegation.

Other General Observations

Mr. President,

1. The Overall Framework

The starting point for our deliberations is an acknowledgement that efforts at the domestic and global levels are mutually reinforcing. A broad framework of reference that encapsulates the rule of law, sound economic policies and effective, participatory democratic institutions are objectives that are not confined to activity at the country level. They permeate action at the global level and are central to the effective functioning of the global economy. We therefore expect that due regard will be given to the dynamic nature of this relationship during the course of our discussions, especially as regards the voice and effective participation of developing countries in global economic governance.

2. National Efforts

We accept that each country has the primary responsibility for its own development. Jamaica remains fully committed to this objective. In this regard, the Government of Jamaica continues to pay special attention to the promotion of trade and investment as engines for growth and development in the context of job creation, poverty eradication and the overall improvement in the standard of living of our people. We therefore see merit in the recommendations advanced in the Secretary-General’s Report A/62/217 related to mobilizing domestic financial resources for development to provide developing countries with the enabling environment to attract private investment. We also concur that the necessary regulatory framework has to be put in place and are convinced of the strong role that national development banks can play in the process, particularly in the provision of financing for small and medium-sized enterprises. With respect to the latter and in keeping with our own experiences, we would wish to underscore the urgent need for technical assistance and innovative public and private partnerships to strengthen access of small and medium-sized enterprises to finance.

The Government is also working with the Jamaican Diaspora to see how best we can build partnerships and support initiatives aimed at enhancing the welfare of local communities. We see this as important since it is not limited to a rather skewed focus on remittances but encapsulates a much broader approach for the overall development of the country.

3. Implementing the Global Partnership for Development

At the same time, our efforts can only be successful in a conducive global economic environment and with the requisite support of developed partners. Such an approach is necessary if long-term development objectives, plans and strategies are to be realised. This is essential for countries like Jamaica that, notwithstanding our classification as a middle-income developing country, are especially susceptible to natural disasters, are highly-indebted, have limited access to global capital markets and, have limited resources, productive and export diversification capacities. My delegation therefore welcomes the initiative of the Governments of Spain and El Salvador to draw attention to the special concerns of middle-income countries through a series of High-level Conferences held throughout the year.

We remain concerned about the future prospects for the FFD agenda, particularly for meeting the 0.7 per cent ODA target as well as for mobilizing international resources for development, most notably FDI. Our concerns are heightened by the fact that current and projected levels of ODA for 2006-2010 still fall short of the agreed target. Additionally, there continues to be a net outward flow of FDI from developing to developed countries, and FDI continues to be highly concentrated in only a few developing countries.

Against this background, we welcome the call made in document A/62/217 for FDI flows to be broadened to a wider range of countries, including LDCs, LLDCs and SIDS. We further wish to reiterate that FDI flows should respond more commensurately with the reforms efforts being undertaken in developing countries. We also see merit in the Secretary-General’s recommendation that multilateral financial institutions should adapt the range of products and services they provide in order to meet the evolving needs of both low-and middle-income countries.

There is need for predictable and stable flows of ODA, given that ODA continues to remain crucial for financing the IADGs, including the MDGs. We believe that the discussions in the context of the Development Cooperation Forum of the ECOSOC can enhance progress in this regard.

With respect to debt, we would wish to underscore the need for a renewed and vigorous approach to resolve the external debt problem of developing countries, including middle income developing countries. Support should be given to the channeling of resources released from debt relief initiatives into the creation and sustenance of programmes to eradicate poverty, while mindful of the sovereign right of countries to determine these programmes.

A strengthening of the global partnership for development can also be advanced through a more democratic system of global economic governance. We therefore stress the need for the international community to make more substantial progress towards governance reform in the Bretton Woods Institutions. For example, the strengthening of the IMF’s capability in surveillance and encouraging increased participation in this effort by developing countries remains critical.

On trade, I wish to reiterate my delegation’s expectation that development will remain at the core of the Doha trade negotiations and that due regard will be given to the principles of special and differential treatment.

4. The UN Institutional Framework

We remain firmly convinced of the crucial role that the UN can play in advancing the implementation of the Monterrey Consensus. We see this responsibility evolving through greater collaboration and cooperation with the Bretton Woods Institutions and the WTO, especially through the annual spring meeting of the Council with these organizations as well as the UNCTAD. We also recognize and accept that more has to be done to strengthen the implementation of the Consensus and that the now strengthened Economic and Social Council, through the Development Cooperation Forum, is better poised to fulfill this responsibility. For this reason, my delegation wishes to reiterate that our deliberations on how best to strengthen the review process should bear in mind the many existing fora that have been established for this purpose, in order to avoid any unintended duplication of efforts and mechanisms.

Conclusion

In concluding, Mr President, let me assure you of the full support of my delegation as we advance towards Doha, and towards ensuring the full implementation of the Monterrey Consensus. We look forward to working with you and other delegations as we strive to create an enabling environment for this and future generations.

I thank you.