联合国文件/第921部分 (共1000部分)

Large current-account imbalances have become a central feature of the world economy.

This increases the risk of disruptive movements in the exchange rates of the major currencies, with severe implications for the outward-oriented economies of developing countries.

Meanwhile, several emerging market economies are opting for self-insurance by holding large amounts of international reserves, rather than using the protection mechanisms provided by international financial institutions.

This worrisome trend marginalizes existing institutions and leads to the adoption of second-best policies.

The past few years have been characterized by a favourable international environment for the external debt of developing countries.

Ample global liquidity and policy improvements in developing countries have reduced risk aversion among international investors and resulted in large flows of private capital to middle-income developing countries.

However, recent episodes of financial turmoil indicate that these favourable conditions may not last forever.

Moreover, a few developing and transition countries are still characterized by large current-account deficits and overvalued exchange rates.

While many middle-income countries can partly finance development goals by accessing the international capital markets, low- and lower-middle-income countries rely almost exclusively on development finance.

Thus, aid flows and cooperation in its delivery are vital to efforts to achieve internationally agreed development goals.

However, recorded net nominal official development assistance (ODA) disbursement, less debt forgiveness, remains at levels similar to those prevailing in the early 1990s.

While debt relief was intended to channel additional resources to developing countries, the fact that real ODA excluding debt forgiveness is below its levels in the early 1990s suggests that debt relief under the Highly Indebted Poor Countries (HIPC) initiative has not been additional.

Even including debt relief, projected ODA flows fall short of the G8's Gleneagles pledge to double aid to Africa between 2005 and 2010, threatening a downward revision of targets rather than the scaling-up expected and required.

For development efforts at the national level to succeed, the formulation and effective implementation of a national development strategy needs to be combined with supportive regional and global policy measures.

At the national level, sustainable and equitable development requires pro-growth macroeconomic policies, efficient structural policies, good governance and respect for human and economic rights.

Trade policies need to be fully integrated into a sound domestic policy framework and national development strategies, and poverty reduction and trade need to be incorporated into the United Nations Development Assistance Framework (UNDAF).

The improvement of institutional governance advances in tandem with other domestic and global requirements of sustainable development.

The various pillars of the global economic architecture must work in concert.

There can be close links between sustainable development and poverty reduction and the empowerment of women.

Gender equality and women's empowerment should be mainstreamed in development policies and practices when relevant and feasible.

There are, however, some general policy options and responses that are relevant to the challenges faced by most, if not all, developing countries.

Coherence between macro- and microeconomic policies is crucial.

Microeconomic and structural policies can be designed to provide incentives for investment that can bring about productivity growth and improve the international competitiveness of domestic enterprises.

However, a macroeconomic policy that leads to high domestic interest rates and an overvalued exchange rate is not conducive to such investment.