New agenda for economic development: Hafeez may attend fourth HLF in Korea

In order to set up new agenda for economic development, Pakistan has decided to attend Fourth High Level Forum (HLF) on aid effectiveness and transparency as well as challenges presented by today's uplift landscape. The forum, to be held in Bosan, Korea, from November 29 to December 1, is likely to be attended by Finance Minister Abdul Hafez Sheikh, Secretary of Economic Affairs Division (EAD) Abdul Wajid and Parliamentary Secretary of EAD Zill-e-Huma. Sources told Business Recorder here on Monday that delegations from all over the world, including the Heads of State and representatives of developing and developed countries, heads of multilateral and bilateral institutions, representatives of different public, private, inter-parliamentary, local and regional organisations would sign the 'HLF-4 Outcome Document' on aid effectiveness in Bosan. Key themes for aid effectiveness include climate change finance, promoting gender equality, delivering effective aid in fragile situations, private sector participation, ownership and accountability beyond the state, south-south and triangular co-operation, aid transparency and capacity development. Sources said that to set up a new agenda for economic development, almost 2000 delegates from all over the world would be reviewing the steps taken globally for improving the effectiveness of aid. The First High Level Forum on aid effectiveness was held in Rome in 2002 in which the principles for aid effectiveness were outlined in a concrete declaration. The Second High Level Forum (Paris, I 2005) marked the first time that donors and recipients both agreed to commitments and to hold each other accountable for achieving these. The commitments were laid out in the 'Paris Declaration'. At the Third High Level Forum (Accra, 2008) the need to deepen implementation towards the goals set in 2005 was identified, along with a set of priority areas for improvement. At the Fourth High Level Forum in Bosan, the world leaders would examine the opportunities and challenges presented by today's development landscape. Their aim is to build wide consensus on a new framework to support global development. In preparation, a group of 'sherpas' is shaping a document that contains the main commitments to be endorsed at Bosan. The sherpas include a) three (3) representatives of low-income countries, to be nominated by the Partner Country Caucus; b) three (3) representatives of middle-income countries, whose nomination will be co-ordinated by Korea; c) representative of civil society organisations, to be nominated by civil society participants of the Working Party on Aid Effectiveness (WP-EFF); d) representative of the United Nations Development Group, on behalf of the UN system; e) and the representative of Korea.