A range of natural resources, many potential areas for investment and/or tourism, the existence of various lucrative sectors for financial alternatives in Ethiopia are attributable to generating huge income if systematically singled out and thoroughly managed.
True, hitting the already set development goals highly requires firm commitment, local collaboration, private sector active participation, regional as well as continental integration apart from fattening financial muscles. Cognizant of this fact, Ethiopia is working to make the national plan intertwined with development goals and regional cooperation.
The United Nations adopted in 2015 the Addis Ababa Action Agenda (AAAA), which in turn spells out a dedication to a new social compact fostering social protection systems with national spending targets for essential services like health and education and other related socio-economic trajectories. It is an outcome document of the Third International Conference on Financing for Development, and a framework for implementing the Sustainable Development Goals (SDGs). It has targeted at addressing the financial needs of developing countries like ours to achieve sustainable development.
AAAA also highlights the need to mobilize domestic financial resources and private investors.Obviously, Ethiopia is working hard to come up with inclusive development and a gut towards confidently combating the impact of climate change via comprehensively entertaining the potential of the private sector, too.
It has established a strong foundation to support the implementation of the 2030 Agenda for Sustainable Development and provides a new global framework for financing sustainable development by aligning all financial flows and policies with economic, social and environmental priorities.
The AAAA also pronounces the proliferation of domestic public resources, domestic and international private business and finance, international development cooperation, international trade as a means that can be engines for development.
In relation to this, Addis Ababa is hosting Fourth International Conference on Financing for Development, which is believed to address new and emerging issues, and the urgent need to fully implement the 2030 Agenda to support reform of the international financial architecture.Yes, it is supposed to promote the financial autonomy and integrated urban planning at local level as key sustainable development. With public sector participation, it is strongly believed that the financing for development involves funds generated in the country using taxation, as well as financial support of others as a benefit of regional or continental integration and spirit of growing together.
It addresses all sources of finance, and covers cooperation on a range of issues including technology, trade, and capacity building, among others.
The Action Agenda also provides a new global framework for financing sustainable development by aligning all financial flows and policies with economic, social and environmental priorities. As it includes a comprehensive set of policy actions, requirements to generate income from all sources of finance, technology and deals in order to support achievement of the sustainable development goals, the Agenda needs to be well eyes at in future.
The AAAA highlights the need for integrated national financing frameworks to leverage the full potential of all finance flows—the private and public partnership for sustainable development.
The AAAA also reflects an international agreement to work together to fund infrastructure for energy, transport, and water and sanitation, as well as step-up investments in agriculture and nutrition and facilitate innovation and scientific cooperation.
The forum in turn is believed to provide participants with a starting point to discuss local finance in the context of sustainable development. It would also present a coherent framework for financing the 2030 Agenda, including the SDGs, by putting forward a comprehensive set of analogous policy actions.
Generally, the fourth International Conference on Financing for Development targets at reviewing the AAAA, other forums’ outcomes as well as the means of implementation of the SDGs and is expected to consign to concrete deliverables on financing for development and in a bid to update policy frameworks in the eyes of the contemporary global realities.
THE ETHIOPIAN HERALD TUESDAY 23 JULY 2024
