Financing for
Development
Domestic public resources
For all countries, public
policies and the mobilization and effective use of domestic resources are
central to the pursuit of sustainable development. Significant additional
domestic resources, supplemented by international assistance, will be critical
to realizing sustainable development and achieving the SDGs. Countries should commit
to improve the fairness, transparency, efficiency and effectiveness of their
tax systems, including by broadening the tax base and strengthening tax
administration. The AAAA welcomes efforts by countries to set nationally
defined domestic targets and timelines for enhancing domestic revenue, and
agrees to support developing countries in need in reaching these targets.
Countries also have to strengthen international cooperation to build capacity
in developing countries, including through enhanced ODA.
Countries have to strengthen
international cooperation in tax matters, including through concrete
transparency and reporting mechanisms. The Agenda further calls on companies to
pay taxes to the Governments of countries where economic activity occurs and
value is created. The AAAA supports on-going efforts in the IMF, OECD and World
Bank and strengthens the United Nations Committee of Experts on International
Cooperation in Tax Matters to ensure more inclusive cooperation and dialogue
among national tax authorities.
Countries
also should commit to efficient and effective spending aligned with sustainable
development, including through rationalizing and phasing out inefficient fossil
fuel subsidies, while minimizing the impact on the poor. They further commit to
transparent and gender responsive budgeting and transparent public procurement
frameworks. Particular attention is paid to the potential of development banks
to finance long-term investments, especially in credit market segments in which
commercial banks are not fully engaged or large financing gaps exist.
Domestic and international
private business and finance
The
Action Agenda invites businesses to apply their creativity and innovation
toward solving sustainable development challenges and to engage as partners in
the development process. It encourages businesses to embrace a core business
model that takes account of the environmental, social and governance impacts of
their activities, including integrated reporting, and also encourages impact
investing. In particular, private foundations are encouraged to use their
endowments actively through impact investment, to better support sustainable
development.
Countries
have to strengthen their enabling environments for encouraging private
investment. They also have to promote sustainable corporate practices,
including on integrating environmental, social, and governance factors into
company reporting.
Acknowledging
the importance of financial inclusion, countries have to consider including
financial inclusion as a policy objective in financial regulation. Countries have
to work to ensure that policy and regulatory environments support financial
market stability and promote financial inclusion in a balanced manner.
Developing countries further have to develop or strengthen long-term bond
markets as a source of development finance, along with capital market
regulations designed to reduce excess volatility and to promote long-term
investment aligned with sustainable development.
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