International Cooperation

Financing for Development

 
SOLIDAR is working to get Heads of State to commit to decisive solutions to development problems by promoting a comprehensive approach to development.
 
What is Financing for Development?
In 2002, world governments agreed to a set of responsibilities between rich and poor countries, between private and public sectors on the overall scale of effort required to finance development. The idea was to optimise synergies between domestic resource mobilisation, aid, international trade, private capital flows and debt relief. But since then, donors have not been forthcoming with their money and aid has not materialised.
 
Financial Transaction Tax
The idea behind this tax is simple: banks all over the world pay an average of 0.05% for certain financial transactions. It would apply only to speculative trading, not high-street banking. This tiny tax on financial transactions couild raise billions of dollars for development. SOLIDAR was one of the founding supporters of the European for Financial Regulations campaign to regulate global finance now.
 
Tax Systems and Tax Havens
Taxation is one of the main ways through which governments access resources to invest in public expenditure, including social protection which is a key component of decent work. Therefore, it is necessary for governments to establish progressive regimes that place the highest tax requirements on capital gains and on the wealthy, and provide tax relief for low-income families and the poor.
 
Further, many developped countries play a major role in maintaining tax havens through which developing countries lose an estimated €350 billion per year in illicit capital flight. Governments must agree to plug these tax leaks in order for that money to be available to developing countries.
 
Aid
SOLIDAR - through CONCORD, the European platform for relief and development - also monitors and advocates on the quantity and quality of the Official Development Assistance (ODA) provided by European Member States and the European Commission. The AidWatch report 'Penalty against Poverty: More and Better EU aid can score Millennium Development Goals’, released in June 2010, reveals that European Member States are missing their official development aid targets and jeopardising global efforts to reach the Millennium Development Goals, reveals a new CONCORD report called. 
 
 
 

 

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