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Resources for Social Development

PFM, Vol. 5 No. 2, (2005)

Considerable additional funds at globally coordinated disposal are recognized as
needed to fulfil the social objectives that the world has officially adopted. There are
potential routes to obtaining these funds that avoid the political difficulties that
‘donor’ countries commonly experience in attempts to increase their budgeted
Overseas Development Assistance. International tax cooperation can also put large
additional fiscal resources at the disposal of developing-country governments --- at
no cost, and indeed positive fiscal advantage, to most of the OECD countries. Some
efficient and equitable devices for enhancing local-government finance have yet to be
fully exploited in many countries. Community mobilization, appropriately
structured, can greatly enhance the amenities and earning power of poor rural and
urban people, while also potentially promoting social harmony. Private fortunes
constitute a large potential source of development finance, until recently largely
untapped, that may be attracted through the new institutions that are coming into
being. By means of appropriate incentives, commercial enterprise may have its
research and development capacities harnessed to the needs of the world’s poor. Nongovernmental
organizations have shown their capacity for acting as intermediaries
in channelling finance effectively and efficiently, from official and unofficial donors
and potentially the financial markets, for the development of the small household
enterprises of very poor people.

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