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July 16, 2015

Global Leaders Reach Deal on Funding U.N. Development Goals

Following three days of contentious talks, leaders from rich and poor countries struck a deal Thursday on a new framework to finance the United Nations' goals to end poverty and hunger and meet other ambitious development targets by 2030, reports the Thomson Reuters Foundation. The agreement hammered out at a conference in Addis Ababa, Ethiopia, rests largely on developing countries increasing domestic tax revenues  rather than relying on foreign aid.

Wealthier countries pledged to live up to existing commitments to spend 0.7 percent of gross national income on foreign aid but will not raise the share. Developing nations will seek to widen their tax bases, improve collections, and do more to combat tax evasion. The pact also strengthens measures on debt relief and credit transparency, drawing praise from anti-poverty groups. Development experts say achieving the U.N.'s 17 Sustainable Development Goals will cost more than $3 trillion a year.

Read a Chronicle of Philanthropy article on nonprofits' efforts to shape the new U.N. development agenda.