UN trade agency (UNCTAD) says ready-made development programmes, designed by foreign agencies, are not working. UN trade agency (UNCTAD) says ready-made development programmes, designed by foreign agencies, are not working. UNCTAD says developing countries must design their own development programmes to suit individual needs and cautions developing countries against running a race to the bottom trying to attract foreign investment.
Last week, UNCTAD’s Trade and Development Board, reviewed the results of 15 years of development projects in developing countries.
“For much of the past 15 years, international agencies and financial institutions have called on the world’s poorest nations to reduce their debt, privatise nationally run industries and take other painful steps to attract foreign investment and benefit from the global business boom,” said a statement from UNCTAD.
“Many of the globe’s least developed countries prettied themselves up as they were told to do, at great sacrifice. . . and still didn’t receive an invitation to the global economic dance.”
Developing country trade