TheLeast Developed Countries Report 2010: towards a new international development architecture for LDCs

Click to increase image sizeClick to decrease image size Notes The United Nations Development Decades are as follows: first (1961–1970); second (1971–1980); third (1981–1990); fourth (1991–2000); fifth (2001–2010); and sixth (2011–2020). The 48 LDCs are Afghanistan, Angola, Bangladesh, Benin, Bhutan, Burkina Faso, Burundi, Cambodia, the Central African Republic, Chad, the Comoros, the Democratic Republic of the Congo, Djibouti, Equatorial Guinea, Eritrea, Ethiopia, the Gambia, Guinea, Guinea-Bissau, Haiti, Kiribati, the Lao People's Democratic Republic, Lesotho, Liberia, Madagascar, Malawi, Mali, Mauritania, Mozambique, Myanmar, Nepal, Niger, Rwanda, Samoa, Sao Tome and Principe, Senegal, Sierra Leone, the Solomon Islands, Somalia, Sudan, Timor-Leste, Togo, Tuvalu, Uganda, the United Republic of Tanzania, Vanuatu, Yemen and Zambia. Originally coined by the economist John Williamson (1989 Williamson, J. 1989. “What Washington Means by Policy Reform.” In Latin American Readjustment: How Much Has Happened, edited by J. Williamson. Washington, DC: Peterson Institute for International Economics Google Scholar) to outline prescriptive economic policy of Washington-based financial institutions, the phrase “Washington Consensus” is often considered synonymous to neoliberalism and globalisation. The eight ISMs are as follows: (1) aid target of 0.15–0.20 per cent of donors' GNI be allocated to LDCs; (2) untying aid to LDCs; (3) special consideration given to LDCs in their accession to the WTO; (4) special and differential treatment in WTO agreements; (5) preferential market access for LDCs with lower tariff or even quota-free or duty-free marketing; (6) TRIPS Agreement on transfer of technology; (7) trade-related technical assistance; and (8) the provision of the Least Developed Countries Fund to help prepare and implement National Adaptation Program of Action (NAPA) in LDCs. During the United Nations First Development Decade, an aid target of 0.7 per cent of donors' GNI to developing countries was set, but with the exception of some European countries – Norway, Sweden, Luxembourg, Denmark and the Netherlands in particular – this target has seldom been met.