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Subject: Economic Development | Issued in: 2005 | Symbol: E/ESCWA/GRID/2005/5 Progress Made by ESCWA Member Countries in the Implementation of the Monterrey Consensus   A minimum of $50 billion a year of additional aid for developing countries is needed to reach the MDGs by the year 2015. The 2002 Monterrey Consensus on Financing for Development identified six leading actions aimed at mobilizing financial resources for developing countries, thereby facilitating the achievement of MDGs on poverty reduction. This study monitors the progress of ESCWA member States in the implementation of their obligations under the Monterrey Consensus and assesses the challenges hindering this progress. Given the interrelated nature of the six actions, ESCWA member countries must consider pursuing a coordinated policy approach in terms of implementing the Monterrey Consensus and of enforcing regulatory and legislative reforms aimed at attracting international and intraregional investment.

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