News & Policies
For Immediate Release
Office of the Press Secretary
December 1, 2008
November 26, 2008
I send greetings to those gathered for the UN International Conference on Financing for Development in Doha, Qatar. Six years ago, I joined leaders from 50 countries at the United Nations Conference on Financing for Development at Monterrey, Mexico to forge a new partnership for development. That partnership was based on a consensus among the world's nations that development is in the common interest of humankind. The most effective way to raise the living standards of the world's poorest people is to create economic growth by using all forms of development finance -- including trade, investment, grants, and lending -- in countries that govern justly, invest in their people, and encourage economic freedom. Today in Doha we should reaffirm our commitment to the development principles agreed upon at Monterrey.
The world's economic growth is currently threatened by a global financial crisis. The world's poor are the most vulnerable to the crisis, with low or no savings or assets to weather the turmoil. In many countries, the financial crisis is leading to rising unemployment, business failures, and economic hardship.
The United States will not abandon its commitments to people in the developing world in the midst of this financial crisis. The United States calls on other economies, both developed and emerging, to similarly reaffirm and fulfill their commitments to development and assist the world's poorest, consistent with their roles in the global economy. The United States pledges to assist developing and emerging economies in gaining access to finance and pledges to help ensure that the International Monetary Fund, the World Bank, and other multilateral development banks have the resources to assist countries in crisis.
The nations of the world are increasingly interdependent. With interdependence comes mutual responsibility and accountability. Our ties of trade, finance, and development should be strengthened, not weakened by the current market turmoil. The development principles of Monterrey provide us with a proven path to prosperity and partnership. Let us join together today in reaffirming that partnership.
GEORGE W. BUSH
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