The United Nations has warned that despite increased official development aid and wider debt cancellation, the world's 50 poorest nations are unlikely to reach poverty-reduction targets."The quest for adequate and predictable external resources for their economic and social development continues for the LDCs. Despite considerable progress in mobilising domestic resources, this vulnerable group of countries needs special support," Anwarul K Chowdhury, the UN Envoy for Least Developed Countries has said.
The LDCs received less than five per cent of all Foreign Direct Investment (FDI) that flowed to developing countries in 2005, Chowdhury said while noting the positive impact of increased migrant remittances. However, Chowdhary stressed, individual cash transfers were no "substitute for increased aid and FDI".
