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Current net flow of resources from developing world to other countries must be reversed, Secretary-General tells high-level dialogue.

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M2 PRESSWIRE-31 October 2003-UN: Current net flow of resources from developing world to other countries must be reversed, Secretary-General tells high-level dialogue(C)1994-2003 M2 COMMUNICATIONS LTD

RDATE:10302003

Following are the remarks by Secretary-General Kofi Annan to the High-Level Dialogue of the General Assembly on Financing for Development, 30 October:

One stark fact should be on our minds throughout this timely dialogue: in 2002, for the sixth consecutive year, developing countries made a net transfer of financial resources to other countries. Moreover, last year's was the largest such negative resource transfer ever: almost $200 billion.

Of course, this is a complex question. Aggregate numbers can mask varied performances, and there is some good news here and there. But, even taking all subtlety and nuance into account, the overall result defies common sense. Funds should be moving from developed countries to developing countries,...

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