was key for achieving development. Good governance was also the foundation for the effective use of domestic and external resources. Ensuring a more equitable distribution of resources and ensuring employment were essential in that regard. She expected the Bretton Woods institutions, the WTO, the United Nations and MemberStates to increase their efforts to develop a coherent system of development assistance.

PAUL TOUNGUI, Minister of Economy, Finance, Budget and Privatization of Gabon, noted that actions taken by developing countries to shore up their economies had, unfortunately, not achieved the expected results. In addition, direct foreign investment was focused on a small number of countries, which had slowed down economic development. Hopefully, the WTO failure to reach agreement at Cancun, Mexico, would be rectified at its upcoming meeting, and trade wouldin infrastructure and reduce poverty.

CONOR LENIHAN, Minister for Development Cooperation of Ireland, said that, as the world’s leading aid donor, the European Union was playing its part in taking forward the Monterrey Consensus. He was proud that the Union would double its ODA between 2004 and 2010. It would reach the target of 0.7 by 2015. He noted that 2005 was a critical year for the poorest people on the planet. It was critical because world leaders would account for what they had done over the last five years to meet their commitments around eradicating hunger and poverty. It was also a critical opportunity for developing countries to show that, with the support of their development partners, they were strengthening governance at the country level. Better governance, bringing