Innovative Sources of Development Finance - Global Cooperation in the 21st Century

This paper argues that, in view of the resource crunch confronting many developing
countries and the fall in ODA flows to them; new sources of development finance
need to be found. We consider international taxes, fees and levies that could
considerably augment aid flows to developing countries and some of which may have
coincident beneficial effects. Estimates of the revenue yield from such taxes and
levies are also presented. The paper proposes the establishment of a World
Development Organization (WDO) to coordinate such effort. A formula for voting
within the organization and another for disbursal of such aid are suggested.