In order to achieve the Millennium Development Goals (MDGs), substantial additional external funding needs to be mobilized. Estimates differ, but a 'ballpark' figure is an annual increase of US$50 billion. This could be achieved by a doubling of official development assistance (ODA). Welcome steps have been made in that direction, but this takes time, and time is of the essence. For this reason alone, it is necessary to consider new sources.
In this policy brief, we consider seven new sources:
* Global environmental taxes (carbon-use tax)
* Tax on currency flows (the 'Tobin tax')
* Creation of new Special Drawing Rights (SDRs)
* International Finance Facility (IFF)
* Increased private donations for development
* Global lottery and global premium bond
* Increased remittances from emigrants.