PMF IAS Current Affairs
PMF IAS Current Affairs
  • Context (ANI): India contributes $1 Million to IBSA Poverty Alleviation Fund.
  • India’s cumulative contributions to the IBSA Fund have now exceeded USD 18 million since its establishment in 2004.
  • IBSA Fund was established in 2004 and became operational in 2006.
  • It is a unique initiative to enhance South-South cooperation for the benefit of nations of the South.
  • IBSA Fund-supported projects help partner countries in the Global South to achieve their national priorities, as well as all other internationally agreed development goals.
  • Each country contributes US$ 1 million annually to this fund.
  • The United Nations Office for South-South Cooperation act as the secretariat and fund manager of the IBSA Fund.
  • Recognition: The fund was honoured with the UN South-South Partnership Award in 2006 and UN’s MDG award in 2010 for utilising innovative approaches for eradicating poverty and hunger in the world.
  • The IBSA Fund has allocated USD 50.6 million to date, supporting 45 projects in 37 countries.

United Nations Office for South-South Cooperation

  • It was created in 1974 to promote, coordinate and support South-South and triangular cooperation globally and within the United Nations system.
  • Objective: To promote, coordinate and support South-South and triangular cooperation globally and within the United Nations system.
  • UNOSSC receives policy directives and guidance from the UNGA and through its subsidiary body, the High-level Committee on South-South Cooperation.

IBSA Grouping

  • The grouping was formalised and named the IBSA Dialogue Forum when the foreign ministers of India, Brazil, South Africa met in Brasilia on June 6, 2003 and issued the Brasilia Declaration.

IBSA Groupings

  • It promotes closer coordination on global issues between 3 large emerging multicultural, multiracial democracies, spread over 3 continents.
  • Cooperation in IBSA is on three fronts:
    1. As a forum for consultation and coordination on global and regional political issues, such as, the reform of global institutions, WTO/Doha Development Agenda, climate change, etc.;
    2. Trilateral collaboration on concrete areas/projects, through fourteen working groups and six People-to-People Forums, for the common benefit of three countries; and
    3. Assisting other developing countries by taking up projects in the latter through IBSA Fund.
  • IBSA does not have a headquarters or a permanent executive secretariat.
  • At the highest level, it holds the Summits of Heads of State and Government.
  • Additionally, the Foreign Ministers meet about once a year to preside over the Trilateral Ministerial Commission meetings of the Forum.
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