poverty eradication in developingcountries.262.We recognize that greater coherence and coordination among thevarious funding mechanisms and initiatives related to sustainabledevelopment is crucial. We reiterate the importance of ensuring thatdeveloping countries have steady and predictable access to adequatefinancing from all sources to promote sustainable development.263.We recognize that ongoing serious global financial and economicchallenges carry the possibility of undoing years of hard work andgains made in relation to the debt of developing countries. Wefurther recognize the need to assist developing countries in ensuringlong-term debt sustainability through coordinated policies aimed atfostering debt financing, debt relief and debt restructuring, asappropriate.264.We stress the need for adequate funding for the operationalactivities of the United Nations development system as well as theneed to make funding more predictable, effective and efficient aspart of wider efforts to mobilize new, additional and predictableresources to achieve the objectives that we have set forth in thisDeclaration.265.We recognize the important achievements of the GEF over the lasttwenty years in funding environmental projects and welcome importantreform processes that the Global Environment Facility (GEF) hascarried out during recent years and we call for its furtherimprovement and encourage the GEF to take additional steps within itsmandate to make resources more accessible to meet country needs forthe national implementation of their international environmentalcommitments. We support further simplification of procedures andassistance to developing countries, in particular in assisting theleast developed countries, Africa and SIDS in accessing resourcesfrom the GEF, and enhanced coordination with other instruments andprogrammes focusing on environmentally sustainable development. 266.We stress that fighting corruption and illicit financial flows atboth the national and international levels is a priority and thatcorruption is a serious barrier to effective resource mobilizationand allocation and diverts resources away from activities that arevital for poverty eradication, the fight against hunger andsustainable development. We are determined to take urgent anddecisive steps to continue to combat corruption in all of itsmanifestations, which requires strong institutions at all levels, andurge all States that have not yet done so to consider ratifying oracceding to the United Nations Convention against Corruption andbegin its implementation.267.We consider that innovative financing mechanisms can make a positivecontribution in assisting developing countries to mobilize additionalresources for financing for development on a voluntary basis. Suchfinancing should supplement and not be a substitute for traditionalsources of financing. While recognizing the considerable progress ininnovative sources of financing for development, we call forscaling-up of present initiatives, where appropriate. 268.We recognize that a dynamic, inclusive, well-functioning, sociallyand environmentally responsible private sector is a valuableinstrument that can offer a crucial contribution to economic growthand reducing poverty and promoting sustainable development. In orderto foster private-sector development, we shall continue to pursueappropriate national policy and regulatory frameworks in a mannerconsistent with national laws to encourage public and privateinitiatives, including at the local level, to foster a dynamic andwell-functioning business sector, and to facilitate entrepreneurshipand innovation including among women, the poor and the vulnerable. Wewill work to improve income growth and distribution, interaliathrough raising productivity, empowering women and protecting labourrights, and taxation. We recognize that the appropriate role ofGovernment in relation to the promotion and regulation of the privatesector will vary from country to country