Conscious of the need to ensure that donor aid pledges are credible, achievable, and properly monitored, DAC members will strive to observe, to the largest extent possible, the following principles in their future pledging practice in respect of financial undertakings towards developing countries.
1. Clarity. Pledges should specify all parameters relevant to assessing their achievement. These include, but are not limited to, the date or period covered, the source and terms of finance, and the baseline against which to assess any claims of additionality to existing flows or existing commitments.
2. Comparability. Global pledges by the donor community should be an actual sum of individual donor pledges, and these pledges should as far as possible be compatible in their terms, dates, baselines, and units of measurement.
3. Realism. Pledges should be made for periods and amounts over which those pledging have an appropriate degree of control and authority. The pledges should be reasonable and achievable in the donor’s budgetary and economic circumstances.
4. Measurability. Pledges should be made on the basis of existing measures of aid and other resource flows wherever possible. If the data necessary for monitoring a pledge are not already available, then monitoring responsibilities should be specifically assigned.
5. Accountability and transparency. Pledges should respond in a timely and efficient fashion to priority needs identified by aid beneficiaries, and donors should provide information sufficient to allow beneficiaries and third parties to track performance.