A/RES/71/162 Implementation of the outcome of the World Summit for Social Development and of the twenty-fourth special session of the General Assembly 54. Acknowledges that good governance and the rule of law at the national and international levels are essential for sustained economic growth, sustainable development and the eradication of poverty, hunger and malnutrition ; 55. Emphasizes that international public finance plays an important role in complementing the efforts of countries to mobilize public resources domestically, especially in the poorest and most vulnerable countries with limited domestic resources, and that an important use of international public finance, including official development assistance (ODA), is to catalyse additional resource mobilization from other public and private sources, and that ODA providers reaffirm their respective commitments, including the commitme nt by many developed countries to achieve the target of 0.7 per cent of gross national income for official development assistance (ODA/GNI) to developing countries and 0.15 per cent to 0.2 per cent of ODA/GNI to the least developed countries; 56. Welcomes the increase in the volume of ODA since the adoption of the Monterrey Consensus, expresses its concern that many countries still fall short of their ODA commitments, reiterates that the fulfilment of all ODA commitments remains crucial, welcomes those few countries that have met or surpassed their commitment to 0.7 per cent of ODA/GNI and the target of 0.15 to 0.20 per cent of ODA/GNI to the least developed countries, urges all other countries to step up efforts to increase their ODA and to make additional concrete efforts towards the ODA targets, welcomes the decision by the European Union reaffirming its collective commitment to achieve the target of 0.7 per cent of ODA/GNI within the time frame of the 2030 Agenda for Sustainable Development and undertak ing to meet collectively the target of 0.15 to 0.20 per cent of ODA/GNI to the least developed countries in the short term and to reach 0.20 per cent of ODA/GNI to the least developed countries within the time frame of the 2030 Agenda, and encourages ODA providers to consider setting a target to provide at least 0.20 per cent of ODA/GNI to the least developed countries; 57. Stresses the essential role that ODA plays in complementing, leveraging and sustaining financing for development efforts in developin g countries and in facilitating the achievement of development objectives, including the internationally agreed development goals, in particular the Sustainable Development Goals, and welcomes steps to improve the effectiveness and quality of aid based on the fundamental principles of national ownership, alignment, harmonization, managing for results and mutual accountability; 58. Urges Member States and the international community to fulfil all their commitments to meet the demands for social development, including social services and assistance, that have arisen from the global financial and economic crisis, which particularly affects the poorest and most vulnerable; 59. Welcomes the contribution to the mobilization of resources for social development by the initiatives taken on a voluntary basis by groups of Member States based on innovative financing mechanisms, including those that aim to provide further drug access at affordable prices to developing countries on a sustainable and predictable basis, such as the International Drug Purchase Facility, UNITAID, as well as other initiatives such as the International Finance Facility for Immunization and the Advance Market Commitments for Vaccines; 12/14