Chapter 5 | Page 202 With this changing ‘geography of poverty’, which has increased the relative (in many cases, absolute) wealth of many middle-income countries, there still remains the problem of persistent poverty in these countries.69 From an ESC rights perspective, inefficient allocation of State resources in addressing poverty and fulfilment of basic rights cannot be tackled by withdrawing international assistance and cooperation from such States. Instead, international assistance and cooperation can be invaluable in strengthening institutional mechanisms of resource maximisation and allocation for ESC rights related areas.Another important area for the future of multilateral assistance is the development of innovative approaches to resourcing and funding international development programmes.70 Specialised global partnership funds and market-based approaches have the advantage of unbundling fundraising from design and implementation.71 Raising funds in the international capital market through securities beyond the traditional government obligation bonds is another source of development finance that has been recently explored.72 In addition, the Third International Conference on Financing for Development held in Addis Ababa in July 2015 agreed to develop a new global framework for financing sustainable development which takes into consideration the economic, social and environmental priorities in developing policies related to all financial flows.73 Institute of Development Studies, 12 September 2010) <https://www.ids.ac.uk/files/dmfile/GlobalPovertyDataPaper1.pdf>. 69 Gilles Carbonnier and Andy Sumner, 'Reframing Aid in a World Where the Poor Live in Emerging Economies' in Gilles Carbonnier (ed), International Development Policy: Aid, Emerging Economies and Global Policies (Palgrave Macmillan, 2012) 3. 70 Some examples of such innovations include the Global Financial Transfer Tax (GFTT), Global Trust Fund (GTF) and the proposed Global Welfare Agency. For details see, Ortiz, above n 17, 73. 71 Sam Jones, 'Innovating foreign aid - progress and problems' (2010) 24(1) Journal of International Development 1-16. 72 Ortiz, above n 15, 77. 73 The Addis Ababa Action Agenda proposed a comprehensive set of policy actions and more than 100 concrete measures that take into consideration all sources of finance, technology, innovation, trade and data relevant to the process of mobilising various means of global transformation needed to achieve sustainable development goals, which specifically includes goals of promoting human rights, including the right to development. See for example, Third International Conference on Financing for Development, Addis Ababa Action Agenda of the Third International Conference on Financing for Development