Organisation mondiale de la santé (OMS) · Governing Bodies documents

WHO - the way ahead: statement by the Director-General to the Executive Board at its 103rd session, Geneva, Monday, 25 January 1999

Organisation mondiale de la santé
Voir le document original

Le texte intégral est hébergé par l’organisation qui le publie. lawenc.com indexe les métadonnées et renvoie vers la source officielle.

Texte intégral

:25/' +($/7+ 25*$1,=$7,21 (;(&87,9( %2$5' UG 6HVVLRQ $JHQGD LWHP  (%  -DQXDU\ 

:+2  WKH ZD\ DKHDG 6WDWHPHQW E\ WKH 'LUHFWRU*HQHUDO WR WKH ([HFXWLYH %RDUG DW LWV UG VHVVLRQ *HQHYD 0RQGD\  -DQXDU\ 

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³7KH :D\ $KHDG IRU :+2´ , ZLVK WR WDNH WKLV RSSRUWXQLW\ WR VKDUH ZLWK \RX P\ WKLQNLQJ RQ WKUHH PDLQ WKHPHV C

)LUVW , ZRXOG OLNH WR ORRN DKHDG DQG UHIOHFW RQ WKH JOREDO GHYHORSPHQW DJHQGD ZLWK LWV LPSOLFDWLRQV IRU :+2 6HFRQG , ZRXOG OLNH WR SURSRVH D QXPEHU RI LGHDV RQ WKH VKDSLQJ RI RXU VWUDWHJLHV ZKLFK ZLOO KHOS XV PDNH D VLJQLILFDQW GLIIHUHQFH WR WKH JOREDO DJHQGD $QG WKLUG , ZRXOG OLNH WR VKDUH ZLWK \RX RXU SURJUHVV RQ WKH VWUXFWXUDO FKDQJHV ZH KDYH LQLWLDWHG

C

C

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

(%

:H DUH JHWWLQJ WKHUH DQG , FRXQW RQ \RXU VXSSRUW WR HQULFK RXU ZRUN  QRW MXVW GXULQJ WKLV ([HFXWLYH %RDUG  EXW DOVR LQ WKH ZHHNV DQG PRQWKV DKHDG 0U &KDLUPDQ /HW XV ILUVW ORRN DKHDG DW WKH IRUFHV VKDSLQJ WKH ZRUOG¶V GHYHORSPHQW DJHQGD $W WKH RXWVHW OHW XV DJUHH 2XU SHUVSHFWLYH FDQQRW EH OLPLWHG WR KHDOWK LQ D QDUURZ VHQVH 7KH ORQJ SURFHVV RI UHYLVLQJ WKH KHDOWKIRUDOO VWUDWHJ\ KDV VKRZQ XV WKDW ZH QHHG D FOHDU XQGHUVWDQGLQJ RI D EURDGHU VRFLHWDO DJHQGD :H DUH OHDYLQJ D FHQWXU\ ZKLFK KDV PDGH UHPDUNDEOH DFKLHYHPHQWV LQ KXPDQ GHYHORSPHQW 7KH WZHQWLHWK FHQWXU\ KDV VHHQ JOREDO OLIH H[SHFWDQF\ DW ELUWK LQFUHDVH E\ PRUH WKDQ  \HDUV +DOI D FHQWXU\ DJR WKH PDMRULW\ RI WKH ZRUOG¶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

7KH IDFW LV WKDW DEVROXWH SRYHUW\ LV VSUHDGLQJ  ULVLQJ ZHOO EH\RQG WKH ELOOLRQ ZLWK RQHWKLUG RI DOO FKLOGUHQ JRLQJ KXQJU\ DQG XQGHUQRXULVKHG WR EHG XQGHUPLQLQJ KRXU E\ KRXU WKHLU RZQ IXWXUH LI LQGHHG WKH\ HYHU UHDFK DGXOWKRRG 7KH IDFW LV WKDW LQHTXLWLHV DUH JURZLQJ  EHWZHHQ DQG ZLWKLQ FRXQWULHV  LQ SRRU DQG ZHDOWK\ FRXQWULHV DOLNH 7KH IDFW LV WKDW WKH ZRUOG¶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

C

C

C

C

C

C

C

)RFXVLQJ RQ KHDOWK LWVHOI WKHUH LV DOVR D ORQJ ZD\ WR JR 

(%

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†ˆ…‰v‰hyà †‡…h‡rt’

7DNHQ WRJHWKHU WKH IDFWV DUH GUDPDWLF 1R GHFLVLRQPDNHU KRZHYHU VKLHOGHG IURP WKHVH FULWLFDO VXUYLYDO LVVXHV FDQ HVFDSH WKH UHDOLW\ C

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

C

C

C

C

C

C



(%

C

$QG PRUH EURDGO\ ZH QHHG WR EXLOG RXU FDSDFLW\ WR SXW DQ HQG WR DUPHG FRQIOLFW DQG JURVV YLRODWLRQV RI KXPDQ ULJKWV phÃ

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

C

C

C

C

C

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¶V SRWHQWLDO FRQWULEXWLRQ RQ PRXQWLQJ HYLGHQFH WKDW KHDOWK PDWWHUV 2XU IRXQGDWLRQ LV EDVHG RQ YDOXHV RQ WKH ULJKWV RI SHRSOH DQG FRPPXQLWLHV RQ WKH FRUH YDOXH RI HTXLW\ :+2 ZDV FUHDWHG LQ WKH VDPH \HDU DV WKH 8QLYHUVDO 'HFODUDWLRQ 

(%

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¶W IXOO\ VHHQ WKDW WKLV LV D SRZHUIXO PHVVDJH ZH VKRXOG WDNH WR WKH SROLWLFDO GHFLVLRQPDNHUV DQG WR WKH SULYDWH VHFWRU ,W LV WUXO\ ZLWKLQ :+2¶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

+HOS FRPEDW LOOKHDOWK +HOS EXLOG KHDOWK\ FRPPXQLWLHV DQG SRSXODWLRQV 6XVWDLQ RXU DFWLYLWLHV E\ VROLG HYLGHQFH DQG ILUVW FODVV QRUPV DQG VWDQGDUGV 5HDFK RXW WR HVWDEOLVKHG DQG QHZ SDUWQHUV

C

C

C

$Q RYHUDUFKLQJ REMHFWLYH ZDV WR SXOO WKH 2UJDQL]DWLRQ WRJHWKHU LQ ³2QH :+2´  QRW VHYHQ PHDQLQJ *HQHYD DQG WKH VL[ UHJLRQDO RIILFHV  QRW PRUH WKDQ ILIW\ PHDQLQJ WKH PRUH WKDQ ILIW\ LQGLYLGXDO SURJUDPPHV DQG QRW WZR PHDQLQJ WKH RQH EDVHG RQ WKH UHJXODU EXGJHW DQG RQH EDVHG RQ WKH YROXQWDU\ FRQWULEXWLRQV 6LQFH -XO\ WKH QLQH FOXVWHUV KDYH EHHQ HVWDEOLVKHG DQG WKH\ KDYH GHILQHG WKHLU PLVVLRQ )LIW\ SURJUDPPHV KDYH EHHQ UHGXFHG WR WKLUW\ILYH GHSDUWPHQWV $QG ZH DUH LQ WKH SURFHVV RI VWUHDPOLQLQJ RXU ZRUNLQJ UHODWLRQV ZLWK UHJLRQV DQG FRXQWULHV 7KHVH VWUXFWXUDO FKDQJHV DUH LPSRUWDQW EXW RQO\ DV D PHDQV RI HQVXULQJ EHWWHU GHOLYHU\ RI :+2¶V FRQWULEXWLRQ :H QHHG PRUH FOHDUO\ WR LGHQWLI\ ZKDW , ZRXOG FDOO D  D MRLQW XQGHUVWDQGLQJ RI :+2¶V UROH LQ PDNLQJ D GLIIHUHQFH IRU GHYHORSPHQW p‚…ƒ‚…h‡rà †‡…h‡rt’

0U &KDLUPDQ 

(%

/HW PH PRYH WR WKH VHFRQG SDUW RI WKLV DGGUHVV DQG VKDUH ZLWK \RX P\ WKLQNLQJ RQ :+2¶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uh‡ u‚

, VHH IRXU LQWHUFRQQHFWHG VWUDWHJLF WKHPHV IRU RXU ZRUN C

:H QHHG WR EH PRUH VWUDWHJLF LQ RXU ZRUN ZLWK FRXQWULHV :H QHHG WR EH PRUH IRFXVHG LQ KHOSLQJ WR REWDLQ EHWWHU DQG PRUH HTXLWDEOH KHDOWK RXWFRPHV :H QHHG WR EH PRUH HIIHFWLYH LQ VXSSRUWLQJ KHDOWK VHFWRU GHYHORSPHQW :H QHHG WR EH PRUH LQQRYDWLYH LQ FUHDWLQJ LQIOXHQWLDO SDUWQHUVKLSV

C

C

C

7KHVH WKHPHV DUH DOUHDG\ DSSHDULQJ LQ RXU ZRUN 7KH 5HJLRQDO 'LUHFWRUV DUH LQ WKHLU GLIIHUHQW UHJLRQDO VHWWLQJV DOO SXWWLQJ D QHZ HPSKDVLV RQ KRZ RXU ZRUN FDQ VXSSRUW FRXQWULHV ZLWK RQJRLQJ KHDOWK VHFWRU UHIRUPV $QG ZH DUH VHHLQJ JRRG DQG FRQVLVWHQW ZRUN WR IROORZ XS +HDOWK )RU $OO DQG WKH NH\ HPSKDVLV RQ FRPEDWLQJ LQHTXLWLHV LQ KHDOWK 7KH IXQGDPHQWDOV RI SULPDU\ KHDOWK FDUH VWLOO UHPDLQ YDOLG UurÃsv…†‡Ã†‡…h‡rtvpÇur€rÃp‚pr…†Ã€‚…rÃrssrp‡v‰rЂ…xÃs‚…ÃhqÐv‡uÃp‚ˆ‡…vr†

7KLV LV LQ D ZD\ WKH IRU :+2 ,W VKRXOG EH FHQWUDO WR WKH ZRUN RI WKH ZKROH RI WKH 2UJDQL]DWLRQ ,W LV WKH SRSXODWLRQV RI RXU 0HPEHU 6WDWHV WKDW ZH DUH KHUH WR VHUYH …hv†‚Ã q¶r‡…r

, VD\ ZRUNLQJ IRU LQ DQG ZLWK FRXQWULHV ,Q DOO RXU DFWLYLWLHV ZH DOZD\V ZRUN v s‚…

FRXQWULHV :H GR VR WKURXJK WZR PDLQ PRGDOLWLHV

7KH ILUVW RQH LPSOLHV ZRUNLQJ FRXQWULHV E\ HVWDEOLVKLQJ D GLUHFW SUHVHQFH WR UHVSRQG WR WKH GHYHORSPHQWDO QHHGV RI RQH SDUWLFXODU FRXQWU\ RU D JURXS RI WKHP 7KH VHFRQG PRGDOLW\ LV WR ZRUN WKH HQWLUH FRPPXQLW\ RI FRXQWULHV KHOSLQJ WKHP WR PRELOL]H WKHLU FROOHFWLYH ZLVGRP NQRZOHGJH DQG DFWLRQ IRU SURGXFLQJ LQWHUQDWLRQDO SXEOLF JRRGV  VXFK DV QRUPV DQG VWDQGDUGV VRXQG HYLGHQFH DQG HIIHFWLYH VXUYHLOODQFH  DFWLRQV ZKLFK EHQHILW DOO v‡u

, ZLVK WR VHH D VKLIW LQ WKH ZD\ ZH WKLQN DQG WKH ZD\ ZH DFW ,QWHUDFWLQJ ZLWK FRXQWULHV LV QRW MXVW WKH MRE RI WKH :+2 5HSUHVHQWDWLYH +H RU VKH LV FULWLFDO %XW RXU WDVN LV WR VHH WR LW WKDW WKH :5 FDQ GUDZ RQ WKH UHVRXUFHV RI WKH ZKROH RI WKH 2UJDQL]DWLRQ %XW VWUHQJWKHQLQJ ZRUN IRU LQ DQG ZLWK FRXQWULHV LV QRW RQO\ DERXW WKH FRXQWU\ RIILFH ,W LV DOVR DERXW WKH FROOHFWLYH UHVSRQVLELOLW\ RI UHJLRQDO RIILFHV KHDGTXDUWHUV DQG FROODERUDWLQJ FHQWUHV /HW PH VXJJHVW VRPH H[DPSOHV C

:H ZRUN

s‚…

FRXQWULHV ZKHQ ZH KHOS WDLORU D '276 SURJUDPPH WR FRPEDW WXEHUFXORVLV LQ D GLVWULFW



(%

C

:H ZRUN

s‚…

FRXQWULHV ZKHQ ZH VHW VWDQGDUGV IRU EORRG VDIHW\

C

:H ZRUN FRXQWULHV ZKHQ ZH HVWDEOLVK DQ LQWHUQDWLRQDO V\VWHP IRU GLVHDVH FODVVLILFDWLRQ WKDW DOORZV GHFLVLRQPDNHUV HYHU\ZKHUH WR SODQ VHUYLFHV RQ WKH EDVLV RI HYLGHQFH s‚…

C

:H ZRUN FRXQWULHV ZKHQ ZH RUJDQL]H GLVHDVH VXUYHLOODQFH QHWZRUNV WKDW SURWHFW SRSXODWLRQV IURP HYHQWV RFFXUULQJ EH\RQG WKHLU QDWLRQDO ERUGHUV s‚…

C

:H ZRUN KHDOWK :H ZRUN

s‚…

FRXQWULHV ZKHQ ZH VWLPXODWH UHVHDUFK DQG GLVVHPLQDWH NQRZOHGJH OLNH LQ UHSURGXFWLYH FRXQWULHV ZKHQ ZH GR DGYRFDF\ IRU DFWLYH DJHLQJ s‚…

C

s‚…

C

$QG ZH ZRUN FRXQWULHV ZKHQ ZH VKDUH H[SHULHQFH DQG KHOS QDWLRQDO SROLF\PDNHUV WR EHQHILW IURP KHDOWK UHIRUP H[SHULHQFHV LQ RWKHU SDUWV RI WKH ZRUOG

/HW XV UHIOHFW IRU D PRPHQW RQ ZKDW LW ZLOO WDNH IRU RXU 2UJDQL]DWLRQ WR UHJDLQ LWV SRVLWLRQ DV D PRUH VLJQLILFDQW DFWRU C

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

C

C

C

C

C

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urÆrp‚qƇ…h‡rtvpÇur€rÃv†Ã‡‚ÃirÀ‚…rÃs‚pˆ†rqÃvÃuryƒvtÃqryv‰r…Ãir‡‡r…Ãurhy‡uˆ‡p‚€r†

:H QHHG D SDUWLFXODU IRFXV RQ UHGXFLQJ WKH GLVSDULW\ EHWZHHQ WKH KHDOWK RXWFRPHV RI WKH SRRU DQG WKRVH WKDW DUH EHWWHU RII ,W PXVW EH DQFKRUHG LQ HTXLW\ DQG VROLGDULW\ DOZD\V IRFXVLQJ RQ FRPEDWLQJ LQHTXLW\ LQ 

(%

KHDOWK )RFXVLQJ RQ KHDOWK VWUDWHJLHV ZKLFK PD\ KHOS OHDG SRSXODWLRQV RXW RI SRYHUW\ LV IRU PH D OHDGLQJ WKHPH :H KDYH WR EH UHDOLVWLF :H FDQQRW GR HYHU\WKLQJ DW RQFH DQG RXU DJHQGD ZLOO HYROYH RYHU WLPH 7KH REMHFWLYHV DQG H[SHFWHG UHVXOWV LQ WKH EXGJHW JLYH DQ RXWOLQH RI RXU ZRUN EXW OHW PH KLJKOLJKW VRPH DUHDV ZKLFK ZLOO UHFHLYH SDUWLFXODU DWWHQWLRQ C

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¶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

C

C

C

C

C

C

C

C

/HW PH FRQFOXGH WKLV SRLQW E\ VD\LQJ WKDW DQ\ DJHQGD IRU GHOLYHULQJ EHWWHU KHDOWK RXWFRPHV LV VXEMHFW WR FKDQJH ,QGHHG LW VKRXOG EH VHHQ DV D VLJQ RI RXU HIIHFWLYHQHVV WKDW :+2 LV PRUH DEOH WR UHDFW TXLFNO\ DQG 

(%

EH PRUH DVVHUWLYH LQ WKH IDFH RI QHZ WKUHDWV WR KXPDQ KHDOWK  ZKHWKHU WKH\ FRPH IURP HFRQRPLF DQG ILQDQFLDO FULVHV HYROYLQJ PLFUREHV QHZ SDWWHUQV RI GUXJ UHVLVWDQFH RU FKDQJHV LQ RXU HQYLURQPHQW UurÇuv…qƇ…h‡rtvpÇur€rÅryh‡r†Ã‡‚ˆ…Ãhivyv‡’ǂƈƒƒ‚…‡Ã€‚…rÃrssrp‡v‰rÃurhy‡uÆrp‡‚…†

:H KDYH OHDUQHG WKDW ZH FDQQRW DGGUHVV VSHFLILF KHDOWK SUREOHPV LQ LVRODWLRQ , WROG WKH ([HFXWLYH %RDUG ODVW \HDU WKDW KHDOWK VHFWRU GHYHORSPHQW VKRXOG EH D SDUW RI HYHU\WKLQJ ZH GR  DQG WKDW LI ZKDW ZH GR GRHV QRW FRQWULEXWH WR GHYHORS DQG VWUHQJWKHQ WKH KHDOWK VHFWRU ZH VKRXOG FRQVLGHU QRW HQJDJLQJ $JDLQ YDOXHV PDWWHU $ ZHOOUXQ KHDOWK VHFWRU LV RQH ZLWK FHUWDLQ FKDUDFWHULVWLFV C

LW LV GHVLJQHG WR UHGXFH LQHTXLW\ RI DFFHVV LW LV RQH ZKHUH TXDOLW\ RI KHDOWK RXWFRPHV ERWK DW FOLQLFDO OHYHO DQG IRU SXEOLF KHDOWK SURJUDPPHV LV D PDLQ IRFXV RI KHDOWK FDUH SURYLGHUV DQG SXEOLF KHDOWK PDQDJHUV LW ZLOO XVH VFDUFH IXQGV DV HIIHFWLYHO\ DQG HIILFLHQWO\ DV SRVVLEOH EDVLQJ WKH DOORFDWLRQ RI UHVRXUFHV RQ WKH EHVW SRVVLEOH HYLGHQFH LW LV UHVSRQVLYH DQG DOORZV SHRSOH D YRLFH LQ VHWWLQJ SULRULWLHV DQG LQ KROGLQJ SURYLGHUV DFFRXQWDEOH IRU WKHLU SHUIRUPDQFH

C

C

C

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



(%

KHDOWK ZKHQ WKH PDMRULW\ RI SHRSOH KDYH QR IRUPDO MRE DQG LQFUHDVLQJ XVHU IHHV ZLOO GHWHU WKH PRVW QHHG\" +RZ GR \RX SURWHFW SDVW LQYHVWPHQW LQ KRVSLWDOV DQG \HW GHPRQVWUDWH D FOHDU FRPPLWPHQW WR FRPPXQLW\ FDUH" :H DUH VWDUWLQJ WR DGGUHVV ZKDW ZH VHH DV WKH QHHG IRU ³D QHZ XQLYHUVDOLVP´  D QHZ ZD\ RI DGGUHVVLQJ XQLYHUVDO FRYHUDJH  WKH DWWDLQPHQW RI EHWWHU KHDOWK DQG WKH DWWDLQPHQW RI LQWHUQDWLRQDO GHYHORSPHQW JRDOV 8QLYHUVDO DFFHVV WR TXDOLW\ FDUH UHPDLQV WKH EHGURFN SULQFLSOH :H QHHG WR PDLQWDLQ RXU ILUP FRPPLWPHQW WR SULPDU\ KHDOWK FDUH  VWLOO D FUXFLDO SDUW RI WKH KHDOWK VHFWRU   \HDUV DIWHU $OPD$WD *RYHUQPHQWV VKRXOG EH UHVSRQVLEOH IRU VHFXULQJ SHRSOH¶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hyy

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¶V SRVLWLRQ RQ KHDOWK VHFWRU GHYHORSPHQW ZLOO IHDWXUH ZLWK LQFUHDVLQJ SURPLQHQFH QRW RQO\ LQ WKH SROLF\ VWDWHPHQWV RI JRYHUQPHQWV EXW DOVR LQ WKH SROLFLHV DQG SUDFWLFHV RI RXU LQWHUQDWLRQDO SDUWQHUV Uuv†Ãi…vt†Ã€rǂÇurÃyh†‡Ã†‡…h‡rt’Çur€rÃs‚…tvtÀ‚…rÃvsyˆr‡vhyÃh…‡r…†uvƒ†

:H QHHG WR PDNH D VKLIW :H QHHG WR PRYH IURP RXU WUDGLWLRQDO DSSURDFK ZKLFK WRR RIWHQ KDV IDYRXUHG RXU RZQ VPDOOVFDOH SURMHFWV  WR RQH ZKLFK JLYHV PRUH HPSKDVLV WR VWUDWHJLF DOOLDQFHV LQ ZKLFK ZH LQIOXHQFH ERWK WKH WKLQNLQJ DQG VSHQGLQJ RI RWKHU LQWHUQDWLRQDO DFWRUV  DQG ZKHUH ZKDW ZH GR ILWV LQWR D EURDGHU SLFWXUH :+2 LV WKH OHDG DJHQF\ LQ KHDOWK %XW WKH EURDG GHYHORSPHQW DJHQGD LV WRR ELJ DQG FRPSOH[ IRU DQ\ VLQJOH DJHQF\ (YHQ WKH EURDG KHDOWK DJHQGD LV WRR ELJ IRU :+2 DORQH  OHW XV DGPLW WKDW $QG OHW XV DGG WKDW ZH FDQ OHDG HYHQ PRUH HIIHFWLYHO\ ZKHQ ZH OLQN XS ZLWK RWKHUV DJUHH RQ D GLYLVLRQ RI ODERXU DQG FUHDWH UHDO SDUWQHUVKLSV LQ WKH DWWDLQPHQW RI WDQJLEOH KHDOWK RXWFRPHV :H KDYH ZRUNHG DFWLYHO\ GXULQJ RXU \HDU DV FKDLU RI WKH FRVSRQVRUV RI 81$,'6  VXSSRUWLQJ WKH ZRUN RI DFKLHYLQJ PRUH FRPPRQ SURJUDPPH DQG EXGJHW SODQQLQJ



(%

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

(%

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

(%

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



(%



Informations clés
Type de document Governing Bodies documents
Date d'adoption
Source Organisation mondiale de la santé