Financing for development
A root cause of the financial and economic crisis was the weaknesses in the global governance system in identifying vulnerabilities in a timely manner and mobilizing international economic co-operation in reforming institutions, strengthening regulatory frameworks and macroeconomic co-ordination. These weaknesses need to be rapidly overcome in co-ordinating recovery policies. Events since August 2007 have exposed serious shortcomings in the international crisis response. Discussions on the systemic causes and responses to the crisis are taking place within the framework of the Financing for Development process which in Monterrey in 2002 called for a holistic approach to the interconnected national, international and systemic challenges of financing for development.
In March 2002, Heads of State and Government adopted the Monterrey Consensus at the International Conference on Financing for Development in Monterrey, Mexico, where the challenges of financing for development around the world, particularly in developing countries were addressed. The goal of the Consensus is to eradicate poverty, achieve sustained economic growth and promote sustainable development as the world advances to a fully inclusive and equitable global economic system.
- Monterrey Consensus on Financing for Development adopted by Heads of State or Government in March 2002
- Mobilizing domestic financial resources for development
- Mobilizing international resources for development
- International trade as an engine for development
- Increasing international financial and technical cooperation for development
- External debt
- Addressing systemic issues
At the Financing for Development Conference in Doha in December 2008, Member States reaffirmed the Monterrey Consensus and adopted, by consensus, the Doha Declaration on Financing for Development. The Declaration highlights a new sense of solidarity and goodwill among Member States and is an important milestone in the struggle for development.
The Doha Declaration is clear that nations must seize this opportunity to make the world’s global financial system more equitable, sustainable and stable.
It is certainly the hope that the current crisis can be brought under control so that a devastating global depression can be avoided. But there can be no doubt that fundamental change is now imperative. The Doha Declaration is clear that nations must seize this opportunity to make the world’s global financial system more equitable, sustainable and stable.
Co-ordinated and coherent action in responding to the crisis as well as in formulating national development strategies that adequately reflect the interests of developing countries will be important. An essential part of a stable and equitable system will require the reform of all international economic institutions and standard setting bodies to ensure adequate representation of least developed countries.
- Follow-up International Conference on Financing for Development to Review the Implementation of the Monterrey Consensus, Doha, Qatar, 29 November – 2 December 2008
- Doha Declaration on Financing for Development
- Statement of the Secretary-General
- Statement of the President of the General Assembly
- Statement of the Under-Secretary-General for Economic and Social Affairs
United Nations Conference on the World Financial and Economic Crisis and Its Impact on Development
DESA played a key role in supporting the United Nations Conference on the World Financial and Economic Crisis and Its Impact on Development which took place on the 24-26 June 2009 at the United Nations Headquarters in New York. The conference was mandated by world leaders at the Financing for Development Conference in December 2009 in Doha and addressed the impact of the crisis on development as well as on the ongoing international discussion on reforming and strengthening the international financial and economic system and architecture.
Member States must continue to monitor the unfolding crisis and step up the search for viable responses to its underlying causes. Developing countries are particularly adversely affected by the systemic flaws in the global financial system and have limited capacity to respond with counter-cyclical policies. In addition, the current crisis comes on top of the 2008 food and energy crisis.
- United Nations Conference on the World Financial and Economic Crisis and Its Impact on Development, New York, 24-26 June 2009
- Proposed organization of work of the conference
- Report of the Secretary-General on the World Financial and Economic Crisis and its Impact on Development (advance unedited version)
- Adoption of the Modalities for the United Nations Conference, 7 April 2009
- DESA Background Note on the Global Financial and Economic Crisis, March 2009
- Interactive Thematic Dialogue of the UN General Assembly, 25-27 March 2009
- UN Non-Governmental Liaison Service Bulletin on Conference
- Statement by Mr. Sha Zukang, Under-Secretary-General for Economic and Social Affairs to the Development Committee, 26 April 2009
- Special High-level Meeting of ECOSOC with the Bretton Woods Institutions, WTO and UNCTAD, 27 April 2009