flying albatross International Conference on Financing for Development, Monterrey, Mexico, 18-22 March 2002 United Nations
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Media Information : Media Kit-English

Media Kit: Global push to finance the future

A summit-level meeting in Monterrey, Mexico, in March is addressing the imperative to build a stable and more prosperous world community and to make progress on poverty reduction and other Millennium Development Goals.

The International Conference on Financing for Development (FfD) is mandated by the UN General Assembly to promote international cooperation in six areas that are key to prospects of the world's developing and transition economies:

stepping up the mobilization of economic resources within countries; increasing the flow and broadening the reach of private international investment; opening access to markets and ensuring fair and equitable trade regimes; strengthening official development assistance; solving intractable developing country debt difficulties; improving the coherence of global and regional financial structures and promoting fair representation of developing countries in international decision making. Without progress in the area of financial resources, UN Secretary-General Kofi Annan has said, universally agreed goals agreed to by 147 Heads of State and Government and 191 nations at the Millennium Summit - such as the halving of extreme poverty by 2015 - are in jeopardy.

FfD brings the United Nations together with the International Monetary Fund, the World Bank, the World Trade Organization and representatives of civil society and business. Another distinctive feature of the Monterrey meeting will be national representation at a high-level by finance and foreign ministries as well as by Heads of State.

Why Monterrey is important Speaking to the January 2002 FfD preparatory meeting, UN Secretary-General Kofi Annan outlined key areas where he envisaged progress in Monterrey:

support for the Millennium Development Goals through a reversal of the long-term decline in official development assistance - if possible, by doubling annual ODA from $50 to $100 billion within two or three years so as to cut extreme poverty in half by 2015; a strengthened consensus on policies needed within the developing countries to mobilize resources, improve domestic financial institutions and attract foreign investment; agreement in favour of a comprehensive international convention against corruption; continuation of the momentum achieved in Doha, where a new agenda for trade negotiations was agreed; commitment to implement and extend the Heavily Indebted Poor Countries initiative and to deal with middle-income country debt crises, including through new ways to resolve sovereign country debt crises; expansion of the representation of developing countries in global economic management. Overall, Monterrey presents an opportunity for the world's leaders to arrive at agreements on development policy and to show their commitment to development and to reaching the Millennium Goals for poverty reduction.

For information contact the UN Department of Public Information, Room S-1040, United Nations, New York, NY 10017. Tim Wall at telephone 1-212-963-5851, or Nick Snyder, 1-212-963-4382,

Financing for Development Coordinating Secretariat
2 United Nations Plaza (Room DC2-2386)
New York, N.Y. 10017
Telephone: 212-963-2587, Fax: 212-963-0443

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