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Multi-stakeholder Consultations on Financing for Development

Dialogues managed by FfDO

External debt of developing countries

Mandate

The General Assembly in its resolution 60/188 recognized the work of the Financing for Development (FfD) Office within its mandate to organize multi-stakeholder consultations, panel discussions and other activities and called on the FfD Office to continue its work in this area. This mandate was reiterated by ECOSOC in its resolution 2009/30 of 31 July 2009.

Objective

The FfD office is organizing multi-stakeholder consultations on external debt under its mandate to continue to foster mutual understanding among members of all relevant stakeholder groups (governments, international organizations, private sector and civil society) in identifying issues in external debt, both for middle-income and low-income countries that need policy action to make crisis prevention and management policies more effective and to ensure debt sustainability. The aim is to identify incremental steps in improving the functioning of the international financial system for debt that stakeholders can agree on and implement and to follow-up on the commitment to policy actions on debt in the Doha Declaration on Financing for Development (A/CONF.212/7) and the Outcome of the Conference on the World Financial and Economic Crisis and Its Impact on Development (A/RES/63/303).

Modalities

In order to have consensus on improvements in the present approaches to debt restructuring, it will be useful to identify what possible incremental steps for improvement would be. It is vital to get a buy-in from all stakeholders in the process. The plan is to listen to each of their concerns in separate meetings and then bring all stakeholders together in a final meeting to ensure wide ownership of the process. In view of the financial crisis, some of the issues which need consideration are the balance between new loans, breathing space and debt restructuring and debt for development as a tool of crisis prevention and management. Moreover, a review of debt sustainability frameworks which capture the new realities and ensure sustainable growth of developing countries in the medium- and long-term, has acquired a fresh urgency.

Outcome

The desired outcome is the identification of issues, which lead to the orderly working of the international financial architecture for debt and which emerge from the stakeholders themselves to ensure ownership and implementation. In addition, the ongoing financial and economic crisis exerts new pressures on developing countries and the objective of these consultations is to foster appreciation of the stakeholders of new realities in external debt and the attendant policy issues.

Institutions, civil society, and member countries wishing to collaborate in this effort and host meetings should write to Ms. Benu Schneider at schneiderb@un.org


Meetings

 
 
 

Financing for Development Office, 2 U.N. Plaza (DC2-2170), New York, N.Y. 10017
Email: ffdoffice@un.org, Fax: 212-963-0443, Website: www.un.org/esa/ffd