Latin American and Caribbean Ministers and senior United Nations representatives called for a rethinking of the international financial architecture to put inclusion at the centre of the new post-2015 development agenda, in the context of a meeting on financing for development held at the headquarters of the Economic Commission for Latin America and the Caribbean (ECLAC) in Santiago, Chile.
In the Latin American and Caribbean Regional Consultation on Financing for Development which took place on 12-13 March, participants discussed progress on the final document of the Third International Conference on Financing for Development, to be held in July in Addis Ababa, Ethiopia.
In this global meeting it is expected that heads of state and other senior representatives from the international community will negotiate an intergovernmental accord for the implementation of the post-2015 development agenda, that not only includes financing for development, but also other issues related to the means of implementation, among them the closing the commercial, financial and technological gaps between developed and developing countries.
The Regional Consultation was inaugurated by Heraldo Muñoz, Chile’s Minister of Foreign Affairs; Wu Hongbo, the United Nations Under-Secretary-General for Economic and Social Affairs; Jessica Faieta, Director for Latin America and the Caribbean of the United Nations Development Program (UNDP); and Alicia Bárcena, ECLAC’s Executive Secretary.
During his speech, Minister Muñoz underlined the importance of this meeting, which will allow the region to take proposals for inclusive sustainable development to the Conference in Addis Ababa.
“The heart of the new development agenda must be inclusion, integrating environmental, social and economic dimensions,” he said.
Mr. Wu emphasized the relevance of this meeting in preparation for the Third International Conference:
“The Addis Ababa Conference is an opportunity to spell out this comprehensive framework for implementation of the sustainable development agenda and the SDGs, and can also lay the groundwork for an ambitious agreement on climate in Paris in December (during the Conference of the Parties of the United Nations Framework Convention on Climate Change-COP 21).”
Ms. Faieta stressed that the Regional Consultation will facilitate building a Latin American and Caribbean perspective on financing for development. “The post-2015 agenda will not be financially viable with official development assistance (ODA) or national public finances alone. Private investment must also contribute to the sustainable development goals (SDGs),” she stated.
In her opening remarks, Ms. Bárcena insisted that the Third Conference in Addis Ababa represents a unique occasion to address the challenges of middle-income countries such as those in Latin America and the Caribbean, to deploy effective financing at all income levels, and to redefine the global financial and trade architecture for development.
“We must forge a new strategic association among all the world’s countries and especially in Latin America we must advance towards equality, transforming our productive structure in an environmentally sustainable way,” Ms. Bárcena stressed.
Ms. Bárcena also referred to the efforts of mobilizing domestic resources by improving tax collection and reducing external debt. She also stressed some challenges, like pursuing greater symmetry and fairness in global tax systems and the global financing governance, and the closure of trade gaps.