The International Conference on Financing for Development (Monterrey, Mexico, 18-22 March 2002) signaled a turning point in the approach to development cooperation by the international community. It was the first United Nations-sponsored summit-level meeting to address key financial and related issues pertaining to global development. More than 50 Heads of State and Government and over 200 ministers of foreign affairs, trade, development and finance – the largest ever participation of finance officials at a United Nations-sponsored event – gathered in Monterrey. The Conference succeeded in placing financing for development firmly on the global agenda.
The outcome of the Conference reflected a landmark global agreement between developed and developing countries, in which both recognized their responsibilities in key areas such as trade, aid, debt relief and institution building.
The Conference and its preparatory process saw unprecedented cooperation between the United Nations and the World Bank, the International Monetary Fund and the World Trade Organization as part of efforts to promote greater coherence and consistency among the international monetary, trade and financial systems and institutions.
The Conference also marked the first quadripartite exchange of views between governments, civil society, the business community, and the institutional stakeholders on global economic issues. These global discussions involved over 800 participants in twelve separate roundtables.
The “Monterrey Consensus” adopted by the Conference embodied the principle of a holistic and integrated approach to the multidimensional nature of the global development challenge. The Consensus launched the Financing for Development follow-up process that continues to date.
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