ECOSOC is charged with reviewing follow-up to the landmark Monterrey Consensus on financing for development.
In 2002, the International Conference on Financing for Development, which issued the Consensus, brought over 50 heads of state and an unprecedented number of finance and other ministers together to agree on the first international framework for financing development. A follow-up process has continued through intergovernmental negotiations to build on and update commitments, including the Second Global Conference on Financial for Development in Doha in 2008 and the Third International Conference on Financing for Development held in Addis Ababa in July 2015. The Addis Ababa Action Agenda created a new Financing for Development Forum under ECOSOC.
Every two years, ECOSOC brings UN Member States together in the Development Cooperation Forum to assess global trends in development cooperation and related commitments, and consider ways to accelerate progress.
The Council also hosted the High-Level meeting of ECOSOC, held each spring with international trade and finance organizations, in part to strengthen partnerships and the sharing of knowledge around financing. Since 2016, the High-Level meetings have been included in the Financing for Development Forum, to address the follow-up and review of the Financing for Development outcomes and the means of implementation of the 2030 Agenda for Sustainable Development.