Mobilizing domestic financial resources for development


The Monterrey Consensus states that each country has primary responsibility for its own economic and social development, and the role of national policies and development strategies cannot be overemphasized.

In the years following the Monterrey Conference, developing countries have made significant progress in the implementation of development policies in key areas of their economic frameworks, contributing to increased mobilization of domestic resources and higher levels of economic growth in some cases.

The Doha Declaration of December 2008 affirmed that “national ownership and leadership of development strategies and good governance are important for effective mobilization of domestic financial resources and fostering sustained economic growth and sustainable development.”

The Doha Declaration recommended that “the scope for appropriate counter-cyclical policies to preserve economic and financial stability has to be expanded” so that macroeconomic policies “aimed at sustaining high rates of economic growth, full employment, poverty eradication, and low and stable inflation” can be achieved.

In order to improve domestic resource mobilization, the Declaration requested “the Economic and Social Council to examine the strengthening of institutional arrangements, including the United Nations Committee of Experts on International Cooperation in Tax Matters”.

The development of a sound and broad-based financial sector is central to the mobilization of domestic financial resources to ensure that the benefits of growth reach all people by improving access to services in the fields of finance and credit.