Organised by:

UNCTAD, the Friedrich-Ebert-Stiftung and the Addis Ababa CSO Coordinating Group – ACG and Women’s Working Group on FFD (with Brot für die Welt, Eurodad and Center of Concern acting as facilitating organizations)

Summary:

Last year the AAAA recommitted countries to the systemic issues and debt agenda that preceding conferences had started in Monterrey (2002) and Doha (2008), while increasing the emphasis on ensuring sustainable development. Against a gloomy outlook for the global economy and the demonstrated failure of “business as usual” responses to get it back on its feet, especially after the Great Recession of 2008-09, the pursuit of such agenda is becoming increasingly urgent. The UN FFD follow up process, in the reconstituted form agreed in Addis Ababa, holds promise as a venue to build consensus and advance policy proposals to address these challenges.

Financing conditions for most developing countries had been favorable for several years under the “Great Moderation” and as high commodity prices boosted export earnings. Even after the global financial crisis, lax monetary policies by developed countries’ central banks facilitated access to external finance at low cost. This has changed rapidly during the last year. Commodity prices collapsed, and the US Federal Reserve Bank has finally executed the long anticipated interest rate hike. Recessionary or subdued growth expectations have set in everywhere, not just in developing countries. The debt indicators of many developing countries have deteriorated quickly, and outlooks are for further deterioration.

This side-event aims to contribute to the challenges of restoring an economy that, as stipulated by the Agenda 2030, does not leave anyone behind, while doing it in a way that protects our planetary resource limits. It will ask questions such as: What does the ‘new global economy landscape implies for our collective responsibility to prevent financial crises and resolve those that occur in an equitable manner?  What reforms could fully take advantage of the international monetary system to support job-creation, reduce harmful imbalances and provide innovative financing? These questions will contribute to the Forum’s work on addressing the follow-up and review of the Financing for Development outcomes and the means of implementation of the 2030 Agenda for Sustainable Development.

Special welcome by H.E. Mr. Mukhisa Kituyi, Secretary General, UNCTAD

Moderator:
– Aldo Caliari, Director, Rethinking Bretton Woods Project, Center of Concern

Welcome:
– Bettina Luise Rürup, Executive Director, Friedrich-Ebert-Stiftung New York Office

Speakers:
– José Antonio Ocampo, Professor, School of International and Public Affairs, Columbia University; Chair, Committee for Development Policy, United Nations Economic and Social Council (ECOSOC)
– Manuel Montes, Senior Advisor, Finance and Development, South Centre (Presentation)
– Stephan Ohme, Head of Division on Financing for Development, Federal Ministry for Economic Cooperation & Development, Germany
– Stephanie Blankenburg, Head, Debt and Development Finance Branch, Division on Globalization and Development Strategies, UNCTAD
– Bodo Ellmers, Policy and Advocacy Manager, Debt and Responsible Finance, Eurodad

Related information:

Concept note

Contact:

Aldo Caliari, acaliari@coc.org