General Assembly High Level Dialogue on Financing for Development
The General Assembly at its 64th Session met for the Follow-up and implementation of the outcome of the 2002 International Conference on Financing for Development and the 2008 Review Conference: High-level Dialogue (HLD) on Financing for Development (FFD). The meeting took place on March 23 – 24, 2010 at United Nations Headquarters. This is the 4th HLD on FFD.
The first day was devoted to plenary sessions. On the second day there were three simultaneous multi-stakeholder round tables. Each round table had three civil society members present besides the business sector. Philo Morris was a participant in round table 3.
The topics discussed in the round tables (RT) were as follows:
RT 1: The reform of the international monetary and financial system and its
implicationsfor development
RT 2: The impact of the current financial and economic crisis on foreign direct
investment and other private flows, external debt and international trade
RT 3: The role of financial and technical development cooperation, including innovativesources of development finance, in leveraging the mobilization of domestic and international financial resources for development.
The round tables were followedby an Informal interactive dialogue where civil society members participated and this was followed by a closing session.
For the full GA HLD session please visit: http://www.un.org/esa/ffd/hld/HLD2010/index.htm
Annual EOCSOC meeting with BWIs
March 18 – 19, 2010
Special high-level meeting of the Economic and Social Council with the Bretton Woods institutions, the World Trade Organization and the United Nations Conference on Trade and Development took place March 18 – 19, 2010 in New York UN Headquarters.
The overall theme was “Building on Monterrey and Doha: Achieving the internationally agreed development goals, including the Millennium Development Goals”. Just a reminder the International Conference on Financing for Development took place in Monterrey in the year 2002 and the review conference of the same took place in Doha, Qatar in 2008. This year is also MDG + 10 review year.
There were 26 Executive Directors, Deputy Executive Directors, senior advisors and senior officials from the World Bank (WB) and the International Monetary Fund (IMF) which showed good participation.
There were three thematic debates on the following:
i) Mobilizing domestic and international resources to fund existing and
emerging MDG implementation gaps
ii) Supporting rehabilitation, recovery and development efforts of
developing countries with special needs and those facing humanitarian
emergency situations
iii) Enhancing coherence and consistency of the international monetary,
financial and trading systems in support of development
Each of these debates was followed by an informal interactive dialogue.Civil Society Members and Business Sector were actively engaged in the process.The implementation of the global commitments made in Monterrey and Doha is critical if the MDG targets are to be met. Greater need was felt for strengthening regulatory mechanisms for financial flows.For more information please visit:
http://www.un.org/esa/ffd/ecosoc/springmeetings/2010/index.htm
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The Follow-up International Conference on Financing for Development to Review the Implementation of the Monterrey Consensus took place in Doha, Qatar from 29 November to 2 December 2008.The Financing for Developing Review Conference was preceded by two events: "the Doha Civil Society Forum “Investing in People-Centered Development” took place in Ramada Plaza, Doha from 25 - 27 November 2008. This Forum was attended by 252 delegates from 52 countries. The International Business Forum took place on Nov 28, 2008.
The civil society declaration that came out of the forum called for a change in the strategies adopted by developed countries and world organizations for effective global development, poverty eradication, protection of human rights, gender equality and environmental sustainability. Representatives of the Civil Society Forum and the Business Forum presented their Declarations at the Opening Plenary of the Official Conference on Nov 29.
The UN Official Conference was attended by high officials of more than 160 countries, including 40 heads of state or governments. There were 3000 participants in all including 200 civil society members and there were more than 50 side events taking place simultaneously during the 4 day event.
The UN Secretary General Ban Ki Moon while declaring open the conference highlighted the current economic crisis. He went on to say that, “if not handled, today’s crisis will become tomorrow’s human crisis. Social unrest and political instability will grow, exacerbating all other problems.”
The Conference had three streams of sessions going on simultaneously. Plenary meetings where delegates made their speeches, the Main Committee had the responsibility with finalizing the outcome document of the Conference and the six round tables on the six themes of Monterrey Consensus:
Round table 1: Mobilizing domestic financial resources
for development
Round table 2: Mobilizing international resources for development:
foreign direct investment and other private flows
Round table 3: International trade as an engine for development
Round table 4: Increasing international financial and technical cooperation for development
Round table 5: External debt
Round table 6: Addressing systemic issues: enhancing the coherence and consistency of the international monetary, financial and trading systems in support of development
Besides there were numerous side events as well. In one of the side event setting an example of innovative financing for development, Germany under Debt2Health agreement, cancelled 40 million Euros of Pakistani debt on the condition that Pakistan invests 20 million Euros in domestic health programs supported by the Global Fund. There was a strong sense that the Conference was heading towards a failure. At one point the future of FFD itself was, at stake and this caused many anxious moments for many NGOs. Things started turning around on the last day and finally there was an outcome document. The crowd burst out in loud applause when it was declared that there was agreement. The NGOs did intense lobbying work with their delegates. It was good to note in the document about the ‘acknowledgement of adaptation to climate change in the developing countries will demand additional funds.’ The text language on trade and debt were rather general. Another positive note, Qatar has achieved 0.7 percent of its national income as development aid, thus adding to the list of 5 other countries who have already achieved 0.7 percent of Official Development Assistance. With regard to stolen assets the document calls for additional measures to prevent transfer of stolen assets from developing countries to accounts in the developed countries. It can be concluded that many things are left open and this calls for a lot of hard work to direct it in the right direction. For more information please visit www.un.org/esa/ffd/doha and www.ffdngo.org
March 23 – 24, 2010