UN Conference on Financing for Development calls for reform of the financial architecture

The Doha Conference of the Follow-up International Conference on Financing for Development adopted, by consensus, a draft outcome document (http://www.un.org/Docs/journal/asp/ws.asp?m=A/CONF.212/L.1/REV.1). It calls for a reform of international financial institutions and for including leading emerging countries in decision-making.

In a final statement, delegates noted that the financial crisis plaguing the world ”makes imperative a more fundamental review of the global institutions that govern international trade and finance. ”Measures taken to deal with the crisis should include reforms that ensure a more equitable and stable global financial system, which would provide the basis for sustainable and equitable development for all countries,” the Statement said. The meeting noted that the severity of the current financial crisis called for” bold action” to ensure continued funding to help the world’s poor nations raise their standards of living. ”The Review Conference reaffirmed Monterrey goals, took hesitant note of the current crises and their impacts, failed to move adequately forward in a number of urgent subjects, but moved beyond Monterrey in several important areas,” the statement said.

”The Review Conference took hesitant note of the current crises and their impacts, failed to move adequately forward in a number of urgent subjects, but moved beyond Monterrey in several important areas,” the present 250 NGOs stated. ”It is time that decent work and gender equality took center stage in the debate on financing for development, and the fact that the outcome document refers to these concepts is a step forward in this direction. At the same time, civil society and trade unions, which are development actors in their own right, must be given a voice in the process,” argued Conny Reuter, the secretary general of SOLIDAR.
Official Conference Website: http://www.un.org/esa/ffd/doha/

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