High-Level International Intergovernmental Consideration of Financing for Development

A/RES/57/272View PDF

Who adopted this document and its mandates?

A Resolution of the General Assembly, under agenda item 93 High-level international intergovernmental consideration of financing for development, published in 2003.

What other versions does this mandate have?

3 versions · 1999–2003

Year	Symbol	Title	Word length	Text similarity
2003	A/RES/57/272	High-level international intergovernmental consideration of financing for development	1,787	15%Compare
2000	A/RES/54/196	High-level international intergovernmental consideration of financing for development	1,264	12%Compare
1999	A/RES/53/173	High-level international intergovernmental consideration of financing for development	379	–

What’s in this document?

22 operative paragraphs

Underscores its firm commitment to the full and effective implementation of the Monterrey Consensus of the International Conference on Financing for Development,Error: Reference source not found and, in that regard, to promoting a holistic approach to the interconnected national, international and systemic challenges of financing for development, in active partnership with the Bretton Woods institutions, the World Trade Organization and other relevant institutional stakeholders, civil society and the private sector, including through collective and coherent action in every area of the Consensus;

Reiterates that success in meeting the objectives of development and poverty eradication depends, inter alia, on good governance within each country and at the international level. Sound economic policies, solid democratic institutions responsive to the needs of the people and improved infrastructure are the basis for sustained economic growth, poverty eradication and employment creation. Transparency in the financial, monetary and trading systems and the commitment to an open, equitable, rule-based, predictable and non-discriminatory multilateral trading and financial system are equally essential;

Expresses its concern about the difficulties of the present world economic situation, stresses the importance of confronting it through strong cooperative efforts by all countries and institutions, and underlines the importance of continued efforts to improve global economic governance and strengthen the United Nations leadership role in promoting development;

Calls for the integrated consideration of trade, finance, investment, technology transfer and development issues, and, to that end, re-emphasizes the urgency of coherent action by the United Nations, the Bretton Woods institutions and the World Trade Organization, as appropriate, along with the action of Governments, to promote equitable and broad sharing in the benefits of globalization, taking into account the specific vulnerabilities, concerns and needs of developing countries;

Recognizes that an enabling domestic environment is vital for mobilizing domestic resources, increasing productivity, reducing capital flight, encouraging the private sector, and attracting and making effective use of international investment and assistance. Efforts to create such an environment should be supported by the international community;

Encourages all Governments to combat corruption, bribery, money-laundering and the transfer of illicitly acquired funds and assets and to work for the return of such funds and assets to the countries of origin, and welcomes actions taken in that regard at the national and international levels;

Stresses the need for structural reforms to strengthen corporate governance, accounting and auditing, in particular when inadequate policies can have systemic consequences;

Stresses also the importance of strong domestic institutions that promote business activities and financial stability for the achievement of growth and development, inter alia, through sound macroeconomic policies and policies aimed at strengthening the regulatory systems of the corporate, financial and banking sectors;

Considers that, in the context of the current world economic situation, the multilateral trading system should be reinforced by achieving a balanced outcome of the Doha negotiations which responds to the interests of all the members of the World Trade Organization, in particular the developing countries, by giving concrete shape to the development-related provisions of the work programme of the World Trade Organization and by working to ensure that the concerns of developing countries, in particular in terms of implementation issues and special and differential treatment, are properly and effectively addressed in accordance with the Ministerial Declaration adopted at Doha,⁴ as amended by the action of the General Council of the World Trade Organization;

⁴See A/C.2/56/7, annex.

Recognizes that trade rules and issues in the post-Doha framework should have a clear development content;

Expresses its concern about the adoption of a number of unilateral actions that are not consistent with World Trade Organization rules, that harm the exports of all countries, in particular those of developing countries, and that have a considerable bearing on the ongoing World Trade Organization negotiations and on the achievement and further enhancement of the development dimension of the trade negotiations;

Welcomes the commitments announced at the International Conference on Financing for Development to increase the levels and effectiveness of official development assistance, looks forward to the early availability of the resources committed in keeping with the announced time frames, urges developed countries that have not done so to make concrete efforts to achieve the target of 0.7 per cent of gross national product as official development assistance to developing countries and 0.15 per cent to 0.20 per cent of gross national product to least developed countries, and encourages developing countries to build on progress achieved in ensuring that official development assistance is used effectively to help achieve development goals and targets;

Reaffirms the determination, as expressed in the United Nations Millennium Declaration,Error: Reference source not found to deal comprehensively and effectively with the debt problems of low- and middle-income developing countries, through various national and international measures designed to make their debt sustainable in the long term;

Reaffirms also that reviews of debt sustainability should also bear in mind the impact of debt relief on progress made towards the achievement of the development goals contained in the Millennium Declaration and that debt sustainability analysis at the completion point needs to take into account any worsening global growth prospects and declining terms of trade; in addition, efforts to strengthen the transparency and integrity of debt sustainability analysis should continue;

Stresses, in the consideration of any new debt resolution mechanism, the importance of a broad discussion in the appropriate forums, with the participation of all interested actors, welcomes the steps taken by the international financial institutions to take into account social aspects and the borrowing costs for developing countries, encourages them to continue their efforts in that regard, and reiterates that the adoption of such a mechanism should not preclude emergency financing in times of crisis;

Stresses also the special importance of creating an enabling international economic environment through strong cooperative efforts by all countries and institutions to promote equitable economic development in a world economy that benefits all people, and in this context invites developed countries, in particular major industrialized countries, which have significant weight in influencing world economic growth, when formulating their macroeconomic policies, to take into account whether their effects in terms of the external economic environment would be favourable to growth and development;

Notes the impact of financial crisis or risk of contagion in developing countries and countries with economies in transition, regardless of their size, and in this regard underlines the need to ensure that the international financial institutions, including the International Monetary Fund, have a suitable array of financial facilities and resources to respond in a timely and appropriate way, in accordance with their policies;

Takes note of the communiqué of the Development Committee of 28 September 2002, in particular paragraph 10, on the need to identify pragmatic and innovative ways to further enhance the participation of developing countries and countries with economies in transition in international decision-making and norm-setting, and encourages all relevant international financial institutions to take concrete measures towards this end;

Invites the International Monetary Fund to continue its work on quotas, and welcomes the continuing consideration by the Fund of its quota review and the reiteration by the International Monetary and Financial Committee that the Fund should have adequate resources to fulfil its financial responsibilities and that quotas should reflect developments in the international economy;

Requests the Secretary-General, in collaboration with the secretariats of relevant institutional stakeholders, fully utilizing the mechanisms of the United Nations System Chief Executives Board for Coordination, with the effective support of the United Nations Secretariat and building on the successful experience in the preparations for the International Conference on Financing for Development, to prepare a comprehensive report on the implementation of and follow-up to commitments and agreements made at the Conference, focusing on progress achieved in all areas covered by the Monterrey Consensus;

Decides that the preparatory work and reports of the special high-level meeting of the Economic and Social Council with the Bretton Woods institutions and the World Trade Organization, as well as the preparatory process of the General Assembly high-level dialogue, should serve as inputs in the preparation of the comprehensive report, which would be submitted on an annual basis to the General Assembly, under the agenda item on follow-up to the International Conference on Financing for Development, as well as to the biennial high-level dialogue of the General Assembly;

Stresses the importance of making progress on all fronts and enhancing the coherence and synergies of all development efforts, and, in the spirit of the strategic partnership launched at Monterrey, requests the President of the General Assembly to bring the present resolution to the attention of the Board of Executive Directors of the World Bank and the Executive Board of the International Monetary Fund before the 2003 spring meetings of the International Monetary and Financial Committee and the Development Committee, as well as to the attention of the General Council of the World Trade Organization, as an input to the special high-level meeting of the Economic and Social Council with the Bretton Woods institutions and the World Trade Organization to be held in April 2003 and the subsequent high-level dialogue of the General Assembly on financing for development to be held in the second half of 2003.

High-Level International Intergovernmental Consideration of Financing for Development

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