International Financial System and Development

A/RES/73/220View PDF

Who adopted this document and its mandates?

A Resolution of the General Assembly, under agenda item 18b International financial system and development, published in 2018.

What other versions does this mandate have?

24 versions · 2003–2025

This is an older version — the most recent is A/RES/80/122

Year	Symbol	Title	Word length	Text similarity
2025	A/RES/80/122	International financial system and development	5,978	37%Compare
2024	A/RES/79/196	International financial system and development	6,920	85%Compare
2023	A/RES/78/136	International financial system and development	6,458	90%Compare
2022	A/RES/77/152	International financial system and development	5,907	79%Compare
2022	A/RES/76/192	International financial system and development	5,416	90%Compare

Which reports were submitted under this mandate?

24 reports · 2003–2026

Year	Symbol	Title	Mandate resolution
2026	A/81/322	International financial system and development report of the Secretary-General	A/RES/80/122
2025	A/80/331	International financial system and development report of the Secretary-General	A/RES/79/196
2024	A/79/130	International financial system and development report of the Secretary-General	A/RES/78/136
2023	A/78/178	International financial system and development report of the Secretary-General	A/RES/77/152
2022	A/77/224	International financial system and development report of the Secretary-General	A/RES/76/192

What subjects does this mandate have?

6 subjects

Developing Countries Development Banks Development Finance External Debt International Finance International Financial Institutions

What’s in this document?

33 operative paragraphs

Takes note of the report of the Secretary-General;¹¹

¹¹A/73/280.

Recognizes the need to continue and intensify efforts to enhance the coherence and consistency of the international monetary, financial and trading systems, reiterates the importance of ensuring their openness, fairness and inclusiveness in order to complement national efforts to ensure sustainable development, including strong, sustained, balanced, inclusive and equitable economic growth, and that all men and women, in particular the poor and vulnerable, have equal rights to economic resources and appropriate financial services, and the achievement of the internationally agreed development goals, including the 2030 Agenda for Sustainable Development,¹² and encourages the international financial institutions to align their programmes and policies with the 2030 Agenda in accordance with their mandates;

¹²Resolution 70/1.

Notes that the United Nations, on the basis of its universal membership and legitimacy, provides a unique and key forum for discussing international economic issues and their impact on development, and reaffirms that the United Nations is well positioned to participate in various reform processes aimed at improving and strengthening the effective functioning of the international financial system and architecture, while recognizing that the United Nations and the international financial institutions have complementary mandates that make the coordination of their actions crucial;

Recognizes the important efforts undertaken nationally, regionally and internationally to respond to the challenges posed by the latest global financial and economic crisis, and also recognizes that more needs to be done in order to promote the economic recovery, to manage the consequences of volatility in global financial and commodity markets, to tackle high unemployment and indebtedness in several countries, as well as widespread fiscal strains, to reinforce the banking sector, including by increasing its transparency and accountability, to address systemic fragilities and imbalances, to reform and strengthen the international financial system and to continue and to enhance the coordination of financial and economic policies at the international level;

Stresses the critical importance of a stable, inclusive and enabling global economic environment for the advancement of sustainable development, for the reliable and effective financing of development and for the implementation of the 2030 Agenda, mobilizing public and private, as well as domestic and international resources;

Reiterates that debtors and creditors must work together in a transparent manner to prevent and resolve unsustainable debt situations and that maintaining sustainable debt levels is the responsibility of the borrowing countries, acknowledging, however, that lenders also have a responsibility to lend in a way that does not undermine a country’s debt sustainability, and in this regard takes note of the United Nations Conference on Trade and Development principles on responsible sovereign lending and borrowing and recognizes the applicable requirements of the International Monetary Fund debt limits policy and/or the World Bank non-concessional borrowing policy, as well as the safeguards of the Development Assistance Committee of the Organization for Economic Cooperation and Development in its statistical system to enhance the debt sustainability of recipient countries, and will work towards a global consensus on guidelines for debtor and creditor responsibilities in borrowing by and lending to sovereigns, building on existing initiatives;

Invites, in this regard, the President of the General Assembly and the Secretary-General to give appropriate consideration to the central role of maintaining and facilitating the financial and macroeconomic stability of developing countries, including debt sustainability, and of supporting an appropriately enabling domestic and international economic, financial and regulatory environment for the means of implementation of the 2030 Agenda for Sustainable Development, including financial inclusion, and in this regard invites all major institutional stakeholders, including the International Monetary Fund, the World Bank and the United Nations Conference on Trade and Development, to support these efforts, in accordance with their respective mandates;

Encourages, in this regard, the Economic and Social Council to consider, at its annual forum on financing for development follow-up, a discussion and analysis of systemic issues and challenges, taking into account the roles of the international financial institutions, including the International Monetary Fund, and of the United Nations Conference on Trade and Development, in accordance with their respective mandates, pursuant to the relevant resolutions on this matter, including its resolution 69/313 on the Addis Ababa Action Agenda of the Third International Conference on Financing for Development and the mandate of the annual forum on financing for development follow-up set out therein;

Resolves to strengthen the coherence and consistency of multilateral financial, investment, trade and development policy and environment institutions and platforms and to increase cooperation between major international institutions, while respecting mandates and governance structures, and commits itself to taking better advantage of relevant United Nations forums for promoting universal and holistic coherence and international commitments to sustainable development, building on the vision of the Monterrey Consensus, with a view to supporting the implementation of the Addis Ababa Action Agenda and the 2030 Agenda for Sustainable Development;

Recalls that countries must have the flexibility necessary to implement countercyclical measures and pursue tailored and targeted responses to the various types of shocks, including economic and financial crises, and calls for conditionalities to be streamlined to ensure that they are timely, tailored and targeted and that they support developing countries in the face of financial, economic and development challenges;

Notes, in this regard, the increase in resources and the improvement of the lending framework of the International Monetary Fund through, inter alia, streamlined conditions and flexible instruments, such as the precautionary and liquidity line, the flexible credit line and the rapid financing instrument, and the refinement of the lending framework for low-income countries, while also noting that new and ongoing programmes should not contain unwarranted procyclical conditionalities;

Invites the multilateral development banks and other international development banks to continue to provide both concessional and non-concessional, stable, long-term development finance by leveraging contributions and capital and by mobilizing resources for developing countries from multiple sources, for example from capital markets, and stresses that development banks should make optimal use of their resources and balance sheets, consistent with maintaining their financial integrity, and should update and develop their policies in support of the 2030 Agenda for Sustainable Development, including the Sustainable Development Goals, as appropriate;

Welcomes, in this regard, the ongoing work of the New Development Bank and the Asian Infrastructure Investment Bank in the global development finance architecture, and encourages enhanced regional and subregional cooperation, including through regional and subregional development banks, commercial and reserve currency arrangements and other regional and subregional initiatives;

Encourages, in this regard, the multilateral development banks to continue to move forward on flexible, concessional, fast-disbursing and front-loaded assistance that will substantially and quickly assist developing countries facing financing gaps in their efforts to achieve the Sustainable Development Goals, taking into consideration the individual absorptive capacities and debt sustainability of those countries;

Also encourages multilateral development banks, within their respective mandates, to continue to expand technical assistance, disseminate and share their knowledge and best practices and enhance the multiplier effect of their financing by leveraging more resources from more sources, including by mobilizing private investment, to provide innovative and integral solutions to multidimensional development problems, in particular in developing and emerging economies;

Emphasizes the relevance of inclusion in the international financial system at all levels and the importance of considering financial inclusion as a policy objective in financial regulation, in accordance with national priorities and legislation;

Recognizes that it is important that the International Monetary Fund continue to be adequately resourced, and supports and reiterates its commitment to further governance reform at both the Fund and the World Bank to adapt to changes in the global economy;

Calls for the completion of the fifteenth general review of quotas of the International Monetary Fund, including a new quota formula, at the meetings of the Fund and the World Bank Group to be held in the spring of 2019, and no later than at the annual meetings of the Fund and the Group in 2019, emphasizes that the new quota formula, as a basis for a realignment of quota shares, will result in increased shares for dynamic economies in line with their relative positions in the world economy and hence likely in the share of emerging market and developing countries as a whole, while protecting the voice and representation of the poorest members, and supports the continued examination of the broader use of special drawing rights as a way to enhance the resilience of the international monetary system;

Acknowledges the importance of the international financial institutions supporting, in line with their mandates, the policy space of each country, while remaining consistent with relevant international rules and commitments, in particular developing countries, and recommits to the broadening and strengthening of the voice and participation of developing countries, including African countries, the least developed countries, landlocked developing countries, small island developing States, middle-income countries and countries in conflict and post-conflict situations, in international economic decision-making, norm-setting and global economic governance;

Reaffirms that cohesive, nationally owned sustainable development strategies, supported by integrated national financing frameworks, will be at the heart of efforts, reiterates that each country has primary responsibility for its own economic and social development and that the role of national policies and development strategies cannot be overemphasized, expresses respect for each country’s policy space and leadership to implement policies for the eradication of poverty in all its forms and dimensions and for sustainable development, while remaining consistent with relevant international rules and commitments, at the same time recognizes that national development efforts need to be supported by an enabling international economic environment, including coherent and mutually supporting world trade, monetary and financial systems and strengthened and enhanced global economic governance, and that processes to develop and facilitate the availability of appropriate knowledge and technologies globally, as well as capacity-building, are also critical, and commits to pursuing policy coherence and an enabling environment for sustainable development at all levels and by all actors, and to reinvigorating the Global Partnership for Sustainable Development;

Recommits to a redoubling of its efforts to substantially reduce illicit financial flows by 2030, with a view to eventually eliminating them, including by combating tax evasion and corruption through strengthened national regulation and increased international cooperation;

Recognizes the role of special drawing rights as an international reserve asset, acknowledges that special drawing rights allocations helped to supplement international reserves in response to the world financial and economic crisis, thus contributing to the stability of the international financial system and global economic resilience, and supports the continued examination of the broader use of special drawing rights as a way to enhance the resilience of the international monetary system, including with reference to their potential role in the international reserve system;

Takes note of the work by the Financial Stability Board on financial market reform, commits to sustaining or strengthening frameworks for macroprudential regulation and countercyclical buffers, reaffirms the commitment to hasten completion of the reform agenda on financial market regulation, including assessing and if necessary reducing the systemic risks associated with non-bank financial intermediation, markets for derivatives, securities lending and repurchase agreements, and also reaffirms the commitment to addressing the risk created by “too-big-to-fail” financial institutions and to addressing cross-border elements in effective resolution of troubled, systemically important financial institutions;

Reiterates that effective, inclusive multilateral surveillance should be at the centre of crisis prevention efforts, stresses the need to continue to strengthen surveillance of the financial policies of countries, and in this regard notes the current efforts to update the surveillance approach of the International Monetary Fund to better integrate bilateral and multilateral surveillance, along with cross-border and cross-sectoral linkages with macroeconomic and macroprudential policies, while paying closer attention to the spillover effects from national economic and financial policies onto the global economy;

Also reiterates the need to resolve to reduce mechanistic reliance on credit-rating agency assessments, including in regulations and to promote increased competition as well as measures to avoid conflict of interest in the provision of credit ratings;

Invites the international financial and banking institutions to continue to enhance the transparency and analytical rigour of risk-rating mechanisms, noting that sovereign risk assessments should maximize the use of objective and transparent parameters, which can be facilitated by high-quality data and analysis, and encourages relevant institutions, including the United Nations Conference on Trade and Development, to continue their work on the issue, including the potential impact of the role played by private credit rating agencies on the development prospects of developing countries, in accordance with their mandates;

Welcomes efforts by new development banks to develop safeguard systems in open consultation with stakeholders on the basis of established international standards, and encourages all development banks to establish or maintain social and environmental safeguard systems, including on human rights, gender equality and women’s empowerment, that are transparent, effective, efficient and time-sensitive;

Recognizes the need for the international financial institutions, as appropriate, to promote gender mainstreaming in their policies and programmes, including macroeconomic, job creation and structural reform policies and programmes, in accordance with relevant national priorities and strategies;

Urges multilateral donors, and invites international financial institutions and regional development banks, within their respective mandates, to review and implement policies that support national efforts to ensure that a higher proportion of resources reaches women and girls, in particular in rural and remote areas;

Recommits itself to enabling women’s full and equal participation in the economy and their equal access to decision-making processes and leadership;

Reiterates that States are strongly urged to refrain from promulgating and applying any unilateral economic, financial or trade measures not in accordance with international law and the Charter of the United Nations that impede the full achievement of economic and social development, particularly in developing countries;

Requests, in this regard, the Secretary-General to submit to the General Assembly at its seventy-fourth session a report on the implementation of the present resolution with input from the major institutional stakeholders, including the International Monetary Fund, the World Bank and the United Nations Conference on Trade and Development, in accordance with their respective mandates;

Decides to include in the provisional agenda of its seventy-fourth session, under the item entitled “Macroeconomic policy questions”, the sub-item entitled “International financial system and development”, unless otherwise agreed.

Who adopted this document and its mandates?

What other versions does this mandate have?

Which reports were submitted under this mandate?

What subjects does this mandate have?

What’s in this document?

Table of contents