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HIGH-LEVEL DIALOGUE DISCUSSES FINANCING FOR DEVELOPMENT

The Fourth High-level Dialogue of the General Assembly on Financing for Development (FfD) concluded with several references to the role of the combat of climate change in achieving the Millennium Development Goals (MDGs). This meeting took place at UN Headquarters in New York, US, on 23-24 March 2010, and presented an advance discussion on some issues that will be dealt at the MDG Summit in September. Round tables addressed: the reform of the international monetary and financial system and its implications for development, the impact of the current financial and economic crisis on foreign direct investment and other private flows, external debt and international trade, and the role of financial and technical development cooperation, including innovative sources of development finance, in leveraging the mobilization of domestic and international financial resources for development.

During the event, countries emphasized that additional assistance was needed to deal with new and emerging issues, including financing of climate change mitigation and adaptation, and said governments should work towards the conclusion of a comprehensive global legal framework within the Framework Convention on Climate Change.

Regarding the attainment of the Millennium Development Goals (MDGs), it was recognized that Goal 8 (Developing a global partnership) was crucial to mitigate the adverse impact of the confluence of recent crises on development, especially in countries with special financing needs. In this context, it was noted that the international community must fulfill the development promise of the Doha Round, extend measures to enhance access to technology to deal with climate change and increase agricultural productivity.

Links to further information

Concluding remarks

High Level Dialogue on FfD website