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UNGA Second Committee Discusses Financing for Development

UNGA16 October 2013: The Second Committee (Economic and Financial) of the UN General Assembly (UNGA) took up its agenda item on financing for development and macroeconomic policy. In a meeting on 16 October 2013, in New York, US, Member States discussed global trade, sovereign debt, official development assistance (ODA), poverty eradication and sustainable development.

On financing for development, many delegations lamented the decrease in ODA and called on countries to fulfill their previous commitments to financing. Some States called for the creation of a new financing strategy that takes new global financial realities into account. In particular, France called for transparency linking poverty eradication and sustainable development, while Nigeria called for the voices of people marginalized due to poverty and climate change to be included in the discussion. Delegations spoke of the importance of financing for specific development issues, including education, clean energy technologies, and climate change adaptation.

On the subject of macroeconomic policy, the Group of 77 called for addressing the fragility of international financial institutions. Delegations also highlighted the danger of trade barriers and high levels of sovereign debt. Many cited the need to find ways to expand inter-regional trade, South-South cooperation, and sustainable growth. The EU welcomed decisions to increase the regulation and monitoring of the international financial system through the Group of 20 and the International Monetary Fund (IMF). [UN Press Release] [UN Webcast- Morning] [UN Webcast- Afternoon]