The present publication is part of UNCTAD´s contribution to the Follow-up International Conference on Financing for Development to Review the Implementation of the Monterrey Consensus, to be held 29 November-2 December 2008 in Doha, Qatar.
The first part of the publication captures the outcome of the deliberations which transpired during the forty-fifth executive session of the Trade and Development Board, held on 13 November 2008.
The report of the debate reflects the concerns of member States about the implementation of the Monterrey Consensus, especially the anxiety from the severe setback the global financial crisis was going to have on the development process.
The member States were unanimous in their view that the present financial crisis exposed a systemic fault of global economic governance, one that would need a systemic response to address this systemic crisis in the international monetary and financial system. In this context, it was considered that the upcoming conference provided a potential opportunity to review not only the core elements of the Monterrey Consensus, but also other global economic issues which had direct bearing on financing for development.
The second part of the publication contains an issues note, prepared for the Trade and Development Board executive session and highlighting new features that have evolved in the world economy since the adoption of the Monterrey Consensus in 2002.
The note reviews, from UNCTAD´s development perspective, the six core aspects of the Monterrey Consensus. These range from mobilization of domestic resources for development, to flows of official development assistance, to coherence of the international monetary and financial systems. It may be pointed out that all these issues fell squarely within the domain of the work programme specified under the Accra Accord.
The Annex to the note provides analysis of the current global financial crisis, the impact of which is being increasingly felt in the developing world, particularly in its most vulnerable segments.
| UNCTAD´s contribution to the review process of the Monterrey Consensus |
