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Briefing Note on Meeting of Ad Hoc Working Group
for Financing for Development ConsultationBy Laura Ivers
International Institute for Sustainable Development (IISD)
February 10, 1999The Ad Hoc Open Ended Working Group on Financing for Development (FFD) convened on 8 February 1999 at UN Headquarters in New York City to address the organization of its work. The primary purpose of the Working Group, chaired by Vice-Chairs Ernst Sucharipa (Austria) and Kamalesh Sharma (India), is to make recommendations on the form, scope and agenda for a high-level international intergovernmental consideration of FFD.
General Assembly President Didier Opertti (Uruguay) opened the meeting. Noting the erosion of success in development and decrease in development fund flows, he said the Working Group must address the shortcomings of a globalized economy. He said the FFD necessitates responsible compromise, teamwork and joint efforts.
Nitin Desai, Under Secretary-General for Economic and Social Affairs, delivered a message on behalf of Secretary-General Kofi Annan. The Secretary-General underscored the importance of stakeholder involvement, dialogue with the private sector, mobilization of private resources and identification of new and additional resources. He said the UN has a central interest in the international financial system because of its implications for development, political stability and peace.
Vice-Chair Sucharipa noted that the group would carry out its work as mandated in GA resolution 53/173 (link to UN Financing for Development page with access to document A/53/173).
Several countries then expressed their views on the organization of work over the next several months. Many countries encouraged expert panels along with briefings to provide contributions from the private sector and civil society. Guyana, on behalf of the G-77/China, said current economic crisis in various regions of the world have caused major set backs for development and brought the architecture of the international economy under question. He said the first task of the Working Group should be to establish a realistic programme of work that would allow serious examination of the issues, and recommended that the Working Group reconvene in early April 1999 to begin in-depth discussions on the following themes and elements: mobilizing domestic resources for development; mobilizing international private financial flows for development; international financial cooperation for development; external debt; financing for development and trade; innovative sources of financing; governance of the international monetary, financial and trade systems; and the interrelationship between major elements and other special topics (link to UN Financing for Development page with access to document A/53/470).
The EU preferred that the "role" rather than the "governance" of the international monetary, financial and trade system be considered.
Japan called for informal discussions amongst Working Group participants before the April Working Group session.
The US likewise supported informal discussions to review current thinking on and issues surrounding each topic in order to identify areas where international consensus exists.
The EU said the process of FFD should be used to strengthen political will to implement the internationally agreed strategies and targets for sustainable development.
The Working Group will continue to meet on Wednesday and Thursday, 10-11 February.
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