International Conference on Financing for Development 2008 ~ Nanang Public Area

20 December 2008

International Conference on Financing for Development 2008

International Conference on Financing for DevelopmentThe Follow-up International Conference on Financing for Development took place in Doha, Qatar from 29 November to 2 December 2008. The Conference was preceded by a Civil Society Forum (26-27 November) and a Business Sector Forum (28 November).

The primary purpose of the Conference was to review progress in the implementation of the Monterrey Consensus – agreed by UN Member States in 2002. The Consensus covers a broad range of development and related global finance issues, organized around chapters focussing on domestic resource mobilization, foreign direct investment (FDI), debt, official development assistance (ODA), trade and systemic issues. The financing for development process is noted for its inclusive and multi-stakeholder nature as it brings together the ! World Bank, International Monetary Fund (IMF), the World Trade Organization (WTO), civil society organizations, the business sector and other relevant actors.

The Conference came after a year of preparatory meetings and negotiations on the outcome document. Member States and other stakeholders discussed progress of implementation around the various chapters as well as barriers for further progress. The recent global financial crisis had an impact on these discussions, particularly on systemic issues.

The agreed outcome of the Conference – the Doha Declaration on Financing for Development – notes progress and advances on the Monterrey Consensus in several areas. Among its most notable aspects, the Declaration calls on Member States to determine the modalities of a UN meeting to discuss the impacts of the global financial crisis on development by the end of March 2009.

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