Sixth FFD Dialogue Highlights Need for New Framework

ffd8 October 2013: The UN General Assembly (UNGA) held the Sixth High-Level Dialogue on Financing for Development, including an informal interactive dialogue on 'The Monterrey Consensus, Doha Declaration on Financing for Development and related outcomes of major United Nations conferences and summits: status of implementation and tasks ahead.'

Opening the Dialogue at UN Headquarters in New York, US, on 7 October 2013, UN Secretary-General Ban Ki-moon and UNGA President John Ashe discussed the need for new forms of financing for development. Citing the current "important juncture," Ban said the financing needed to achieve the Millennium Development Goals (MDGs) and a new post-2015 development agenda will require a new framework of public and private resources. He encouraged countries to fulfill commitments of Official Development Assistance (ODA), while saying that financing and investment from the private sector will have a critical role. Ashe welcomed discussion on three important topics: the implications of the world economic and financial crisis on development; mobilization of public and private financing at the domestic and international levels; and innovative forms of finance through technical and financial development cooperation. Ashe said a post-2015 development agenda must be unified, and called for one coherent financing strategy for its implementation. This new framework should build on the Monterrey Consensus and Doha Declaration, encourage multi-stakeholder partnerships, and bring greater coherence to UN processes relating to sustainable development and financing for development.

Over the course of the two-day meeting, speakers emphasized the need to fulfill ODA commitments so the Least Developed Countries (LDCs) can achieve the MDGs, while others discussed a changing international development landscape and the potential of new donors.

Discussions also addressed: the importance of quality of financing; social policies and investment to achieve sustainable development; economic and financial risks; the need for long-term financing and foreign direct investment; challenges to domestic resource mobilization; and the need for a follow-up to the International Conference on Financing for Development to be held before 2015.

The informal interactive dialogue considered linkages between financing for development and international development goals. Panelists spoke of the need for sustainable development and poverty eradication to be at the center of a new development agenda, which will require a coherent financing strategy. The global partnership for development also was discussed, with participants urging new forms of financing, the involvement of the business sector, and fulfillment of ODA commitments for post-2015.

In concluding remarks, Ashe noted the concern expressed by participants about the uncertainty of development prospects for both the poor and the donors. However, he welcomed the idea that diverse stakeholders can come together in the name of sustainable development to allocate the necessary resources to overcome global challenges. [Dialogue Website] [UN Press Release] [Statement of UNSG] [Statement of UNGA President (Opening)] [Statement of UNGA President (Closing)] [Meeting Summary, Day 1] [Meeting Summary, Day 2]