ENB @ Financing for Development, 3rd Preparatory Committee Session

International Conference on Financing for Development

New York, USA; 15 - 19 October 2001

Friday, 19 October 2001
Delegates gathered for final day of the resumed Third PrepCom. In the morning, delegates met in Plenary for informal consultations throughout the day on the Draft Outcome's second and third sections, debating systemic issues and future efforts. In the afternoon, the PrepCom discussed organizational issues, adopted the report of the meeting and adjourned the meeting

Iran on behalf of the G77/China stated paragraph 43 does not have enough substance to ensure adequate support for development and protection of the most vulnerable countries and social groups; paragraph 44 should emphasize better coordination between BWI and the WTO; paragraph 46 should enhance national policies. He proposed changing the title of the section "improving global governance" to "improving global economic governance". He continued stating that paragraph 49 must reflect developing countries; paragraph 52 should be more direct making policymaking institutions more accountable; paragraph 53 should: encourage the IMF and the World Bank to take steps beyond ways and means toward enhancing the role of developing countries, ensure that the UN not micromanage institutions but should make recommendations. He proposes dropping bullets that note G-20, G-8, and G-15. Paragraph 54 read "global economic growth" instead of "world economic growth, social development, and environmental protection". Paragraph 55 should drop the concept of "globalization" and add "global economic system". In paragraph 57 "GPGs" is out of context. Finally, he mentioned that in paragraphs 60-63 the G77/China are open to any clear proposals noting that he supports the bullet enhancing the role of ECOSOC

Fri 19

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The EU stressed coherence, transparency and collaboration in international financial system. Coherence should be practiced also on national level. Not only better collaboration between international bodies but also between developing and developed countries. Discussions should not be limited to institutional matters. Add to section title "enhancing the coherence of the monetary and financial international system." Listen to the RealAudio

Janine Murphy, Australia, pointed out that each institution has its own mandate to fill and proposed that they do not stray from them. She emphisised the need to strike the right balance between creating partnerships between institution without overstepping their mandate, cooperating in excess or creating other institutions, etc.
	Left: Nury Bauzán, Ministry of the Exterior, Uruguay
	China support the draft text. He called for measures to stabilize currency exchange rates and a New round of Special Drawing Rights distribution. He Emphasized that the cooperation between the UN and WTO should not infringe on the UN's intergovernmental nature
Donna Forde, Barbados, on behalf of Caricom, highlighted the vulnerabilities of small islands, LDCs and landlocked countries. She emphasized that process must be even handed and take into consideration small economies and went on to point out that Para 46-48 need to reflect the impact of Sept. 11 on tourism Listen to the RealAudio
	Hazem Fahmy,Egypt, pointed to the chapter on systemic issues as the most crucial chapter. He maintained that Interdependence requires evolution in dealing with matters Financing for Development

Reinhad Munzberg, stated that the IMF has made progress towards transparency and accountability and that developing countries are participating more fully. He went on to say that the IMF has made progress in dealing with the financial crisis Listen to the RealAudio

	Frank Schroeder, Fridriech Ebert Foundation on behalf of the Systemic Issues Caucus expressed concern that decision making power is shifting from democratic to secretive institutions. He expressed support for the creation an international tax organization
Choi Seok-young, Republic of Korea, advocated a realistic approach, including wider participation, for improving existing international financial systems under systemic issues. He proposed adding language on recognizing and promoting policy coherence and consistency and bridging gaps at domestic levels; said crisis resolution adjustments and proposed steps to improve participatory decision-making and fill organizational gaps as too prescriptive and unrealistic; and supported strengthening relevant institutions Listen to the RealAudio
Right: Abderrzaq Bani Hani, Secretary General, Ministry of Planning, Jordan
	Shutao Ohmura, Japan, supported the EU on all points. He maintained that a World economic body was not a good idea and focused on the Issue of how the UN should deepen dialogue with the private sector and civil society Listen to the RealAudio
Listen to the closing remarks made by Co-Chair Shamshad Ahmad

Financing for Development website
Funding for development archives
Documentation for PrepCom lll
The report from the last PrepCom (pdf)
Joint Statement of the Co-Chairs at the conclusion of the 1st part of the 3rd session of the PrepCom
The main document to be discussed
Technical notes for consideration by the Preparatory Committee