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IISD Reporting Services (IISD RS) Coverage
IISD RS has provided daily web coverage and a summary and analysis from this session. In order to download our report, kindly click the HTML/PDF icons below. |
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First Drafting Session of the Outcome Document of the Third International Conference on Financing for Development
28-30 January 2015 | UN Headquarters, New York, US
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Highlights for Wednesday, 28 January 2014
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Following a one-day delay caused by Snowstorm Juno, the first drafting session of the outcome document of the third International Conference on Financing for Development began at UN Headquarters in New York on Wednesday, 28 January 2015. For most of the day, delegates commented on an elements paper prepared by the Financing for Development Office (FfDO). In the afternoon, a discussion on domestic resource mobilization took place.
In his opening statement, Abraham Tekeste, State Minister of Finance and Economic Development, Ethiopia, highlighted 2015 as an important year for the fight against global poverty, and shared his country’s hope that FfD3 will serve as a platform for transformative investments in sustainable development. Ambassador George Wilfred Talbot (Guyana), Co-Facilitator, then introduced the elements paper, saying it calls for concrete and transformative policies to address financing challenges; and synergies between FfD3 and the post-2015 development process, including the Sustainable Development Goals (SDGs).
In the general discussion on the elements paper, many countries supported retaining the format of the Monterrey Consensus document and adding elements such as technology, capacity and innovation. Delegates highlighted the importance of ensuring consistency, and avoiding duplication with other processes. Japan and Singapore called for a joint session on FfD and post-2015 means of implementation in April 2015, to ensure consistency between the two processes.
Many developing countries stressed that South-South cooperation was not a substitute for North-South cooperation, calling for the outcome document to re-emphasize the 0.7% ODA commitment, and improve the quantity and quality of ODA. They also called for genuine international cooperation, and increased transparency in tracking the delivery of commitments.
Developed countries, meanwhile, called on the process to take into account the evolving global landscape, the role of good governance and an enabling environment, and the importance of domestic action.
Countries noted the need to democratize and reform the global financial architecture; improve capacity for tax management and combatting corruption in developing countries; and include a strong focus on gender.
In the discussion on domestic resource mobilization, developing countries emphasized, inter alia, an enabling multilateral trade environment to foster domestic public finance; strengthening national tax administration; encouraging the development of capital markets; reforming the international financial and monetary systems; taking measures to avoid spill-over effects of global financial crises to developing countries; and establishing an international tax body. Developed countries emphasized a focus on good governance to prevent revenue leakages through tax evasion and corruption; discouraging base erosion and profit shifting; wise spending; and capacity building to strengthen domestic resource mobilization.
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| A view of the Trusteeship Council Chamber during the meeting |
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Funding for coverage of the 1st Drafting Session of the Outcome Document of the
3rd International Conference on Financing for Development (FfD3) has been provided by the European Union (EU) |
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