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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 Thursday, 29 January 2014
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On its second day, the first drafting session of the outcome document of the third International Conference on Financing for Development considered domestic and international private finance; international public finance; trade; technology, capacity building and innovation; sovereign debt; and systemic issues.
On domestic and international private finance, developing countries cautioned against relying on the private sector completely, noting that the sector’s goals are not always aligned with poverty alleviation and sustainable development. Developed countries, meanwhile, emphasized a central role for private finance in the FfD3 process, calling it the principal creator of long-term jobs and promoter of sustainable development.
On international public finance, developed countries called for the discussion to include growing South-South cooperation and the role of emerging economies, and noted the need to include, not separate, climate benefits in the FfD3 discussions. Developing countries emphasized, among other things: the continued importance of ODA; the need to bring the discussion on aid effectiveness under the UN; and the additionality of climate finance. Some countries opposed re-visiting the definition of official development assistance (ODA) to include South-South cooperation.
Discussions on two items on the agenda were clumped together by the Co-Facilitators: trade; and technology, innovation and capacity building. Developing countries called for removal of trade distorting measures and greater market access; conclusion of the Doha round under the World Trade Organization; and the establishment of a technology facilitation mechanism. Developed countries viewed trade as an important element of “means of implementation” in the post-2015 framework, and urged going beyond technology transfer to include language on the role of Intellectual Property Rights, research and development, and domestic enabling environments.
During the final session for the day, sovereign debt and systemic issues were also discussed together. Developed countries called for: separating debt financing discussions under FfD3 from the UN debt restructuring discussions; debating sovereign debt under the auspices of the International Monetary Fund (IMF); sustainable lending and borrowing principles; and improved data transparency to enable citizens to hold their governments to account.
Developing countries, on the other hand, called for: the establishment of an international debt restructuring mechanism under the UN; sustained efforts towards debt management and relief, including for middle-income countries; and a greater role for the UN General Assembly (UNGA) and the Economic and Social Council (ECOSOC) in addressing systemic issues.
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| A view of the Trusteeship Council Chamber, with Henrik Starcke's sculpture symbolizing Mankind and Hope |
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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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