Money, Money, Money

International Conference on Financing for Development, 2002 (Double Delegate)

the first UN-sponsored summit designed to discuss financial issues and overall global development

“Delegates now face a pivotal moment to set a precedent and international norms.”

The International Conference on Financing for Development was held in Monterrey, Mexico from March 18-22, 2002. Stemming from Resolution 54/196 of the United Nations that called for increased international cooperation in mobilizing domestic resources, increasing private international investment, strengthening official development assistance (ODA), solving debt burdens, improving the coherence of global and regional financial structures, and promoting fair representation in global decision-making, the Conference aims to bring together governments, international institutions, and civil society to establish a comprehensive framework for addressing the financial challenges of development in a globalized economy.

This serves as the first UN-sponsored summit designed to discuss financial issues and overall global development. Through the creation of the Monterrey Consensus, the Financing for Development protocol still in effect today was launched, becoming the main point of reference for cooperative international financing. The consensus focused on 6 main points: international resources, international trade, international cooperation, external debt, addressing systemic issues, and enhancing coherence and consistency.

This was the first quadripartite exchange of beliefs and views between governments, civil society, the business community, and institutional stakeholders. This conference saw unprecedented multilateral interactions between the United Nations and the World Bank, and the International Monetary Fund with the World Trade Organization.

Delegates will have the opportunity to create solutions addressing the complexities of equitable international development and facilitate dialogue in a forum that’s the first of its kind. Thus, delegates now face a pivotal moment to set a precedent and international norms, because failing to address these development discrepancies could further exacerbate diplomatic tension and delay economic independence.

 

Welcome to Monterrey, Mexico.

 6 main points: international resources, international trade, international cooperation, external debt, addressing systemic issues, and enhancing coherence and consistency.
What will you do?

Meet the Team

See you soon!