This week, exactly 20 years ago, world leaders adopted the United Nation’s Monterrey Consensus. They committed to “Confronting the challenges of financing for development” with a global response and to creating a fully inclusive and equitable global economic system.
The Consensus included the critical recognition that in a globalizing interdependent world economy “National development efforts need to be supported by an enabling international economic environment”. This was the birth of the UN’s Financing for Development (FfD) process which now – 20 years down the line – is as important as ever.
The Covid-19 pandemic has exacerbated core problems that the Financing for Development process was created to solve, including skyrocketing inequalities both within and between countries and genders, and lack of public resources to combat poverty and finance sustainable development.
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