In March, 2002, under the auspices of the United Nations, governments of the world met in Monterrey, Mexico, to look at an extensive and far-reaching set of issues entailed in financing for development. These included the role of domestic resource mobilization, private and foreign direct investment, aid and innovative sources of finance, external debt, trade and systemic Financing for Development issues in promoting sustainable development. Monterrey emerged out of a financial crisis in Asia and Latin America in the 1990s. But it was also guided by a perceived crisis in development: the need to examine the shortfall in resources required for countries to achieve the Millennium Development Goals (MDGs). It entailed an ongoing multi-stakeholder process involving a range of multilateral institutions, governments, civil society organizations (CSOs) and the private sector. In November 2008, in Doha, Qatar, the United Nations evaluated progress on the "Monterrey consensus", and at the time identified the need for a conference on the "World Financial and Economic Crisis and its Impact on Development".
We work to:
support the ongoing "financing for development" process and its review;
press for the implementation of innovative mechanisms for financing development, including the adoption of a tax on currency transactions;
promote measures to reduce tax evasion and illicit capital flight;
encourage the development of a new form of special drawing rights that can be used according to need for development purposes;
press for the development of a new global reserve system that encourages greater global financial stability than the current system as constituted.