Improved coordination sought in Monterrey Consensus follow-up

• Author: Patrick Cirillo/Axel Palmason
• Position: IMF Secretary's Department/IMF UN Office
• Pages: 126-127

Page 126

On April 14, the United Nations Economic and Social Council (ECOSOC) gathered for the sixth annual high-level dialogue with the Bretton Woods institutions. The meeting, which took place in New York City, focused on improving coordination in implementing the Monterrey Consensus and on tracking progress toward achieving the UN Millennium Development Goals (MDGs).

Before heading home after the spring meetings of the IMF and the World Bank, ministers of finance and development stopped in New York City for a day-long session with ministers of foreign affairs, UN delegates, senior officials from international organizations (including the UN, the IMF, the World Bank, and the World Trade Organization (WTO)), and representatives from civil society and the private sector. This year's top issue was how to increase coherence, coordination, and cooperation between multilateral organizations in following up on commitments made at the March 2002 International Conference on Financing for Development in Monterrey,Mexico.

The other priority was identifying the actions and policies needed to help countries achieve the MDGs, with an emphasis on ensuring sound domestic policies, reducing distorting agricultural subsidies and increasing market access for developing countries, ramping up official development assistance, securing debt sustainability for heavily indebted poor countries, and enhancing the voice and vote of developing countries in international organizations.

Deputy Secretary-General Louise Fréchette, opening the meeting on behalf of the UN Secretary-General, recalled that political leaders had pledged in Monterrey to remain engaged and to use the UN as a forum for dialogue, in particular to bring together the key specialized multilateral institutions in finance, trade, and development. In a statement that resonated in many subsequent interventions, she pointed out that developing countries had long been encouraged to eliminate subsidies to improve their fiscal positions and create conditions necessary for growth but that advanced economies persisted with agricultural subsidies and tariffs that hurt developing countries' exports.

Eduardo Aninat, IMF Deputy Managing Director-representing both IMF Managing Director Horst Köhler and the Chair of the International Monetary and Financial Committee (IMFC), Gordon Brown--focused on the conclusions coming out of the April 12 IMFC...