24 March 2015: The UN Economic Commission for Africa (UNECA) hosted a regional consultation for high-level political and Central Bank representatives, NGOs, civil society and the private sector to discuss: financing the post-2015 development agenda; Africa’s progress since the Monterrey Consensus; climate financing; international private financial flows; international public finance and sovereign debt; trade, partnerships, technology and innovation; systemic issues; and monitoring, data and follow up, among other issues. The results of the consultation will be included as part of a Common African Position for the Third International Conference on Financing for Development (FfD 3).
In opening remarks, Abraham Tekeste, State Minister of Finance and Economic Development, Ethiopia, praised Africa as the only region to come up with a common position, and remarked that “it’s possible to grow sustainably with the right financial system” in Africa. He called for the Addis Ababa Accord, the expected outcome of FfD 3, to feature global challenges, and review the mix of economic, social and environmental factors needed to meet the Sustainable Development Goals (SDGs). He also proposed to promote a global private and public financial system that incentivizes a re-allocation of a percentage of savings to global needs, and asked recipient countries to define priorities for aid and development. On the African Position, Tekeste suggested: including “concrete and measurable commitments”; incorporating specific reference and commitments related to Africa; prioritizing domestic resource mobilization; ensuring the implementation of Official Development Assistance (ODA) commitments; and urging developed countries to support developing countries in climate mitigation and adaptation.
Other participants highlighted issues related to: financing development including youth and development; the role of development banks; donations and the health system; and data accessibility. Some, including Anthony Maruping, African Union (AU), and Abdalla Hamdok, UNECA, discussed focusing on both domestic policies and the international financial environment to ensure full implementation of the SDGs, once adopted.
The UNECA Regional Consultation convened on 23-24 March 2015, in Addis Ababa, Ethiopia, ahead of the Eighth Joint Annual Meetings of the AU Specialized Technical Committee on Finance, Monetary Affairs, Economic Planning and Integration and the UNECA Conference of African Ministers of Finance, Planning and Economic Development, taking place on 25-31 March 2015.
The Latin America and Caribbean region held its FfD 3 consultation on 12-13 March, with Europe’s consultation following on 23 March. [Meeting Webpage] [UNECA-AU Press Release, 20 March] [UNECA-AU Press Release, 24 March] [Ethiopia Press Release] [UN DESA Press Release] [IISD RS Story on ECLAC Consultation] [IISD RS Story on UNECE Consultation] [Elements Paper for Consultation]