The Commonwealth has planned a series of briefings to support Commonwealth UN-representatives in making informed and effective interventions at the UN preparations for the third International Conference on Financing for Development (FFD) in July 2015.
The second Commonwealth-UN FFD briefing will focus on agreeing small states FFD interventions, stemming from the summary outcomes of the Commonwealth’s Small States’ Conference, which will be held in Barbados on March 25-26, 2015. The Small States Conference will focus on topics such as domestic resource mobilisation; debt; access to external financial resources; and infrastructure financing.
Additionally, the second FFD briefing will update representatives on the work being undertaken by the UN Conference on Trade and Development (UNCTAD) towards an international debt resolution mechanism.
This work is deemed to be of high importance given the indebtedness of several Commonwealth small states and its direct relevance to achievement of MDG 8 (deal comprehensively with the debt problems of developing countries through national and international measures in order to make debt sustainable in the long term), as well as to element F (Sovereign Debt Restructuring) articulated in the UN’s FFD elements paper.
Specifically, the Commonwealth will share with representatives the key elements of the UN’s “debt workout roadmap”, planned next steps to General Assembly resolution and future implications.
The Commonwealth will also facilitate a review of the emerging FFD outcome document in an attempt to distil and assess its main messages.
The technical briefing sessions will be fundamental in helping UN representatives agree pre-session collective positions on pertinent financing for development issues, and facilitate pan-Commonwealth submissions in order to strengthen the Commonwealth voice in the FFD process.