International Financial System and Development

A/RES/62/185No PDF available

Who created this mandate?

A Resolution of the General Assembly, under agenda item 52bInternational financial system and development, published in 2008.

What other versions does this mandate have?

24 versions · 2003–2025

This is an older version — the most recent is A/RES/80/122

2025A/RES/80/122International financial system and developmentLatestCompare with previous version
2024A/RES/79/196International financial system and developmentCompare with previous version
2023A/RES/78/136International financial system and developmentCompare with previous version
2022A/RES/77/152International financial system and developmentCompare with previous version
2022A/RES/76/192International financial system and developmentCompare with previous version

Versions are identified automatically by matching titles within the same organ (~97% accuracy on a manual audit).

Which reports were submitted under this mandate?

1 report of the Secretary-General submitted under this mandate, 2008.

2008A/63/96The international financial system and development report of the Secretary-General

Identified automatically from the metadata in each report’s UN Digital Library catalogue record.

What does this mandate say?

26 operative paragraphs

Takes note of the report of the Secretary-General;

Notes that global economic growth and a stable international financial system, inter alia, can support the ability of developing countries to achieve the internationally agreed development goals, including the Millennium Development Goals, and stresses the importance of cooperative and coordinated efforts by all countries and institutions to cope with the risks of financial instability;

Emphasizes that economic growth should be further strengthened and sustained, noting that global economic growth depends on national economic growth and that the implementation of sound macroeconomic policies at all levels could significantly contribute to a revitalization of economic growth;

Stresses the importance of the United Nations playing a fundamental role in the promotion of international cooperation for development and in discussing international economic and development policies;

Notes the holding of the annual meeting of the International Monetary Fund, in October 2007, stresses the importance of early agreement on a credible and time-bound package of quota and voice reforms in the Fund, reiterates the need to effectively address the issue of enhancing the voice and participation of developing countries in the Bretton Woods institutions, encourages the Bretton Woods institutions to take further and effective measures, and invites the World Bank and the Fund to continue to provide information on this issue, using existing cooperation forums, including those involving Member States;

Reiterates its invitation to the World Bank, the International Monetary Fund, the regional development banks and other relevant institutions to further integrate development dimensions into their strategies and policies, consistent with their respective mandates, and to fully implement the principles stated in those strategies and policies, in particular the objectives of pro-poor growth and poverty reduction;

Notes that developing countries as a whole continue to experience a net outflow of financial resources, and reiterates its request to the Secretary-General, in continuing collaboration with international financial institutions and other relevant bodies, to analyse the range of reasons and consequences for this in his report under this item;

Also notes that some developing countries have net inflows of financial resources, and reiterates its request to the Secretary-General, in continuing collaboration with international financial institutions and other relevant bodies, to analyse the range of reasons and consequences for this in his report under this item;

Takes note of the efforts of central banks, regulatory bodies and financial institutions to mitigate the global economic impacts of financial volatility resulting from adjustable-rate mortgage losses and related imbalances in developed economies, and encourages those bodies to further continue such efforts;

Underlines the importance of promoting international financial stability and sustainable growth, and welcomes the efforts undertaken to this end by the International Monetary Fund and the Financial Stability Forum, as well as the consideration by the International Monetary and Financial Committee of ways to sharpen tools designed to promote international financial stability and enhance crisis prevention, inter alia, through an even-handed implementation of surveillance, including at the regional level, and a sharpening of surveillance of capital markets and systemically and regionally important countries, with a view, inter alia, to the early identification of problems and risks, integrating debt sustainability analysis, the fostering of appropriate policy responses, the possible provision of financing and other instruments designed to prevent the emergence or spread of financial crises and further improvements in the transparency of macroeconomic data and statistical information on international capital flows;

Also underlines the importance of efforts at the national level to increase resilience to financial risk, stresses in this regard the importance of better assessment of a country’s debt burden and its ability to service that debt in both crisis prevention and resolution, and welcomes the ongoing work of the International Monetary Fund in assessing debt sustainability;

Recognizes the need for multilateral surveillance to remain at the centre of crisis prevention efforts and that surveillance should focus not only on crisis-prone countries but also on the stability of the system as a whole;

Reiterates that measures to mitigate the impact of excessive volatility of short-term capital flows and to improve transparency of and information about financial flows are important and must be considered;

Notes the impact of financial crises or risk contagion in developing countries and countries with economies in transition, regardless of their size, and in this regard welcomes the efforts of the international financial institutions, in their support to countries, to continuously adapt their array of financial facilities and resources, drawing on a full range of policies, taking into account the effects of economic cycles, as and where appropriate, having due regard to sound fiscal management and the specific circumstances of each case, so as to prevent and respond to such crises in a timely and appropriate way;

Underlines the importance of competitive and inclusive private and public financial markets in mobilizing and allocating savings towards productive investment and thus making a vital contribution to national development efforts and to an international financial architecture that is supportive of development;

Encourages regional cooperation, including through the private sector and public-private partnerships, to intermediate between savings and demand for long-term investment in developing countries, including the development, where appropriate, of regional bond markets;

Welcomes the launching of initiatives, including South-South initiatives and triangular cooperation, to support and accelerate the sustained social and economic development of developing countries;

Invites the international financial and banking institutions to consider enhancing the transparency of risk-rating mechanisms, noting that sovereign risk assessments made by the private sector should maximize the use of strict, objective and transparent parameters, which can be facilitated by high-quality data and analysis, and encourages relevant development institutions, including the United Nations Conference on Trade and Development, to continue their work on this issue, including its potential impact on the development prospects of developing countries;

Stresses the importance of strong domestic institutions in promoting business activities and financial stability for the achievement of growth and development, inter alia, through sound macroeconomic policies and policies aimed at strengthening the regulatory systems of the corporate, financial and banking sectors, and also stresses that international cooperation initiatives in those areas should encourage flows of capital to developing countries;

Emphasizes that it is essential to ensure the effective and equitable participation of developing countries in the formulation of financial standards and codes, underlines the need to ensure their implementation, on a voluntary and progressive basis, as a contribution to reducing vulnerability to financial crisis and contagion, and notes that more than one hundred countries have participated in or agreed to participate in the joint World Bank-International Monetary Fund financial sector assessment programme; and encourages countries that are not yet participating in the programme to consider doing so;

Notes the proposal to use special drawing rights allocations for development purposes, and considers that any assessment of special drawing rights allocations must respect the Articles of Agreement of the International Monetary Fund and the established rules of procedure of the Fund, which requires taking into account the global need for liquidity at the international level;

Invites the multilateral and regional development banks and development funds to continue to play a vital role in serving the development needs of developing countries and countries with economies in transition, including through coordinated action, as appropriate, and stresses that strengthened regional development banks and subregional financial institutions add flexible financial support to national and regional development efforts, thus enhancing their ownership and overall efficiency, and are an essential source of knowledge and expertise for their developing-country members;

Calls for the continued effort of the multilateral financial institutions, in providing policy advice, technical assistance and financial support to member countries, to work on the basis of nationally owned reform and development strategies, to pay due regard to the special needs and implementing capacities of developing countries and countries with economies in transition and to minimize the negative impacts of the adjustment programmes on the vulnerable segments of society, while taking into account the importance of gender-sensitive employment and hunger and poverty eradication policies and strategies;

Stresses the need to continuously improve standards of corporate and public sector governance, including accounting, auditing and measures to ensure transparency, noting the disruptive effects of inadequate policies;

Requests the Secretary-General to submit a report to the General Assembly at its sixty-third session on the implementation of the present resolution;

Decides to include in the provisional agenda of its sixty-third session, under the item entitled “Macroeconomic policy questions”, the sub-item entitled “International financial system and development”.

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International Financial System and Development

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