International Financial System and Development

A/RES/65/143No PDF available

Who created this mandate?

A Resolution of the General Assembly, under agenda item 18bInternational financial system and development, published in 2011.

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).

What subjects does this mandate have?

18 topics

Bank Supervision Bretton Woods Institutions Capital Movements Conditionality Cooperation Between Organizations Developing Countries Development Banks Economic Crisis Economic Policy Economic Reform Economic Regulation Financial Crisis Governance International Financial Institutions International Monetary System Risk Assessment Special Drawing Rights Voting

Which reports were submitted under this mandate?

1 report of the Secretary-General submitted under this mandate, 2011.

2011A/66/167International 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?

23 operative paragraphs

Takes note of the report of the Secretary-General;

Recognizes the urgent need to enhance the coherence, governance and consistency of the international monetary, financial and trading systems and the importance of ensuring their openness, fairness and inclusiveness in order to complement national development efforts to ensure sustained economic growth and the achievement of the internationally agreed development goals, including the Millennium Development Goals;

Notes the important efforts undertaken nationally, regionally and internationally to respond to the challenges posed by the financial and economic crisis, in order to ensure a full return to growth with quality jobs, to reform and strengthen financial systems and to create strong, sustainable and balanced global growth;

Reaffirms that global economic growth and a stable international financial system, inter alia, can support the capacity of developing countries to achieve their national policy objectives and 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;

Notes that the United Nations, on the basis of its universal membership and legitimacy, provides a unique and key forum for discussing international economic issues and their impact on development, and reaffirms that the United Nations is well positioned to participate in various reform processes aimed at improving and strengthening the effective functioning of the international financial system and architecture, while recognizing that the United Nations and the international financial institutions have complementary mandates which make the coordination of their actions crucial;

Recalls, in this regard, the resolve to strengthen the coordination of the United Nations system and multilateral financial, trade and development institutions so as to support economic growth, poverty eradication and sustainable development worldwide, on the basis of a clear understanding of and respect for their mandates and governance structures;

Stresses that the financial and economic crisis has highlighted the need for reform as well as added new impetus to ongoing international discussions on the reform of the international financial system and architecture, including on issues related to mandate, scope, governance, responsiveness and development orientation, as appropriate, and in this regard encourages continued open, inclusive and transparent dialogue;

Recalls that countries must have the flexibility necessary to implement countercyclical measures and to pursue tailored and targeted responses to the crisis, and calls for conditionalities to be streamlined to ensure that they are timely, tailored and targeted and that they support developing countries in the face of financial, economic and development challenges;

Notes, in this regard, the recent improvement of the lending framework of the International Monetary Fund through, inter alia, streamlined conditions and the creation of more flexible instruments, such as a flexible credit line, while also noting that new and ongoing programmes should not contain unwarranted procyclical conditionalities;

Reaffirms the need to address the often expressed concern regarding the extent of the representation of developing countries in the major standard-setting bodies, therefore welcomes, as a step in the right direction, the expansion of the membership of the Financial Stability Forum, re-established in 2009 as the Financial Stability Board, and of the Basel Committee on Banking Supervision, as well as their increased outreach to non-members, and encourages the major standard-setting bodies to further review their membership while enhancing their effectiveness, with a view to expanding the representation of developing countries as appropriate;

Recognizes the role of private capital flows in mobilizing financing for development, stresses the challenges posed by excessive short-term capital inflows to many developing countries, encourages further review of the benefits and disadvantages of macroprudential measures available to mitigate the impact of volatile capital flows, and requests the Secretary-General to take this into account in preparing his report on the implementation of the present resolution;

Notes that developing countries can seek to negotiate, as a last resort, on a case-by-case basis and through existing frameworks, agreements on temporary debt standstills between debtors and creditors in order to help to mitigate the adverse impacts of the crisis and to stabilize macroeconomic developments;

Reaffirms the need to continue to broaden and strengthen the participation of developing countries in international economic decision-making and norm-setting, takes note of recent important decisions on reform of the governance structures, quotas and voting rights of the Bretton Woods institutions, better reflecting current realities and enhancing the voice and participation of developing countries, and reaffirms the need to continue the reform of the governance of those institutions in order to deliver more effective, credible, accountable and legitimate institutions;

Calls, in this regard, for the swift implementation of the reform of the voting power of developing countries and countries with economies in transition in the World Bank, as endorsed by the Development Committee in its communiqué of 25 April 2010, and of the decision taken by the Executive Board of the International Monetary Fund on 5 November 2010 on quotas, voting shares and governance;

Notes that allocations of special drawing rights have contributed to increased global liquidity and that there are discussions on policy options to promote long-term stability and the proper functioning of the international monetary system, including the potential role of special drawing rights and the complementary role of various regional arrangements therein, and requests the Secretary-General to take this into account in preparing his report on the implementation of the present resolution;

Recognizes that effective, inclusive multilateral surveillance should be at the centre of crisis prevention efforts, and stresses the need to strengthen surveillance of economic policies of countries with major financial centres and their impact, inter alia, on international interest rates, exchange rates and capital flows, including private and public financing in developing countries;

Stresses the critical need to make regulation and supervision more effective, especially with respect to all major financial centres, instruments and actors, including systemically important financial institutions, credit-rating agencies and hedge funds, notes the efforts under way in this regard, including those of the Basel Committee on Banking Supervision and the Financial Stability Board, and stresses, while recognizing different national starting points and circumstances, the importance of global regulatory convergence, to prevent regulatory arbitrage, and the global implementation of standards;

Invites the international financial and banking institutions to enhance 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 the issue, including its potential impact on the development prospects of developing countries;

Calls upon the multilateral, regional and subregional 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, stresses that strengthened regional development banks and subregional financial institutions can add flexible financial support to national and regional development efforts, thus enhancing their ownership and overall efficiency, and in this regard welcomes recent capital increases at multilateral and regional development banks and, in addition, encourages efforts to ensure that subregional development banks are adequately funded;

Encourages enhanced regional and subregional cooperation, including through regional and subregional development banks, commercial and reserve currency arrangements and other regional and subregional initiatives;

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

Requests the Secretary-General to submit to the General Assembly at its sixty-sixth session a report on the implementation of the present resolution, to be prepared in cooperation with the Bretton Woods institutions and other relevant stakeholders;

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

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