DUSHANBE, December 1, 2008, Asia-Plus – Warning of the consequences of the current financial turmoil on other key global challenges, Secretary-General Ban Ki-moon on November 29 called for bold and effective efforts to ensure that today”s emergency does not become tomorrow”s human crisis with particularly devastating effects on the world”s poorest.
“We gather at a fateful moment,” Mr. Ban told participants at the opening of a United Nations conference on development financing taking place in the Qatari capital, Doha.
The four-day meeting is a follow-up to the International Conference on Financing for Development that took place in 2002 in Monterrey, Mexico, which resulted in the adoption of a landmark partnership agreement by developed and developing countries focusing on issues such as domestic resource mobilization, foreign direct investment (FDI), trade, ODA and debt relief.
In addition to assessing progress on the Monterrey Consensus, as the agreement is known, participants at the conference, which include representatives of government, business and civil society, will focus on ensuring there is sufficient financing to meet key development goals amid mounting concern about the impact of the current global economic slowdown on poor nations.
Mr. Ban noted that the global financial crisis has brought “an abrupt end to a long era of global growth,” and compounds other major threats such as climate change, food insecurity and extreme poverty. “Without exaggeration, we can say that the well-being of our people and the health of our societies – even the future of our planet – depend on what we do today and in the weeks to come,” he stressed.
While no nation has been spared, he emphasized that it is the poorest countries that will bear the brunt of the economic slowdown.
“If not handled correctly, today”s financial crisis will become tomorrow”s human crisis. Social unrest and political instability will grow, exacerbating all other problems. The danger, ultimately, is a cascading series of crises, each building on the other, with potentially devastating consequences for all,” he warned.
In responding to the financial crisis, Mr. Ban stressed the need for well coordinated efforts that include the entire community of nations and are based on the three pillars of cooperation, sustainability, and inclusive governance.
The Secretary-General also highlighted the need to continue fighting climate change as part of the solution to the current economic downturn. He said it is also crucial to step up debt relief efforts, which could free up a tremendous amount of resources for development, as well as to explore new and innovative ways to mobilize local resources.
Meanwhile, at an event focusing on development financing and gender, the Secretary-General stressed the moral imperative to empower women and promote gender equality, noting that doing so is one of the most powerful tools for fighting poverty and realizing the MDGs.
Also addressing the opening of the conference, General Assembly President Miguel D””Escoto highlighted the need to assist those most affected by the current financial crisis. He noted that many of the pledges made six years ago remain unfulfilled, particularly regarding trade and ODA. “There is no doubt that the international community has been dragging its feet with regard to compliance with the commitments assumed at Monterrey,” he said.
