‘Covid Response & Private Sector: Incentives, Regulations or Systemic Reforms?’
12 April 2021, Monday, 8:00 am – 9:30 am NY-time
‘What next on Financing for Development (FfD)? Reflections and mapping a way forward
15 April, Thursday, 7:30 am – 8:45 am NY-time
Chatham House Rule Discussion
The side event attended by several member states and civil society organisations was under Chatham House rule. Below is a brief overview of the discussions:
- The scope of the necessary systemic reforms requires a more articulated policy convergence process than the FfD Forum outcome negotiations can currently provide. Informal processes may help, but many pointed out to their limitations. There was discussion of mechanisms that could be used, at either ECOSOC or UNGA levels, to advance the agenda beyond the FfD Forum and build the necessary convergence on key urgent reforms. Preparatory process of the upcoming LDC5 conference was also noted as a key space to advance these issues.
- Concerns were shared on the lack of progress so far on FfD issues, the challenging political context of the negotiations as well as the limitations of the virtual negotiation mode to multilateralism. It was noted that this lack of progress will come to haunt the global community in the coming years and civil society has a lot of work ahead.
- A big question for next steps remains on how to build consensus on the urgent need for a Fourth FfD Conference that could give rise to a Monterrey Consensus 2.0. There was discussion that it would be important to agree on a date so conversations can begin on building political momentum on critical FfD issues in different regions. The date can be postponed if the situation is not conducive by then for in-person negotiations.
- There was agreement that these conversations need to continue through the year and not just in the context of the FfD Forum.