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Ocampo asks to reform the international financial system

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Ocampo asks to reform the international financial system

In his speech at the 2023 Financing for Development Forum, in New York, the Minister of Finance, José Antonio Ocampo, said that, in order to move in the right direction, Colombia considers that it is essential to move decisively in the reform of the International Financial System.

“The reform must guarantee a fairer and more equitable participation of developing countries in the global governance of the International Financial Institutions, as well as recapitalize the Multilateral Development Banks so that they provide effective support to low- and middle-income countries”, Ocampo maintained.

The official pointed out that “it is critical that multilateral banks and the private sector align their portfolios and investments with the commitments agreed at a global level to accelerate the decarbonization of the economy, the energy transition and the protection of nature, in line with the Agreement of Paris and the Kunming-Montreal Global Framework for Biodiversity”.

He also stated that, andIn the case of the IMF, it is necessary to approve the XVI General Review of Quotas and to carry out a new issue of special drawing rights. We must continue the debate on precautionary instruments, in particular to substantially improve the short-term liquidity line so that it serves as a real alternative to the flexible credit line.

In the same way, it is necessary to advance in the establishment of measures beyond the Gross Domestic Product to measure progress and to inform the access of developing countries to financing. The United Nations must initiate an intergovernmental process to agree on measures that reflect the multidimensionality of sustainable development and transform the paradigm of development cooperation.

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He indicated that Colombia welcomes the resolution adopted by the General Assembly and is prepared to advance constructively in the negotiation of a global framework or instrument on this matter. The OECD inclusive framework should cooperate with the United Nations and enhance the impact of its mechanisms on developing countries.

He also added that “it is urgent to agree on immediate measures to address the debt crisis faced by developing countries. We must go beyond the G20 Common Framework, which has not efficiently responded to the most vulnerable countries, and excludes the needs of middle-income countries.”

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