Organization of American States Summits of the Americas
 
Follow-up and Implementation: Mandates
 

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SUSTAINABLE ECONOMIC GROWTH: Finance Reform / Crises
MANDATES

  1. We are committed to addressing the current economic and financial crisis in order to achieve our objectives of promoting human prosperity and securing our citizens’ future. We are determined to enhance our cooperation and work together to restore global growth and achieve needed reforms in the world’s financial systems. (Declaration of Port of Spain, 2009).

  1. This reform has the following objectives, among others: to contribute to the prevention and rapid resolution of financial crises, which particularly harm developing countries in the region; to enhance financing for development; to combat poverty; and to strengthen democratic governance. We stress the need for multilateral financial institutions, in providing policy advice and financial support, to work on the basis of sound, nationally owned paths of reform that the respective countries have identified with, and which take into account the needs of the poor and measures to reduce poverty. To achieve our sustainable development objectives, we need international and multilateral institutions that are more efficient, democratic, and accountable. We call upon the international and regional financial institutions to strengthen coordination of their activities so that they can respond more effectively to the long-term development needs of the countries of the region to achieve measurable results in their efforts to eradicate poverty through more effective use of all available development financing sources. For the poorest and least creditworthy countries, we support increased multilateral development banks (MDB) funding provided as performance-based grants (Declaration of Mar del Plata, 2005).

  1. We will continue working to reform the international financial architecture with the following objectives, among others: to contribute to the prevention and rapid resolution of financial crises, which particularly harm developing countries in the region; to enhance financing for development; to combat poverty; and to strengthen democratic governance. We support the efforts of borrowing countries to work with the private sector to explore new approaches to reduce the burden of debt service during periods of economic downturns. We applaud the leadership of countries in the region in including collective action clauses in their international bond issues. We call upon the international and regional financial institutions to enhance coordination of their activities so that they can respond more effectively to the long-term development needs of the countries of the region to achieve measurable results in their efforts to eradicate poverty through more effective use of all available development financing sources (Declaration of Nuevo León, 2004).

  1. We take note with satisfaction that governments in the Hemisphere are implementing the Monterrey Consensus by exploring innovative ways to mobilize financing for private and public investment and to strengthen debt management, by considering financial instruments, such as growth-indexed bonds and others, to promote macroeconomic stability and reduce financial vulnerability. The implementation of such measures would be aimed at accelerating growth, reducing poverty, and strengthening democratic governance. We also note the efforts of governments in the region to promote discussion in this area (Declaration of Nuevo León, 2004).

 

 

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