Panel discussion 1 on specific actions in the first draft of the outcome document on ‘II. F. International financial architecture and systemic issues’

Introductory remarks and moderation

H.E. Ms. Merete Fjeld Brattested, Permanent Representative of Norway to the United Nations

H.E. Mr. Chola Milambo, Permanent Representative of Zambia to the United Nations

Panelists

Ms. Debra-Lee Swanepoel, National Treasury, South Africa

Mr. William Roos, Ministry of the Economy, Finance and Industrial and Digital Sovereignty, France

Ms. Geetu Joshi, Department of Economic Affairs, Ministry of Finance of India

Discussants

Mr. Rémy Rioux, CEO, AFD and President, Finance in Common

Mr. Jose Antonio Ocampo, Professor, Columbia University

Interactive discussion (2-minute time limit)

Background and Guiding Questions

Supporting reform of the international financial architecture (IFA) – the set of international financial frameworks, rules, institutions and markets that safeguard the stability and functions of the global monetary and financial systems – is an explicit mandate of FFD4. Many such reforms have been undertaken since 2020, in response to the series of global shocks and crises. But they have not kept pace with rising needs, changes in the global geopolitical environments and new challenges in the financial system.

The first draft puts forward a set of ambitious proposals for IFA reforms, building on the Pact for the Future. It addresses global governance and contains actions to increase the voice and representation of developing countries in the governance of key institutions at the heart of the global financial safety net — such as the IMF and the World Bank. This is critical to ensuring a fair, transparent, and responsive system that adapts to country-specific needs. To improve crisis prevention, the draft contains actions for a stronger and more efficient global financial safety net, through a stronger role for special drawing rights (SDRs), improvement in IMF facilities and strengthened regional financial arrangements. A well-functioning safety net can enable countries to focus resources on long-term investments needed to achieve the SDGs, rather than on self-insurance or short-term crisis management. Adjustment to financial regulation could also unlock resources by reducing the cost of capital for developing countries, including through recalibrating the pricing of risk, and reducing the mechanistic reliance on credit ratings from private ratings agencies.

Panelists in this session are invited to pay particular attention in their interventions on strengthening the global financial safety net with the IMF at its center and prudential and financial regulation topics. They are invited to address the following questions:

• What should be the main components of a ‘new playbook on SDRs’, which would facilitate more timely decisions on issuance and rechannelling of SDRs, but without requiring changes in SDR rules and the nature and role of SDRs? How can the IMF play a more effective role in the global financial safety net? (actions 47g-j)
• How can we further advance the review of potential miscalibrations in risk-weightings within banking and financial standards? Which fora, bodies, or committees could undertake such a review? (action 49a)
• Regarding credit rating agencies, what can we learn from national experiences in regulation of credit rating agencies and how can they inform the outcome document? (actions 28m, 44a-c, 48a-c)
• How would the annual special high-level meeting under the auspices of ECOSOC for dialogue with credit rating agencies need to be designed to advance relevant actions in the outcome document and be effective and impactful? (actions 48a)

Panel discussion 3 on specific actions in the first draft of the outcome document on ‘II.G. Science, technology, innovation and capacity building’

Introductory remarks and moderation

H.E. Ms. Alicia Buenrostro Massieu, Deputy Permanent Representative of Mexico to the United Nations

H. E. Mr. Lok Bahadur Thapa, Permanent Representative of Nepal to the United Nations

Panelists

Mr. Ahmed Salman Zaki, Director, Ministry of Foreign Affairs, Maldives

Ms. Lois Bruu, Vice President, Humanitarian and Development, Mastercard

Ms. Rougui Fouta Diallo, International Trade Union Confederation

Interactive discussion (2-minute time limit)

Background and Guiding Questions

Science, technology and innovation (STI) are advancing at an unprecedented scale and pace. However, leveraging its full potential for advancing sustainable development is constrained by deepening technological gaps; inadequate digital infrastructure and digital public goods; limited national capacity; and insufficient international support. Unregulated technological advances can also have unintended economic, environmental, and social consequences, and worsen gender inequality. Coordinated national and international efforts are needed to address these challenges.

The STI chapter has three areas of actions: first, actions to realize the full potential of STI in supporting sustainable development, including through strengthening innovation, technology transfer, knowledge sharing, capacity building, financing for STI, and international cooperation; second, actions to increase investment in resilient digital public infrastructure and digital public goods and close the digital divides; and third, actions to leverage digital financial services.

Panelists in this session are invited to pay particular attention to actions on the links and impacts of artificial intelligence on fintech. They are invited to address the following questions:

• How can the ECOSOC FFD Forum and related processes best support inclusive, multi-stakeholder dialogues on the intersection of technology, including artificial intelligence, fintech, and sustainable development—particularly in ensuring no one is left behind in the digital transition? (action 54 c)
• As AI-driven financial technologies evolve rapidly across different regions , are there sector specific common values, safeguards, or benchmarks that should guide their development and use to ensure they contribute to inclusive and sustainable development outcomes – and how can such guiding frameworks best be shaped through inclusive and representative global processes? (action 54 d)