General Statement at the 2nd Preparatory Committee for the 4th International Conference on Financing for Development
New York, 3-6 December 2024
At the 2nd Preparatory Committee for the 4th International Conference on Financing for Development, South Centre emphasised the important opportunity FfD4 presents for developing countries to address significant shortfalls in resource mobilization necessary to implement SDGs & to reform the international financial architecture to align with Southern priorities.
South Centre Inputs to FfD4 Elements Paper – Debt Sustainability, Business and Finance, Taxation
By Yuefen Li, Danish, Abdul Muheet Chowdhary
The upcoming 4th conference on financing for development (FfD4) represents an important opportunity for developing countries to achieve a deep reform of the international financial architecture so that it meets their sustainable development needs and enhances the scale of development finance to fully realize the 2030 Agenda for Sustainable Development. Based on the inputs provided by the South Centre to the FfD4 process, this policy brief highlights some of the key messages, problem statements and policy solutions in the areas of sovereign debt, private business and finance, and international tax cooperation that should be considered by the countries of the global South in their deliberations towards achieving ambitious outcomes at FfD4.
Undue High Expectations of the G20 Common Framework: Urgent Need to Reform the International Debt Architecture
By Yuefen Li
This article stresses how international debt architecture reform requires innovative solutions beyond the G20 Common Framework, and should be addressed at the 4th International Conference on Financing for Development.
Statement by the South Centre at the 2024 Social Forum of the Human Rights Council
31 October 2024
At the Human Rights Council Social Forum, South Centre Senior Programme Officer Abdul Muheet Chowdhary presented key international tax reform inputs to the upcoming Fourth International Conference on Financing for Development (FfD4) for “The Contribution Of Financing For Development To The Advancement Of All Human Rights For All”.
STATEMENT BY DR. CARLOS CORREA, EXECUTIVE DIRECTOR OF THE SOUTH CENTRE, TO THE MINISTERS AND GOVERNORS MEETING OF THE INTERGOVERNMENTAL GROUP OF TWENTY-FOUR (G-24)
21 October 2024, Washington D.C.
The South Centre participated in the G-24 Annual Meeting of Ministers and Governors in Washington D.C. See our statement:
The complex web of challenges confronting humanity – climate change, pandemics, economic inequality, and violent conflict – demands a robust global governance system. However, the current architecture, centred on the United Nations, is widely considered inadequate. This document delves into this debate, analysing proposed reforms for the UN system in the Summit of the Future context. At the centre of the discussion is the need for an update to the UN System, particularly strengthening its effectiveness, efficiency, and democratic representation. The document recognises the need for prioritisation, focusing on reforms that tackle the “triple crisis” – climate change, inequality, and conflict – while remaining politically achievable. The document also highlights the disconnect between economic and political institutions, arguing for a more unified approach. Reform proposals encompass a wide spectrum, including institutional changes, consultative practices, decision-making rules and financing. The reforms proposed aim to empower the UN to take decisive action on pressing global issues, looking at past reform efforts, assessing the feasibility of current proposals, and prioritising those most likely to yield tangible results. This publication aims to serve as a roadmap for navigating the complexities of UN reform and providing a comprehensive overview of proposed changes towards shaping a more effective and democratic global governance system for the future.
STATEMENT BY DR. CARLOS CORREA, EXECUTIVE DIRECTOR OF THE SOUTH CENTRE, TO THE MINISTERS AND GOVERNORS MEETING OF THE INTERGOVERNMENTAL GROUP OF TWENTY-FOUR (G-24)
16 April 2024, Washington D.C.
At the G-24 Ministers and Governors meeting, South Centre highlighted the many economic challenges facing developing countries and called for the urgent reform of the international financial architecture.
STATEMENT BY DR. CARLOS CORREA, EXECUTIVE DIRECTOR OF THE SOUTH CENTRE, TO THE MINISTERS AND GOVERNORS MEETING OF THE INTERGOVERNMENTAL GROUP OF TWENTY-FOUR (G-24)
10 October 2023, Marrakesh, Morocco
To address the global polycrisis, developing countries need to come together to demand reforms in the international rules & architecture for debt, development finance, trade & tax to achieve equitable outcomes, fight climate change and meet SDGs.
The 1944 “Bretton Woods Agreement” gave birth to the new international financial system marked by the centrality of the US dollar which is a crucial pillar of the global power of the United States. Over the past eight decades, the asymmetry of the shrinking US economic weight in the world economy and growing dominant role of the dollar has become more and more glaring. The disadvantages of overreliance on the dollar have been keenly felt, especially by developing countries. The recent moves to weaponize the dollar and the payment clearance system have triggered another wave of reassessment by national states and enterprises of the role of the dollar and led to the hitherto most broad-based de-dollarization process covering from Southeast Asia to Latin America and the Middle East. De-dollarization has been incrementally taking place in different forms and led by BRICS and some commodity exporting countries. However, there are many challenges to meaningful de-dollarization. Overall, de-dollarization efforts, despite important progress, have been limited and partial. There has been progress in reducing overreliance on the dollar through foreign exchange reserve diversification and trade invoicing as evidenced by the decline in the dollar’s share of allocated foreign exchange reserves and the increase of trade invoiced and transacted in currencies other than the dollar. However, on aspects requiring the deep financial market and wide network such as foreign exchange transactions, issuance of debt and payment clearance, the dollar’s share has not suffered a decline. To reform the international financial system, the BRICS in particular should continue to take the lead in furthering the de-dollarization efforts.
The 1944 “Bretton Woods Agreement” gave birth to the new international financial system marked by the centrality of the US dollar which is a crucial pillar of the global power of the United States. Over the past eight decades, the asymmetry of the shrinking US economic weight in the world economy and growing dominant role of the dollar has become more and more glaring. The disadvantages of overreliance on the dollar have been keenly felt, especially by developing countries. The recent moves to weaponize the dollar and the payment clearance system have triggered another wave of reassessment by national states and enterprises of the role of the dollar and led to the hitherto most broad-based de-dollarization process covering from Southeast Asia to Latin America and the Middle East. De-dollarization has been incrementally taking place in different forms and led by BRICS and some commodity exporting countries. However, there are many challenges to meaningful de-dollarization. Overall, de-dollarization efforts, despite important progress, have been limited and partial. There has been progress in reducing overreliance on the dollar through foreign exchange reserve diversification and trade invoicing as evidenced by the decline in the dollar’s share of allocated foreign exchange reserves and the increase of trade invoiced and transacted in currencies other than the dollar. However, on aspects requiring the deep financial market and wide network such as foreign exchange transactions, issuance of debt and payment clearance, the dollar’s share has not suffered a decline. To reform the international financial system, the BRICS in particular should continue to take the lead in furthering the de-dollarization efforts.
South Centre Statement to the Non-Aligned Movement (NAM) Ministerial Meeting
July 5-6, 2023
Baku, Azerbaijan
The South Centre supports developing countries with policy-oriented research, advice on international negotiations and capacity building. Since its inception, the South Centre has maintained a close relationship with NAM. We are strong supporters of its principles, appreciate its achievements, and believe in the central role that NAM can play in reforming the multilateral system.
The South Centre will continue to work with NAM and its member countries to support them in their efforts to shape a fairer multilateral system that is responsive to the needs of the Global South.
STATEMENT BY DR. CARLOS CORREA, EXECUTIVE DIRECTOR OF THE SOUTH CENTRE, TO THE MINISTERS AND GOVERNORS MEETING OF THE INTERGOVERNMENTAL GROUP OF TWENTY-FOUR (G-24)
11 April 2023, Washington, D.C.
Solidarity and international cooperation is needed now more than ever to address the multiple challenges that disproportionately affect developing countries. See the South Centre’s statement to the G-24.
