CER/UK Mission to the EU discussion on 'How can we make the international financial architecture deliver for sustainable development?'

Speakers:
Melinda Bohannon, Director General for Humanitarian & Development, Foreign, Commonwealth & Development Office, UK
Jestas Abuok Nyamanga, Ambassador of Tanzania to Belgium & Luxembourg & Head of Mission to the EU
Heidy Rombouts, Director-General for Development Cooperation & Humanitarian Aid, Ministry of Foreign Affairs, Foreign Trade & Development Cooperation, Belgium
Sander Tordoir, Senior Economist, Centre for European Reform
Chair: San Bilal, Senior Executive & Associate Director, ECDPM

The discussion focused on the reform of the international financial architecture for sustainable development and how we can coordinate more effectively. It explored what progress has been made since key moments such as the Bridgetown Initiative, the G20's Independent Review of MDB Capital Adequacy Frameworks and the Paris Pact. Panellists offered their insights into current debates around the cost of IMF lending, World Bank scale-up and the rechannelling of the special drawing rights (SDRs) – and explored where like-minded partners should coordinate their efforts. 

Discussions also focused on how we can collectively ensure that the International Financial System is more shock responsive and effectively delivers for the poorest and most vulnerable communities – with specific emphasis on tackling the trust deficit, implementing inclusive governance, the use of Climate Resilient Debt Clauses (CRDCs) and efforts around tackling illicit financial flows.