Highlights

Dialogue on the reform of the international financial architecture co-organized by the United Nations System in Morocco and the Ministry of Economy and Finance

12/07/2024
Dialogue on the reform of the international financial architecture co-organized by the United Nations System in Morocco and the Ministry of Economy and Finance

Ahead of the Summit of the Future to be held on September 22 and 23, 2024, the Ministry of Economy and Finance and the United Nations System in Morocco co-organized a Policy Dialogue on the UN Secretary General's proposals for the reform of the International Financial Architecture. Leading Moroccan experts from the public and private sectors, as well as experts from international financial institutions and academia, took part in the discussions, ensuring a diversity of national, regional and international perspectives.

Opening the panel, Mr. Fouzi LEKJAA, Minister Delegate in charge of the Budget, emphasized that this dialogue on the reform of the international financial architecture comes at a crucial time, when the world is facing persistent economic and financial challenges that call for in-depth reflection and collective action. In this context, the Minister Delegate recalled that the profound changes the world has undergone over the last few decades call for an overhaul of the international financial architecture, with a view to greater adaptability to changes in the economic and financial environment, and greater representation of developing countries.



In this respect, he welcomed the reform proposals put forward by the Secretary General of the United Nations. The Minister Delegate also pointed to the need for a change of vision in the operational and organizational model of international financial institutions. The aim is to promote new approaches to financing development, based in particular on taking account of national specificities, while encouraging regional integration initiatives such as those undertaken by the Kingdom of Morocco, under the leadership of His Majesty King Mohammed VI, through the Nigeria-Morocco gas pipeline project and the Atlantic Initiative.


"If we are to successfully tackle the climate crisis and achieve the Sustainable Development Goals with a world population of 8 billion, we need stable, predictable and accessible financial resources for all countries," said German Ambassador Mr. Robert Dölger, whose country is co-facilitator with Namibia of the Future Summit. He added that although the "Future Deal" will not solve all the problems facing the multilateral system today, it will make an important contribution to improving multilateralism.


Mrs. Nathalie Fustier, Resident Coordinator of the United Nations Development System in Morocco, noted that the Summit of the Future, convened by the UN Secretary-General, offers a unique opportunity to provide multilateral solutions and secure a better future in the face of the existential challenges facing the world today, such as the climate crisis, poverty and armed conflict. She stressed the importance of reforming the governance of multilateral banks to strengthen financing for developing countries. Mrs. Fustier also praised Morocco's role as "the voice of the African continent", notably within the framework of the Group of Friends of Middle-Income Countries.

For his part, Mr. Mehdi Tazi, Vice-President of the General Confederation of Moroccan Enterprises, pointed out that the Bretton Woods institutions, which are celebrating their 80th anniversary this year with mechanisms set up with 44 members, cannot operate with today's 190 members. He added, "the axes of reform proposed by the UN Secretary General are clear and widely shared, and we need to move on to action".

Mrs. Hanan Morsy, Deputy Executive Secretary (Program) and Chief Economist at the UN Economic Commission for Africa, commented that "we are at a turning point in the reform of the international financial architecture. The High-Level African Task Force on the Global Financial Architecture has paid particular attention to securing affordable financing on a large scale, establishing fairer, more efficient and transparent debt settlement mechanisms, and amplifying Africa's voice and representation in the international financial system. We must seize the opportunities offered by the forthcoming major multilateral meetings and processes for advocacy and achievement". The UN Secretary-General's recommendations for the reform of the international financial architecture aim to facilitate developing countries' access to increased and affordable financing, the reduction of debt costs and the implementation of sustainable solutions for over-indebted countries, as well as greater representation of developing countries in international financial institutions.

The Summit of the Future, co-facilitated by Germany and Namibia, comes some 80 years after the establishment of the UN and the multilateral system. It will represent a unique opportunity to restore eroded confidence in the multilateral governance architecture, improve cooperation and fill the gaps in global governance.

The Summit will adopt a five-chapter Pact for the Future, covering sustainable development and development financing; peace and international security; science, technology, innovation and digital cooperation; youth and future generations; and the transformation of global governance. It will also adopt a Declaration on Future Generations, co-facilitated by the Netherlands and Jamaica, and a Global Digital Compact, co-facilitated by Sweden and Rwanda.

More information on the summit website: Future Summit | United Nations