Statement by Ms.P. Narangua,
Deputy Permanent Representative of Mongolia
to the United Nations on agenda item 97 (a)
High-level international intergovernmental consideration
of financing for development
New York, 1 November 1999
At the outset, allow me to express our appreciation to the Ad Hoc Open-ended Working Group of the General Assembly for its report on Financing for Development.
My delegation wishes to associate itself with the statement
made by the distinguished Representative of Guyana on behalf of the Group
of 77 and China.
In our view, the Working Group has been successfully fulfilling its task mandated by the resolution 53/183, formulating a report containing recommendations on the scope, agenda and form of the final event to be held in the year 2001. Moreover, it has generated the ideas for further discussion.
We all agree on the primary role of domestic resources
for development and that each developing country should take responsibility
to make maximum use of domestic financial potential. But at the same
time, it is impossible for many countries to address the new challenges
presented by globalization as well as to tackle the question of development
without taking into account the international environment and external
My delegation calls upon our developed partners to honor the agreed ODA targets as well as commitments for new and additional resources.
It also reaffirms the importance of implementing the HIPC Initiative framework and welcomes the continuing progress in the implementation of the Initiative. My delegation agrees with the view, that financing of debt relief should not compromise the financing made available through other concessional windows.
My delegation is of the view that the development cooperation
should include not only assistance and debt management, but also trade,
foreign direct investment and other private flows, access to technology
and many other areas. These are all closely interlinked and complementary
issues. Besides, I would like to stress the importance of a balanced approach
linking macroeconomic and financial parameters with the human, structural
and social aspects.
The situation of LLDCs continue to require more financial
resources for their development, especially in developing transit transport
infrastructure. For these countries trade is one of the most important
instruments of growth and development. However, LLDCs spend twice more
of their export earnings for the payment of transport and insurance services
than developing countries in average. We need cost effective and efficient
transport system. As I have underlined in my previous statements, solving
the needs and problems of this group of countries would benefit not only
the LLDCs themselves, but also other countries and international trade
in general. In this regard, my delegation attaches great importance to
the draft resolution on specific actions related to the particular
needs and problems of LLDCs to be adopted at this session.
Governments and international bodies are now thinking of a new international financial architecture that can enhance the stability of global financial flows. In our view, the reform should focus on developing financial standards and codes of good practice, seeking greater cooperation in the financial sector supervision, improving emergency assistance and the role of foreign private investors and creditors as well as developing early warning systems. It also should aim to reduce uncertainty about countries and financial markets through greater transparency and more complete and quicker provision of relevant information.
We need to better co-ordinate the functions of existing
multilateral organizations, bring together the key international institutions
and national authorities involved in financial sector stability and to
cooperate on policies to reduce systemic risk. Discussions on international
financial architecture should go forward not only within the IMF and other
multilateral organizations, but also outside official circles, in academia,
among concerned NGOs and in the press.
My delegation expresses the hope that the General Assembly will take appropriate decisions to further financing for development. It is important to involve in this process all relevant international institutions and agencies, as well as the private sector and civil society.
In order to ensure success of the international event in 2001 and its effective implementation, it is also necessary to display political will of states.
In conclusion, I would like to emphasize that as the existing problems in our world will not be easily solved and new problems will appear, financing for development will be a long lasting process. Therefore, we cannot wish away by having one event and forget about it. This subject needs to be kept alive and promoted.