2002: Discussions on the Financing for Development agenda begin

The Monterrey Conference on Financing for Development marked the beginning of discussions on the Financing for Development agenda.

• The Monterrey Consensus was adopted at this first international conference on Financing for Development. It was the first United Nations hosted summit-level meeting to address key financial and related issues on global development.
• The Conference and its preparatory process saw unprecedented cooperation between the United Nations and the World Bank (WB), the International Monetary Fund (IMF) and the World Trade Organization (WTO) as part of efforts to promote greater coherence and consistency among the international monetary, trade and financial systems and institutions.
• Monterrey also marked the first time that financing for development debates took place between governments, representatives of civil society and the business sector. These actors moved the discussion beyond a ‘technical’ focus, to look at how to mobilize and channel financial resources to fulfill the internationally agreed development goals of previous UN conferences and summits of the 1990s, including the Millennium Development Goals (MDGs).
• The Women’s Caucus noted the historical significance of the conference stating that it had the potential to address structural challenges that continue to hamper development but also raised concern over the effects of increased militarisation and fundamentalism on women, despite the fact that the Monterrey Consensus assumed that the global economic and financial system worked for all.
• Learn more about the six Monterrey themes and the conference follow up mechanisms: Gender Issues and Concerns in Financing for Development by Maria Floro, Nilufer Çagatay, John Willoughby and Korkut Ertürk (INSTRAW, 2004)