International Conference on Financing for Development

The Monterrey Consensus was the outcome of the 2002 Monterrey Conference, the United Nations International Conference on Financing for Development. in Monterrey, Mexico. It was adopted by Heads of State and Government on 22 March 2002. Over fifty Heads of State and two hundred Ministers of Finance, Foreign Affairs, Development and Trade participated in the event. Governments were joined by the Heads of the United Nations, the International Monetary Fund (IMF), the World Bank and the World Trade Organization (WTO), prominent business and civil society leaders and other stakeholders. New development aid commitments from the United States and the European Union and other countries were made at the conference. Countries also reached agreements on other issues, including debt relief, fighting corruption, and policy coherence.

Since its adoption the Monterrey Consensus has become the major reference point for international development cooperation. The document embraces six areas of Financing for Development:

Some critics suggest that the US has ignored the Monterrey Consensus because the amount of US official development assistance (0.18% of its gross domestic product in 2008), is still well below the 0.7% target, which it endorsed in the Consensus. It is much lower than some other developed countries, especially those in Northern Europe. The United Kingdom, for example, reached its target of giving at least 0.7% of GNI in official aid in 2014.

The Monterrey Consensus was updated at Doha, Qatar in 2008, and again at Addis Adaba in 2015.

The Follow-up International Conference on Financing for Development to Review the Implementation of the Monterrey Consensus (Doha,Qatar, 28 November - 2 December 2008) was attended by some 40 Heads of State or Government, 9 Deputy Heads of State or Government, 50 ministers and 17 vice-ministers of foreign affairs, finance, development cooperation and trade, as well as other high-level officials of 170 States and major institutional stakeholders.

Doha Declaration

Following intense intergovernmental negotiations, the Conference concluded with the adoption of the Doha Declaration on Financing for Development (http://www.un.org/esa/ffd/doha/documents/Doha_Declaration_FFD.pdf). The two key messages included in the document were a strong commitment by developed countries to maintain their Official Development Assistance (ODA) targets irrespective of the current financial crisis, and a decision to hold a UN Conference at the highest level on the impact of the current financial and economic crisis on development.

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