Addressing a UN General Assembly session here on Wednesday, over 'International Financial System and Development' visiting Member of Parliament and senior Congress leader M Krishnaswamy said that improved regulation of speculative financial flows, better exchange-rate management, preventing global imbalances and promoting policy coordination must be prioritized.
"A renewed global partnership must address systemic issues including reform of the institutions of global economic governance and the international financial architecture. We need reform of the global financial institutions to give real voice and participation to developing countries," he said.
He stressed that an early completion of the Doha development round of the World Trade Organisation and elimination of trade distorting measures including agricultural subsidies in developed countries remain equally critical.
Krishnaswamy said the ambition of the post-2015 development agenda needs to be "matched" by the ambition of the global partnership to support it.
"At present, our collective ambition to craft a transformative agenda for the Post-2015 period does not seem to be matched by our commitment for mobilizing enhanced resources and for an enabling global environment conducive for this agenda," he added.
He said in the post-2015 period, development cooperation would have to involve more than merely providing development finance to a genuine effort at creating a global system conducive to development itself.

"We must ensure an ambitious, scaled-up and comprehensive financing framework for the Post-2015 Development

Agenda based on the principles and commitments enshrined in the Monterrey Consensus and the Doha Declaration," he said.
In a separate session on Operational Activities for
Development, he underlined that for the UN development system to be successful globally it needs to be firmly rooted in its core focus area, which primarily has to be development related only.
"Poverty eradication still remains the over-riding priority for developing countries and the greatest global challenge," he said.
He noted that strengthening institutional capacity building in developing countries has to be a focus area of any operational activity for the development agenda.
"It is a strategic choice that should be made and sustained by all stakeholders. Many countries could do more if additional finance and technology were available.

Unfortunately, there is little evidence of support from the industrialised countries in these areas," he said.


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