Eighth Retreat of the Group of Friends of Monterrey on Financing for Development

Eighth Retreat of the Group of Friends of Monterrey on Financing for Development

• The international community emphasized its commitment to the global agenda for sustainable financing. Key leaders from multilateral institutions and civil society and more than 50 countries participated in the meeting.
• The main topics addressed included: advancing gender equality, debt sustainability and the role of the multilateral development banks in the global financial system, with a focus on the need for collaboration and coordination.
• This meeting laid the groundwork for the fourth International Conference on Financing for Development, to be held in 2025. Mexico will host the preparatory conference next February.

The eighth retreat of the Group of Friends of Monterrey on financing for development concluded today after three days of intense discussions, marking a significant step forward in the global agenda for sustainable financing.

The meeting was organized by the governments of Germany, Mexico and Switzerland, and was important for charting a course in the lead up to the fourth International Conference on Financing for Development, which will take place in 2025.

The inaugural segment included the participation of UN Under-Secretary-General for Economic and Social Affairs, Li Junhua; Martina Metz, Federal Ministry for Economic Cooperation and Development of Germany; Nicole Ruder, Swiss Agency for Development and Cooperation; María del Carmen Bonilla Rodríguez, Mexican Finance Ministry; and the Undersecretary for Multilateral Affairs and Human Rights at the Foreign Ministry, Joel Hernández García.

The segment included a video message from Foreign Secretary Alicia Bárcena Ibarra, who emphasized the meeting's importance as a testament to the international community's commitment to advancing the principles of the spirit of Monterrey. She also underscored the urgency of reforming the global financial architecture, especially in the lead up to the fourth International Conference on Financing for Development. She urged collaboration to address pressing issues such as debt sustainability, climate change mitigation and gender disparities.

This year, the retreat included a new segment to prepare the groundwork for the next conference. Underscoring Mexico's commitment to the spirit of Monterrey, Foreign Secretary Bárcena said that Mexico would play a key role in the upcoming process and announced that our country would host a preparatory conference in February 2025, as part of its commitment to ensuring the success of the fourth International Conference on Financing for Development.

In line with a feminist foreign policy, a significant part of the agenda explored the intersection between gender and development financing. Under the theme "Pathways to Gender Equality: Redefining Economic Systems and Policy Frameworks," participants engaged in insightful discussions aimed at eliminating barriers and empowering women and girls around the world.

Key issues such as debt sustainability and the role of multilateral development banks in the global financial system were addressed, with an emphasis on the importance of collaboration and coordination in addressing complex economic challenges.

The final report will be presented to the co-facilitators of the ECOSOC FfD 2024 Forum, South Africa and Spain, as a contribution to future discussions and initiatives in the field of financing for development.

At the closing ceremony, Undersecretary Joel Hernández highlighted the retreat's importance as a prelude to the fourth International Conference on Financing for Development, and the importance of continuing to collaborate and cooperate to advance the principles of the Monterrey Consensus. He thanked the participants for their dedication and contributions.

He invited the participants to the upcoming conferences that will be organized by the governments of Ethiopia and Spain, and he underscored Mexico's commitment to encouraging a more collaborative dialogue on financing for development.

The eighth Retreat of the Group of Friends of Monterrey reaffirmed the collective commitment of the international community to advance sustainable development and prosperity for all people, to achieve a more inclusive and equitable future.