The Financing for Development Office of the UN Department of Economic and Social Affairs works in full and extensive collaboration with the major stakeholders to prepare analytical reports on the follow-up process to the International Conference on Financing for Development, as mandated by the General Assembly. In addition, the IMF, World Bank and WTO participate actively in the multistakeholder workshops and consultations requested by the General Assembly (A/58/230), as part of the follow-up process to Monterrey.

These dialogues have taken place in New York and at various regional locations and have dealt with issues, such as: building an inclusive financial sector for development; sovereign debt for sustained development; public-private partnerships for improving the effectiveness of development assistance; improving the climate for private investment; and systemic issues.

The International Monetary and Financial Committee (IMFC) and the Development Committee have been particularly involved in monitoring the financing requirements of the Millennium Goals, based on the “Global Monitoring reports” prepared by the staff of the two institutions. In this same context, both committees have given attention to the Assembly’s request to follow up on the call in the Monterrey Consensus for further investigation of the potential for innovative sources of finance.

Discussion of innovative sources of financing has been on the agenda of the Development Committee at its meetings since the spring of 2003, and on that of the International Monetary and Financial Committee since its annual meetings in 2003.