SELA to hold Regional Dialogue on Financing for Development and Foreign Debt

Caracas, 16 June 2008 - Delegates from the 26 Member States of the Latin American and Caribbean Economic System (SELA) and representatives of subregional, regional and multilateral organizations will meet on 20 June in Caracas to participate in the “Regional Dialogue on Financing for Development and Foreign Debt ahead of the UN High-Level Meeting to review the Implementation of the Monterrey Consensus. Doha 2008”.

This meeting, which will be held in the headquarters of SELA, is aimed at analyzing key aspects related to the compliance with the commitments assumed by the international community in the area of financing for development.

It is also intended to make progress towards the regional coordination of some ideas that can lead to design innovative responses to the needs for access to external financing and external debt relief, faced by several Member States of SELA.

The event is also aimed at making some proposals to contribute to outline common positions for Latin America and the Caribbean in preparation for the UN High-Level Meeting to review the Implementation of the Monterrey Consensus (to be held by year-end, in Doha, Qatar).

The debates will also deal with some key aspects to be included in the discussions on the reform of multilateral financial institutions.

During the regional dialogue, the Permanent Secretariat of SELA will make a presentation of the background and the overall context of the UN International Conference for Follow-up to Financing for Development in charge of reviewing the Implementation of the Monterrey Consensus.

In addition, presentations on the prospects of Financing for Development will be made by representatives of multilateral and regional organizations and the United Nations (Secretariat of the Group of 24 for International Monetary and Financial Issues, UNCTAD, ECLAC and CEMLA), as well as subregional and regional groups (CAF, CARIBANK, Bank of ALBA and Bank of the South).

Some Member States of SELA will also present their views on this subject, including: Costa Rica and Nicaragua (Central America); Jamaica, Haiti and Guyana (CARICOM); Colombia and Ecuador (Andean Community); Argentina and Paraguay (MERCOSUR); and Bolivia and Cuba (ALBA).

The base document for analysis during the event is titled “The Monterrey Consensus Six Years Later and Financing for Development in Latin America and the Caribbean”, prepared by the Permanent Secretariat of SELA.
 

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