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Addis Ababa Action Agenda
of the Third International Conference on
Financing for Development
(Addis Ababa Action Agenda)
The final text of the outcome document adopted at
the Third Internatinal Conference on Financing for Development
(Addis Ababa, Ethiopia, 13–16 July 2015) and endorsed by the
General Assembly in its resolution 69/313 of 27 July 2015.
asdfUnited Nations
New York, 2015
For more information, please contact:
United Nations Department of Economic and Social Affairs
Financing for Development Office
E-mail: ffdoffice@un.org
Website: www.un.org/esa/ffd
iii
Addis Ababa Action Agenda
of the Third International Conference on
Financing for Development
Contents
Chapter		 Paragraphs	 Page
	 I.	 A global framework for financing
		 development post-2015 . . . . . . . . . . . . . . . . . . . . . . . . .  1–19 1
	 II.	 Action areas . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20–124 10
A.	 Domestic public resources . . . . . . . . . . . . . . . . 20–3410
B.	 Domestic and international private
business and finance . . . . . . . . . . . . . . . . . . . . . 35–4917
C.	 International development cooperation . . . . . 50–7826
D.	 International trade as an engine
for development . . . . . . . . . . . . . . . . . . . . . . . . . 79–9237
E.	 Debt and debt sustainability  . . . . . . . . . . . . .  93–10243
F.	 Addressing systemic issues . . . . . . . . . . . . . .  103–11346
G.	 Science, technology, innovation
and capacity-building . . . . . . . . . . . . . . . . . . 114–124 51
	III.	 Data, monitoring and follow-up . . . . . . . . . . . . . . 125–134 58
1
I.	 A global framework for financing
development post-2015
1.	 We, the Heads of State and Government and High Representatives,
gathered in Addis Ababa from 13 to 16 July 2015, affirm our
strong political commitment to address the challenge of financing
and creating an enabling environment at all levels for sustainable
development in the spirit of global partnership and solidarity.
We reaffirm and build on the 2002 Monterrey Consensus and the
2008 Doha Declaration. Our goal is to end poverty and hunger,
and to achieve sustainable development in its three dimensions
through promoting inclusive economic growth, protecting the
environment, and promoting social inclusion. We commit to
respecting all human rights, including the right to development.
We will ensure gender equality and women’s and girls’ empowerment.
We will promote peaceful and inclusive societies and
advance fully towards an equitable global economic system in
which no country or person is left behind, enabling decent work
and productive livelihoods for all, while preserving the planet for
our children and future generations.
2.	 In September 2015, the United Nations will host a summit to
adopt an ambitious and transformative post-2015 development
agenda, including sustainable development goals. This agenda
must be underpinned by equally ambitious and credible means
of implementation. We have come together to establish a holistic
and forward-looking framework and to commit to concrete
actions to deliver on the promise of that agenda. Our task is
threefold: to follow-up on commitments and assess the progress
made in the implementation of the Monterrey Consensus and
the Doha Declaration; to further strengthen the framework to
finance sustainable development and the means of implementation
for the universal post-2015 development agenda; and
to reinvigorate and strengthen the financing for development
2
follow-up process to ensure that the actions to which we commit
are implemented and reviewed in an appropriate, inclusive,
timely and transparent manner.
3.	 We recognize that since the adoption of the Monterrey Consensus
the world has made significant overall progress. Globally, economic
activity and financing flows have increased substantially.
We have made great progress in mobilizing financial and technical
resources for development from an increased number of
actors. Advances in science, technology and innovation have
enhanced the potential to achieve our development goals. Many
countries, including developing countries, have implemented
policy frameworks that have contributed to increased mobilization
of domestic resources and higher levels of economic growth
and social progress. Developing countries’ share in world trade
has increased and, while debt burdens remain, they have been
reduced in many poor countries. These advances have contributed
to a substantial reduction in the number of people living in
extreme poverty and to notable progress towards the achievement
of the Millennium Development Goals.
4.	 Despite these gains, many countries, particularly developing
countries, still face considerable challenges, and some have
fallen further behind. Inequalities within many countries
have increased dramatically. Women, representing half of the
world’s population, as well as indigenous peoples and the vulnerable,
continue to be excluded from participating fully in
the economy. While the Monterrey agenda has not yet been
fully implemented, new challenges have arisen, and enormous
unmet needs remain for the achievement of sustainable development.
The 2008 world financial and economic crisis exposed
risks and vulnerabilities in the international financial and economic
system. Global growth rates are now below pre-crisis
levels. Shocks from financial and economic crises, conflict,
natural disasters and disease outbreaks spread rapidly in our
highly interconnected world. Environmental degradation, climate
change, and other environmental risks threaten to undermine
past successes and future prospects. We need to ensure
that our development efforts enhance resilience in the face of
these threats.
3
5.	 Solutions can be found, including through strengthening public
policies, regulatory frameworks and finance at all levels, unlocking
the transformative potential of people and the private sector,
and incentivizing changes in financing as well as consumption
and production patterns to support sustainable development. We
recognize that appropriate incentives, strengthening national
and international policy environments and regulatory frameworks
and their coherence, harnessing the potential of science,
technology and innovation, closing technology gaps and scaling
up capacity-building at all levels are essential for the shift
towards sustainable development and poverty eradication. We
reaffirm the importance of freedom, human rights, and national
sovereignty, good governance, rule of law, peace and security,
combating corruption at all levels and in all its forms, and effective,
accountable and inclusive democratic institutions at the
subnational, national and international levels as central to enabling
the effective, efficient and transparent mobilization and
use of resources. We also reaffirm all the principles of the Rio
Declaration on Environment and Development.
6.	 We reaffirm that achieving gender equality, empowering all
women and girls, and the full realization of their human rights
are essential to achieving sustained, inclusive and equitable
economic growth and sustainable development. We reiterate
the need for gender mainstreaming, including targeted actions
and investments in the formulation and implementation of all
financial, economic, environmental and social policies. We
recommit to adopting and strengthening sound policies and
enforceable legislation and transformative actions for the promotion
of gender equality and women’s and girls’ empowerment
at all levels, to ensure women’s equal rights, access and
opportunities for participation and leadership in the economy
and to eliminate gender-based violence and discrimination in
all its forms.
7.	 We recognize that investing in children and youth is critical
to achieving inclusive, equitable and sustainable development
for present and future generations, and we recognize the need
to support countries that face particular challenges to make
the requisite investments in this area. We reaffirm the vital
4
importance of promoting and protecting the rights of all children,
and ensuring that no child is left behind.
8.	 We recognize the importance of addressing the diverse needs
and challenges faced by countries in special situations, in particular
African countries, least developed countries, landlocked
developing countries and small island developing States, as well
as the specific challenges facing middle-income countries. We
reaffirm that least developed countries, as the most vulnerable
group of countries, need enhanced global support to overcome
the structural challenges they face for the achievement of the
post-2015 development agenda and the sustainable development
goals. We reaffirm the need to address the special challenges
and needs of landlocked developing countries in structurally
transforming their economies, harnessing benefits from international
trade, and developing efficient transport and transit
systems. We further reaffirm that small island developing States
remain a special case for sustainable development in view of
their small size, remoteness, narrow resource and export base,
and exposure to global environmental challenges. We also reaffirm
the need to achieve a positive socioeconomic transformation
in Africa, and the need to address the diverse and specific
development needs of middle-income countries, including
combating poverty in all of its forms. In this regard, we support
the implementation of relevant strategies and programmes of
action, including the Istanbul Declaration and Programme of
Action, the SIDS Accelerated Modalities of Action (SAMOA)
Pathway and the Vienna Programme of Action for Landlocked
Developing Countries for the Decade 2014-2024, and reaffirm
the importance of supporting the new development framework,
“the African Union’s Agenda 2063”, as well as its 10-year Plan of
Action, as a strategic framework for ensuring a positive socioeconomic
transformation in Africa within the next 50 years
and its continental programme embedded in the resolutions
of the General Assembly on the New Partnership for Africa’s
Development (NEPAD). Countries in conflict and post-conflict
situations also need special attention. We recognize the development
challenge posed by conflict, which not only impedes
but can reverse decades of development gains. We recognize
the peacebuilding financing gap and the importance of the
5
Peacebuilding Fund. We take note of the principles set out in
the New Deal by the Group of Seven Plus, countries that are, or
have been, affected by conflict.
9.	 Cohesive nationally owned sustainable development strategies,
supported by integrated national financing frameworks, will
be at the heart of our efforts. We reiterate that each country
has primary responsibility for its own economic and social
development and that the role of national policies and development
strategies cannot be overemphasized. We will respect
each country’s policy space and leadership to implement policies
for poverty eradication and sustainable development, while
remaining consistent with relevant international rules and
commitments. At the same time, national development efforts
need to be supported by an enabling international economic
environment, including coherent and mutually supporting
world trade, monetary and financial systems, and strengthened
and enhanced global economic governance. Processes to
develop and facilitate the availability of appropriate knowledge
and technologies globally, as well as capacity-building, are also
critical. We commit to pursuing policy coherence and an enabling
environment for sustainable development at all levels and
by all actors, and to reinvigorating the global partnership for
sustainable development.
10.	 The enhanced and revitalized global partnership for sustainable
development, led by Governments, will be a vehicle for
strengthening international cooperation for implementation of
the post-2015 development agenda. Multi-stakeholder partnerships
and the resources, knowledge and ingenuity of the private
sector, civil society, the scientific community, academia,
philanthropy and foundations, parliaments, local authorities,
volunteers and other stakeholders will be important to mobilize
and share knowledge, expertise, technology and financial
resources, complement the efforts of Governments, and support
the achievement of the sustainable development goals, in
particular in developing countries. This global partnership
should reflect the fact that the post-2015 development agenda,
including the sustainable development goals, is global in nature
and universally applicable to all countries while taking into
6
account different national realities, capacities, needs and levels
of development and respecting national policies and priorities.
We will work with all partners to ensure a sustainable, equitable,
inclusive, peaceful and prosperous future for all. We will all
be held accountable by future generations for the success and
delivery of commitments we make today.
11.	 Achieving an ambitious post-2015 development agenda, including
all the sustainable development goals, will require an
equally ambitious, comprehensive, holistic and transformative
approach with respect to the means of implementation, combining
different means of implementation and integrating the
economic, social and environmental dimensions of sustainable
development. This should be underpinned by effective, accountable
and inclusive institutions, sound policies and good governance
at all levels. We will identify actions and address critical
gaps relevant to the post-2015 development agenda, including
the sustainable development goals, with an aim to harness their
considerable synergies, so that implementation of one will contribute
to the progress of others. We have therefore identified a
range of cross-cutting areas that build on these synergies.
12.	 Delivering social protection and essential public services for
all. To end poverty in all its forms everywhere and finish the
unfinished business of the Millennium Development Goals, we
commit to a new social compact. In this effort, we will provide
fiscally sustainable and nationally appropriate social protection
systems and measures for all, including floors, with a focus on
those furthest below the poverty line and the vulnerable, persons
with disabilities, indigenous persons, children, youth and
older persons. We also encourage countries to consider setting
nationally appropriate spending targets for quality investments
in essential public services for all, including health, education,
energy, water and sanitation, consistent with national sustainable
development strategies. We will make every effort to meet
the needs of all communities through delivering high-quality
services that make effective use of resources. We commit to
strong international support for these efforts, and will explore
coherent funding modalities to mobilize additional resources,
building on country-led experiences.
7
13.	 Scaling up efforts to end hunger and malnutrition. It is unacceptable
that close to 800 million people are chronically undernourished
and do not have access to sufficient, safe and nutritious food.
With the majority of the poor living in rural areas, we emphasize
the need to revitalize the agricultural sector, promote rural
development, and ensure food security, notably in developing
countries, in a sustainable manner, which will lead to rich payoffs
across the sustainable development goals. We will support sustainable
agriculture, including forestry, fisheries and pastoralism.
We will also take action to fight malnutrition and hunger among
the urban poor. Recognizing the enormous investment needs in
these areas, we encourage increased public and private investments.
In this regard, we recognize the Committee on World
Food Security’s voluntary Principles for Responsible Investment
in Agriculture and Food Systems and the Voluntary Guidelines
on the Responsible Governance of Tenure of Land, Fisheries and
Forests. We recognize the efforts of the International Fund for
Agricultural Development in mobilizing investment to enable
rural people living in poverty to improve their food security and
nutrition, raise their incomes, and strengthen their resilience.
We value the work of the Food and Agriculture Organization
of the United Nations (FAO) the World Food Programme, and
the World Bank and other multilateral development banks. We
also recognize the complementary role of social safety nets in
ensuring food security and nutrition. In this regard, we welcome
the Rome Declaration on Nutrition and the Framework for
Action, which can provide policy options and strategies aimed
at ensuring food security and nutrition for all. We also commit
to increasing public investment, which plays a strategic role in
financing research, infrastructure and pro-poor initiatives. We
will strengthen our efforts to enhance food security and nutrition
and focus our efforts on smallholders and women farmers, as
well as on agricultural cooperatives and farmers’ networks. We
call on relevant agencies to further coordinate and collaborate
in this regard, in accordance with their respective mandates.
These efforts must be supported by improving access to markets,
enabling domestic and international environments, and
strengthened collaboration across the many initiatives in this
area, including regional initiatives, such as the Comprehensive
8
Africa Agriculture Development Programme. We will also work
to significantly reduce post-harvest food loss and waste.
14.	 Establishing a new forum to bridge the infrastructure gap.
Investing in sustainable and resilient infrastructure, including
transport, energy, water and sanitation for all, is a pre-requisite
for achieving many of our goals. To bridge the global infrastructure
gap, including the $1 trillion to $1.5 trillion annual
gap in developing countries, we will facilitate development of
sustainable, accessible and resilient quality infrastructure in
developing countries through enhanced financial and technical
support. We welcome the launch of new infrastructure
initiatives aimed at bridging these gaps, including the Asian
Infrastructure Investment Bank, the Global Infrastructure Hub,
the New Development Bank, the Asia Pacific Project Preparation
Facility, the World Bank Group’s Global Infrastructure Facility
and the Africa50 Infrastructure Fund, as well as the increase in
the capital of the InterAmerican Investment Corporation. As a
key pillar to meet the sustainable development goals, we call for
the establishment of a global infrastructure forum building on
existing multilateral collaboration mechanisms, led by the multilateral
development banks. This forum will meet periodically to
improve alignment and coordination among established and new
infrastructure initiatives, multilateral and national development
banks, United Nations agencies, and national institutions, development
partners and the private sector. It will encourage a greater
range of voices to be heard, particularly from developing countries,
to identify and address infrastructure and capacity gaps in
particular in least developed countries, landlocked developing
countries, small island developing States and African countries.
It will highlight opportunities for investment and cooperation,
and work to ensure that investments are environmentally,
socially and economically sustainable.
15.	 Promoting inclusive and sustainable industrialization. We
stress the critical importance of industrial development for
developing countries, as a critical source of economic growth,
economic diversification, and value addition. We will invest in
promoting inclusive and sustainable industrial development to
effectively address major challenges such as growth and jobs,
9
resources and energy efficiency, pollution and climate change,
knowledge-sharing, innovation and social inclusion. In this
regard, we welcome relevant cooperation within the United
Nations system, including the United Nations Industrial
Development Organization (UNIDO), to advance the linkages
between infrastructure development, inclusive and sustainable
industrialization and innovation.
16.	 Generating full and productive employment and decent work
for all and promoting micro, small and medium-sized enterprises.
To enable all people to benefit from growth, we will
include full and productive employment and decent work for
all as a central objective in our national development strategies.
We will encourage the full and equal participation of women
and men, including persons with disabilities, in the formal
labour market. We note that micro, small and medium-sized
enterprises, which create the vast majority of jobs in many
countries, often lack access to finance. Working with private
actors and development banks, we commit to promoting appropriate,
affordable and stable access to credit to micro, small and
medium-sized enterprises, as well as adequate skills development
training for all, particularly for youth and entrepreneurs.
We will promote national youth strategies as a key instrument
for meeting the needs and aspirations of young people. We
also commit to developing and operationalizing, by 2020, a
global strategy for youth employment and implementing the
International Labour Organization (ILO) Global Jobs Pact.
17.	 Protecting our ecosystems for all. All of our actions need to
be underpinned by our strong commitment to protect and preserve
our planet and natural resources, our biodiversity and
our climate. We commit to coherent policy, financing, trade
and technology frameworks to protect, manage and restore
our ecosystems, including marine and terrestrial ecosystems,
and to promote their sustainable use, build resilience, reduce
pollution and combat climate change, desertification and land
degradation. We recognize the importance of avoiding harmful
activities. Governments, businesses and households will all
need to change behaviours, with a view to ensuring sustainable
consumption and production patterns. We will promote
10
corporate sustainability, including reporting on environmental,
social and governance impacts, to help to ensure transparency
and accountability. Public and private investments in innovations
and clean technologies will be needed, while keeping in
mind that new technologies will not substitute for efforts to
reduce waste or efficiently use natural resources.
18.	 Promoting peaceful and inclusive societies. We underline the
need to promote peaceful and inclusive societies for achieving
sustainable development, and to build effective, accountable
and inclusive institutions at all levels. Good governance, rule of
law, human rights, fundamental freedoms, equal access to fair
justice systems, and measures to combat corruption and curb
illicit financial flows will be integral to our efforts.
19.	 The post-2015 development agenda, including the sustainable
development goals, can be met within the framework of a revitalized
global partnership for sustainable development, supported
by the concrete policies and actions as outlined in the
present Action Agenda.
II.	 Action areas
A.	 Domestic public resources
20.	 For all countries, public policies and the mobilization and effective
use of domestic resources, underscored by the principle
of national ownership, are central to our common pursuit of
sustainable development, including achieving the sustainable
development goals. Building on the considerable achievements
in many countries since Monterrey, we remain committed to
further strengthening the mobilization and effective use of
domestic resources. We recognize that domestic resources are
first and foremost generated by economic growth, supported by
an enabling environment at all levels. Sound social, environmental
and economic policies, including countercyclical fiscal
policies, adequate fiscal space, good governance at all levels,
and democratic and transparent institutions responsive to the
needs of the people are necessary to achieve our goals. We will
11
strengthen our domestic enabling environments, including the
rule of law, and combat corruption at all levels and in all its
forms. Civil society, independent media, and other non-State
actors also play important roles.
21.	 Evidence shows that gender equality, women’s empowerment
and women’s full and equal participation and leadership in the
economy are vital to achieve sustainable development and significantly
enhance economic growth and productivity. We commit
to promoting social inclusion in our domestic policies. We will
promote and enforce non-discriminatory laws, social infrastructure
and policies for sustainable development, as well as enable
women’s full and equal participation in the economy, and their
equal access to decision-making processes and leadership.
22.	 We recognize that significant additional domestic public
resources, supplemented by international assistance as appropriate,
will be critical to realizing sustainable development and
achieving the sustainable development goals. We commit to
enhancing revenue administration through modernized, progressive
tax systems, improved tax policy and more efficient tax
collection. We will work to improve the fairness, transparency,
efficiency and effectiveness of our tax systems, including by
broadening the tax base and continuing efforts to integrate the
informal sector into the formal economy in line with country
circumstances. In this regard, we will strengthen international
cooperation to support efforts to build capacity in developing
countries, including through enhanced official development
assistance (ODA). We welcome efforts by countries to set
nationally defined domestic targets and timelines for enhancing
domestic revenue as part of their national sustainable development
strategies, and will support developing countries in need
in reaching these targets.
23.	 We will redouble efforts to substantially reduce illicit financial
flows by 2030, with a view to eventually eliminating them,
including by combating tax evasion and corruption through
strengthened national regulation and increased international
cooperation. We will also reduce opportunities for tax avoidance,
and consider inserting anti-abuse clauses in all tax
12
treaties. We will enhance disclosure practices and transparency
in both source and destination countries, including by seeking
to ensure transparency in all financial transactions between
Governments and companies to relevant tax authorities. We
will make sure that all companies, including multinationals, pay
taxes to the Governments of countries where economic activity
occurs and value is created, in accordance with national and
international laws and policies.
24.	 We note the report of the High-level Panel on Illicit Financial
Flows from Africa. We invite other regions to carry out similar
exercises. To help combat illicit flows, we invite the International
Monetary Fund (IMF), the World Bank and the United Nations
to assist both source and destination countries. We also invite
appropriate international institutions and regional organizations
to publish estimates of the volume and composition of
illicit financial flows. We will identify, assess and act on moneylaundering
risks, including through effective implementation of
the Financial Action Task Force standards on anti-money-laundering/counter-terrorism
financing. At the same time, we will
encourage information-sharing among financial institutions
to mitigate the potential impact of the anti-money-laundering
and combating the financing of terrorism standard on reducing
access to financial services.
25.	 We urge all countries that have not yet done so to ratify and
accede to the United Nations Convention against Corruption
and encourage parties to review its implementation. We
commit to making the Convention an effective instrument
to deter, detect, prevent and counter corruption and bribery,
prosecute those involved in corrupt activities, and recover and
return stolen assets to their country of origin. We encourage
the international community to develop good practices on asset
return. We support the Stolen Asset Recovery Initiative of the
United Nations and the World Bank, and other international
initiatives that support the recovery of stolen assets. We further
urge that regional conventions against corruption be updated
and ratified. We will strive to eliminate safe havens that create
incentives for transfer abroad of stolen assets and illicit financial
flows. We will work to strengthen regulatory frameworks at
13
all levels to further increase transparency and accountability of
financial institutions and the corporate sector, as well as public
administrations. We will strengthen international cooperation
and national institutions to combat money-laundering and
financing of terrorism.
26.	 Countries relying significantly on natural resource exports face
particular challenges. We encourage investment in value addition
and processing of natural resources and productive diversification,
and commit to addressing excessive tax incentives related
to these investments, particularly in extractive industries. We
reaffirm that every State has and shall freely exercise full permanent
sovereignty over all its wealth, natural resources and
economic activity. We underline the importance of corporate
transparency and accountability of all companies, notably in
the extractive industries. We encourage countries to implement
measures to ensure transparency, and take note of voluntary initiatives
such as the Extractive Industries Transparency Initiative.
We will continue to share best practices and promote peer learning
and capacity-building for contract negotiations for fair and
transparent concession, revenue and royalty agreements, and for
monitoring the implementation of contracts.
27.	 We commit to scaling up international tax cooperation. We
encourage countries, in accordance with their national capacities
and circumstances, to work together to strengthen transparency
and adopt appropriate policies, including multinational enterprises
reporting country-by-country to tax authorities where they
operate; access to beneficial ownership information for competent
authorities; and progressively advancing towards automatic
exchange of tax information among tax authorities as appropriate,
with assistance to developing countries, especially the least
developed, as needed. Tax incentives can be an appropriate policy
tool. However, to end harmful tax practices, countries can engage
in voluntary discussions on tax incentives in regional and international
forums.
28.	 We stress that efforts in international tax cooperation should
be universal in approach and scope and should fully take into
account the different needs and capacities of all countries, in
14
particular least developed countries, landlocked developing
countries, small island developing States and African countries.
We welcome the participation of developing countries or
their regional networks in this work, and call for more inclusiveness
to ensure that these efforts benefit all countries. We
welcome ongoing efforts, including the work of the Global
Forum on Transparency and Exchange of Information for Tax
Purposes, and take into account the work of the Organization
for Economic Cooperation and Development (OECD) for the
Group of 20 on base erosion and profit shifting. We support
strengthening of regional networks of tax administrators. We
take note of ongoing efforts, such as those of IMF, including
on capacity-building, and the OECD “Tax Inspectors without
Borders” initiative. We recognize the need for technical assistance
through multilateral, regional, bilateral and South-South
cooperation, based on different needs of countries.
29.	 We emphasize the importance of inclusive cooperation and dialogue
among national tax authorities on international tax matters.
In this regard, we welcome the work of the Committee of
Experts on International Cooperation in Tax Matters, including
its subcommittees. We have decided that we will work to further
enhance its resources in order to strengthen its effectiveness
and operational capacity. To that end, we will increase the
frequency of its meetings to two sessions per year, with a duration
of four working days each. We will increase the engagement
of the Committee with the Economic and Social Council
through the Special Meeting on International Cooperation
on Tax Matters, with a view to enhancing intergovernmental
consideration of tax issues. Members of the Committee will
continue to report directly to the Economic and Social Council.
We continue to urge Member States to support the Committee
and its subsidiary bodies through the voluntary trust fund, to
enable the Committee to fulfil its mandate, including supporting
the increased participation of developing country experts
at subcommittee meetings. The Committee members shall be
nominated by Governments and acting in their expert capacity,
who are to be drawn from the fields of tax policy and tax
administration and who are to be selected to reflect an adequate
15
equitable geographical distribution, representing different tax
systems. The members shall be appointed by the SecretaryGeneral,
in consultation with Member States.
30.	 We will strengthen national control mechanisms, such as
supreme audit institutions, along with other independent
oversight institutions, as appropriate. We will increase transparency
and equal participation in the budgeting process, and
promote gender responsive budgeting and tracking. We will
establish transparent public procurement frameworks as a strategic
tool to reinforce sustainable development. We take note
of the work of the Open Government Partnership, which promotes
the transparency, accountability and responsiveness of
Governments to their citizens, with the goal of improving the
quality of governance and government services.
31.	 We reaffirm the commitment to rationalize inefficient fossil-fuel
subsidies that encourage wasteful consumption by
removing market distortions, in accordance with national circumstances,
including by restructuring taxation and phasing
out those harmful subsidies, where they exist, to reflect their
environmental impacts, taking fully into account the specific
needs and conditions of developing countries and minimizing
the possible adverse impacts on their development in a manner
that protects the poor and the affected communities.
32.	 We note the enormous burden that non-communicable diseases
place on developed and developing countries. These costs
are particularly challenging for small island developing States.
We recognize, in particular, that, as part of a comprehensive
strategy of prevention and control, price and tax measures on
tobacco can be an effective and important means to reduce
tobacco consumption and health-care costs, and represent a revenue
stream for financing for development in many countries.
33.	 We note the role that well-functioning national and regional
development banks can play in financing sustainable development,
particularly in credit market segments in which commercial
banks are not fully engaged and where large financing
gaps exist, based on sound lending frameworks and compliance
16
with appropriate social and environmental safeguards. This
includes areas such as sustainable infrastructure, energy, agriculture,
industrialization, science, technology and innovation,
as well as financial inclusion and financing of micro, small and
medium-sized enterprises. We acknowledge that national and
regional development banks also play a valuable countercyclical
role, especially during financial crises when private sector
entities become highly risk-averse. We call on national and
regional development banks to expand their contributions in
these areas, and further urge relevant international public and
private actors to support such banks in developing countries.
34.	 We further acknowledge that expenditures and investments in
sustainable development are being devolved to the subnational
level, which often lacks adequate technical and technological
capacity, financing and support. We therefore commit to scaling
up international cooperation to strengthen capacities of
municipalities and other local authorities. We will support
cities and local authorities of developing countries, particularly
in least developed countries and small island developing
States, in implementing resilient and environmentally sound
infrastructure, including energy, transport, water and sanitation,
and sustainable and resilient buildings using local materials.
We will strive to support local governments in their efforts
to mobilize revenues as appropriate. We will enhance inclusive
and sustainable urbanization and strengthen economic, social
and environmental links between urban, peri-urban and rural
areas by strengthening national and regional development
planning, within the context of national sustainable development
strategies. We will work to strengthen debt management,
and where appropriate to establish or strengthen municipal
bond markets, to help subnational authorities to finance necessary
investments. We will also promote lending from financial
institutions and development banks, along with risk mitigation
mechanisms, such as the Multilateral Investment Guarantee
Agency, while managing currency risk. In these efforts, we will
encourage the participation of local communities in decisions
affecting their communities, such as in improving drinking
water and sanitation management. By 2020, we will increase
17
the number of cities and human settlements adopting and
implementing integrated policies and plans towards inclusion,
resource efficiency, mitigation and adaptation to climate
change, and resilience to disasters. We will develop and implement
holistic disaster risk management at all levels in line with
the Sendai Framework. In this regard, we will support national
and local capacity for prevention, adaptation and mitigation of
external shocks and risk management.
B.	 Domestic and international private business
and finance
35.	 Private business activity, investment and innovation are major
drivers of productivity, inclusive economic growth and job
creation. We acknowledge the diversity of the private sector,
ranging from micro-enterprises to cooperatives to multinationals.
We call on all businesses to apply their creativity and
innovation to solving sustainable development challenges. We
invite them to engage as partners in the development process,
to invest in areas critical to sustainable development, and to
shift to more sustainable consumption and production patterns.
We welcome the significant growth in domestic private activity
and international investment since Monterrey. Private international
capital flows, particularly foreign direct investment,
along with a stable international financial system, are vital
complements to national development efforts. Nonetheless, we
note that there are investment gaps in key sectors for sustainable
development. Foreign direct investment is concentrated in
a few sectors in many developing countries and often bypasses
countries most in need, and international capital flows are often
short-term oriented.
36.	 We will develop policies and, where appropriate, strengthen
regulatory frameworks to better align private sector incentives
with public goals, including incentivizing the private sector
to adopt sustainable practices, and foster long-term quality
investment. Public policy is needed to create the enabling environment
at all levels and a regulatory framework necessary to
encourage entrepreneurship and a vibrant domestic business
18
sector. Monterrey tasked us to build transparent, stable and
predictable investment climates, with proper contract enforcement
and respect for property rights, embedded in sound macroeconomic
policies and institutions. Many countries have
made great strides in this area. We will continue to promote
and create enabling domestic and international conditions for
inclusive and sustainable private sector investment, with transparent
and stable rules and standards and free and fair competition,
conducive to achieving national development policies.
37.	 We will foster a dynamic and well-functioning business sector,
while protecting labour rights and environmental and health
standards in accordance with relevant international standards
and agreements, such as the Guiding Principles on Business
and Human Rights and the labour standards of ILO, the
Convention on the Rights of the Child and key multilateral
environmental agreements, for parties to those agreements. We
welcome the growing number of businesses that embrace a core
business model that takes account of the environmental, social
and governance impacts of their activities, and urge all others
to do so. We encourage impact investing, which combines
a return on investment with non-financial impacts. We will
promote sustainable corporate practices, including integrating
environmental, social and governance factors into company
reporting as appropriate, with countries deciding on the appropriate
balance of voluntary and mandatory rules. We encourage
businesses to adopt principles for responsible business and
investing, and we support the work of the Global Compact in
this regard. We will work towards harmonizing the various initiatives
on sustainable business and financing, identifying gaps,
including in relation to gender equality, and strengthening the
mechanisms and incentives for compliance.
38.	 We acknowledge the importance of robust risk-based regulatory
frameworks for all financial intermediation, from microfinance
to international banking. We acknowledge that some
risk-mitigating measures could potentially have unintended
consequences, such as making it more difficult for micro, small
and medium-sized enterprises to access financial services. We
19
will work to ensure that our policy and regulatory environment
supports financial market stability and promotes financial
inclusion in a balanced manner, and with appropriate consumer
protection. We will endeavour to design policies, including
capital market regulations where appropriate, that promote
incentives along the investment chain that are aligned with
long-term performance and sustainability indicators, and that
reduce excess volatility.
39.	 Many people, especially women, still lack access to financial
services, as well as financial literacy, which is a key for social
inclusion. We will work towards full and equal access to formal
financial services for all. We will adopt or review our financial
inclusion strategies, in consultation with relevant stakeholders,
and will consider including financial inclusion as a policy objective
in financial regulation, in accordance with national priorities
and legislation. We will encourage our commercial banking
systems to serve all, including those who currently face barriers
to access financial services and information. We will also support
microfinance institutions, development banks, agricultural
banks, mobile network operators, agent networks, cooperatives,
postal banks and savings banks as appropriate. We encourage the
use of innovative tools, including mobile banking, payment platforms
and digitalized payments. We will expand peer learning
and experience-sharing among countries and regions, including
through the Alliance for Financial Inclusion and regional organizations.
We commit to strengthening capacity development for
developing countries, including through the United Nations
development system, and encourage mutual cooperation and
collaboration between financial inclusion initiatives.
40.	 We recognize the positive contribution of migrants for inclusive
growth and sustainable development in countries of origin, and
transit and destination countries. Remittances from migrant
workers, half of whom are women, are typically wages transferred
to families, primarily to meet part of the needs of the
recipient households. They cannot be equated to other international
financial flows, such as foreign direct investment, ODA
or other public sources of financing for development. We will
20
work to ensure that adequate and affordable financial services
are available to migrants and their families in both home and
host countries. We will work towards reducing the average
transaction cost of migrant remittances by 2030 to less than 3
per cent of the amount transferred. We are particularly concerned
with the cost of remittances in certain low volume and
high cost corridors. We will work to ensure that no remittance
corridor requires charges higher than 5 per cent by 2030, mindful
of the need to maintain adequate service coverage, especially
for those most in need. We will support national authorities to
address the most significant obstacles to the continued flow of
remittances, such as the trend of banks withdrawing services,
to work towards access to remittance transfer services across
borders. We will increase coordination among national regulatory
authorities to remove obstacles to non-bank remittance
service providers accessing payment system infrastructure,
and promote conditions for cheaper, faster and safer transfer of
remittances in both source and recipient countries, including
by promoting competitive and transparent market conditions.
We will exploit new technologies, promote financial literacy
and inclusion, and improve data collection.
41.	 We are committed to women’s and girls’ equal rights and
opportunities in political and economic decision-making and
resource allocation and to removing any barriers that prevent
women from being full participants in the economy. We resolve
to undertake legislation and administrative reforms to give
women equal rights with men to economic resources, including
access to ownership and control over land and other forms of
property, credit, inheritance, natural resources and appropriate
new technology. We further encourage the private sector
to contribute to advancing gender equality through striving
to ensure women’s full and productive employment and
decent work, equal pay for equal work or work of equal value,
and equal opportunities, as well as protecting them against
discrimination and abuse in the workplace. We support the
Women’s Empowerment Principles established by UN-Women
and the Global Compact and encourage increased investments
in female-owned companies or businesses.
21
42.	 We welcome the rapid growth of philanthropic giving and
the significant financial and non-financial contribution philanthropists
have made towards achieving our common goals.
We recognize philanthropic donors’ flexibility and capacity
for innovation and taking risks, and their ability to leverage
additional funds through multi-stakeholder partnerships. We
encourage others to join those who already contribute. We
welcome efforts to increase cooperation between philanthropic
actors, Governments and other development stakeholders. We
call for increased transparency and accountability in philanthropy.
We encourage philanthropic donors to give due consideration
to local circumstances and align with national policies
and priorities. We also encourage philanthropic donors to consider
managing their endowments through impact investment,
which considers both profit and non-financial impacts in its
investment criteria.
43.	 We recognize that micro, small and medium-sized enterprises,
particularly those that are women-owned, often have difficulty
in obtaining financing. To encourage increased lending to
micro, small and medium-sized enterprises, financial regulations
can permit the use of collateral substitutes, create appropriate
exceptions to capital requirements, reduce entry and exit
costs to encourage competition and allow microfinance institutions
to mobilize savings by receiving deposits. We will work
to strengthen the capacity of financial institutions to undertake
cost-effective credit evaluation, including through public
training programmes, and through establishing credit bureaux
where appropriate. National development banks, credit unions,
and other domestic financial institutions can play a vital role
in providing access to financial services. We encourage both
international and domestic development banks to promote
finance for micro, small and medium-sized enterprises, including
in industrial transformation, through the creation of credit
lines targeting those enterprises, as well as technical assistance.
We welcome the work of the International Finance Corporation
and other initiatives in this area, and encourage increased
capacity-building and knowledge-sharing at the regional and
global levels. We also recognize the potential of new investment
22
vehicles, such as development-oriented venture capital funds,
potentially with public partners, blended finance, risk mitigation
instruments, and innovative debt funding structures with
appropriate risk management and regulatory frameworks. We
will also enhance capacity-building in these areas.
44.	 To meet longer-term financing needs, we will work towards
developing domestic capital markets, particularly long-term
bond and insurance markets where appropriate, including
crop insurance on non-distortive terms. We will also work to
strengthen supervision, clearing, settlement and risk management.
We underline that regional markets are an effective way
to achieve scale and depth not attainable when individual markets
are small. We welcome the increase in lending in domestic
currencies by multilateral development banks, and encourage
further growth in this area. We encourage development banks
to make use of all risk management tools, including through
diversification. We recognize that the nature of international
portfolio investment has evolved over the past 15 years, and that
foreign investors now play a significant role in some developing
countries’ capital markets, and the importance of managing
volatility associated with these. We will enhance international
support in developing domestic capital markets in developing
countries, in particular in least developed countries, landlocked
developing countries and small island developing States.
We will work to strengthen capacity-building in this area,
including through regional, interregional and global forums
for knowledge-sharing, technical assistance and data-sharing.
45.	 We recognize the important contribution that direct investment,
including foreign direct investment, can make to sustainable
development, particularly when projects are aligned
with national and regional sustainable development strategies.
Government policies can strengthen positive spillovers from
foreign direct investment, such as know-how and technology,
including through establishing linkages with domestic suppliers,
as well as encouraging the integration of local enterprises,
in particular micro, small and medium-sized enterprises in
developing countries, into regional and global value chains. We
23
will encourage investment promotion and other relevant agencies
to focus on project preparation. We will prioritize projects
with the greatest potential for promoting full and productive
employment and decent work for all, sustainable patterns
of production and consumption, structural transformation
and sustainable industrialization, productive diversification
and agriculture. Internationally, we will support these efforts
through financial and technical support and capacity-building,
and closer collaboration between home and host country agencies.
We will consider the use of insurance, investment guarantees,
including through the Multilateral Investment Guarantee
Agency, and new financial instruments to incentivize foreign
direct investment to developing countries, particularly least
developed countries, landlocked developing countries, small
island developing States and countries in conflict and postconflict
situations.
46.	 We note with concern that many least developed countries
continue to be largely sidelined by foreign direct investment
that could help to diversify their economies, despite improvements
in their investment climates. We resolve to adopt and
implement investment promotion regimes for least developed
countries. We will also offer financial and technical support for
project preparation and contract negotiation, advisory support
in investment-related dispute resolution, access to information
on investment facilities and risk insurance and guarantees such
as through the Multilateral Investment Guarantee Agency, as
requested by the least developed countries. We also note that
small island developing States face challenges accessing international
credit as a result of the structural characteristics of
their economies. Least developed countries will continue to
improve their enabling environments. We will also strengthen
our efforts to address financing gaps and low levels of direct
investment faced by landlocked developing countries, small
island developing States, many middle-income countries, and
countries in conflict and post-conflict situations. We encourage
the use of innovative mechanisms and partnerships to
encourage greater international private financial participation
in these economies.
24
47.	 We acknowledge that impediments to private investment
in infrastructure exist on both the supply and demand side.
Insufficient investment is due in part to inadequate infrastructure
plans and an insufficient number of well-prepared investable
projects, along with private sector incentive structures that
are not necessarily appropriate for investing in many long-term
projects, and risk perceptions of investors. To address these
constraints, we will imbed resilient and quality infrastructure
investment plans in our national sustainable development strategies,
while also strengthening our domestic enabling environments.
Internationally, we will provide technical support for
countries to translate plans into concrete project pipelines, as
well as for individual implementable projects, including for
feasibility studies, negotiation of complex contracts, and project
management. In this regard, we take note of the African
Union’s Programme for Infrastructure Development in Africa.
We note with concern the decline in infrastructure lending
from commercial banks. We call on standard-setting bodies
to identify adjustments that could encourage long-term investments
within a framework of prudent risk-taking and robust
risk control. We encourage long-term institutional investors,
such as pension funds and sovereign wealth funds, which
manage large pools of capital, to allocate a greater percentage
to infrastructure, particularly in developing countries. In this
regard, we encourage investors to take measures to incentivize
greater long-term investment such as reviews of compensation
structures and performance criteria.
48.	 We recognize that both public and private investment have key
roles to play in infrastructure financing, including through
development banks, development finance institutions and tools
and mechanisms such as public-private partnerships, blended
finance, which combines concessional public finance with
non-concessional private finance and expertise from the public
and private sector, special-purpose vehicles, non-recourse
project financing, risk mitigation instruments and pooled
funding structures. Blended finance instruments including
public-private partnerships serve to lower investment-specific
risks and incentivize additional private sector finance across key
25
development sectors led by regional, national and subnational
government policies and priorities for sustainable development.
For harnessing the potential of blended finance instruments for
sustainable development, careful consideration should be given
to the appropriate structure and use of blended finance instruments.
Projects involving blended finance, including publicprivate
partnerships, should share risks and reward fairly,
include clear accountability mechanisms and meet social and
environmental standards. We will therefore build capacity to
enter into public-private partnerships, including with regard to
planning, contract negotiation, management, accounting and
budgeting for contingent liabilities. We also commit to holding
inclusive, open and transparent discussion when developing
and adopting guidelines and documentation for the use of
public-private partnerships, and to build a knowledge base and
share lessons learned through regional and global forums.
49.	 We will promote both public and private investment in energy
infrastructure and clean energy technologies including carbon
capture and storage technologies. We will substantially increase
the share of renewable energy and double the global rate of
energy efficiency and conservation, with the aim of ensuring
universal access to affordable, reliable modern and sustainable
energy services for all by 2030. We will enhance international
cooperation to provide adequate support and facilitate access
to clean energy research and technology, expand infrastructure
and upgrade technology for supplying modern and sustainable
energy services to all developing countries, in particular least
developed countries and small island developing States. We
welcome the Secretary-General’s Sustainable Energy for All initiative
as a useful framework, including its regional hubs, and
the development of action agendas and investment prospectuses
at country level, where appropriate. We call for action on
its recommendations, with a combined potential to raise over
$100 billion in annual investments by 2020, through marketbased
initiatives, partnerships and leveraging development banks.
We recognize the special vulnerabilities and needs of small island
developing States, least developed countries and landlocked
developing countries, and welcome Power Africa, the NEPAD
26
Africa Power Vision and the Global Renewable Energy Islands
Network of the International Renewable Energy Agency (IRENA).
C.	 International development cooperation
50.	 International public finance plays an important role in complementing
the efforts of countries to mobilize public resources
domestically, especially in the poorest and most vulnerable
countries with limited domestic resources. Our ambitious
agenda puts significant demands on public budgets and capacities,
which requires scaled-up and more effective international
support, including both concessional and non-concessional
financing. We welcome the increase of all forms of international
public finance since Monterrey and are determined to
step up our respective efforts in support of the post-2015 development
agenda. We recognize that we share common goals
and common ambitions to strengthen international development
cooperation and maximize its effectiveness, transparency,
impact and results. In this regard, we welcome the progress
achieved in elaborating the principles that apply to our respective
efforts to increase the impact of our cooperation. We will
continue to strengthen our dialogue to enhance our common
understanding and improve knowledge-sharing.
51.	 We welcome the increase in volume of ODA since Monterrey.
Nonetheless, we express our concern that many countries
still fall short of their ODA commitments and we reiterate
that the fulfilment of all ODA commitments remains crucial.
ODA providers reaffirm their respective ODA commitments,
including the commitment by many developed countries
to achieve the target of 0.7 per cent of ODA/GNI and 0.15 to
0.20 per cent of ODA/GNI to least developed countries. We
are encouraged by those few countries that have met or surpassed
their commitment to 0.7 per cent of ODA/GNI and the
target of 0.15 to 0.20 per cent of ODA/GNI to least developed
countries. We urge all others to step up efforts to increase
their ODA and to make additional concrete efforts towards
the ODA targets. We welcome the decision by the European
Union which reaffirms its collective commitment to achieve the
27
0.7 per cent of ODA/GNI target within the time frame of the
post-2015 agenda, and undertakes to meet collectively the
target of 0.15 to 0.20 per cent of ODA/GNI to least developed
countries in the short term, and to reach 0.20 per cent of ODA/
GNI to least developed countries within the time frame of the
post-2015 agenda. We encourage ODA providers to consider
setting a target to provide at least 0.20 per cent of ODA/GNI to
least developed countries.
52.	 We recognize the importance of focusing the most concessional
resources on those with the greatest needs and least ability to
mobilize other resources. In this regard we note with great concern
the decline in the share of ODA to least developed countries
and commit to reversing this decline. We are encouraged by
those who are allocating at least 50 per cent of their ODA to least
developed countries.
53.	 We stress the importance of mobilizing greater domestic support
towards the fulfilment of ODA commitments, including through
raising public awareness, and providing data on aid effectiveness
and demonstrating tangible results. We encourage partner
countries to build on progress achieved in ensuring that ODA is
used effectively to help to achieve development goals and targets.
We encourage the publication of forward-looking plans which
increase clarity, predictability and transparency of future development
cooperation, in accordance with national budget allocation
processes. We urge countries to track and report resource
allocations for gender equality and women’s empowerment.
54.	 An important use of international public finance, including
ODA, is to catalyse additional resource mobilization from other
sources, public and private. It can support improved tax collection
and help to strengthen domestic enabling environments
and build essential public services. It can also be used to unlock
additional finance through blended or pooled financing and
risk mitigation, notably for infrastructure and other investments
that support private sector development.
55.	 We will hold open, inclusive and transparent discussions on the
modernization of the ODA measurement and on the proposed
28
measure of “total official support for sustainable development”
and we affirm that any such measure will not dilute commitments
already made.
56.	 South-South cooperation is an important element of international
cooperation for development as a complement, not a substitute,
to North-South cooperation. We recognize its increased
importance, different history and particularities, and stress
that South-South cooperation should be seen as an expression
of solidarity among peoples and countries of the South,
based on their shared experiences and objectives. It should
continue to be guided by the principles of respect for national
sovereignty, national ownership and independence, equality,
non-conditionality, non-interference in domestic affairs and
mutual benefit.
57.	 We welcome the increased contributions of South-South cooperation
to poverty eradication and sustainable development.
We encourage developing countries to voluntarily step up their
efforts to strengthen South-South cooperation, and to further
improve its development effectiveness in accordance with the
provisions of the Nairobi outcome document of the High-level
United Nations Conference on South-South Cooperation. We
also commit to strengthening triangular cooperation as a
means of bringing relevant experience and expertise to bear in
development cooperation.
58.	 We welcome continued efforts to improve the quality, impact and
effectiveness of development cooperation and other international
efforts in public finance, including adherence to agreed development
cooperation effectiveness principles. We will align activities
with national priorities, including by reducing fragmentation,
accelerating the untying of aid, particularly for least developed
countries and countries most in need. We will promote country
ownership and results orientation and strengthen country
systems, use programme-based approaches where appropriate,
strengthen partnerships for development, reduce transaction
costs, and increase transparency and mutual accountability. We
will make development more effective and predictable by providing
developing countries with regular and timely indicative
29
information on planned support in the medium term. We will
pursue these efforts in the Development Cooperation Forum
of the Economic and Social Council and in this regard we also
take account of efforts in other relevant forums, such as the
Global Partnership for Effective Development Cooperation, in
a complementary manner. We will also consider not requesting
tax exemptions on goods and services delivered as governmentto-government
aid, beginning with renouncing repayments of
value-added taxes and import levies.
59.	 We acknowledge that the United Nations Framework
Convention on Climate Change and the Conference of the
Parties thereto is the primary international, intergovernmental
forum for negotiating the global response to climate change.
We welcome the Lima call for climate action and we are encouraged
by the commitment of the Conference of the Parties to
reaching an ambitious agreement in Paris in 2015 that is applicable
to all parties and that reflects the principle of common
but differentiated responsibilities and respective capabilities, in
light of different national circumstances.
60.	 We reaffirm the importance of meeting in full existing commitments
under international conventions, including on climate
change and related global challenges. We recognize that funding
from all sources, including public and private, bilateral and
multilateral, as well as alternative sources of finance, will need
to be stepped up for investments in many areas including for
low-carbon and climate resilient development. We recognize
that, in the context of meaningful mitigation actions and transparency
on implementation, developed countries committed to
a goal of mobilizing jointly $100 billion a year by 2020 from a
wide variety of sources to address the needs of developing countries.
We recognize the need for transparent methodologies for
reporting climate finance and welcome the ongoing work in
the context of the United Nations Framework Convention on
Climate Change.
61.	 We welcome the successful and timely initial resource mobilization
process of the Green Climate Fund, making it the largest
dedicated climate fund and enabling it to start its activities in
30
supporting developing country parties to the United Nations
Framework Convention on Climate Change. We welcome the
decision of the Board of the Green Climate Fund to aim to start
taking decisions on the approval of projects and programmes
no later than its third meeting in 2015 as well as its decision
regarding the formal replenishment process for the Fund. We
also welcome the Board’s decision to aim for a 50:50 balance
between mitigation and adaptation over time on a grant equivalent
basis and to aim for a floor of 50 per cent of the adaptation
allocation for particularly vulnerable countries, including
least developed countries, small island developing States and
African countries. We note the importance of continued support
to address remaining gaps in the capacity to gain access to
and manage climate finance.
62.	 We acknowledge the importance of taking into account the
three dimensions of sustainable development. We encourage
consideration of climate and disaster resilience in development
financing to ensure the sustainability of development results.
We recognize that well-designed actions can produce multiple
local and global benefits, including those related to climate
change. We commit to investing in efforts to strengthen the
capacity of national and local actors to manage and finance
disaster risk, as part of national sustainable development strategies,
and to ensure that countries can draw on international
assistance when needed.
63.	 We acknowledge the critical importance of biodiversity and
the sustainable use of its components in poverty eradication
and sustainable development. We welcome the implementation
of the global Strategic Plan for Biodiversity for 2011-2020 and
its Aichi Biodiversity Targets by the parties to the Convention
on Biological Diversity and we invite all parties to attend the
thirteenth meeting of the Conference of the Parties, to be held
in Mexico in 2016. We encourage the mobilization of financial
resources from all sources and at all levels to conserve and sustainably
use biodiversity and ecosystems, including promoting
sustainable land management, combating desertification,
drought, dust storms and floods, restoring degraded land and
31
soil, and promoting sustainable forest management. We welcome
the commitment of States parties to the United Nations
Convention to Combat Desertification to support and strengthen
its implementation. We commit to supporting the efforts of countries
to advance conservation and restoration efforts, such as the
African Union Great Green Wall Initiative, and to providing support
to countries in need to enhance the implementation of their
national biodiversity strategies and action plans.
64.	 We recognize that oceans, seas and coastal areas form an integrated
and essential component of the Earth’s ecosystem and are
critical to sustaining it and that international law, as reflected in
the United Nations Convention on the Law of the Sea, provides
the legal framework for the conservation and the sustainable
use of the oceans and their resources. We stress the importance
of the conservation and sustainable use of the oceans and seas
and of their resources for sustainable development, including
through the contributions to poverty eradication, sustained
economic growth, food security, creation of sustainable livelihoods
and decent work, while at the same time protecting
biodiversity and the marine environment and addressing the
impacts of climate change. We therefore commit to protecting,
and restoring, the health, productivity and resilience of oceans
and marine ecosystems, and to maintaining their biodiversity,
enabling their conservation and sustainable use for present and
future generations, and to effectively applying an ecosystem
approach and the precautionary approach in the management,
in accordance with international law, of activities impacting on
the marine environment, to deliver on all three dimensions of
sustainable development.
65.	 We acknowledge that increases in global temperature, sea level
rise, ocean acidification, and other climate change impacts are
seriously affecting coastal areas and low-lying coastal countries
including many least developed countries and small island
developing States, while extreme climate events endanger the
lives and livelihoods of millions. We commit to enhanced support
to the most vulnerable in addressing and adapting to these
critical challenges.
32
66.	 Development finance can contribute to reducing social, environmental
and economic vulnerabilities and enable countries
to prevent or combat situations of chronic crisis related to conflicts
or natural disasters. We recognize the need for the coherence
of developmental and humanitarian finance to ensure
more timely, comprehensive, appropriate and cost-effective
approaches to the management and mitigation of natural disasters
and complex emergencies. We commit to promoting innovative
financing mechanisms to allow countries to better prevent
and manage risks and develop mitigation plans. We will invest
in efforts to strengthen the capacity of national and local actors
to manage and finance disaster risk reduction, and to enable
countries to draw efficiently and effectively on international
assistance when needed. We take note of the establishment
of the Secretary-General’s High-level Panel on Humanitarian
Financing and the World Humanitarian Summit to be held in
Istanbul, Turkey, on 26 and 27 May 2016.
67.	 We recognize the major challenge to the achievement of durable
peace and sustainable development in countries in conflict and
post-conflict situations. We recognize the peacebuilding financing
gap and the role played by the Peacebuilding Fund. We will
step up our efforts to assist countries in accessing financing for
peacebuilding and development in the post-conflict context. We
recognize the need for aid to be delivered efficiently through simplified
mechanisms, increased strengthening and use of country
systems, as well as strengthening of the capacity of local and
national institutions as a priority in conflict-affected and postconflict
States while stressing the importance of country ownership
and leadership in both peacebuilding and development.
68.	 We welcome ongoing work in relevant institutions to support
efforts by least developed countries, landlocked developing
countries and small island developing States to build their
national capacity to respond to various kinds of shocks including
financial crisis, natural disasters, and public health emergencies,
including through funds and other tools.
69.	 We welcome the progress made since Monterrey to develop
and mobilize support for innovative sources and mechanisms
33
of additional financing, in particular by the Leading Group on
Innovative Financing for Development. We invite more countries
to voluntarily join in implementing innovative mechanisms,
instruments and modalities which do not unduly burden
developing countries. We encourage consideration of how existing
mechanisms, such as the International Finance Facility for
Immunisation, might be replicated to address broader development
needs. We also encourage exploring additional innovative
mechanisms based on models combining public and private
resources such as green bonds, vaccine bonds, triangular loans
and pull mechanisms, and carbon pricing mechanisms.
70.	 We recognize the significant potential of multilateral development
banks and other international development banks in
financing sustainable development and providing know-how.
Multilateral development banks can provide countercyclical
lending, including on concessional terms as appropriate, to
complement national resources for financial and economic
shocks, natural disasters and pandemics. We invite the multilateral
development banks and other international development
banks to continue providing both concessional and non-concessional
stable, long-term development finance by leveraging
contributions and capital, and by mobilizing resources from
capital markets. We stress that development banks should make
optimal use of their resources and balance sheets, consistent
with maintaining their financial integrity, and should update
and develop their policies in support of the post-2015 development
agenda, including the sustainable development goals. We
encourage the multilateral development finance institutions to
establish a process to examine their own role, scale and functioning
to enable them to adapt and be fully responsive to the
sustainable development agenda.
71.	 We recognize that middle-income countries still face significant
challenges to achieve sustainable development. In order
to ensure that achievements made to date are sustained, efforts
to address ongoing challenges should be strengthened through
the exchange of experiences, improved coordination, and better
and focused support of the United Nations development system,
the international financial institutions, regional organizations
34
and other stakeholders. We therefore request those stakeholders
to ensure that the diverse and specific development needs
of middle-income countries are appropriately considered and
addressed, in a tailored fashion, in their relevant strategies and
policies with a view to promoting a coherent and comprehensive
approach towards individual countries. We also acknowledge
that ODA and other concessional finance is still important for
a number of these countries and has a role to play for targeted
results, taking into account the specific needs of these countries.
72.	 We also recognize the need to devise methodologies to better
account for the complex and diverse realities of middle-income
countries. We note with concern that access to concessional
finance is reduced as countries’ incomes grow, and that countries
may not be able to access sufficient affordable financing
from other sources to meet their needs. We encourage shareholders
in multilateral development banks to develop graduation
policies that are sequenced, phased and gradual. We also
encourage multilateral development banks to explore ways
to ensure that their assistance best addresses the opportunities
and challenges presented by the diverse circumstances of
middle-income countries. In this regard, we acknowledge the
World Bank’s small island State exception as a noteworthy
response to the financing challenges of small island developing
States. We also underscore the importance of risk mitigation
mechanisms, including through the Multilateral Investment
Guarantee Agency.
73.	 We recognize that the graduation process of least developed
countries should be coupled with appropriate measures, so
that the development process will not be jeopardized and that
progress towards the sustainable development goals will be
sustained. We further note that the level of concessionality of
international public finance should take into account the level
of development of each recipient, including income level, institutional
capacity and vulnerability, as well as the nature of the
project to be funded, including the commercial viability.
74.	 We underline the important role and comparative advantage
of an adequately resourced, relevant, coherent, efficient and
35
effective United Nations system in its support to achieve the
sustainable development goals and sustainable development,
and support the process on the longer-term positioning of the
United Nations development system in the context of the post-
2015 development agenda. We will work to strengthen national
ownership and leadership over the operational activities for
development of the United Nations system in programme
countries, United Nations coherence, relevance, effectiveness
and efficiency, to improve coordination and results, including
through achieving further progress on the “Delivering as one”
voluntary approach, among other operational modalities and
approaches, and to improve United Nations collaboration with
relevant stakeholders and partners.
75.	 Development banks can play a particularly important role in
alleviating constraints on financing development, including
quality infrastructure investment, including for sub-sovereign
loans. We welcome efforts by new development banks to develop
safeguard systems in open consultation with stakeholders on
the basis of established international standards, and encourage
all development banks to establish or maintain social and
environmental safeguards systems, including on human rights,
gender equality and women’s empowerment, that are transparent,
effective, efficient and time-sensitive. We encourage multilateral
development banks to further develop instruments to
channel the resources of long-term investors towards sustainable
development, including through long-term infrastructure
and green bonds. We underline that regional investments in
key priority sectors require the expansion of new financing
mechanisms, and call upon multilateral and regional development
finance institutions to support regional and subregional
organizations and programmes.
76.	 We recognize that genuine, effective and durable multi-stakeholder
partnerships can play an important role in advancing
sustainable development. We will encourage and promote such
partnerships to support country-driven priorities and strategies,
building on lessons learned and available expertise. We
further recognize that partnerships are effective instruments
for mobilizing human and financial resources, expertise,
36
technology and knowledge. We acknowledge the role of the
Global Environment Facility (GEF) in mainstreaming environmental
concerns into development efforts and providing grant
and concessional resources to support environmental projects
in developing countries. We support building capacity in developing
countries, especially least developed countries and small
island developing States, to access available funds, and aim to
enhance public and private contributions to GEF.
77.	 Multi-stakeholder partnerships, such as the Global Alliance for
Vaccines and Immunization (Gavi) and the Global Fund to Fight
AIDS, Tuberculosis and Malaria, have also achieved results in
the field of health. We encourage a better alignment between
such initiatives, and encourage them to improve their contribution
to strengthening health systems. We recognize the key role
of the World Health Organization as the directing and coordinating
authority on international health work. We will enhance
international coordination and enabling environments at all
levels to strengthen national health systems and achieve universal
health coverage. We commit to strengthening the capacity
of countries, in particular developing countries, for early warning,
risk reduction and management of national and global
health risks, as well as to substantially increase health financing
and the recruitment, development, training and retention of
the health workforce in developing countries, especially in least
developed countries and small island developing States. Parties
to the World Health Organization Framework Convention on
Tobacco Control will also strengthen implementation of the
Convention in all countries, as appropriate, and will support
mechanisms to raise awareness and mobilize resources. We
welcome innovative approaches to catalyse additional domestic
and international private and public resources for women and
children, who have been disproportionately affected by many
health issues, including the expected contribution of the Global
Financing Facility in support of Every Woman, Every Child.
78.	 We recognize the importance for achieving sustainable development
of delivering quality education to all girls and boys.
This will require reaching children living in extreme poverty,
37
children with disabilities, migrant and refugee children, and
those in conflict and post-conflict situations, and providing
safe, non-violent, inclusive and effective learning environments
for all. We will scale up investments and international cooperation
to allow all children to complete free, equitable, inclusive
and quality early childhood, primary and secondary education,
including through scaling-up and strengthening initiatives,
such as the Global Partnership for Education. We commit to
upgrading education facilities that are child, disability and
gender sensitive and increasing the percentage of qualified
teachers in developing countries, including through international
cooperation, especially in least developed countries and
small island developing States.
D.	 International trade as an engine for
development
79.	 International trade is an engine for inclusive economic growth
and poverty reduction, and contributes to the promotion of
sustainable development. We will continue to promote a universal,
rules-based, open, transparent, predictable, inclusive,
non-discriminatory and equitable multilateral trading system
under the World Trade Organization (WTO), as well as meaningful
trade liberalization. Such a trading system encourages
long-term investment in productive capacities. With appropriate
supporting policies, infrastructure and an educated work
force, trade can also help to promote productive employment
and decent work, women’s empowerment and food security, as
well as a reduction in inequality, and contribute to achieving
the sustainable development goals.
80.	 We recognize that the multilateral trade negotiations in WTO
require more effort, although we regard the approval of the
Bali Package in 2013 as an important achievement. We reaffirm
our commitment to strengthening the multilateral system. We
call on members of WTO to fully and expeditiously implement
all the decisions of the Bali Package, including the decisions
taken in favour of least developed countries, the decision on
public stockholding for food security purposes, and the Work
38
Programme on Small Economies, and to expeditiously ratify
the Agreement on Trade Facilitation. WTO members declaring
themselves in a position to do so should notify commercially
meaningful preferences for least developed country services
and service suppliers in accordance with the 2011 and 2013 Bali
decision on the operationalization of the least developed countries
services waiver and in response to the collective request of
those countries.
81.	 We acknowledge that lack of access to trade finance can limit
a country’s trading potential, and result in missed opportunities
to use trade as an engine for development. We welcome
the work carried out by the WTO Expert Group on Trade
Financing, and commit to exploring ways to use market-oriented
incentives to expand WTO-compatible trade finance and
the availability of trade credit, guarantees, insurance, factoring,
letters of credit and innovative financial instruments, including
for micro, small and medium-sized enterprises in developing
countries. We call on the development banks to provide and
increase market-oriented trade finance and to examine ways to
address market failures associated with trade finance.
82.	 Whereas, since Monterrey, exports of many developing countries
have increased significantly, the participation of least
developed countries, landlocked developing countries, small
island developing States and Africa in world trade in goods
and services remains low and world trade seems challenged
to return to the buoyant growth rates seen before the global
financial crisis. We will endeavour to significantly increase
world trade in a manner consistent with the sustainable development
goals, including exports from developing countries, in
particular from least developed countries with a view towards
doubling their share of global exports by 2020 as stated in the
Istanbul Programme of Action. We will integrate sustainable
development into trade policy at all levels. Given the unique
and particular vulnerabilities in small island developing States,
we strongly support their engagement in trade and economic
agreements. We will also support the fuller integration of small,
vulnerable economies in regional and world markets.
39
83.	 As a means of fostering growth in global trade, we call on WTO
members to redouble their efforts to promptly conclude the
negotiations on the Doha Development Agenda and reiterate
that development concerns form an integral part of the Doha
Development Agenda, which places the needs and interests
of developing countries, including least developed countries,
at the heart of the Doha Work Programme. In that context
enhanced market access, balanced rules, and well targeted,
sustainably financed technical assistance and capacity-building
programmes have important roles to play. We commit to
combating protectionism in all its forms. In accordance with
one element of the mandate of the Doha Development Agenda,
we call on WTO members to correct and prevent trade restrictions
and distortions in world agricultural markets, including
through the parallel elimination of all forms of agricultural
export subsidies and disciplines on all export measures with
equivalent effect. We call on WTO members to also commit to
strengthening disciplines on subsidies in the fisheries sector,
including through the prohibition of certain forms of subsidies
that contribute to overcapacity and overfishing in accordance
with the mandate of the Doha Development Agenda and the
Hong Kong Ministerial Declaration. We urge WTO members
to commit to continuing efforts to accelerate the accession
of all developing countries engaged in negotiations for WTO
membership and welcome the 2012 strengthening, streamlining
and operationalizing of the guidelines for the accession of
least developed countries to WTO.
84.	 Members of WTO will continue to implement the provisions of
special and differential treatment for developing countries, in
particular least developed countries, in accordance with WTO
agreements. We welcome the establishment of the monitoring
mechanism to analyse and review all aspects of the implementation
of special and differential treatment provisions, as agreed
in Bali, with a view to strengthening them and making them
more precise, effective and operational as well as facilitating
integration of developing and least-developed WTO members
into the multilateral trading system.
40
85.	 We call on developed country WTO members and developing
country WTO members declaring themselves in a position to
do so to realize timely implementation of duty-free and quotafree
market access on a lasting basis for all products originating
from all least developed countries, consistent with WTO decisions.
We call on them to also take steps to facilitate market
access for products of least developed countries, including by
developing simple and transparent rules of origin applicable to
imports from least developed countries, in accordance with the
guidelines adopted by WTO members at the Bali ministerial
conference in 2013.
86.	 We reaffirm the right of WTO members to take advantage of the
flexibilities in the WTO Agreement on Trade-Related Aspects
of Intellectual Property Rights (TRIPS) and reaffirm that the
TRIPS Agreement does not and should not prevent members
from taking measures to protect public health. To this end, we
would urge all WTO members that have not yet accepted the
amendment of the TRIPS Agreement allowing improved access
to affordable medicines for developing countries to do so by the
deadline of the end of 2015. We welcome the June 2013 decision
to extend the transition period for all least developed countries.
We invite the General Council to consider how WTO can contribute
to sustainable development.
87.	 We recognize the significant potential of regional economic
integration and interconnectivity to promote inclusive growth
and sustainable development, and commit to strengthening
regional cooperation and regional trade agreements. We will
strengthen coherence and consistency among bilateral and
regional trade and investment agreements, and to ensure that
they are compatible with WTO rules. Regional integration can
also be an important catalyst to reduce trade barriers, implement
policy reforms and enable companies, including micro,
small and medium-sized enterprises, to integrate into regional
and global value chains. We underline the contribution trade
facilitation measures can make to this end. We urge the international
community, including international financial institutions
and multilateral and regional development banks, to increase
its support to projects and cooperation frameworks that foster
41
regional and subregional integration, with special attention to
Africa, and that enhance the participation and integration of
small-scale industrial and other enterprises, particularly from
developing countries, into global value chains and markets. We
encourage multilateral development banks, including regional
banks, in collaboration with other stakeholders, to address gaps
in trade, transport and transit-related regional infrastructure,
including completing missing links connecting landlocked
developing countries, least developed countries and small
island developing States within regional networks.
88.	 Recognizing that international trade and investment offers
opportunities but also requires complementary actions at the
national level, we will strengthen domestic enabling environments
and implement sound domestic policies and reforms
conducive to realizing the potential of trade for inclusive
growth and sustainable development. We further recognize
the need for value addition by developing countries and for
further integration of micro, small and medium-sized enterprises
into value chains. We reiterate and will strengthen the
important role of the United Nations Conference on Trade and
Development (UNCTAD) as the focal point within the United
Nations system for the integrated treatment of trade and development
and interrelated issues in the areas of finance, technology,
investment and sustainable development.
89.	 We endorse the efforts and initiatives of the United Nations
Commission on International Trade Law, as the core legal body
within the United Nations system in the field of international
trade law, aimed at increasing coordination of and cooperation
on legal activities of international and regional organizations
active in the field of international trade law and at promoting the
rule of law at the national and international levels in this field.
90.	 Aid for Trade can play a major role. We will focus Aid for Trade
on developing countries, in particular least developed countries,
including through the Enhanced Integrated Framework
for Trade-Related Technical Assistance to Least Developed
Countries. We will strive to allocate an increasing proportion
of Aid for Trade going to least developed countries, provided
42
according to development cooperation effectiveness principles.
We also welcome additional cooperation among developing
countries to this end. Recognizing the critical role of women as
producers and traders, we will address their specific challenges
in order to facilitate women’s equal and active participation
in domestic, regional and international trade. Technical assistance
and improvement of trade- and transit-related logistics
are crucial in enabling landlocked developing countries to fully
participate in and benefit from multilateral trade negotiations,
effectively implement policies and regulations aimed at facilitating
transport and trade, and diversify their export base.
91.	 The goal of protecting and encouraging investment should
not affect our ability to pursue public policy objectives. We
will endeavour to craft trade and investment agreements with
appropriate safeguards so as not to constrain domestic policies
and regulation in the public interest. We will implement such
agreements in a transparent manner. We commit to supporting
capacity-building including through bilateral and multilateral
channels, in particular to least developed countries, in order to
benefit from opportunities in international trade and investment
agreements. We request UNCTAD to continue its existing
programme of meetings and consultations with Member States
on investment agreements.
92.	 We also recognize that illegal wildlife trade, illegal unreported
and unregulated fishing, illegal logging and illegal mining are
a challenge for many countries. Such activities can create substantial
damage, including lost revenue and corruption. We
resolve to enhance global support for efforts to combat poaching
and trafficking of protected species, trafficking in hazardous
waste, and trafficking in minerals, including by strengthening
both national regulation and international cooperation, and
increasing the capacity of local communities to pursue sustainable
livelihood opportunities. We will also enhance capacity
for monitoring, control and surveillance of fishing vessels so
as to effectively prevent, deter and eliminate illegal, unreported
and unregulated fishing, including through institutional
capacity-building.
43
E.	 Debt and debt sustainability
93.	 Borrowing is an important tool for financing investment
critical to achieving sustainable development, including the
sustainable development goals. Sovereign borrowing also
allows government finance to play a countercyclical role over
economic cycles. However, borrowing needs to be managed
prudently. Since the Monterrey Consensus, strengthened
macroeconomic and public resource management has led to
a substantial decline in the vulnerability of many countries to
sovereign debt distress, as has the substantial debt reduction
through the Heavily Indebted Poor Countries (HIPC) initiative
and Multilateral Debt Relief Initiative. Yet many countries
remain vulnerable to debt crises and some are in the midst of
crises, including a number of least developed countries, small
island developing States and some developed countries. We
acknowledge that debt sustainability challenges facing many
least developed countries and small island developing States
require urgent solutions, and the importance of ensuring debt
sustainability to the smooth transition of countries that have
graduated from least developed country status.
94.	 We recognize the need to assist developing countries in attaining
long-term debt sustainability through coordinated policies
aimed at fostering debt financing, debt relief, debt restructuring
and sound debt management, as appropriate. We will continue to
support the remaining HIPC-eligible countries that are working
to complete the HIPC process. On a case-by-case basis we could
explore initiatives to support non-HIPC countries with sound
economic policies to enable them to address the issue of debt sustainability.
We will support the maintenance of debt sustainability
in those countries that have received debt relief and achieved
sustainable debt levels.
95.	 The monitoring and prudent management of liabilities is an
important element of comprehensive national financing strategies
and is critical to reducing vulnerabilities. We welcome
the efforts of IMF, the World Bank and the United Nations
system to further strengthen the analytical tools for assessing
44
debt sustainability and prudent public debt management. In
this regard, the IMF-World Bank debt sustainability analysis is
a useful tool to inform the level of appropriate borrowing. We
invite IMF and the World Bank to continue strengthening their
analytical tools for sovereign debt management in an open and
inclusive process with the United Nations and other stakeholders.
We encourage international institutions to continue to provide
assistance to debtor countries to enhance debt management
capacity, manage risks, and analyse trade-offs between different
sources of financing, as well as to help to cushion against external
shocks and ensure steady and stable access to public financing.
96.	 We welcome the continuing activities in setting methodological
standards and promoting public availability of data
on public and publicly guaranteed sovereign debt and on the
total external debt obligations of economies, and more comprehensive
quarterly publication of debt data. We invite relevant
institutions to consider the creation of a central data registry
including information on debt restructurings. We encourage
all Governments to improve transparency in debt management.
97.	 We reiterate that debtors and creditors must work together to
prevent and resolve unsustainable debt situations. Maintaining
sustainable debt levels is the responsibility of the borrowing
countries; however we acknowledge that lenders also have
a responsibility to lend in a way that does not undermine a
country’s debt sustainability. In this regard we take note of
the UNCTAD principles on responsible sovereign lending and
borrowing. We recognize the applicable requirements of the
IMF debt limits policy and/or the World Bank’s non-concessional
borrowing policy. The OECD Development Assistance
Committee has introduced new safeguards in its statistical
system in order to enhance the debt sustainability of recipient
countries. We recall the need to strengthen informationsharing
and transparency to make sure that debt sustainability
assessments are based on comprehensive, objective and reliable
data. We will work towards a global consensus on guidelines for
debtor and creditor responsibilities in borrowing by and lending
to sovereigns, building on existing initiatives.
45
98.	 We affirm the importance of debt restructurings being timely,
orderly, effective, fair and negotiated in good faith. We believe
that a workout from a sovereign debt crisis should aim to
restore public debt sustainability, while preserving access to
financing resources under favourable conditions. We further
acknowledge that successful debt restructurings enhance the
ability of countries to achieve sustainable development and the
sustainable development goals. We continue to be concerned
with non-cooperative creditors who have demonstrated their
ability to disrupt timely completion of the debt restructurings.
99.	 We recognize that important improvements have been made
since Monterrey in enhancing the processes for cooperative
restructuring of sovereign obligations, including in the Paris
Club of official creditors and in the market acceptance of new
standard clauses of government bond contracts. However we
acknowledge the existence of stocks of sovereign bonds without
those collective action clauses. We recognize that there is scope
to improve the arrangements for coordination between public
and private sectors and between debtors and creditors, to minimize
both creditor and debtor moral hazards and to facilitate
fair burden-sharing and an orderly, timely and efficient restructuring
that respects the principles of shared responsibility. We
take note of the ongoing work being carried out by IMF and
the United Nations system in this area. We recognize the recent
“Paris Forum” initiative by the Paris Club that aims to foster
dialogue among sovereign creditors and debtors on debt issues.
We encourage efforts towards a durable solution to the debt
problems of developing countries to promote their economic
growth and sustainable development.
100.	 We are concerned by the ability of non-cooperative minority
bondholders to disrupt the will of the large majority of bondholders
who accept a restructuring of a debt-crisis country’s
obligations, given the potential broader implications in other
countries. We note legislative steps taken by certain countries
to prevent these activities and encourage all Governments to
take action, as appropriate. Furthermore, we take note of discussions
in the United Nations on debt issues. We welcome the
46
reforms to pari passu and collective action clauses proposed by
the International Capital Market Association, and endorsed by
IMF, to reduce the vulnerability of sovereigns to holdout creditors.
We encourage countries, particularly those issuing bonds
under foreign law, to take further actions to include those
clauses in all their bond issuance. We also welcome provision
of financial support for legal assistance to least developed countries
and commit to boosting international support for advisory
legal services. We will explore enhanced international monitoring
of litigation by creditors after debt restructuring.
101.	 We note the increased issuance of sovereign bonds in domestic
currency under national laws, and the possibility of countries
voluntarily strengthening domestic legislation to reflect guiding
principles for effective, timely, orderly and fair resolution of
sovereign debt crises.
102.	 We recognize that severe natural disasters and social or economic
shocks can undermine a country’s debt sustainability,
and note that public creditors have taken steps to ease debt
repayment obligations through debt rescheduling and debt
cancellation following an earthquake, a tsunami and in the
context of the Ebola crisis in West Africa. We encourage consideration
of further debt relief steps, where appropriate, and/or
other measures for countries affected in this regard, as feasible.
We also encourage the study of new financial instruments for
developing countries, particularly least developed countries,
landlocked developing countries and small island developing
States experiencing debt distress, noting experiences of debt-tohealth
and debt-to-nature swaps.
F.	 Addressing systemic issues
103.	 Monterrey emphasized the importance of continuing to
improve global economic governance and to strengthen the
United Nations leadership role in promoting development.
Monterrey also emphasized the importance of the coherence
and consistency of the international financial and monetary and
trading systems in support of development. Since Monterrey we
have become increasingly aware of the need to take account of
47
economic, social and environmental challenges, including the
loss of biodiversity, natural disasters and climate change, and
to enhance policy coherence across all three dimensions of sustainable
development. We will take measures to improve and
enhance global economic governance and to arrive at a stronger,
more coherent and more inclusive and representative international
architecture for sustainable development, while respecting
the mandates of respective organizations. We recognize the
importance of policy coherence for sustainable development
and we call upon countries to assess the impact of their policies
on sustainable development.
104.	 The 2008 world financial and economic crisis underscored the
need for sound regulation of financial markets to strengthen
financial and economic stability, as well as the imperative of
a global financial safety net. We welcome the important steps
taken since Monterrey, particularly following the crisis in 2008,
to build resilience, reduce vulnerability to international financial
disruption, and reduce spillover effects of global financial
crises, including to developing countries, in a reform agenda
whose completion remains a high priority. The IMF membership
bolstered the Fund’s lending capacity, and multilateral and
national development banks played important countercyclical
roles during the crisis. The world’s principal financial centres
worked together to reduce systemic risks and financial volatility
through stronger national financial regulation, including Basel
III and the broader financial reform agenda.
105.	 Regulatory gaps and misaligned incentives continue to pose
risks to financial stability, including risks of spillover effects of
financial crises to developing countries, which suggests a need to
pursue further reforms of the international financial and monetary
system. We will continue to strengthen international coordination
and policy coherence to enhance global financial and
macroeconomic stability. We will work to prevent and reduce the
risk and impact of financial crises, acknowledging that national
policy decisions can have systemic and far-ranging effects well
beyond national borders, including on developing countries.
We commit to pursuing sound macroeconomic policies that
contribute to global stability, equitable and sustainable growth
48
and sustainable development, while strengthening our financial
systems and economic institutions. When dealing with risks
from large and volatile capital flows, necessary macroeconomic
policy adjustment could be supported by macroprudential and,
as appropriate, capital flow management measures.
106.	 We recommit to broadening and strengthening the voice and
participation of developing countries in international economic
decision-making and norm-setting and global economic governance.
We recognize the importance of overcoming obstacles
to planned resource increases and governance reforms at IMF.
The implementation of the 2010 reforms for IMF remains the
highest priority and we strongly urge the earliest ratification
of those reforms. We reiterate our commitment to further governance
reform in both IMF and the World Bank to adapt to
changes in the global economy. We invite the Basel Committee
on Banking Supervision and other main international regulatory
standard-setting bodies to continue efforts to increase
the voice of developing countries in norm-setting processes to
ensure that their concerns are taken into consideration. As the
shareholders in the main international financial institutions, we
commit to open and transparent, gender-balanced and meritbased
selection of their heads, and to enhanced diversity of staff.
107.	 At the same time, we recognize the importance of strengthening
the permanent international financial safety net. We
remain committed to maintaining a strong and quota-based
IMF, with adequate resources to fulfil its systemic responsibilities.
We look forward to the quinquennial special drawing
rights review by IMF this year. We encourage dialogue among
regional financial arrangements and strengthened cooperation
between IMF and regional financial arrangements, while
safeguarding the independence of the respective institutions.
We call on the relevant international financial institutions to
further improve early warning of macroeconomic and financial
risks. We also urge IMF to continue its efforts to provide more
comprehensive and flexible financial responses to the needs of
developing countries. We request the international financial
institutions to continue to support developing countries in
developing new instruments for financial risk management and
49
capacity-building. Consistent with its mandate, we call on IMF
to provide adequate levels of financial support to developing
countries pursuing sustainable development to assist them in
managing any associated pressures on the national balance of
payments. We stress the importance of ensuring that international
agreements, rules and standards are consistent with each
other and with progress towards the sustainable development
goals. We encourage development finance institutions to align
their business practices with the post-2015 development agenda.
108.	 We are concerned about excessive volatility of commodity
prices, including for food and agriculture and its consequences
for global food security and improved nutrition outcomes. We
will adopt measures to ensure the proper functioning of food
commodity markets and their derivatives and call for relevant
regulatory bodies to adopt measures to facilitate timely,
accurate and transparent access to market information in an
effort to ensure that commodity markets appropriately reflect
underlying demand and supply changes and to help limit excess
volatility of commodity prices. In this regard, we also take note
of the Agricultural Market Information System hosted by FAO.
We will also provide access for small-scale artisanal fishers
to marine resources and markets, consistent with sustainable
management practices as well as initiatives that add value to
outputs from small-scale fishers.
109.	 We take note of the work by the Financial Stability Board on
financial market reform, and commit to sustaining or strengthening
our frameworks for macroprudential regulation and
countercyclical buffers. We will hasten completion of the reform
agenda on financial market regulation, including assessing and
if necessary reducing the systemic risks associated with shadow
banking, markets for derivatives, securities lending, and repurchase
agreements. We also commit to addressing the risk created
by “too-big-to-fail” financial institutions, and addressing crossborder
elements in effective resolution of troubled systemically
important financial institutions.
110.	 We resolve to reduce mechanistic reliance on credit-rating
agency assessments, including in regulations. To improve the
50
quality of ratings, we will promote increased competition as
well as measures to avoid conflict of interest in the provision
of credit ratings. We acknowledge the efforts of the Financial
Stability Board and others in this area. We support building
greater transparency requirements for evaluation standards of
credit-rating agencies. We will continue ongoing work on these
issues, including in the United Nations.
111.	 We recognize that international migration is a multidimensional
reality of major relevance for the development of origin, transit
and destination countries that must be addressed in a coherent,
comprehensive and balanced manner. We will cooperate internationally
to ensure safe, orderly and regular migration, with full
respect for human rights. We endeavour to increase cooperation
on access to and portability of earned benefits, enhance the
recognition of foreign qualifications, education and skills, lower
the costs of recruitment for migrants, and combat unscrupulous
recruiters, in accordance with national circumstances and
legislation. We further endeavour to implement effective social
communication strategies on the contribution of migrants to
sustainable development in all its dimensions, in particular in
countries of destination, in order to combat xenophobia, facilitate
social integration, and protect migrants’ human rights through
national frameworks. We reaffirm the need to promote and protect
effectively the human rights and fundamental freedoms of all
migrants, especially those of women and children, regardless of
their migration status.
112.	 We will strengthen regional, national and subnational institutions
to prevent all forms of violence, combat terrorism and
crime, and end human trafficking and exploitation of persons,
in particular women and children, in accordance with international
human rights law. We will effectively strengthen national
institutions to combat money-laundering, corruption and the
financing of terrorism, which have serious implications for
economic development and social cohesion. We will enhance
international cooperation for capacity-building in these areas
at all levels, in particular in developing countries. We commit
to ensuring the effective implementation of the United Nations
Convention against Transnational Organized Crime.
51
113.	 Building on the vision of the Monterrey Consensus, we resolve
to strengthen the coherence and consistency of multilateral
financial, investment, trade, and development policy and environment
institutions and platforms, and increase cooperation
between major international institutions, while respecting
mandates and governance structures. We commit to taking
better advantage of relevant United Nations forums for promoting
universal and holistic coherence and international commitments
to sustainable development.
G.	 Science, technology, innovation and capacity-
building
114.	 The creation, development and diffusion of new innovations and
technologies and associated know-how, including the transfer
of technology on mutually agreed terms, are powerful drivers
of economic growth and sustainable development. However, we
note with concern the persistent “digital divide” and the uneven
innovative capacity, connectivity and access to technology,
including information and communications technology, within
and between countries. We will promote the development and
use of information and communications technology infrastructure,
as well as capacity-building, particularly in least developed
countries, landlocked developing countries and small island
developing States, including rapid universal and affordable access
to the Internet. We will promote access to technology and science
for women, youth and children. We will further facilitate accessible
technology for persons with disabilities.
115.	 Capacity development will be integral to achieving the post-
2015 development agenda. We call for enhanced international
support and establishment of multistakeholder partnerships for
implementing effective and targeted capacity-building in developing
countries, including least developed countries, landlocked
developing countries, small island developing States, African
countries, and countries in conflict and post-conflict situations,
to support national plans to implement all the sustainable development
goals. Capacity development must be country-driven,
address the specific needs and conditions of countries and reflect
national sustainable development strategies and priorities. We
52
reiterate the importance of strengthening institutional capacity
and human resource development. It is also critical to reinforce
national efforts in capacity-building in developing countries
in such areas as public finance and administration, social and
gender responsive budgeting, mortgage finance, financial regulation
and supervision, agriculture productivity, fisheries, debt
management, climate services, including planning and management
for both adaptation and mitigation purposes, and water and
sanitation related activities and programmes.
116.	 We will craft policies that incentivize the creation of new technologies,
that incentivize research and that support innovation
in developing countries. We recognize the importance of an
enabling environment at all levels, including enabling regulatory
and governance frameworks, in nurturing science, innovation,
the dissemination of technologies, particularly to micro,
small and medium-sized enterprises, as well as industrial diversification
and value added to commodities. We also recognize
the importance of adequate, balanced and effective protection
of intellectual property rights in both developed and developing
countries in line with nationally defined priorities and in
full respect of WTO rules. We recognize voluntary patent pooling
and other business models, which can enhance access to
technology and foster innovation. We will promote social innovation
to support social well-being and sustainable livelihoods.
117.	 We will encourage knowledge-sharing and the promotion of
cooperation and partnerships between stakeholders, including
between Governments, firms, academia and civil society,
in sectors contributing to the achievement of the sustainable
development goals. We will promote entrepreneurship, including
through supporting business incubators. We affirm that
regulatory environments that are open and non-discriminatory
can promote collaboration and further our efforts. We will
also foster linkages between multinational companies and
the domestic private sector to facilitate technology development
and transfer, on mutually agreed terms, of knowledge
and skills, including skills trading programmes, in particular
to developing countries, with the support of appropriate policies.
At the same time, we recognize that traditional knowledge,
53
innovations and practices of indigenous peoples and local communities
can support social well-being and sustainable livelihoods
and we reaffirm that indigenous peoples have the right to
maintain, control, protect and develop their cultural heritage,
traditional knowledge and traditional cultural expressions.
118.	 We also recognize the important role of public finance and policies
in research and technological development. We will consider
using public funding to enable critical projects to remain
in the public domain, and strive for open access to research for
publicly funded projects, as appropriate. We will consider setting
up innovation funds where appropriate, on an open, competitive
basis to support innovative enterprises, particularly
during research, development and demonstration phases. We
recognize the value of a “portfolio approach” in which public
and private venture funds invest in diverse sets of projects to
diversify risks and capture the upside of successful enterprises.
119.	 We resolve to adopt science, technology and innovation strategies
as integral elements of our national sustainable development
strategies to help to strengthen knowledge-sharing and
collaboration. We will scale up investment in science, technology,
engineering and mathematics education, and enhance technical,
vocational and tertiary education and training, ensuring
equal access for women and girls and encouraging their participation
therein. We will increase the number of scholarships
available to students in developing countries to enrol in higher
education. We will enhance cooperation to strengthen tertiary
education systems, and aim to increase access to online education
in areas related to sustainable development.
120.	 We will encourage the development, dissemination and diffusion
and transfer of environmentally sound technologies to developing
countries on favourable terms, including on concessional
and preferential terms, as mutually agreed. We will endeavour to
step up international cooperation and collaboration in science,
research, technology and innovation, including through publicprivate
and multistakeholder partnerships, and on the basis of
common interest and mutual benefit, focusing on the needs of
developing countries and the achievement of the sustainable
54
development goals. We will continue to support developing countries
to strengthen their scientific, technological and innovative
capacity to move towards more sustainable patterns of consumption
and production, including through implementation of the
10-year framework of programmes on sustainable consumption
and production patterns. We will enhance international cooperation,
including ODA, in these areas, in particular to least developed
countries, landlocked developing countries, small island
developing States, and countries in Africa. We also encourage
other forms of international cooperation, including South-South
cooperation, to complement these efforts.
121.	 We will support research and development of vaccines and
medicines, as well as preventive measures and treatments for
the communicable and noncommunicable diseases, in particular
those that disproportionately impact developing countries.
We will support relevant initiatives, such as Gavi, the Vaccine
Alliance, which incentivizes innovation while expanding access
in developing countries. To reach food security, we commit
to further investment, including through enhanced international
cooperation, in earth observation, rural infrastructure,
agricultural research and extension services, and technology
development by enhancing agricultural productive capacity in
developing countries, in particular in least developed countries,
for example by developing plant and livestock gene banks. We
will increase scientific knowledge, develop research capacity
and transfer marine technology, taking into account the
Criteria and Guidelines on the Transfer of Marine Technology
adopted by the Intergovernmental Oceanographic Commission,
in order to improve ocean health and to enhance the contribution
of marine biodiversity to the development of developing
countries, in particular small island developing States and least
developed countries.
122.	 We welcome science, technology and capacity-building initiatives,
including the Commission on Science and Technology for
Development, the Technology Mechanism under the United
Nations Framework Convention on Climate Change, the advisory
services of the Climate Technology Centre and Network,
55
the capacity-building of the World Intellectual Property
Organization and the UNIDO National Cleaner Production
Centres networks. We invite specialized agencies, funds and
programmes of the United Nations system with technologyintensive
mandates to further promote the development and
diffusion of relevant science, technologies and capacity-building
through their respective work programmes. We commit
to strengthening coherence and synergies among science and
technology initiatives within the United Nations system, with
a view to eliminating duplicative efforts and recognizing the
many successful existing efforts in this space.
123.	 We decide to establish a Technology Facilitation Mechanism.
The Mechanism will be launched at the United Nations summit
for the adoption of the post-2015 development agenda in order
to support the sustainable development goals.
■■ We decide that the Technology Facilitation Mechanism
will be based on a multistakeholder collaboration between
Member States, civil society, the private sector, the scientific
community, United Nations entities and other stakeholders
and will be composed of a United Nations inter-agency task
team on science, technology and innovation for the sustainable
development goals, a collaborative multi-stakeholder
forum on science, technology and innovation for the sustainable
development goals and an online platform.
■■ The United Nations inter-agency task team on science,
technology and innovation for the sustainable development
goals will promote coordination, coherence and cooperation
within the United Nations system on science, technology
and innovation related matters, enhancing synergy
and efficiency, in particular to enhance capacity-building
initiatives. The task team will draw on existing resources
and will work with 10 representatives from civil society, the
private sector and the scientific community to prepare the
meetings of the multi-stakeholder forum on science, technology
and innovation for the sustainable development
goals, as well as in the development and operationalization
of the online platform, including preparing proposals
56
for the modalities for the forum and the online platform.
The 10 representatives will be appointed by the SecretaryGeneral,
for periods of two years. The task team will be
open to the participation of all United Nations agencies,
funds and programmes and the functional commissions
of the Economic and Social Council and it will initially be
composed of the entities that currently integrate the informal
working group on technology facilitation, namely, the
Department of Economic and Social Affairs, the United
Nations Environment Programme, UNIDO, the United
Nations Educational, Scientific and Cultural Organization,
UNCTAD, the International Telecommunication Union,
WIPO and the World Bank.
■■ The online platform will be used to establish a comprehensive
mapping of, and serve as a gateway for, information
on existing science, technology and innovation initiatives,
mechanisms and programmes, within and beyond the
United Nations. The online platform will facilitate access
to information, knowledge and experience, as well as best
practices and lessons learned, on science, technology and
innovation facilitation initiatives and policies. The online
platform will also facilitate the dissemination of relevant
open access scientific publications generated worldwide.
The online platform will be developed on the basis of an
independent technical assessment which will take into
account best practices and lessons learned from other initiatives,
within and beyond the United Nations, in order
to ensure that it will complement, facilitate access to and
provide adequate information on existing science, technology
and innovation platforms, avoiding duplications and
enhancing synergies.
■■ The multi-stakeholder forum on science, technology and
innovation for the sustainable development goals will be
convened once a year, for a period of two days, to discuss
science, technology and innovation cooperation around
thematic areas for the implementation of the sustainable
development goals, congregating all relevant stakeholders
to actively contribute in their area of expertise. The forum
57
will provide a venue for facilitating interaction, matchmaking
and the establishment of networks between relevant
stakeholders and multi-stakeholder partnerships in order to
identify and examine technology needs and gaps, including
on scientific cooperation, innovation and capacity-building,
and also in order to help facilitate development, transfer and
dissemination of relevant technologies for the sustainable
development goals. The meetings of the forum will be convened
by the President of the Economic and Social Council
before the meetings of the high-level political forum on sustainable
development, under the auspices of the Economic
and Social Council or, alternatively, in conjunction with
other forums or conferences, as appropriate, taking into
account the theme to be considered and on the basis of a
collaboration with the organizers of the other forums or
conferences. The meetings of the forum will be co-chaired
by two Member States and will result in a summary of discussions
elaborated by the two co-Chairs, as an input to the
meetings of the high-level political forum, in the context of
the follow-up and review of the implementation of the post-
2015 development agenda.
■■ The meetings of the high-level political forum will be
informed by the summary of the multi-stakeholder forum.
The themes for the subsequent multistakeholder forum
on science, technology and innovation for the sustainable
development goals will be considered by the high-level
political forum on sustainable development, taking into
account expert inputs from the task team.
124.	 We look forward to the recommendations of the SecretaryGeneral’s
High-level Panel on the Technology Bank for Least
Developed Countries on the feasibility and organizational and
operational functions of a proposed technology bank and science,
technology and innovation capacity-building mechanism
for least developed countries. We will take into account the Highlevel
Panel’s recommendations on the scope, functions, institutional
linkages and organizational aspects of the proposed bank,
with a view to operationalizing it by 2017, and will seek to promote
synergies with the Technology Facilitation Mechanism.
58
III.	 Data, monitoring and follow-up
125.	 High-quality disaggregated data is an essential input for smart
and transparent decision-making, including in support of the
post-2015 agenda and its means of implementation, and can
improve policy-making at all levels. A focus on quantitative and
qualitative data, including open data, and statistical systems
and administrations at the national and subnational level will
be especially important in order to strengthen domestic capacity,
transparency and accountability in the global partnership.
National statistical systems have a central role in generating,
disseminating and administering data. They should be supplemented
with data and analysis from civil society, academia and
the private sector.
126.	 We will seek to increase and use high-quality, timely and
reliable data disaggregated by sex, age, geography, income,
race, ethnicity, migratory status, disability, and other characteristics
relevant in national contexts. We will enhance
capacity-building support to developing countries, including
for least developed countries, landlocked developing countries
and small island developing States, for this purpose and
provide international cooperation, including through technical
and financial support, to further strengthen the capacity
of national statistical authorities and bureaux. We call
on relevant institutions to strengthen and standardize data
on domestic and international resource mobilization and
spending, as well as data on other means of implementation.
In this regard, we will welcome proposals on improved statistical
indicators for all means of implementation. We also
request the Statistical Commission, working with the relevant
international statistical services and forums, to facilitate
enhanced tracking of data on all cross-border financing and
other economically relevant financial flows that brings together
existing databases and to regularly assess and report on the
adequacy of international statistics related to implementing
the sustainable development agenda. The availability of timely
and reliable data for development could be improved by supporting
civil registration and vital statistics systems, which generate
information for national plans and investment opportunities.
59
127.	 We recognize that greater transparency is essential and can be
provided by publishing timely, comprehensive and forwardlooking
information on development activities in a common,
open, electronic format, as appropriate. Access to reliable data
and statistics helps Governments to make informed decisions,
and enables all stakeholders to track progress and understand
trade-offs, and creates mutual accountability. We will learn
from existing transparency initiatives and open data standards,
and take note of the International Aid Transparency Initiative.
We further recognize the importance of national ownership of
the post-2015 development agenda, and stress the importance of
preparing country needs assessments for the different priority
areas to allow for greater transparency and efficiency by linking
needs and support, in particular in developing countries.
128.	 Data access alone, however, is not enough to fully realize the
potential that data can offer to both achieving, monitoring and
reviewing sustainable development goals. We should endeavour
to ensure broad access to the tools necessary to turn data
into useful, actionable information. We will support efforts to
make data standards interoperable, allowing data from different
sources to be more easily compared and used. We call on
relevant public and private actors to put forward proposals to
achieve a significant increase in global data literacy, accessibility
and use, in support of the post-2015 development agenda.
129.	 We further call on the United Nations system, in consultation
with the international financial institutions, to develop transparent
measurements of progress on sustainable development that
go beyond per capita income, building on existing initiatives as
appropriate. These should recognize poverty in all of its forms
and dimensions, and the social, economic and environmental
dimensions of domestic output and structural gaps at all levels.
We will seek to develop and implement tools to mainstream sustainable
development, as well as to monitor sustainable development
impacts for different economic activities, including for
sustainable tourism.
130.	 Mechanisms for follow-up and review will be essential to the
achievement of the sustainable development goals and their
60
means of implementation. We commit to fully engaging,
nationally, regionally and internationally, in ensuring proper
and effective follow-up of the financing for development outcomes
and all the means of implementation of the post-2015
development agenda. To achieve this, it will be necessary to
ensure the participation of relevant ministries, local authorities,
national parliaments, central banks and financial regulators, as
well as the major institutional stakeholders, other international
development banks, and other relevant institutions, civil society,
academia and the private sector. We encourage the United
Nations regional commissions, in cooperation with regional
banks and organizations, to mobilize their expertise and existing
mechanisms, which could focus on thematic aspects of the
present Action Agenda.
131.	 We appreciate the role played by the United Nations financing
for development follow-up process. We recognize the interlinkages
between the financing for development process and
the means of implementation of the post2015 development
agenda, and emphasize the need of a dedicated follow-up and
review for the financing for development outcomes as well as
all the means of implementation of the post-2015 development
agenda, which is integrated with the post-2015 follow-up and
review process to be decided at the United Nations summit for
the adoption of the post-2015 development agenda. The followup
process should assess progress, identify obstacles and challenges
to the implementation of the financing for development
outcomes, and the delivery of the means of implementation,
promote the sharing of lessons learned from experiences at the
national and regional levels, address new and emerging topics
of relevance to the implementation of this agenda as the need
arises, and provide policy recommendations for action by the
international community. We will also enhance coordination,
promote the efficiency of United Nations processes and avoid
duplication and overlapping of discussions.
132.	 We commit to staying engaged to this important agenda
through a dedicated and strengthened follow-up process that
will use existing institutional arrangements and will include
an annual Economic and Social Council forum on financing
61
for development follow-up with universal, intergovernmental
participation, to be launched during the Council’s current cycle.
The forum’s modalities of participation will be those utilized
at the international conferences on financing for development.
The forum will consist of up to five days, one of which will be the
special high-level meeting with the Bretton Woods institutions,
WTO and UNCTAD, as well as additional institutional and
other stakeholders depending on the priorities and scope of the
meeting; up to four days will be dedicated to discussing the follow-up
and review of the financing for development outcomes
and the means of implementation of the post-2015 development
agenda. Its intergovernmentally agreed conclusions and recommendations
will be fed into the overall follow-up and review
of the implementation of the post-2015 development agenda in
the high-level political forum on sustainable development. The
deliberations of the Development Cooperation Forum, according
to its mandate, will also be taken into account. The Highlevel
Dialogue on Financing for Development of the General
Assembly will be held back-to-back with the high-level political
forum under the auspices of the General Assembly when the
high-level political forum is convened every four years.
133.	 To ensure a strengthened follow-up process at the global level,
we encourage the Secretary-General to convene an inter-agency
task force, including the major institutional stakeholders and
the United Nations system, including funds and programmes
and specialized agencies whose mandates are related to the
follow-up, building on the experience of the Millennium
Development Goals Gap Task Force. The inter-agency task force
will report annually on progress in implementing the financing
for development outcomes and the means of implementation
of the post2015 development agenda and advise the intergovernmental
follow-up thereto on progress, implementation gaps
and recommendations for corrective action, while taking into
consideration the national and regional dimensions.
134.	 We will consider the need to hold a follow-up conference by 2019.
* * *
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