The structural weaknesses embedded in the international financial architecture at the time of its development have entrenched and exacerbated injustices that have hampered the implementation of the Sustainable Development Goals; jeopardized human rights; and led to the fragmentation of international financial and economic relations. Higher borrowing costs for developing countries in financial markets has forced some governments to channel a higher share of their revenue to service debt rather than to expand and strengthen social protection services through austerity policies that effectively transfer wealth from the bottom to the top.
At times of crisis—often exacerbated by volatile financial markets and capital flows—access to liquidity varies considerably, with only a small share of Special Drawing Rights reaching countries most in need. Debt distress, inadequate development and climate finance, and regressive global tax norms impact domestic resources and lead to underinvestment in public services and policies that benefit and advance gender and racial equality, among others. To date, global economic governance has not been inclusive or representative enough to address these issues, particularly in the context of the multiple crises the world faces.
This event will explore the gendered implications of the current financial architecture and discuss how the reforms proposed by civil society, Member States and the Secretary General can be designed and expanded to accelerate progress toward the Sustainable Development Goals and have a substantive, positive impact on women’s rights and gender equality. Participants will discuss how the resources unlocked through debt relief and reforms to the international financial institutions, multilateral development banks and the global taxation architecture will support social protection, care investments, closing of the gender pay gap and other gender-responsive fiscal and financial policies. Highlighting the current gaps in financing of gender equality measures under the SDGs at the national, regional and global levels, the event will give concrete suggestions and encourage commitments by member states and financial institutions towards a gender transformative reform of the international financial architecture and the utilization of resources towards gender transformative change at the local, national, regional and global levels.
The event will feature important thought leaders and practitioners from a diverse and intersectional range of stakeholders, including feminist and women’s rights organizations, LGBTI+ organizations, UN entities and member states and other relevant stakeholders, with focus on negotiated official UN processes.
In this key midpoint for the SDG implementation, and the Generation Equality Forum (GEF), the event will aim to provide recommendations towards reaching gender equality and in connection with the SDG Acceleration Day, GEF midpoint event, the upcoming SDG Summit, the GA High Level Dialogue on Financing for Development, and the ECOSOC FfD process in order to set a solid basis for the fourth International Financing for Development Conference, that is scheduled to occur in 2025.