Pact for global economic stability

The Economic Commission for Latin America and the Caribbean (ECLAC) has called on rich countries to contribute to the economic and social well–being of the region by diversifying their investments there.

“If this region is going to be part of the global pact for financing development, it’s not because it is demanding official assistance,” said Alicia Bárcena, ECLAC executive secretary, in addressing the Regional Meeting of the Committee of Experts on Sustainable Development Finance in Santiago, Chile on Jan.14.

“What we want is for developed countries to make a real pact for financial stability to avoid repeating the collapse of 2008, which was provoked by the self-regulated market and affected everyone, even those who did not cause the crisis,” she added.

ECLAC said the meeting is being attended by several experts from Latin America and the Caribbean, who are part of the working group, which consists of about 30 specialists worldwide.

Bárcena said Latin America and the Caribbean today have different experiences to contribute to this debate, stating that the region is aiming to strengthen its own mechanisms to help finance development, and by counting on a “broad network of regional and sub-regional banks” that it is considering extending.

Additionally, Bárcena said it is analyzing the possibility of advancing in its financial integration by expanding the geographic coverage of the Latin American Reserve Fund (FLAR), with the intention of supporting small and medium economies.

“This region is seeking a better global agreement, stronger regional financial institutions and more productive investments,” she stressed.

At the event’s opening session on Tuesday, ECLAC said the two co-presidents of the Committee of Experts participated: Mansur Muhtar, executive director of the World Bank Group, and Pertti Majanen, Amb. for Global Matters at the Ministry of Foreign Affairs of Finland.

The Experts’ Committee was formed in the framework of the UN General Assembly as part of the commitments adopted in 2012 during the United Nations conference on sustainable development in Rio de Janeiro, known as Rio+20.

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