“Official development assistance is the only international financial flow that is explicitly intended to benefit the public. Shifting focus to its catalytic role can dilute its core purpose which is poverty eradication and can make it less accountable as the catalysed flows are more difficult to monitor,” says Jennifer Malonzo of IBON International in her intervention during the recent FfD talks.
Malonzo further said that the promotion of blended finance in the absence of necessary and broadly developed accountability systems to monitor the impact of these types of flows is highly troubling.
CSO engagement within the FfD process is coordinated by the CSO FfD Group, which is an open platform of organisations that work on the different pillars of the FfD process. CPDE issued a statement to the forum, shared views to the FfD Outcome document, actively participated in the formal sessions, and involved in onsite and online media activities.
CPDE Co-chair Vitalice Meja stressed that support for productive sectors must lead to sustainable livelihoods, wages, environment, and societal empowerment. Any support, including those of the private sector must be seen along these impacts. He added that blended finance must respect effectiveness principles of democratic ownership, inclusive development partnerships, transparency and accountability, and focus on results. According to Meja, the current tune of the private sector will not solve the world’s problems.
Read the full CPDE statement here.
Under the helm of the United Nations Economic and Social Council, the FfD Forum, an intergovernmental process, meets regularly to see how far the international community has arrived in meeting the financing requirements for Agenda 2030..
The Forum assesses progress, identifies implementation gaps and also recommends actions and measures on a range of issues in order to ensure the full implementation of Addis Ababa in support of the Agenda 2030. At the onset, countries are encouraged to redouble their efforts to eradicate global poverty.
CPDE participated in the 3rd Financing for Development Forum held from 23-26 April 2018 at the United Nations (UN) Headquarters in New York. CPDE delegation included Co-Chair Vitalice Meja, Luca De Fraia of ActionAid Italy, Jennifer Malonzo of IBON International and Matt Simonds of the Global Secretariat.
