Speech by H.E. J.V. Bainimarama, Prime Minister of the Republic of Fiji, Chairman of the Group of 77 and China, at the Official Working Lunch Hosted by the President of ECOSOC

New York
Monday, April 22, 2013

Your Excellency, the President of ECOSOC

Your Excellency, the Deputy Secretary-General of the United Nations

Honorable Ministers

Excellencies

Ladies and Gentlemen

I am privileged to join you at this gathering.  Allow me to first thank you, Ambassador Osorio, for organizing this working lunch and providing us an opportunity to interact with each other in a less formal mode in the margins of the two Special High-level meetings taking place today and tomorrow.

I was advised by the G77 team at the Fiji Mission in New York that a G77 delegation made an official familiarisation visit to the Bretton Woods Institutions in Washington last month.   I understand it was the first time that a G77 delegation from New York had undertaken such a visit.  I was also informed that the G77 delegation was well received and managed to engage in a series of well-organised meetings to exchange views and ideas.  On behalf of the Group of 77 and China, I would like to take this opportunity to expressly thank the IMF and the World Bank for the arrangements made and for their hospitality.  The Group places great importance on having such regular dialogue with the BWIs and we would like to see continuation of such cooperation in the years to come.

As we undertake our discussions today on issues of “coherence, coordination and cooperation in the context of financing for sustainable development and the post-2015 development agenda”, I wish to stress the need for international organisations, including the BWIs, to avoid duplication, fragmentation, contradictions and competition of work and mandates with the UN system in dealing with global economic challenges.  As we strive to improve efficiency and effectiveness in our collective efforts to tackle global issues relating to development finance and the development agenda in general, it is logical and desirable for the BWIs and other international development agencies to work closely in a coordinated, coherent and consistent way with the UN system.

The mandates of the “Future We Want” were given due consideration by international financial institutions at the Rio Summit in 2012.  Accordingly we expect the three dimensions of sustainable development to be integrated in a balanced manner in the plans and programmes of the international institutions, particularly the BWIs.   In this regard, I would be much interested to hear from our distinguished representatives from BWIs, UNCTAD and the WTO on how their organisations plan to fulfil this universal mandate.

It is of concern to the Group of 77 and China that despite some positive progress, the 2010 IMF governance reforms continue to await ratifications by some key IMF members.  Their support to the current reform process is much needed for it to be concluded by early 2014 as anticipated.  Moreover, the Group also requests the IMF and World Bank  to give serious consideration to revising their respective governance structures on a periodic basis, in order to make incremental and continuous advances towards a more universal and thus legitimised institution, where the voice and participation of developing countries is guaranteed.

Similarly, the Group also invites the Financial Stability Board to consider a more participatory governing structure by broadening and strengthening the voice and participation of developing countries.  I therefore request ECOSOC to favourably consider extending an invitation to the Financial Stability Board for our next High-level dialogue in New York.

The Group of 77 and China welcomes the support provided by the World Bank, the IMF and other UN agencies and development partners to service and coordinate with the United Nations in the follow-up of the Millennium Development Goals as well as their inputs in the future global development agenda.  Their technical support  in the post-2015 development agenda, for instance, will contribute positively to assist all UN members to map out a future development framework beyond 2015.   We need to maintain this cooperative platform between development partners and States within the UN system as we aim to achieve ‘coherence, coordination and cooperation in the context of financing for sustainable development and the post-2015 development agenda’.

I thank you.

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