Mobilization of international emergency funding

Ms. Dilek Aykut, Economist, International Finance Team, World Bank

The euro has become the second key currency in international finance.

Noteworthy are such initiatives as the International Financing Facility.

Apart from that, the international financial architecture should also be reformed.

Action is needed on innovative financing, including the International Finance Facility (IFF) and an airline ticket levy.

Most countries increased funding levels over the past year.

Shared funding of posts of Deputy Special Representatives of the Secretary General

In particular, the Secretary General's recommendation to launch an International Finance Facility as a mechanism for securing a stable and predictable source of financing deserves serious consideration.

Finance theorists have written reams on the consequences of the failure of the efficient markets hypothesis.

In addition, there is an urgent need for international funding for the electoral process.

Financing should come from the International Monetary Fund, the World Bank, the European Bank for Reconstruction and Development, as well as from bilateral support provided by the US, the European Union, China, and the Gulf states.

Options include international debt financing, domestic tax revenue and user fees, borrowing in domestic capital markets, and public private partnerships for water related investments.

Malaysia welcomes new and innovative ideas on securing international funding for development related purposes.

Most rich countries choose to finance their health care publicly for several reasons.

The one area where Europe is posting better results is public finances.

The international community should provide more assistance in terms of funding, technology and training.

We would therefore like to appeal to the international community to urgently address the shortfalls.

However, the bulk of this increased funding must come from the international community.

Hamilton emphasized the importance of a commitment to sound finance as a prerequisite to public economy.

Second, public financing of health care frees the poor to use their money to satisfy other needs.

That brings us to the link between corporate short termism and weak public finances.

Public international law

Imagine if the International Monetary Fund, the World Bank, and regional development banks suspended financing as soon as a government pulled down an information curtain.

Third, publicly financing health could increase overall employment. Canada s provinces phased in national health insurance from 1961 to 1975.

The International Monetary Fund should be an essential port of call for emerging market and developing countries facing financing needs.

Agreements with, and access to, the International Monetary Fund and Europe s new bailout fund provide (soft) constraints.

How soon can agreement on the proposed International Finance Facility be reached by the necessary minimum number of donors?

Important improvements have been made over the past year to expand the pension system s coverage, move toward universal health care, and provide public funding for basic education.

Great Britain has made the Millennium Development Goals, and hence the IFF, the centerpiece of the G 8 Summit, which will be held in Scotland next July.

14 The World Bank Infrastructure Action Plan, formulated in 2003, recognizes that the scope for private participation, and by implication the scale of engagement by multilateral institutions, varies between the different sectors (see Strengthening the foundations for growth and private sector development investment climate and infrastructure development , Washington, D.C., World Bank, 2004).

With the exception of Greece, the deterioration in public finances was a symptom of the crisis, not its cause.

6. Welcomes the contribution to the mobilization of additional and predictable resources for development by voluntary innovative financing initiatives taken by groups of Member States, and in this regard notes the International Drug Purchase Facility, UNITAID, the International Finance Facility for Immunization and the advance market commitment initiatives

Chancellor Brown's proposal an initiative called the International Finance Facility (IFF) does precisely this.

The 2008 crisis highlighted the need for international cooperation to regulate finance and mitigate the effects of a crisis.

2. Welcomes the increased funding for malaria interventions and for research and development of preventative and control tools from the international community, through targeted funding from multilateral and bilateral sources and from the private sector

More recently, the Secretary General has called upon the international community to undertake in 2005 to launch an International Finance Facility (IFF), originally proposed by the United Kingdom, underpinned by scaled up commitments to achieving the 0.7 per cent ODA target no later than 2015 (A 59 2005, para.

(d) Report of the Secretary General on the status of possible funding arrangements for the capital master plan (A 58 729)

Reforms in the forest sector, good governance and the creation of a stable and sound institutional and policy environment will help attract more international finance for development and contribute to the self financing of the sector.

Indeed, some thought should be given to an exit strategy from cheap and unconditional IMF financing.

Taking note of the report of the Secretary General,A 62 140. in which he stated that the Regional Centre's ability to fulfil its mandate continued to be hampered by the lack of funding, in particular core funding,

Admittedly, the current global economic environment has placed public finances in many developed countries under extreme pressure.

Since China s era of reform and opening up began, the country has experienced three instances of large scale public finance problems.

Credit Shuka Kalantari PRI

A statement was also made by the Secretary General of the International Meeting.