Economic and Social Council

Mobilizing Financial Resources for Developing Countries for Sustainable Development

The Monterrey Consensus states that each country holds responsibility for its own economic development, and the role of national policies and development strategies can't be overemphasized.

With the help of the Monterrey Conference, developing countries could make significant progress in the administration of development policies of their economic structure, contributing to increased mobilization of domestic resources and higher levels of economic growth. 

In December 2008, The Doha Declaration confirmed that “National ownership and leadership of development strategies and good governance are important for effective mobilization of domestic financial resources and fostering sustained economic growth and sustainable development.”

Addressing the surfacing of decentralized financial systems and Cryptocurrency

​Decentralized Finance (commonly known as DeFi) is a blockchain-based form of finance that does not rely on central financial intermediaries, such as banks and credit unions. DeFi platforms allow people to lend or borrow funds from others, speculate on price movements on a range of assets, trade cryptocurrencies, insure against risks, and earn interest in savings-like accounts. By October 2020, over $11 billion worth in cryptocurrency was deposited in various decentralized finance protocols. As of January 2021, approximately $20.5 billion was invested in DeFi. The increasing interest in cryptocurrencies makes it hard to estimate the future of centralized finances. This year ECOSOC will be debating the emergence of DeFi and its effect on global economics.