{"disclaimer":"Transcripts available through this tool are created by using automatic speech recognition and are not official records nor official documents of the United Nations. Official records and official documents are available on the Official Document System of the United Nations.","url":"https://transcripts.un.org/es/asset/k1r/k1rs9t279x?lang=en","llms":{"note":"Plain-text sibling of this page, compact for LLM context. For the full API guide (search, listing, URL grammar) see /llms.txt.","textUrl":"/es/asset/k1r/k1rs9t279x.txt","guide":"/llms.txt"},"video":{"id":"k1r/k1rs9t279x","kaltura_id":"1_rs9t279x","title":"(7th informal meeting) Preparatory Committee for the Fourth International Conference on Financing for Development, Third Session","clean_title":"(7th informal meeting) Preparatory Committee for the Fourth International Conference on Financing for Development, Third Session","url":"https://webtv.un.org/en/asset/k1r/k1rs9t279x","date":"2025-02-13T00:00:00.000Z","scheduled_time":"2025-02-13T20:00:00.000Z","status":"finished","duration":"02:02:41","category":"Conferences","body":null,"event_code":null,"event_type":null,"session_number":null,"pv_symbol":null,"pv_part":null,"slug":"asset/k1r/k1rs9t279x"},"metadata":{"summary":"The Third Session of the Preparatory Committee for the Fourth International Conference on Financing for Development will be held at the United Nations Headquarters in New York from 10 to 14 February 2025.","description":"Consideration of the draft outcome document of the Conference\n\nThe Fourth International Conference on Financing for Development (FfD4) will take place in Seville, Spain from 30 June to 3 July, 2025. The Conference will address new and emerging issues, and the urgent need to fully implement the Sustainable Development Goals, and support reform of the international financial architecture.\nFfD4 will assess the progress made in the implementation of the Monterrey Consensus, the Doha Declaration and the Addis Ababa Action agenda.","categories":["Meetings & Events","Conferences","International Conference on Financing for Development","Fourth Session"],"geographic_subject":[],"subject_topical":[],"corporate_name":[],"speaker_affiliation":[],"related_documents":[{"title":"Third Preparatory Committee Session for FfD4 website","url":"https://financing.desa.un.org/preparatory-process-ffd4/third-prepcom"},{"title":"Proposed organization of work of the third session of the Preparatory Committee","url":"https://s3.us-west-2.amazonaws.com/teamup-filestack-temp/temp%2Fc133XxBAQYi46I1v1yph_3rd-prep-com-ffd4.pdf"}]},"transcript":{"transcript_id":"azure-llm-speech-78857129-f9c9-4845-b0b7-c096fe6b7ed8","language":"en","data":[{"statement_number":1,"start":0.11,"pageUrl":"/es/asset/k1r/k1rs9t279x?lang=en&t=1","paragraphs":[{"sentences":[{"text":"Good afternoon, dear colleagues.","start":0.11,"end":2.35,"topics":[],"words":[{"text":"Good","start":0.11,"end":0.35},{"text":"afternoon,","start":0.35,"end":0.91},{"text":"dear","start":0.91,"end":1.15},{"text":"colleagues.","start":1.15,"end":2.35}]},{"text":"Happy if you would find your seats and allow us to start so that I can call to order the seventh informal meeting of the fourth preparatory of the seventh informal session of the preparatory committee for the fourth international conference on financing for 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you all very much for being able to finish the reading of the debt chapter before lunch.","start":26.07,"end":34.23,"topics":[],"words":[{"text":"Thank","start":26.07,"end":26.39},{"text":"you","start":26.39,"end":26.59},{"text":"all","start":26.59,"end":26.79},{"text":"very","start":26.79,"end":27.07},{"text":"much","start":27.07,"end":27.43},{"text":"for","start":27.43,"end":28.47},{"text":"being","start":28.47,"end":28.99},{"text":"able","start":29.67,"end":30.15},{"text":"to","start":30.15,"end":30.31},{"text":"finish","start":30.31,"end":30.87},{"text":"the","start":30.95,"end":31.11},{"text":"reading","start":31.11,"end":31.83},{"text":"of","start":31.83,"end":32.15},{"text":"the","start":32.15,"end":32.27},{"text":"debt","start":32.27,"end":32.67},{"text":"chapter","start":32.67,"end":33.15},{"text":"before","start":33.15,"end":33.59},{"text":"lunch.","start":33.59,"end":34.23}]},{"text":"That means we can now start on the chapter on addressing systemic 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57.","start":43.51,"end":49.35,"topics":[],"words":[{"text":"Comments","start":43.51,"end":44.23},{"text":"are","start":44.23,"end":44.39},{"text":"invited","start":44.39,"end":45.27},{"text":"for","start":45.27,"end":45.63},{"text":"paragraphs","start":45.63,"end":46.55},{"text":"52","start":46.55,"end":47.59},{"text":"to","start":47.59,"end":47.79},{"text":"57.","start":48.23,"end":49.35}]},{"text":"Please press your buttons and remember that groups are invited to speak for not more than seven minutes, individual countries and organizations for not more than four 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I see that you are pressing, so this is excellent, and I will invite Yemen to start on behalf of the LDCs.","start":64.19,"end":74.99,"topics":[],"words":[{"text":"And","start":64.19,"end":64.51},{"text":"I","start":64.51,"end":64.75},{"text":"see","start":64.75,"end":65.31},{"text":"that","start":65.31,"end":65.63},{"text":"you","start":65.63,"end":65.79},{"text":"are","start":65.79,"end":65.95},{"text":"pressing,","start":65.95,"end":66.43},{"text":"so","start":66.43,"end":66.55},{"text":"this","start":66.59,"end":66.91},{"text":"is","start":66.91,"end":67.15},{"text":"excellent,","start":67.15,"end":67.87},{"text":"and","start":67.87,"end":68.11},{"text":"I","start":68.11,"end":68.43},{"text":"will","start":68.43,"end":68.83},{"text":"invite","start":68.83,"end":69.71},{"text":"Yemen","start":69.87,"end":70.75},{"text":"to","start":70.75,"end":70.91},{"text":"start","start":70.91,"end":71.63},{"text":"on","start":71.63,"end":71.79},{"text":"behalf","start":71.79,"end":72.67},{"text":"of","start":72.75,"end":73.07},{"text":"the","start":73.07,"end":73.27},{"text":"LDCs.","start":73.87,"end":74.99}]},{"text":"to be followed by Colombia on behalf of the Group of 77 and China.","start":75.51,"end":81.59,"topics":[],"words":[{"text":"to","start":75.51,"end":75.67},{"text":"be","start":75.67,"end":75.91},{"text":"followed","start":75.91,"end":76.71},{"text":"by","start":76.71,"end":77.35},{"text":"Colombia","start":77.35,"end":78.03},{"text":"on","start":78.03,"end":78.47},{"text":"behalf","start":78.47,"end":79.03},{"text":"of","start":79.03,"end":79.35},{"text":"the","start":79.35,"end":79.43},{"text":"Group","start":79.43,"end":79.67},{"text":"of","start":79.67,"end":79.75},{"text":"77","start":79.75,"end":80.71},{"text":"and","start":80.71,"end":80.99},{"text":"China.","start":80.99,"end":81.59}]},{"text":"But Yemen, you have the floor.","start":81.99,"end":83.83,"topics":[],"words":[{"text":"But","start":81.99,"end":82.23},{"text":"Yemen,","start":82.23,"end":82.79},{"text":"you","start":82.79,"end":82.95},{"text":"have","start":82.95,"end":83.27},{"text":"the","start":83.27,"end":83.35},{"text":"floor.","start":83.35,"end":83.83}]}]}],"speaker":{"name":null,"affiliation":null,"affiliation_full":null,"group":null,"function":"Co-Chair"}},{"statement_number":2,"start":96.14,"pageUrl":"/es/asset/k1r/k1rs9t279x?lang=en&t=97","paragraphs":[{"sentences":[{"text":"Thank you, Madam Co-Chair.","start":96.14,"end":98.62,"topics":[],"words":[{"text":"Thank","start":96.14,"end":96.62},{"text":"you,","start":96.62,"end":96.78},{"text":"Madam","start":97.42,"end":97.9},{"text":"Co-Chair.","start":98.06,"end":98.62}]},{"text":"Distinguished co-facilitators, Excellencies, distinguished delegates.","start":99.18,"end":105.18,"topics":[],"words":[{"text":"Distinguished","start":99.18,"end":99.9},{"text":"co-facilitators,","start":99.9,"end":102.38},{"text":"Excellencies,","start":102.38,"end":103.5},{"text":"distinguished","start":103.66,"end":104.62},{"text":"delegates.","start":104.62,"end":105.18}]},{"text":"I have the honor to make these remarks on behalf of the least developed countries.","start":105.67,"end":109.83,"topics":[],"words":[{"text":"I","start":105.67,"end":105.75},{"text":"have","start":105.75,"end":105.99},{"text":"the","start":105.99,"end":106.15},{"text":"honor","start":106.15,"end":106.39},{"text":"to","start":106.39,"end":106.51},{"text":"make","start":106.51,"end":106.71},{"text":"these","start":106.75,"end":107.11},{"text":"remarks","start":107.11,"end":107.59},{"text":"on","start":107.59,"end":107.75},{"text":"behalf","start":107.75,"end":108.15},{"text":"of","start":108.19,"end":108.35},{"text":"the","start":108.35,"end":108.43},{"text":"least","start":108.43,"end":108.83},{"text":"developed","start":108.83,"end":109.23},{"text":"countries.","start":109.23,"end":109.83}]},{"text":"We align ourselves with the statement made by Group of 77 and 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A central point of debate was how ambitious reform should be and what role the United Nations should play alongside the IMF, World Bank, and other institutions."}],"words":[{"text":"As","start":115.67,"end":115.91},{"text":"we","start":115.91,"end":116.15},{"text":"face","start":116.15,"end":116.79},{"text":"overlapping","start":116.87,"end":117.59},{"text":"global","start":117.59,"end":118.15},{"text":"crises,","start":118.15,"end":118.87},{"text":"the","start":119.35,"end":119.55},{"text":"importance","start":119.55,"end":120.15},{"text":"of","start":120.15,"end":120.31},{"text":"dynamic,","start":120.31,"end":120.95},{"text":"adaptable","start":120.95,"end":121.75},{"text":"and","start":121.75,"end":121.91},{"text":"responsive","start":121.91,"end":122.55},{"text":"global","start":122.55,"end":123.03},{"text":"system","start":123.03,"end":123.59},{"text":"and","start":123.67,"end":123.83},{"text":"multilateralism","start":123.83,"end":125.11},{"text":"is","start":125.51,"end":125.75},{"text":"paramount.","start":125.75,"end":126.35}]},{"text":"Finance is crucial for sustainable development and an inclusive, responsive financial architecture is essential for equitable access.","start":127.07,"end":136.11,"topics":[{"key":"financial-architecture-reform","label":"Reform of the International Financial Architecture","description":"Many speakers called for a broad overhaul of the global financial system so it better reflects current realities and supports sustainable development. A central point of debate was how ambitious reform should be and what role the United Nations should play alongside the IMF, World Bank, and other institutions."}],"words":[{"text":"Finance","start":127.07,"end":127.55},{"text":"is","start":127.55,"end":127.71},{"text":"crucial","start":127.71,"end":128.19},{"text":"for","start":128.19,"end":128.43},{"text":"sustainable","start":128.43,"end":129.07},{"text":"development","start":129.07,"end":129.79},{"text":"and","start":130.11,"end":130.51},{"text":"an","start":130.63,"end":130.83},{"text":"inclusive,","start":130.83,"end":131.79},{"text":"responsive","start":131.87,"end":132.59},{"text":"financial","start":132.59,"end":133.23},{"text":"architecture","start":133.23,"end":134.03},{"text":"is","start":134.03,"end":134.27},{"text":"essential","start":134.27,"end":134.83},{"text":"for","start":134.83,"end":135.03},{"text":"equitable","start":135.03,"end":135.67},{"text":"access.","start":135.67,"end":136.11}]},{"text":"This forum must set concrete actions and ambitious goals to this end.","start":136.43,"end":140.75,"topics":[{"key":"financial-architecture-reform","label":"Reform of the International Financial Architecture","description":"Many speakers called for a broad overhaul of the global financial system so it better reflects current realities and supports sustainable development. A central point of debate was how ambitious reform should be and what role the United Nations should play alongside the IMF, World Bank, and other institutions."}],"words":[{"text":"This","start":136.43,"end":136.75},{"text":"forum","start":136.75,"end":137.11},{"text":"must","start":137.11,"end":137.31},{"text":"set","start":137.31,"end":137.63},{"text":"concrete","start":137.63,"end":138.19},{"text":"actions","start":138.19,"end":138.75},{"text":"and","start":138.75,"end":138.99},{"text":"ambitious","start":138.99,"end":139.47},{"text":"goals","start":139.47,"end":140.03},{"text":"to","start":140.03,"end":140.19},{"text":"this","start":140.19,"end":140.43},{"text":"end.","start":140.43,"end":140.75}]},{"text":"The least developed countries welcome key commitment in the outcome document, particularly the recommitment in paragraphs 53a to d for equitable representation in international financial institutions decision-making bodies.","start":141.23,"end":158.35,"topics":[{"key":"ifi-representation","label":"Representation and Voice in International Financial Institutions","description":"Delegations repeatedly stressed the need to increase the voice, voting power, and board representation of developing countries in the IMF, World Bank, and other IFIs. 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This included proposals on quota realignment, basic votes, additional seats for Africa and SIDS, and more balanced geographic and gender representation."}],"words":[{"text":"This","start":158.83,"end":159.07},{"text":"is","start":159.07,"end":159.23},{"text":"crucial","start":159.23,"end":159.95},{"text":"to","start":160.11,"end":160.27},{"text":"enhance","start":160.31,"end":160.91},{"text":"the","start":160.91,"end":161.15},{"text":"voice","start":161.15,"end":161.71},{"text":"of","start":161.71,"end":162.03},{"text":"developing","start":162.03,"end":162.59},{"text":"countries","start":162.59,"end":163.23},{"text":"and","start":163.23,"end":163.47},{"text":"LDCs","start":163.47,"end":164.43},{"text":"better","start":164.51,"end":164.99},{"text":"reflecting","start":165.23,"end":165.87},{"text":"members'","start":165.87,"end":166.43},{"text":"relative","start":166.43,"end":166.91},{"text":"positions","start":166.91,"end":167.55},{"text":"in","start":167.55,"end":167.71},{"text":"the","start":167.71,"end":167.83},{"text":"world","start":167.83,"end":168.27},{"text":"economy","start":168.27,"end":168.91},{"text":"while","start":169.11,"end":169.47},{"text":"protecting","start":169.47,"end":170.15},{"text":"the","start":170.15,"end":170.27},{"text":"poorest","start":170.27,"end":171.07},{"text":"members'","start":171.47,"end":172.11},{"text":"shares.","start":172.11,"end":172.59}]},{"text":"We commend the commitment in paragraph 54A and F to strengthen global financial safety net and close regional gaps.","start":173.11,"end":182.47,"topics":[{"key":"global-safety-net","label":"Global Financial Safety Net","description":"A major topic was how to strengthen the global financial safety net so countries can respond more effectively to crises and external shocks. Speakers discussed IMF lending resources and tools, rapid-disbursement facilities, trust funds, and the possible role of regional financing arrangements."}],"words":[{"text":"We","start":173.11,"end":173.27},{"text":"commend","start":173.27,"end":173.83},{"text":"the","start":173.83,"end":173.99},{"text":"commitment","start":173.99,"end":174.63},{"text":"in","start":174.63,"end":174.79},{"text":"paragraph","start":174.79,"end":175.59},{"text":"54A","start":175.83,"end":176.87},{"text":"and","start":177.11,"end":177.39},{"text":"F","start":177.39,"end":177.75},{"text":"to","start":177.99,"end":178.07},{"text":"strengthen","start":178.07,"end":178.71},{"text":"global","start":178.71,"end":179.19},{"text":"financial","start":179.19,"end":179.75},{"text":"safety","start":179.75,"end":180.39},{"text":"net","start":180.39,"end":180.71},{"text":"and","start":180.95,"end":181.15},{"text":"close","start":181.15,"end":181.55},{"text":"regional","start":181.59,"end":181.99},{"text":"gaps.","start":181.99,"end":182.47}]},{"text":"LDCs underscore the importance of rechanneling special drawing rights, SDRs, and urge member state to do expeditiously in line with paragraph 257 of Doha program of the action.","start":182.87,"end":198.07,"topics":[{"key":"sdr-rechanneling","label":"Special Drawing Rights","description":"Special Drawing Rights were discussed as a tool for easing liquidity constraints and supporting development finance. Delegations debated rechanneling unused SDRs to developing countries, possible new allocations, and whether SDR use should be expanded for SDGs, climate action, and crisis response."}],"words":[{"text":"LDCs","start":182.87,"end":183.67},{"text":"underscore","start":183.75,"end":184.63},{"text":"the","start":184.63,"end":184.71},{"text":"importance","start":184.71,"end":185.67},{"text":"of","start":185.67,"end":185.91},{"text":"rechanneling","start":185.91,"end":186.79},{"text":"special","start":186.87,"end":187.35},{"text":"drawing","start":187.35,"end":187.67},{"text":"rights,","start":187.67,"end":188.15},{"text":"SDRs,","start":188.15,"end":188.87},{"text":"and","start":189.35,"end":189.67},{"text":"urge","start":189.67,"end":189.99},{"text":"member","start":189.99,"end":190.31},{"text":"state","start":190.31,"end":190.91},{"text":"to","start":190.91,"end":190.99},{"text":"do","start":191.03,"end":191.27},{"text":"expeditiously","start":191.35,"end":192.47},{"text":"in","start":193.19,"end":193.35},{"text":"line","start":193.35,"end":193.75},{"text":"with","start":193.75,"end":193.91},{"text":"paragraph","start":193.91,"end":194.63},{"text":"257","start":195.03,"end":195.99},{"text":"of","start":195.99,"end":196.15},{"text":"Doha","start":196.15,"end":196.51},{"text":"program","start":196.51,"end":197.27},{"text":"of","start":197.35,"end":197.51},{"text":"the","start":197.51,"end":197.63},{"text":"action.","start":197.63,"end":198.07}]},{"text":"We emphasize prioritizing the furthest behind and most vulnerable.","start":198.63,"end":203.83,"topics":[{"key":"multidimensional-vulnerability","label":"Multidimensional Vulnerability","description":"A recurring concern was that financing rules still rely too heavily on income or quota-based indicators and do not capture the real exposure of SIDS, LDCs, and other vulnerable countries. Delegations called for multidimensional vulnerability to be reflected in access to finance, concessionality, safety nets, and risk assessment."}],"words":[{"text":"We","start":198.63,"end":198.83},{"text":"emphasize","start":198.83,"end":199.75},{"text":"prioritizing","start":199.83,"end":200.79},{"text":"the","start":200.79,"end":200.95},{"text":"furthest","start":200.95,"end":201.91},{"text":"behind","start":201.91,"end":202.63},{"text":"and","start":202.67,"end":202.79},{"text":"most","start":202.79,"end":203.27},{"text":"vulnerable.","start":203.27,"end":203.83}]},{"text":"We call for updated concessionality framework that consider countries physical space and the need to meet the SDGs.","start":204.47,"end":213.59,"topics":[{"key":"multidimensional-vulnerability","label":"Multidimensional Vulnerability","description":"A recurring concern was that financing rules still rely too heavily on income or quota-based indicators and do not capture the real exposure of SIDS, LDCs, and other vulnerable countries. Delegations called for multidimensional vulnerability to be reflected in access to finance, concessionality, safety nets, and risk assessment."}],"words":[{"text":"We","start":204.47,"end":204.71},{"text":"call","start":204.71,"end":205.03},{"text":"for","start":205.03,"end":205.27},{"text":"updated","start":205.27,"end":205.99},{"text":"concessionality","start":206.31,"end":207.59},{"text":"framework","start":207.91,"end":208.55},{"text":"that","start":208.55,"end":209.03},{"text":"consider","start":209.19,"end":209.91},{"text":"countries","start":209.91,"end":210.63},{"text":"physical","start":210.63,"end":211.11},{"text":"space","start":211.11,"end":211.59},{"text":"and","start":211.59,"end":211.79},{"text":"the","start":211.79,"end":211.87},{"text":"need","start":211.87,"end":212.11},{"text":"to","start":212.11,"end":212.31},{"text":"meet","start":212.31,"end":212.55},{"text":"the","start":212.55,"end":212.71},{"text":"SDGs.","start":212.71,"end":213.59}]},{"text":"This aligns with the need for more comprehensive approach to assessing countries financial needs and capacities.","start":214.07,"end":221.75,"topics":[{"key":"multidimensional-vulnerability","label":"Multidimensional Vulnerability","description":"A recurring concern was that financing rules still rely too heavily on income or quota-based indicators and do not capture the real exposure of SIDS, LDCs, and other vulnerable countries. Delegations called for multidimensional vulnerability to be reflected in access to finance, concessionality, safety nets, and risk assessment."}],"words":[{"text":"This","start":214.07,"end":214.39},{"text":"aligns","start":214.39,"end":214.79},{"text":"with","start":214.79,"end":214.95},{"text":"the","start":214.95,"end":215.03},{"text":"need","start":215.03,"end":215.35},{"text":"for","start":215.35,"end":215.55},{"text":"more","start":215.55,"end":215.91},{"text":"comprehensive","start":215.91,"end":216.79},{"text":"approach","start":216.79,"end":217.27},{"text":"to","start":217.27,"end":217.43},{"text":"assessing","start":217.43,"end":218.07},{"text":"countries","start":218.39,"end":219.03},{"text":"financial","start":219.03,"end":219.75},{"text":"needs","start":219.75,"end":220.31},{"text":"and","start":220.63,"end":220.87},{"text":"capacities.","start":220.87,"end":221.75}]},{"text":"Regarding paragraph 54A, we strongly support working through the IMF executive board to create a larger resource pool for rapid crisis response.","start":222.19,"end":234.91,"topics":[{"key":"global-safety-net","label":"Global Financial Safety Net","description":"A major topic was how to strengthen the global financial safety net so countries can respond more effectively to crises and external shocks. Speakers discussed IMF lending resources and tools, rapid-disbursement facilities, trust funds, and the possible role of regional financing arrangements."}],"words":[{"text":"Regarding","start":222.19,"end":222.91},{"text":"paragraph","start":223.07,"end":224.19},{"text":"54A,","start":224.43,"end":225.31},{"text":"we","start":225.47,"end":225.67},{"text":"strongly","start":225.67,"end":226.27},{"text":"support","start":226.27,"end":226.91},{"text":"working","start":226.91,"end":227.47},{"text":"through","start":227.47,"end":227.79},{"text":"the","start":227.79,"end":227.91},{"text":"IMF","start":227.91,"end":228.91},{"text":"executive","start":229.07,"end":229.71},{"text":"board","start":229.71,"end":230.11},{"text":"to","start":230.35,"end":230.47},{"text":"create","start":230.51,"end":231.15},{"text":"a","start":231.15,"end":231.23},{"text":"larger","start":231.23,"end":231.83},{"text":"resource","start":231.83,"end":232.35},{"text":"pool","start":232.35,"end":232.67},{"text":"for","start":232.67,"end":232.87},{"text":"rapid","start":232.87,"end":233.39},{"text":"crisis","start":233.87,"end":234.35},{"text":"response.","start":234.35,"end":234.91}]},{"text":"We urge special consideration for LDCs in designing and implementing these expanded resources pool, including access to mechanism like IMF multilateral swap lines.","start":235.23,"end":247.71,"topics":[{"key":"global-safety-net","label":"Global Financial Safety Net","description":"A major topic was how to strengthen the global financial safety net so countries can respond more effectively to crises and external shocks. Speakers discussed IMF lending resources and tools, rapid-disbursement facilities, trust funds, and the possible role of regional financing arrangements."},{"key":"multidimensional-vulnerability","label":"Multidimensional Vulnerability","description":"A recurring concern was that financing rules still rely too heavily on income or quota-based indicators and do not capture the real exposure of SIDS, LDCs, and other vulnerable countries. Delegations called for multidimensional vulnerability to be reflected in access to finance, concessionality, safety nets, and risk assessment."}],"words":[{"text":"We","start":235.23,"end":235.47},{"text":"urge","start":235.59,"end":235.95},{"text":"special","start":235.95,"end":236.51},{"text":"consideration","start":236.51,"end":237.31},{"text":"for","start":237.31,"end":237.59},{"text":"LDCs","start":237.59,"end":238.27},{"text":"in","start":238.27,"end":238.47},{"text":"designing","start":238.47,"end":239.15},{"text":"and","start":239.15,"end":239.35},{"text":"implementing","start":239.35,"end":240.27},{"text":"these","start":240.27,"end":240.51},{"text":"expanded","start":240.51,"end":241.11},{"text":"resources","start":241.11,"end":241.79},{"text":"pool,","start":241.79,"end":242.27},{"text":"including","start":242.59,"end":243.23},{"text":"access","start":243.23,"end":243.79},{"text":"to","start":243.79,"end":243.95},{"text":"mechanism","start":243.95,"end":244.67},{"text":"like","start":244.67,"end":244.99},{"text":"IMF","start":244.99,"end":245.79},{"text":"multilateral","start":245.79,"end":246.67},{"text":"swap","start":246.91,"end":247.23},{"text":"lines.","start":247.23,"end":247.71}]},{"text":"LDCs are at the front and suffer disproportionately from the crisis and shocks and therefore need urgent support during the times of crisis.","start":248.83,"end":261.15,"topics":[{"key":"multidimensional-vulnerability","label":"Multidimensional Vulnerability","description":"A recurring concern was that financing rules still rely too heavily on income or quota-based indicators and do not capture the real exposure of SIDS, LDCs, and other vulnerable countries. Delegations called for multidimensional vulnerability to be reflected in access to finance, concessionality, safety nets, and risk assessment."}],"words":[{"text":"LDCs","start":248.83,"end":249.55},{"text":"are","start":249.63,"end":250.19},{"text":"at","start":250.75,"end":250.91},{"text":"the","start":250.91,"end":251.07},{"text":"front","start":251.07,"end":251.55},{"text":"and","start":251.55,"end":251.75},{"text":"suffer","start":251.75,"end":252.35},{"text":"disproportionately","start":252.35,"end":254.03},{"text":"from","start":254.27,"end":254.67},{"text":"the","start":254.67,"end":254.79},{"text":"crisis","start":254.79,"end":255.47},{"text":"and","start":255.47,"end":255.67},{"text":"shocks","start":255.67,"end":256.27},{"text":"and","start":256.51,"end":256.75},{"text":"therefore","start":256.75,"end":257.31},{"text":"need","start":257.31,"end":257.79},{"text":"urgent","start":257.83,"end":258.43},{"text":"support","start":258.43,"end":259.07},{"text":"during","start":259.07,"end":259.63},{"text":"the","start":259.63,"end":259.79},{"text":"times","start":259.79,"end":260.27},{"text":"of","start":260.27,"end":260.43},{"text":"crisis.","start":260.43,"end":261.15}]},{"text":"The uneven recovery from the pandemic is solid evidence to learn the lesson.","start":261.87,"end":267.31,"topics":[],"words":[{"text":"The","start":261.87,"end":262.07},{"text":"uneven","start":262.07,"end":262.51},{"text":"recovery","start":262.51,"end":263.07},{"text":"from","start":263.07,"end":263.31},{"text":"the","start":263.31,"end":263.47},{"text":"pandemic","start":263.47,"end":264.27},{"text":"is","start":264.27,"end":264.51},{"text":"solid","start":264.51,"end":265.07},{"text":"evidence","start":265.07,"end":265.63},{"text":"to","start":265.63,"end":265.79},{"text":"learn","start":265.79,"end":266.27},{"text":"the","start":266.67,"end":266.79},{"text":"lesson.","start":266.79,"end":267.31}]},{"text":"We therefore welcome creating significant, significantly large pool of resources accessible to all countries for rapid crisis response, we urge special consideration for LDCs in designing and implementing the expanded resource pool.","start":268.19,"end":285.23,"topics":[{"key":"global-safety-net","label":"Global Financial Safety Net","description":"A major topic was how to strengthen the global financial safety net so countries can respond more effectively to crises and external shocks. Speakers discussed IMF lending resources and tools, rapid-disbursement facilities, trust funds, and the possible role of regional financing arrangements."},{"key":"multidimensional-vulnerability","label":"Multidimensional Vulnerability","description":"A recurring concern was that financing rules still rely too heavily on income or quota-based indicators and do not capture the real exposure of SIDS, LDCs, and other vulnerable countries. Delegations called for multidimensional vulnerability to be reflected in access to finance, concessionality, safety nets, and risk assessment."}],"words":[{"text":"We","start":268.19,"end":268.35},{"text":"therefore","start":268.35,"end":268.75},{"text":"welcome","start":268.75,"end":269.15},{"text":"creating","start":269.15,"end":269.71},{"text":"significant,","start":269.71,"end":270.99},{"text":"significantly","start":271.39,"end":272.35},{"text":"large","start":272.67,"end":273.15},{"text":"pool","start":273.15,"end":273.63},{"text":"of","start":273.71,"end":273.95},{"text":"resources","start":273.95,"end":274.75},{"text":"accessible","start":274.75,"end":275.39},{"text":"to","start":275.39,"end":275.59},{"text":"all","start":275.59,"end":275.79},{"text":"countries","start":275.79,"end":276.27},{"text":"for","start":276.27,"end":276.51},{"text":"rapid","start":276.51,"end":276.91},{"text":"crisis","start":277.23,"end":277.71},{"text":"response,","start":277.71,"end":278.27},{"text":"we","start":278.43,"end":278.75},{"text":"urge","start":278.87,"end":279.15},{"text":"special","start":279.15,"end":279.63},{"text":"consideration","start":279.63,"end":280.43},{"text":"for","start":280.43,"end":280.63},{"text":"LDCs","start":280.63,"end":281.31},{"text":"in","start":281.31,"end":281.47},{"text":"designing","start":281.47,"end":282.11},{"text":"and","start":282.11,"end":282.27},{"text":"implementing","start":282.27,"end":283.15},{"text":"the","start":283.47,"end":283.67},{"text":"expanded","start":283.67,"end":284.39},{"text":"resource","start":284.39,"end":284.91},{"text":"pool.","start":284.91,"end":285.23}]},{"text":"Such as IMF multilateral sublime, furthermore, we emphasize the importance of adjusting growing limits across all global financial safety net layers to ensure emergency and stand by resources adequately to meet LDCs meet needs.","start":285.99,"end":304.55,"topics":[{"key":"global-safety-net","label":"Global Financial Safety Net","description":"A major topic was how to strengthen the global financial safety net so countries can respond more effectively to crises and external shocks. Speakers discussed IMF lending resources and tools, rapid-disbursement facilities, trust funds, and the possible role of regional financing arrangements."},{"key":"multidimensional-vulnerability","label":"Multidimensional Vulnerability","description":"A recurring concern was that financing rules still rely too heavily on income or quota-based indicators and do not capture the real exposure of SIDS, LDCs, and other vulnerable countries. Delegations called for multidimensional vulnerability to be reflected in access to finance, concessionality, safety nets, and risk assessment."}],"words":[{"text":"Such","start":285.99,"end":286.55},{"text":"as","start":286.63,"end":286.95},{"text":"IMF","start":286.95,"end":287.59},{"text":"multilateral","start":287.59,"end":288.27},{"text":"sublime,","start":288.27,"end":288.87},{"text":"furthermore,","start":288.87,"end":289.59},{"text":"we","start":289.83,"end":290.15},{"text":"emphasize","start":290.15,"end":291.03},{"text":"the","start":291.03,"end":291.23},{"text":"importance","start":291.23,"end":292.07},{"text":"of","start":292.15,"end":292.23},{"text":"adjusting","start":292.23,"end":292.99},{"text":"growing","start":292.99,"end":293.59},{"text":"limits","start":293.83,"end":294.31},{"text":"across","start":294.31,"end":294.79},{"text":"all","start":294.79,"end":295.03},{"text":"global","start":295.03,"end":295.51},{"text":"financial","start":295.51,"end":296.03},{"text":"safety","start":296.03,"end":296.51},{"text":"net","start":296.51,"end":296.71},{"text":"layers","start":296.71,"end":297.19},{"text":"to","start":297.43,"end":297.59},{"text":"ensure","start":297.63,"end":298.07},{"text":"emergency","start":298.07,"end":298.79},{"text":"and","start":298.79,"end":299.11},{"text":"stand","start":299.19,"end":299.75},{"text":"by","start":299.75,"end":299.99},{"text":"resources","start":299.99,"end":300.79},{"text":"adequately","start":300.79,"end":301.67},{"text":"to","start":302.71,"end":302.87},{"text":"meet","start":302.87,"end":303.03},{"text":"LDCs","start":303.11,"end":303.67},{"text":"meet","start":303.75,"end":304.07},{"text":"needs.","start":304.07,"end":304.55}]},{"text":"This adjustment should consider LDCs unique challenges, including limited access to international capital market and higher vulnerability to economy, climate and health related shocks.","start":305.23,"end":317.23,"topics":[{"key":"multidimensional-vulnerability","label":"Multidimensional Vulnerability","description":"A recurring concern was that financing rules still rely too heavily on income or quota-based indicators and do not capture the real exposure of SIDS, LDCs, and other vulnerable countries. Delegations called for multidimensional vulnerability to be reflected in access to finance, concessionality, safety nets, and risk assessment."}],"words":[{"text":"This","start":305.23,"end":305.47},{"text":"adjustment","start":305.47,"end":306.19},{"text":"should","start":306.19,"end":306.67},{"text":"consider","start":306.67,"end":307.15},{"text":"LDCs","start":307.15,"end":307.95},{"text":"unique","start":307.95,"end":308.51},{"text":"challenges,","start":308.51,"end":309.15},{"text":"including","start":309.15,"end":309.79},{"text":"limited","start":309.79,"end":310.27},{"text":"access","start":310.27,"end":310.67},{"text":"to","start":310.67,"end":310.83},{"text":"international","start":310.83,"end":311.55},{"text":"capital","start":311.55,"end":312.03},{"text":"market","start":312.03,"end":312.59},{"text":"and","start":312.83,"end":313.07},{"text":"higher","start":313.07,"end":313.39},{"text":"vulnerability","start":313.39,"end":314.27},{"text":"to","start":314.27,"end":314.43},{"text":"economy,","start":314.43,"end":314.91},{"text":"climate","start":314.91,"end":315.63},{"text":"and","start":315.63,"end":315.79},{"text":"health","start":315.79,"end":316.19},{"text":"related","start":316.19,"end":316.75},{"text":"shocks.","start":316.75,"end":317.23}]},{"text":"On paragraph 55A, we strongly support efforts to improve credit rating and endorse the decision to establish an annual high level meeting for dialogue among stakeholders on this topic.","start":317.71,"end":331.19,"topics":[{"key":"credit-rating-reform","label":"Credit Rating Agency Reform","description":"Many speakers argued that credit rating practices can misprice risk, raise borrowing costs, and disadvantage developing countries, especially during crises. Proposals included stronger regulation, improved transparency, high-level dialogue, new methodologies that account for vulnerability, and even public or UN-linked alternatives."}],"words":[{"text":"On","start":317.71,"end":317.79},{"text":"paragraph","start":317.83,"end":318.43},{"text":"55A,","start":318.43,"end":319.27},{"text":"we","start":319.43,"end":319.59},{"text":"strongly","start":319.59,"end":320.15},{"text":"support","start":320.15,"end":320.87},{"text":"efforts","start":320.95,"end":321.47},{"text":"to","start":321.83,"end":321.95},{"text":"improve","start":321.95,"end":322.39},{"text":"credit","start":322.39,"end":322.87},{"text":"rating","start":322.87,"end":323.35},{"text":"and","start":323.43,"end":323.63},{"text":"endorse","start":323.63,"end":324.15},{"text":"the","start":324.15,"end":324.27},{"text":"decision","start":324.27,"end":324.87},{"text":"to","start":324.87,"end":324.99},{"text":"establish","start":324.99,"end":325.59},{"text":"an","start":325.63,"end":326.31},{"text":"annual","start":326.63,"end":327.19},{"text":"high","start":327.19,"end":327.51},{"text":"level","start":327.51,"end":327.83},{"text":"meeting","start":327.91,"end":328.31},{"text":"for","start":328.31,"end":328.55},{"text":"dialogue","start":328.55,"end":329.03},{"text":"among","start":329.03,"end":329.43},{"text":"stakeholders","start":329.43,"end":330.31},{"text":"on","start":330.35,"end":330.47},{"text":"this","start":330.47,"end":330.71},{"text":"topic.","start":330.71,"end":331.19}]},{"text":"We emphasize the importance of capacity building and access to science, technology, and innovation for LDCs, crucial for enhanced financial inclusion.","start":331.67,"end":342.71,"topics":[],"words":[{"text":"We","start":331.67,"end":331.79},{"text":"emphasize","start":331.79,"end":332.47},{"text":"the","start":332.47,"end":332.59},{"text":"importance","start":332.59,"end":333.35},{"text":"of","start":333.35,"end":333.51},{"text":"capacity","start":333.51,"end":334.23},{"text":"building","start":334.23,"end":334.79},{"text":"and","start":334.79,"end":335.03},{"text":"access","start":335.03,"end":335.43},{"text":"to","start":335.43,"end":335.55},{"text":"science,","start":335.55,"end":336.07},{"text":"technology,","start":336.39,"end":337.19},{"text":"and","start":337.19,"end":337.51},{"text":"innovation","start":337.51,"end":338.39},{"text":"for","start":338.39,"end":338.59},{"text":"LDCs,","start":338.59,"end":339.35},{"text":"crucial","start":339.59,"end":340.15},{"text":"for","start":340.15,"end":340.47},{"text":"enhanced","start":340.47,"end":341.27},{"text":"financial","start":341.43,"end":341.99},{"text":"inclusion.","start":341.99,"end":342.71}]},{"text":"We welcome the invitation to the Bank of for International Settlement and IMF in paragraph 57 to support developing countries in making decision about central bank digital currencies.","start":343.19,"end":355.99,"topics":[{"key":"digital-payments","label":"Digital Payments and Central Bank Digital Currencies","description":"Public payment systems, cross-border payments, and central bank digital currencies emerged as a recurring issue. 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With regards to the global safety net, the group is overall supportive of paragraph 54.","start":584.59,"end":601.23,"topics":[{"key":"ifi-representation","label":"Representation and Voice in International Financial Institutions","description":"Delegations repeatedly stressed the need to increase the voice, voting power, and board representation of developing countries in the IMF, World Bank, and other IFIs. This included proposals on quota realignment, basic votes, additional seats for Africa and SIDS, and more balanced geographic and gender representation."},{"key":"global-safety-net","label":"Global Financial Safety Net","description":"A major topic was how to strengthen the global financial safety net so countries can respond more effectively to crises and external shocks. Speakers discussed IMF lending resources and tools, rapid-disbursement facilities, trust funds, and the possible role of regional financing arrangements."}],"words":[{"text":"We","start":584.59,"end":584.83},{"text":"also","start":584.83,"end":585.03},{"text":"emphasize","start":585.03,"end":585.39},{"text":"the","start":585.39,"end":585.51},{"text":"need","start":585.51,"end":585.75},{"text":"to","start":585.75,"end":586.03},{"text":"end","start":586.03,"end":586.35},{"text":"the","start":586.35,"end":586.43},{"text":"normative","start":586.43,"end":586.79},{"text":"agreement","start":586.79,"end":587.31},{"text":"on","start":587.47,"end":587.55},{"text":"the","start":587.55,"end":587.67},{"text":"nationality","start":587.67,"end":588.27},{"text":"of","start":588.27,"end":588.43},{"text":"directors","start":588.43,"end":588.99},{"text":"of","start":588.99,"end":589.15},{"text":"International","start":589.15,"end":589.71},{"text":"Monetary","start":589.71,"end":590.07},{"text":"Fund","start":590.07,"end":590.43},{"text":"and","start":590.67,"end":590.83},{"text":"the","start":590.83,"end":590.91},{"text":"World","start":590.91,"end":591.19},{"text":"Bank,","start":591.19,"end":591.47},{"text":"which","start":591.87,"end":592.07},{"text":"shall","start":592.07,"end":592.27},{"text":"be","start":592.27,"end":592.59},{"text":"a","start":592.59,"end":592.67},{"text":"main","start":592.67,"end":592.83},{"text":"purpose","start":592.83,"end":593.31},{"text":"in","start":593.63,"end":593.87},{"text":"item","start":593.87,"end":594.27},{"text":"C.","start":594.27,"end":594.59},{"text":"With","start":596.19,"end":596.43},{"text":"regards","start":596.43,"end":596.79},{"text":"to","start":596.79,"end":596.95},{"text":"the","start":596.95,"end":597.03},{"text":"global","start":597.03,"end":597.31},{"text":"safety","start":597.31,"end":597.67},{"text":"net,","start":597.67,"end":597.95},{"text":"the","start":598.35,"end":598.47},{"text":"group","start":598.47,"end":598.63},{"text":"is","start":598.63,"end":598.83},{"text":"overall","start":598.83,"end":599.19},{"text":"supportive","start":599.19,"end":599.71},{"text":"of","start":599.79,"end":599.95},{"text":"paragraph","start":599.95,"end":600.51},{"text":"54.","start":600.67,"end":601.23}]},{"text":"In item A, we encourage IMF executive board to continuously review and enhance the adequacy of its resources, lending policies and toolkit for timely and effective support.","start":602.35,"end":612.59,"topics":[{"key":"global-safety-net","label":"Global Financial Safety Net","description":"A major topic was how to strengthen the global financial safety net so countries can respond more effectively to crises and external shocks. Speakers discussed IMF lending resources and tools, rapid-disbursement facilities, trust funds, and the possible role of regional financing arrangements."}],"words":[{"text":"In","start":602.35,"end":602.51},{"text":"item","start":602.51,"end":602.95},{"text":"A,","start":602.95,"end":602.99},{"text":"we","start":603.55,"end":603.75},{"text":"encourage","start":603.75,"end":604.19},{"text":"IMF","start":604.19,"end":604.59},{"text":"executive","start":604.59,"end":604.99},{"text":"board","start":604.99,"end":605.23},{"text":"to","start":605.23,"end":605.31},{"text":"continuously","start":605.31,"end":605.87},{"text":"review","start":605.87,"end":606.27},{"text":"and","start":606.27,"end":606.39},{"text":"enhance","start":606.39,"end":606.91},{"text":"the","start":606.91,"end":607.03},{"text":"adequacy","start":607.03,"end":607.55},{"text":"of","start":607.55,"end":607.71},{"text":"its","start":607.71,"end":607.87},{"text":"resources,","start":607.87,"end":608.51},{"text":"lending","start":608.99,"end":609.43},{"text":"policies","start":609.43,"end":609.95},{"text":"and","start":610.19,"end":610.35},{"text":"toolkit","start":610.35,"end":610.83},{"text":"for","start":610.83,"end":610.99},{"text":"timely","start":610.99,"end":611.55},{"text":"and","start":611.55,"end":611.75},{"text":"effective","start":611.75,"end":612.15},{"text":"support.","start":612.15,"end":612.59}]},{"text":"This will ensure adaptability to the changing environment and responsiveness to future crisis.","start":614.11,"end":619.79,"topics":[],"words":[{"text":"This","start":614.11,"end":614.35},{"text":"will","start":614.35,"end":614.59},{"text":"ensure","start":614.59,"end":615.07},{"text":"adaptability","start":615.07,"end":615.95},{"text":"to","start":616.27,"end":616.43},{"text":"the","start":616.43,"end":616.55},{"text":"changing","start":616.75,"end":617.23},{"text":"environment","start":617.23,"end":617.83},{"text":"and","start":617.83,"end":617.95},{"text":"responsiveness","start":617.95,"end":618.67},{"text":"to","start":618.67,"end":618.91},{"text":"future","start":618.91,"end":619.23},{"text":"crisis.","start":619.23,"end":619.79}]},{"text":"In B, the language should be stronger in support of the suspension of surcharges during disasters and exogenous shocks.","start":620.75,"end":628.67,"topics":[{"key":"imf-surcharges","label":"IMF Surcharges","description":"Several delegations focused specifically on whether IMF surcharges should be suspended, reduced, or eliminated, especially during disasters and exogenous shocks. Supporters argued that surcharges worsen debt and recovery pressures, while others said the issue should remain within IMF review processes and risk frameworks."}],"words":[{"text":"In","start":620.75,"end":620.91},{"text":"B,","start":620.91,"end":621.31},{"text":"the","start":621.63,"end":621.75},{"text":"language","start":621.75,"end":622.27},{"text":"should","start":622.27,"end":622.51},{"text":"be","start":622.51,"end":622.75},{"text":"stronger","start":622.75,"end":623.39},{"text":"in","start":623.39,"end":623.51},{"text":"support","start":623.51,"end":624.03},{"text":"of","start":624.03,"end":624.19},{"text":"the","start":624.19,"end":624.27},{"text":"suspension","start":624.27,"end":624.87},{"text":"of","start":624.87,"end":624.99},{"text":"surcharges","start":624.99,"end":625.79},{"text":"during","start":626.19,"end":626.47},{"text":"disasters","start":626.47,"end":627.31},{"text":"and","start":627.39,"end":627.59},{"text":"exogenous","start":627.59,"end":628.19},{"text":"shocks.","start":628.27,"end":628.67}]},{"text":"In C, we should enhance the effectiveness of the resilience and sustainability trust.","start":630.51,"end":634.99,"topics":[{"key":"global-safety-net","label":"Global Financial Safety Net","description":"A major topic was how to strengthen the global financial safety net so countries can respond more effectively to crises and external shocks. Speakers discussed IMF lending resources and tools, rapid-disbursement facilities, trust funds, and the possible role of regional financing arrangements."}],"words":[{"text":"In","start":630.51,"end":630.75},{"text":"C,","start":630.75,"end":631.15},{"text":"we","start":631.55,"end":631.71},{"text":"should","start":631.71,"end":631.87},{"text":"enhance","start":631.87,"end":632.35},{"text":"the","start":632.35,"end":632.47},{"text":"effectiveness","start":632.47,"end":633.07},{"text":"of","start":633.07,"end":633.15},{"text":"the","start":633.15,"end":633.27},{"text":"resilience","start":633.27,"end":633.83},{"text":"and","start":633.83,"end":633.95},{"text":"sustainability","start":633.95,"end":634.47},{"text":"trust.","start":634.47,"end":634.99}]},{"text":"Including accelerating the implementation of its pandemic preparedness work stream, while reducing conditionalities for developing countries in need of access to these resources.","start":635.43,"end":644.07,"topics":[{"key":"global-safety-net","label":"Global Financial Safety Net","description":"A major topic was how to strengthen the global financial safety net so countries can respond more effectively to crises and external shocks. Speakers discussed IMF lending resources and tools, rapid-disbursement facilities, trust funds, and the possible role of regional financing arrangements."}],"words":[{"text":"Including","start":635.43,"end":636.07},{"text":"accelerating","start":636.07,"end":636.67},{"text":"the","start":636.67,"end":636.75},{"text":"implementation","start":636.75,"end":637.31},{"text":"of","start":637.31,"end":637.43},{"text":"its","start":637.43,"end":637.59},{"text":"pandemic","start":637.59,"end":638.03},{"text":"preparedness","start":638.03,"end":638.55},{"text":"work","start":638.55,"end":638.83},{"text":"stream,","start":638.83,"end":639.27},{"text":"while","start":639.63,"end":639.91},{"text":"reducing","start":639.91,"end":640.39},{"text":"conditionalities","start":640.39,"end":641.03},{"text":"for","start":641.03,"end":641.19},{"text":"developing","start":641.19,"end":641.59},{"text":"countries","start":641.59,"end":641.91},{"text":"in","start":641.99,"end":642.19},{"text":"need","start":642.19,"end":642.47},{"text":"of","start":642.47,"end":642.71},{"text":"access","start":642.71,"end":643.11},{"text":"to","start":643.11,"end":643.23},{"text":"these","start":643.23,"end":643.43},{"text":"resources.","start":643.43,"end":644.07}]},{"text":"We also highlight the importance of widening the scope of the resilience and sustainability trust as developing countries face critical challenges that are not limited to climate change and future pandemics, but also digital transformation and trade.","start":644.87,"end":658.79,"topics":[{"key":"global-safety-net","label":"Global Financial Safety Net","description":"A major topic was how to strengthen the global financial safety net so countries can respond more effectively to crises and external shocks. Speakers discussed IMF lending resources and tools, rapid-disbursement facilities, trust funds, and the possible role of regional financing arrangements."},{"key":"multidimensional-vulnerability","label":"Multidimensional Vulnerability","description":"A recurring concern was that financing rules still rely too heavily on income or quota-based indicators and do not capture the real exposure of SIDS, LDCs, and other vulnerable countries. Delegations called for multidimensional vulnerability to be reflected in access to finance, concessionality, safety nets, and risk assessment."},{"key":"digital-payments","label":"Digital Payments and Central Bank Digital Currencies","description":"Public payment systems, cross-border payments, and central bank digital currencies emerged as a recurring issue. Some speakers supported IMF and BIS assistance to help developing countries use new payment technologies, while others questioned mandates, feasibility, and whether this belongs in the financing for development agenda."}],"words":[{"text":"We","start":644.87,"end":645.03},{"text":"also","start":645.03,"end":645.27},{"text":"highlight","start":645.27,"end":645.71},{"text":"the","start":645.71,"end":645.79},{"text":"importance","start":645.79,"end":646.19},{"text":"of","start":646.19,"end":646.31},{"text":"widening","start":646.31,"end":646.87},{"text":"the","start":646.87,"end":646.99},{"text":"scope","start":646.99,"end":647.35},{"text":"of","start":647.35,"end":647.51},{"text":"the","start":647.51,"end":647.59},{"text":"resilience","start":647.59,"end":648.15},{"text":"and","start":648.15,"end":648.27},{"text":"sustainability","start":648.27,"end":648.83},{"text":"trust","start":648.83,"end":649.35},{"text":"as","start":649.91,"end":650.07},{"text":"developing","start":650.07,"end":650.47},{"text":"countries","start":650.47,"end":650.79},{"text":"face","start":650.79,"end":651.03},{"text":"critical","start":651.03,"end":651.43},{"text":"challenges","start":651.43,"end":651.83},{"text":"that","start":651.83,"end":652.15},{"text":"are","start":652.15,"end":652.39},{"text":"not","start":652.39,"end":652.59},{"text":"limited","start":652.59,"end":652.91},{"text":"to","start":652.91,"end":652.99},{"text":"climate","start":652.99,"end":653.35},{"text":"change","start":653.35,"end":653.83},{"text":"and","start":654.31,"end":654.67},{"text":"future","start":654.71,"end":655.03},{"text":"pandemics,","start":655.03,"end":655.75},{"text":"but","start":655.99,"end":656.23},{"text":"also","start":656.23,"end":656.71},{"text":"digital","start":656.79,"end":657.19},{"text":"transformation","start":657.19,"end":658.07},{"text":"and","start":658.15,"end":658.35},{"text":"trade.","start":658.35,"end":658.79}]},{"text":"Finally, we welcome the reference to increasing the resources of the poverty reduction and growth trust.","start":659.63,"end":665.39,"topics":[{"key":"global-safety-net","label":"Global Financial Safety Net","description":"A major topic was how to strengthen the global financial safety net so countries can respond more effectively to crises and external shocks. Speakers discussed IMF lending resources and tools, rapid-disbursement facilities, trust funds, and the possible role of regional financing arrangements."}],"words":[{"text":"Finally,","start":659.63,"end":660.19},{"text":"we","start":660.59,"end":660.75},{"text":"welcome","start":660.75,"end":661.15},{"text":"the","start":661.15,"end":661.23},{"text":"reference","start":661.23,"end":661.71},{"text":"to","start":661.71,"end":661.83},{"text":"increasing","start":661.83,"end":662.43},{"text":"the","start":662.43,"end":662.51},{"text":"resources","start":662.51,"end":663.23},{"text":"of","start":663.39,"end":663.55},{"text":"the","start":663.55,"end":663.67},{"text":"poverty","start":663.67,"end":664.03},{"text":"reduction","start":664.03,"end":664.59},{"text":"and","start":664.59,"end":664.71},{"text":"growth","start":664.71,"end":665.03},{"text":"trust.","start":665.03,"end":665.39}]},{"text":"In D, we would like to focus on SDRs rechanneling and new issuance to address liquidity and debt crisis and catalyze public investment in sustainable development.","start":666.83,"end":676.99,"topics":[{"key":"sdr-rechanneling","label":"Special Drawing Rights","description":"Special Drawing Rights were discussed as a tool for easing liquidity constraints and supporting development finance. Delegations debated rechanneling unused SDRs to developing countries, possible new allocations, and whether SDR use should be expanded for SDGs, climate action, and crisis response."}],"words":[{"text":"In","start":666.83,"end":666.99},{"text":"D,","start":666.99,"end":667.39},{"text":"we","start":667.71,"end":667.83},{"text":"would","start":667.83,"end":667.95},{"text":"like","start":667.95,"end":668.23},{"text":"to","start":668.23,"end":668.35},{"text":"focus","start":668.35,"end":668.83},{"text":"on","start":668.83,"end":668.99},{"text":"SDRs","start":668.99,"end":669.55},{"text":"rechanneling","start":669.63,"end":670.35},{"text":"and","start":670.75,"end":670.91},{"text":"new","start":670.91,"end":671.15},{"text":"issuance","start":671.15,"end":671.79},{"text":"to","start":671.95,"end":672.11},{"text":"address","start":672.11,"end":672.51},{"text":"liquidity","start":672.55,"end":673.15},{"text":"and","start":673.15,"end":673.35},{"text":"debt","start":673.35,"end":673.51},{"text":"crisis","start":673.51,"end":674.11},{"text":"and","start":674.27,"end":674.43},{"text":"catalyze","start":674.43,"end":674.83},{"text":"public","start":674.83,"end":675.23},{"text":"investment","start":675.23,"end":675.79},{"text":"in","start":675.79,"end":675.95},{"text":"sustainable","start":675.95,"end":676.43},{"text":"development.","start":676.43,"end":676.99}]},{"text":"We welcome the proposal in E as part of the efforts of exploring ways to enhance the role of SDRs.","start":677.95,"end":682.83,"topics":[{"key":"sdr-rechanneling","label":"Special Drawing Rights","description":"Special Drawing Rights were discussed as a tool for easing liquidity constraints and supporting development finance. Delegations debated rechanneling unused SDRs to developing countries, possible new allocations, and whether SDR use should be expanded for SDGs, climate action, and crisis response."}],"words":[{"text":"We","start":677.95,"end":678.15},{"text":"welcome","start":678.15,"end":678.43},{"text":"the","start":678.43,"end":678.51},{"text":"proposal","start":678.51,"end":678.91},{"text":"in","start":678.91,"end":679.15},{"text":"E","start":679.23,"end":679.47},{"text":"as","start":679.47,"end":679.67},{"text":"part","start":679.67,"end":680.03},{"text":"of","start":680.03,"end":680.19},{"text":"the","start":680.19,"end":680.27},{"text":"efforts","start":680.27,"end":680.63},{"text":"of","start":680.63,"end":680.71},{"text":"exploring","start":680.71,"end":681.15},{"text":"ways","start":681.15,"end":681.39},{"text":"to","start":681.39,"end":681.47},{"text":"enhance","start":681.47,"end":681.79},{"text":"the","start":681.79,"end":681.91},{"text":"role","start":681.91,"end":682.11},{"text":"of","start":682.11,"end":682.19},{"text":"SDRs.","start":682.19,"end":682.83}]},{"text":"Including SDRs allocations that respond specifically to the needs of developing countries, while recognizing members voluntary financial contributions, the group also believes that new approaches should be considered to respond to future crisis and shocks, but also to support the achievement of SDGs.","start":683.27,"end":699.99,"topics":[{"key":"sdr-rechanneling","label":"Special Drawing Rights","description":"Special Drawing Rights were discussed as a tool for easing liquidity constraints and supporting development finance. Delegations debated rechanneling unused SDRs to developing countries, possible new allocations, and whether SDR use should be expanded for SDGs, climate action, and crisis response."}],"words":[{"text":"Including","start":683.27,"end":683.75},{"text":"SDRs","start":683.75,"end":684.11},{"text":"allocations","start":684.11,"end":684.71},{"text":"that","start":684.71,"end":684.87},{"text":"respond","start":684.87,"end":685.31},{"text":"specifically","start":685.35,"end":686.15},{"text":"to","start":686.31,"end":686.47},{"text":"the","start":686.47,"end":686.55},{"text":"needs","start":686.55,"end":686.75},{"text":"of","start":686.75,"end":686.87},{"text":"developing","start":686.87,"end":687.27},{"text":"countries,","start":687.27,"end":687.75},{"text":"while","start":688.07,"end":688.31},{"text":"recognizing","start":688.31,"end":688.95},{"text":"members","start":688.95,"end":689.43},{"text":"voluntary","start":689.83,"end":690.27},{"text":"financial","start":690.27,"end":690.71},{"text":"contributions,","start":690.71,"end":691.43},{"text":"the","start":692.55,"end":692.71},{"text":"group","start":692.71,"end":692.95},{"text":"also","start":692.95,"end":693.23},{"text":"believes","start":693.23,"end":693.75},{"text":"that","start":693.91,"end":694.15},{"text":"new","start":694.15,"end":694.39},{"text":"approaches","start":694.39,"end":694.83},{"text":"should","start":694.83,"end":695.11},{"text":"be","start":695.11,"end":695.23},{"text":"considered","start":695.23,"end":695.71},{"text":"to","start":695.71,"end":695.79},{"text":"respond","start":695.79,"end":696.23},{"text":"to","start":696.23,"end":696.31},{"text":"future","start":696.31,"end":696.55},{"text":"crisis","start":696.55,"end":696.95},{"text":"and","start":696.95,"end":697.11},{"text":"shocks,","start":697.11,"end":697.51},{"text":"but","start":697.91,"end":698.11},{"text":"also","start":698.11,"end":698.39},{"text":"to","start":698.39,"end":698.51},{"text":"support","start":698.51,"end":698.83},{"text":"the","start":698.83,"end":698.91},{"text":"achievement","start":698.91,"end":699.35},{"text":"of","start":699.35,"end":699.43},{"text":"SDGs.","start":699.43,"end":699.99}]},{"text":"On regulation for a sustainable financial system, the group would like to welcome this section and call for its retention as it is an element essential to create a positive enabling environment for developing countries that was not sufficiently addressed in the Addis Ababa action agenda.","start":701.35,"end":714.79,"topics":[{"key":"banking-regulation","label":"Banking and Prudential Regulation","description":"Delegations discussed how global banking rules, including Basel III and related prudential standards, may affect capital flows and financing conditions for developing countries. The debate covered risk-weighting, climate-related regulation, safeguards for financial stability, and the need to avoid unintended barriers to investment."}],"words":[{"text":"On","start":701.35,"end":701.47},{"text":"regulation","start":701.47,"end":701.99},{"text":"for","start":701.99,"end":702.11},{"text":"a","start":702.11,"end":702.15},{"text":"sustainable","start":702.15,"end":702.71},{"text":"financial","start":702.71,"end":703.27},{"text":"system,","start":703.27,"end":703.67},{"text":"the","start":703.99,"end":704.15},{"text":"group","start":704.15,"end":704.35},{"text":"would","start":704.35,"end":704.47},{"text":"like","start":704.47,"end":704.79},{"text":"to","start":704.79,"end":704.95},{"text":"welcome","start":704.95,"end":705.35},{"text":"this","start":705.35,"end":705.51},{"text":"section","start":705.51,"end":705.99},{"text":"and","start":705.99,"end":706.19},{"text":"call","start":706.19,"end":706.47},{"text":"for","start":706.47,"end":706.63},{"text":"its","start":706.63,"end":706.79},{"text":"retention","start":706.79,"end":707.35},{"text":"as","start":707.59,"end":707.75},{"text":"it","start":707.75,"end":707.83},{"text":"is","start":707.83,"end":707.95},{"text":"an","start":707.95,"end":708.07},{"text":"element","start":708.07,"end":708.39},{"text":"essential","start":708.39,"end":708.71},{"text":"to","start":708.71,"end":708.83},{"text":"create","start":708.83,"end":709.07},{"text":"a","start":709.07,"end":709.11},{"text":"positive","start":709.11,"end":709.55},{"text":"enabling","start":709.55,"end":709.87},{"text":"environment","start":709.87,"end":710.31},{"text":"for","start":710.31,"end":710.43},{"text":"developing","start":710.43,"end":710.79},{"text":"countries","start":710.79,"end":711.27},{"text":"that","start":711.59,"end":711.75},{"text":"was","start":711.75,"end":711.91},{"text":"not","start":711.91,"end":712.15},{"text":"sufficiently","start":712.15,"end":712.63},{"text":"addressed","start":712.63,"end":713.03},{"text":"in","start":713.03,"end":713.19},{"text":"the","start":713.19,"end":713.39},{"text":"Addis","start":713.43,"end":713.71},{"text":"Ababa","start":713.71,"end":714.11},{"text":"action","start":714.11,"end":714.35},{"text":"agenda.","start":714.35,"end":714.79}]},{"text":"We emphasize the importance of regulatory regimes in paragraph 55 to encourage credit rating agencies to be more accurate, objective, and long-term oriented.","start":715.91,"end":725.83,"topics":[{"key":"credit-rating-reform","label":"Credit Rating Agency Reform","description":"Many speakers argued that credit rating practices can misprice risk, raise borrowing costs, and disadvantage developing countries, especially during crises. Proposals included stronger regulation, improved transparency, high-level dialogue, new methodologies that account for vulnerability, and even public or UN-linked alternatives."}],"words":[{"text":"We","start":715.91,"end":716.11},{"text":"emphasize","start":716.11,"end":716.59},{"text":"the","start":716.59,"end":716.67},{"text":"importance","start":716.67,"end":717.03},{"text":"of","start":717.03,"end":717.11},{"text":"regulatory","start":717.11,"end":717.59},{"text":"regimes","start":717.59,"end":717.99},{"text":"in","start":717.99,"end":718.07},{"text":"paragraph","start":718.07,"end":718.51},{"text":"55","start":718.51,"end":719.19},{"text":"to","start":719.59,"end":719.71},{"text":"encourage","start":719.71,"end":720.15},{"text":"credit","start":720.15,"end":720.47},{"text":"rating","start":720.47,"end":720.87},{"text":"agencies","start":721.67,"end":722.15},{"text":"to","start":722.15,"end":722.23},{"text":"be","start":722.23,"end":722.39},{"text":"more","start":722.39,"end":722.71},{"text":"accurate,","start":722.71,"end":723.27},{"text":"objective,","start":723.91,"end":724.55},{"text":"and","start":724.55,"end":724.71},{"text":"long-term","start":724.71,"end":725.19},{"text":"oriented.","start":725.19,"end":725.83}]},{"text":"Although greater clarification on how these regimes will be operationalized will be appreciated.","start":726.39,"end":731.27,"topics":[],"words":[{"text":"Although","start":726.39,"end":726.95},{"text":"greater","start":726.95,"end":727.31},{"text":"clarification","start":727.31,"end":727.99},{"text":"on","start":727.99,"end":728.23},{"text":"how","start":728.23,"end":728.47},{"text":"these","start":728.47,"end":728.71},{"text":"regimes","start":728.71,"end":729.19},{"text":"will","start":729.19,"end":729.31},{"text":"be","start":729.31,"end":729.43},{"text":"operationalized","start":729.43,"end":730.15},{"text":"will","start":730.15,"end":730.39},{"text":"be","start":730.39,"end":730.55},{"text":"appreciated.","start":730.55,"end":731.27}]},{"text":"On item A, we note the proposal of an annual special high level meeting under the auspices of ECOSOC for dialogue among member states and critical stakeholders of the financial sector.","start":732.87,"end":743.43,"topics":[{"key":"financial-architecture-reform","label":"Reform of the International Financial Architecture","description":"Many speakers called for a broad overhaul of the global financial system so it better reflects current realities and supports sustainable development. A central point of debate was how ambitious reform should be and what role the United Nations should play alongside the IMF, World Bank, and other institutions."}],"words":[{"text":"On","start":732.87,"end":733.03},{"text":"item","start":733.03,"end":733.43},{"text":"A,","start":733.51,"end":733.55},{"text":"we","start":733.55,"end":733.99},{"text":"note","start":734.47,"end":734.87},{"text":"the","start":734.87,"end":735.03},{"text":"proposal","start":735.03,"end":735.63},{"text":"of","start":735.63,"end":735.71},{"text":"an","start":735.71,"end":735.91},{"text":"annual","start":735.91,"end":736.31},{"text":"special","start":736.31,"end":736.79},{"text":"high","start":736.79,"end":737.03},{"text":"level","start":737.03,"end":737.27},{"text":"meeting","start":737.27,"end":737.67},{"text":"under","start":737.67,"end":737.91},{"text":"the","start":737.91,"end":738.03},{"text":"auspices","start":738.03,"end":738.39},{"text":"of","start":738.39,"end":738.55},{"text":"ECOSOC","start":738.55,"end":738.95},{"text":"for","start":739.35,"end":739.51},{"text":"dialogue","start":739.51,"end":739.91},{"text":"among","start":739.91,"end":740.15},{"text":"member","start":740.15,"end":740.47},{"text":"states","start":740.47,"end":740.79},{"text":"and","start":740.79,"end":740.95},{"text":"critical","start":740.95,"end":741.35},{"text":"stakeholders","start":741.35,"end":742.07},{"text":"of","start":742.31,"end":742.47},{"text":"the","start":742.47,"end":742.59},{"text":"financial","start":742.59,"end":743.03},{"text":"sector.","start":743.03,"end":743.43}]},{"text":"We believe, however, that the proposal could be improved since meetings limited to dialogue are often not enough to create the transformations we need.","start":744.07,"end":751.67,"topics":[{"key":"financial-architecture-reform","label":"Reform of the International Financial Architecture","description":"Many speakers called for a broad overhaul of the global financial system so it better reflects current realities and supports sustainable development. A central point of debate was how ambitious reform should be and what role the United Nations should play alongside the IMF, World Bank, and other institutions."}],"words":[{"text":"We","start":744.07,"end":744.27},{"text":"believe,","start":744.27,"end":744.55},{"text":"however,","start":744.55,"end":745.11},{"text":"that","start":745.35,"end":745.51},{"text":"the","start":745.51,"end":745.59},{"text":"proposal","start":745.59,"end":745.99},{"text":"could","start":745.99,"end":746.15},{"text":"be","start":746.15,"end":746.27},{"text":"improved","start":746.27,"end":746.63},{"text":"since","start":747.03,"end":747.43},{"text":"meetings","start":747.43,"end":747.91},{"text":"limited","start":747.99,"end":748.43},{"text":"to","start":748.43,"end":748.55},{"text":"dialogue","start":748.55,"end":749.03},{"text":"are","start":749.03,"end":749.19},{"text":"often","start":749.19,"end":749.63},{"text":"not","start":749.63,"end":749.79},{"text":"enough","start":749.79,"end":749.99},{"text":"to","start":749.99,"end":750.11},{"text":"create","start":750.11,"end":750.47},{"text":"the","start":750.47,"end":750.55},{"text":"transformations","start":750.55,"end":751.19},{"text":"we","start":751.19,"end":751.35},{"text":"need.","start":751.35,"end":751.67}]},{"text":"On item B, this language currently falls significantly short on ambition, as it is already contained in the Addis Ababa action agenda, and action to enable this commitment should be introduced as the focus of Se- of Seville is on deliverables.","start":753.07,"end":768.03,"topics":[],"words":[{"text":"On","start":753.07,"end":753.31},{"text":"item","start":753.31,"end":753.63},{"text":"B,","start":753.63,"end":754.03},{"text":"this","start":754.27,"end":754.51},{"text":"language","start":754.51,"end":754.83},{"text":"currently","start":754.83,"end":755.39},{"text":"falls","start":755.39,"end":755.71},{"text":"significantly","start":755.71,"end":756.35},{"text":"short","start":756.35,"end":756.79},{"text":"on","start":756.79,"end":756.91},{"text":"ambition,","start":756.91,"end":757.47},{"text":"as","start":758.11,"end":758.67},{"text":"it","start":758.67,"end":758.83},{"text":"is","start":758.83,"end":758.99},{"text":"already","start":758.99,"end":759.47},{"text":"contained","start":759.47,"end":760.03},{"text":"in","start":760.03,"end":760.27},{"text":"the","start":760.35,"end":760.55},{"text":"Addis","start":760.59,"end":760.83},{"text":"Ababa","start":760.83,"end":761.19},{"text":"action","start":761.19,"end":761.43},{"text":"agenda,","start":761.43,"end":761.87},{"text":"and","start":762.59,"end":762.87},{"text":"action","start":762.87,"end":763.23},{"text":"to","start":763.23,"end":763.35},{"text":"enable","start":763.35,"end":763.63},{"text":"this","start":763.63,"end":763.87},{"text":"commitment","start":763.87,"end":764.39},{"text":"should","start":764.39,"end":764.59},{"text":"be","start":764.59,"end":764.67},{"text":"introduced","start":764.67,"end":765.31},{"text":"as","start":765.55,"end":765.71},{"text":"the","start":765.71,"end":765.79},{"text":"focus","start":765.79,"end":766.23},{"text":"of","start":766.23,"end":766.35},{"text":"Se-","start":766.35,"end":766.43},{"text":"of","start":766.43,"end":766.51},{"text":"Seville","start":766.51,"end":766.99},{"text":"is","start":766.99,"end":767.15},{"text":"on","start":767.15,"end":767.31},{"text":"deliverables.","start":767.31,"end":768.03}]},{"text":"The focus on paragraph 56, which delves into banking regulation, has the potential to tackle unfavorable conditions for developing countries related to high cost of capital, mispricing of risks, and overall biases on the, in the banking system that desensitize investment in developing countries.","start":769.59,"end":786.55,"topics":[{"key":"banking-regulation","label":"Banking and Prudential Regulation","description":"Delegations discussed how global banking rules, including Basel III and related prudential standards, may affect capital flows and financing conditions for developing countries. The debate covered risk-weighting, climate-related regulation, safeguards for financial stability, and the need to avoid unintended barriers to investment."}],"words":[{"text":"The","start":769.59,"end":769.79},{"text":"focus","start":769.79,"end":770.07},{"text":"on","start":770.07,"end":770.23},{"text":"paragraph","start":770.23,"end":770.67},{"text":"56,","start":770.67,"end":771.43},{"text":"which","start":771.43,"end":771.75},{"text":"delves","start":771.75,"end":772.07},{"text":"into","start":772.07,"end":772.31},{"text":"banking","start":772.31,"end":772.71},{"text":"regulation,","start":772.71,"end":773.43},{"text":"has","start":773.67,"end":773.87},{"text":"the","start":773.87,"end":773.95},{"text":"potential","start":773.95,"end":774.39},{"text":"to","start":774.39,"end":774.47},{"text":"tackle","start":774.47,"end":774.79},{"text":"unfavorable","start":774.79,"end":775.43},{"text":"conditions","start":775.43,"end":775.95},{"text":"for","start":775.95,"end":776.07},{"text":"developing","start":776.07,"end":776.47},{"text":"countries","start":776.47,"end":776.87},{"text":"related","start":776.87,"end":777.35},{"text":"to","start":777.35,"end":777.51},{"text":"high","start":777.51,"end":777.83},{"text":"cost","start":777.83,"end":778.11},{"text":"of","start":778.11,"end":778.23},{"text":"capital,","start":778.23,"end":778.79},{"text":"mispricing","start":779.11,"end":779.67},{"text":"of","start":779.67,"end":779.83},{"text":"risks,","start":779.83,"end":780.23},{"text":"and","start":780.47,"end":780.71},{"text":"overall","start":780.71,"end":781.03},{"text":"biases","start":781.03,"end":781.67},{"text":"on","start":781.67,"end":781.91},{"text":"the,","start":781.91,"end":782.03},{"text":"in","start":782.03,"end":782.23},{"text":"the","start":782.23,"end":782.31},{"text":"banking","start":782.31,"end":782.67},{"text":"system","start":782.67,"end":783.03},{"text":"that","start":783.03,"end":783.23},{"text":"desensitize","start":783.23,"end":785.03},{"text":"investment","start":785.03,"end":785.59},{"text":"in","start":785.59,"end":785.67},{"text":"developing","start":785.67,"end":786.07},{"text":"countries.","start":786.07,"end":786.55}]},{"text":"The G77 and China welcomes some key elements in this paragraph.","start":787.35,"end":791.35,"topics":[],"words":[{"text":"The","start":787.35,"end":787.47},{"text":"G77","start":787.47,"end":788.07},{"text":"and","start":788.07,"end":788.19},{"text":"China","start":788.19,"end":788.43},{"text":"welcomes","start":788.43,"end":789.03},{"text":"some","start":789.27,"end":789.67},{"text":"key","start":789.67,"end":790.15},{"text":"elements","start":790.15,"end":790.63},{"text":"in","start":790.63,"end":790.79},{"text":"this","start":790.79,"end":790.95},{"text":"paragraph.","start":790.95,"end":791.35}]},{"text":"On item A, We welcome the review of Basel III as it has the potential to correct some of the biases in the banking system that work against investment flow to developing countries.","start":792.43,"end":803.15,"topics":[{"key":"banking-regulation","label":"Banking and Prudential Regulation","description":"Delegations discussed how global banking rules, including Basel III and related prudential standards, may affect capital flows and financing conditions for developing countries. The debate covered risk-weighting, climate-related regulation, safeguards for financial stability, and the need to avoid unintended barriers to investment."}],"words":[{"text":"On","start":792.43,"end":792.63},{"text":"item","start":792.63,"end":793.03},{"text":"A,","start":794.07,"end":794.08},{"text":"We","start":794.19,"end":794.35},{"text":"welcome","start":794.35,"end":794.67},{"text":"the","start":794.67,"end":794.83},{"text":"review","start":794.83,"end":795.23},{"text":"of","start":795.23,"end":795.39},{"text":"Basel","start":795.39,"end":795.87},{"text":"III","start":795.87,"end":796.19},{"text":"as","start":796.43,"end":796.67},{"text":"it","start":796.67,"end":796.79},{"text":"has","start":796.79,"end":796.99},{"text":"the","start":796.99,"end":797.11},{"text":"potential","start":797.11,"end":797.63},{"text":"to","start":797.63,"end":797.71},{"text":"correct","start":797.71,"end":798.03},{"text":"some","start":798.03,"end":798.27},{"text":"of","start":798.27,"end":798.35},{"text":"the","start":798.35,"end":798.47},{"text":"biases","start":798.47,"end":799.07},{"text":"in","start":799.07,"end":799.19},{"text":"the","start":799.19,"end":799.31},{"text":"banking","start":799.31,"end":799.71},{"text":"system","start":799.71,"end":800.11},{"text":"that","start":800.51,"end":800.67},{"text":"work","start":800.67,"end":800.95},{"text":"against","start":800.95,"end":801.23},{"text":"investment","start":801.23,"end":801.75},{"text":"flow","start":801.75,"end":802.03},{"text":"to","start":802.03,"end":802.11},{"text":"developing","start":802.11,"end":802.59},{"text":"countries.","start":802.59,"end":803.15}]},{"text":"We very much appreciate that the results are to be presented to the Ecosoc FFD forum so they can be analyzed in an intergovernmental and inclusive setting.","start":803.87,"end":811.95,"topics":[],"words":[{"text":"We","start":803.87,"end":804.07},{"text":"very","start":804.07,"end":804.31},{"text":"much","start":804.31,"end":804.47},{"text":"appreciate","start":804.47,"end":804.99},{"text":"that","start":804.99,"end":805.15},{"text":"the","start":805.15,"end":805.23},{"text":"results","start":805.23,"end":805.79},{"text":"are","start":805.79,"end":806.03},{"text":"to","start":806.03,"end":806.19},{"text":"be","start":806.19,"end":806.35},{"text":"presented","start":806.35,"end":806.87},{"text":"to","start":806.87,"end":806.99},{"text":"the","start":806.99,"end":807.11},{"text":"Ecosoc","start":807.11,"end":807.39},{"text":"FFD","start":807.39,"end":807.87},{"text":"forum","start":807.87,"end":808.35},{"text":"so","start":808.67,"end":808.91},{"text":"they","start":808.91,"end":809.07},{"text":"can","start":809.07,"end":809.27},{"text":"be","start":809.27,"end":809.43},{"text":"analyzed","start":809.43,"end":809.87},{"text":"in","start":809.87,"end":809.99},{"text":"an","start":809.99,"end":810.11},{"text":"intergovernmental","start":810.11,"end":810.91},{"text":"and","start":810.91,"end":811.07},{"text":"inclusive","start":811.07,"end":811.47},{"text":"setting.","start":811.47,"end":811.95}]},{"text":"We also welcome the proposal to develop a potential banking regulation framework to address difference, difference in risk profiles in C. Finally, on public payment systems, we consider the proposals contained in paragraph 57 A and B very important to support developing countries harnessing the benefits of digital currencies.","start":812.83,"end":832.79,"topics":[{"key":"banking-regulation","label":"Banking and Prudential Regulation","description":"Delegations discussed how global banking rules, including Basel III and related prudential standards, may affect capital flows and financing conditions for developing countries. The debate covered risk-weighting, climate-related regulation, safeguards for financial stability, and the need to avoid unintended barriers to investment."},{"key":"digital-payments","label":"Digital Payments and Central Bank Digital Currencies","description":"Public payment systems, cross-border payments, and central bank digital currencies emerged as a recurring issue. Some speakers supported IMF and BIS assistance to help developing countries use new payment technologies, while others questioned mandates, feasibility, and whether this belongs in the financing for development 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group looks forward to engaging in the intercessional sessions of informal consultations to provide a specific language to the 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Palau, you have the floor.","start":853.03,"end":854.39,"topics":[],"words":[{"text":"But","start":853.03,"end":853.23},{"text":"Palau,","start":853.23,"end":853.63},{"text":"you","start":853.63,"end":853.75},{"text":"have","start":853.75,"end":853.95},{"text":"the","start":853.95,"end":854.03},{"text":"floor.","start":854.03,"end":854.39}]}]}],"speaker":{"name":null,"affiliation":null,"affiliation_full":null,"group":null,"function":"Co-Chair"}},{"statement_number":6,"start":857.07,"pageUrl":"/es/asset/k1r/k1rs9t279x?lang=en&t=858","paragraphs":[{"sentences":[{"text":"Thank you, Madam Ambassador.","start":857.07,"end":858.27,"topics":[],"words":[{"text":"Thank","start":857.07,"end":857.27},{"text":"you,","start":857.27,"end":857.35},{"text":"Madam","start":857.35,"end":857.63},{"text":"Ambassador.","start":857.63,"end":858.27}]},{"text":"I have the honor to present the comments of the 38 members of EOSIS on the section on addressing systemic 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focus on this section aims to address the outdated and deeply entrenched inequalities that have long plagued the international financial architecture.","start":866.07,"end":873.91,"topics":[{"key":"financial-architecture-reform","label":"Reform of the International Financial Architecture","description":"Many speakers called for a broad overhaul of the global financial system so it better reflects current realities and supports sustainable development. A central point of debate was how ambitious reform should be and what role the United Nations should play alongside the IMF, World Bank, and other institutions."}],"words":[{"text":"Our","start":866.07,"end":866.15},{"text":"focus","start":866.15,"end":866.63},{"text":"on","start":866.63,"end":866.75},{"text":"this","start":866.75,"end":866.95},{"text":"section","start":866.95,"end":867.35},{"text":"aims","start":867.35,"end":867.59},{"text":"to","start":867.59,"end":867.75},{"text":"address","start":867.75,"end":868.07},{"text":"the","start":868.07,"end":868.19},{"text":"outdated","start":868.19,"end":868.79},{"text":"and","start":868.79,"end":868.99},{"text":"deeply","start":868.99,"end":869.35},{"text":"entrenched","start":869.35,"end":869.91},{"text":"inequalities","start":869.91,"end":870.95},{"text":"that","start":871.19,"end":871.31},{"text":"have","start":871.31,"end":871.51},{"text":"long","start":871.51,"end":871.75},{"text":"plagued","start":871.75,"end":872.07},{"text":"the","start":872.07,"end":872.15},{"text":"international","start":872.15,"end":872.71},{"text":"financial","start":872.71,"end":873.27},{"text":"architecture.","start":873.27,"end":873.91}]},{"text":"This requires ensuring the full and meaningful participation of SIDS in decision-making processes, the incorporation of multidimensional vulnerability, and ensuring that the system reflects the needs of the global south today.","start":874.71,"end":886.63,"topics":[{"key":"multidimensional-vulnerability","label":"Multidimensional Vulnerability","description":"A recurring concern was that financing rules still rely too heavily on income or quota-based indicators and do not capture the real exposure of SIDS, LDCs, and other vulnerable countries. Delegations called for multidimensional vulnerability to be reflected in access to finance, concessionality, safety nets, and risk assessment."}],"words":[{"text":"This","start":874.71,"end":874.95},{"text":"requires","start":874.95,"end":875.39},{"text":"ensuring","start":875.39,"end":875.83},{"text":"the","start":875.83,"end":875.91},{"text":"full","start":875.91,"end":876.19},{"text":"and","start":876.19,"end":876.31},{"text":"meaningful","start":876.31,"end":876.79},{"text":"participation","start":876.79,"end":877.55},{"text":"of","start":877.55,"end":877.63},{"text":"SIDS","start":877.63,"end":878.03},{"text":"in","start":878.03,"end":878.15},{"text":"decision-making","start":878.15,"end":878.79},{"text":"processes,","start":878.79,"end":879.67},{"text":"the","start":879.99,"end":880.11},{"text":"incorporation","start":880.11,"end":880.75},{"text":"of","start":880.75,"end":880.87},{"text":"multidimensional","start":880.87,"end":881.67},{"text":"vulnerability,","start":881.67,"end":882.63},{"text":"and","start":883.35,"end":883.55},{"text":"ensuring","start":883.55,"end":883.95},{"text":"that","start":883.95,"end":884.07},{"text":"the","start":884.07,"end":884.15},{"text":"system","start":884.15,"end":884.55},{"text":"reflects","start":884.55,"end":884.99},{"text":"the","start":884.99,"end":885.07},{"text":"needs","start":885.07,"end":885.39},{"text":"of","start":885.39,"end":885.47},{"text":"the","start":885.47,"end":885.59},{"text":"global","start":885.59,"end":885.91},{"text":"south","start":885.91,"end":886.19},{"text":"today.","start":886.19,"end":886.63}]},{"text":"In other words, a system that is fit for purpose for all.","start":887.03,"end":890.39,"topics":[],"words":[{"text":"In","start":887.03,"end":887.19},{"text":"other","start":887.19,"end":887.43},{"text":"words,","start":887.43,"end":887.79},{"text":"a","start":887.79,"end":887.83},{"text":"system","start":887.83,"end":888.47},{"text":"that","start":888.47,"end":888.63},{"text":"is","start":888.63,"end":888.79},{"text":"fit","start":888.79,"end":889.03},{"text":"for","start":889.03,"end":889.27},{"text":"purpose","start":889.27,"end":889.91},{"text":"for","start":889.91,"end":890.19},{"text":"all.","start":890.19,"end":890.39}]},{"text":"For this reason, EOSIS requests the deletion of the phrase, \"with full respect for the independent mandates and governance bodies,\" as this language implies retaining the status quo, which is central to the shortcomings of the architecture today.","start":891.31,"end":903.15,"topics":[{"key":"financial-architecture-reform","label":"Reform of the International Financial Architecture","description":"Many speakers called for a broad overhaul of the global financial system so it better reflects current realities and supports sustainable development. 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Delegations called for multidimensional vulnerability to be reflected in access to finance, concessionality, safety nets, and risk assessment."}],"words":[{"text":"On","start":915.83,"end":915.99},{"text":"paragraph","start":915.99,"end":916.59},{"text":"53,","start":916.59,"end":917.19},{"text":"we","start":917.19,"end":917.31},{"text":"would","start":917.31,"end":917.43},{"text":"propose","start":917.43,"end":917.91},{"text":"including","start":917.91,"end":918.35},{"text":"a","start":918.35,"end":918.39},{"text":"reference","start":918.39,"end":918.95},{"text":"to","start":918.95,"end":919.19},{"text":"developing","start":919.19,"end":919.83},{"text":"country","start":919.83,"end":920.39},{"text":"needs","start":920.39,"end":920.87},{"text":"and","start":920.87,"end":921.11},{"text":"vulnerabilities.","start":921.11,"end":922.15}]},{"text":"We'll also propose a few edits to these subparagraphs across the section to make them more actionable and reflective of the needs to ensure that balanced geographical representation across the IFIs includes representatives from SIDS.","start":922.63,"end":937.51,"topics":[{"key":"ifi-representation","label":"Representation and Voice in International Financial Institutions","description":"Delegations repeatedly stressed the need to increase the voice, voting power, and board representation of developing countries in the IMF, World Bank, and other IFIs. This included proposals on quota realignment, basic votes, additional seats for Africa and SIDS, and more balanced geographic and gender representation."}],"words":[{"text":"We'll","start":922.63,"end":922.99},{"text":"also","start":922.99,"end":923.19},{"text":"propose","start":923.19,"end":923.67},{"text":"a","start":923.67,"end":923.75},{"text":"few","start":923.75,"end":924.03},{"text":"edits","start":924.03,"end":924.39},{"text":"to","start":924.39,"end":924.55},{"text":"these","start":924.55,"end":924.79},{"text":"subparagraphs","start":924.79,"end":925.59},{"text":"across","start":925.59,"end":925.99},{"text":"the","start":925.99,"end":926.07},{"text":"section","start":926.07,"end":926.63},{"text":"to","start":927.03,"end":927.11},{"text":"make","start":927.11,"end":927.35},{"text":"them","start":927.35,"end":927.71},{"text":"more","start":927.71,"end":927.91},{"text":"actionable","start":927.91,"end":928.63},{"text":"and","start":928.67,"end":928.79},{"text":"reflective","start":928.79,"end":929.43},{"text":"of","start":929.43,"end":929.51},{"text":"the","start":929.51,"end":929.63},{"text":"needs","start":929.63,"end":929.99},{"text":"to","start":929.99,"end":930.11},{"text":"ensure","start":930.11,"end":930.71},{"text":"that","start":931.03,"end":931.27},{"text":"balanced","start":931.27,"end":931.99},{"text":"geographical","start":931.99,"end":932.79},{"text":"representation","start":932.79,"end":933.67},{"text":"across","start":933.67,"end":934.23},{"text":"the","start":934.23,"end":934.39},{"text":"IFIs","start":934.47,"end":935.11},{"text":"includes","start":935.43,"end":935.91},{"text":"representatives","start":935.91,"end":936.79},{"text":"from","start":936.79,"end":937.11},{"text":"SIDS.","start":937.11,"end":937.51}]},{"text":"In this vein, we will propose an additional paragraph under paragraph 53 which reaffirms the commitment in the Antigua and Barbuda agenda for SIDS to ensure the representation and participation of SIDS in decision-making in global economic and international financial institutions, including through the creation of dedicated seats for SIDS.","start":938.55,"end":960.63,"topics":[{"key":"ifi-representation","label":"Representation and Voice in International Financial Institutions","description":"Delegations repeatedly stressed the need to increase the voice, voting power, and board representation of developing countries in the IMF, World Bank, and other IFIs. This included proposals on quota realignment, basic votes, additional seats for Africa and SIDS, and more balanced geographic and gender representation."}],"words":[{"text":"In","start":938.55,"end":938.71},{"text":"this","start":938.71,"end":939.03},{"text":"vein,","start":939.03,"end":939.27},{"text":"we","start":939.27,"end":939.39},{"text":"will","start":939.39,"end":939.51},{"text":"propose","start":939.51,"end":939.87},{"text":"an","start":939.87,"end":939.99},{"text":"additional","start":939.99,"end":940.47},{"text":"paragraph","start":940.47,"end":941.27},{"text":"under","start":941.35,"end":941.67},{"text":"paragraph","start":941.67,"end":942.35},{"text":"53","start":942.35,"end":942.95},{"text":"which","start":943.43,"end":943.67},{"text":"reaffirms","start":943.67,"end":944.23},{"text":"the","start":944.23,"end":944.35},{"text":"commitment","start":944.35,"end":944.95},{"text":"in","start":944.95,"end":945.27},{"text":"the","start":945.27,"end":945.39},{"text":"Antigua","start":945.39,"end":945.95},{"text":"and","start":945.95,"end":946.07},{"text":"Barbuda","start":946.07,"end":946.55},{"text":"agenda","start":946.55,"end":946.95},{"text":"for","start":946.95,"end":947.11},{"text":"SIDS","start":947.11,"end":947.67},{"text":"to","start":948.07,"end":948.19},{"text":"ensure","start":948.19,"end":948.51},{"text":"the","start":948.51,"end":948.59},{"text":"representation","start":948.59,"end":949.51},{"text":"and","start":949.51,"end":949.67},{"text":"participation","start":949.67,"end":950.47},{"text":"of","start":950.47,"end":950.71},{"text":"SIDS","start":950.71,"end":951.19},{"text":"in","start":951.35,"end":951.47},{"text":"decision-making","start":951.47,"end":952.39},{"text":"in","start":952.39,"end":952.55},{"text":"global","start":952.55,"end":953.11},{"text":"economic","start":953.43,"end":954.15},{"text":"and","start":954.15,"end":954.31},{"text":"international","start":954.31,"end":955.03},{"text":"financial","start":955.03,"end":955.67},{"text":"institutions,","start":955.67,"end":956.71},{"text":"including","start":957.03,"end":957.67},{"text":"through","start":957.67,"end":957.99},{"text":"the","start":957.99,"end":958.11},{"text":"creation","start":958.11,"end":958.59},{"text":"of","start":958.59,"end":958.71},{"text":"dedicated","start":958.71,"end":959.35},{"text":"seats","start":959.35,"end":959.83},{"text":"for","start":959.91,"end":960.15},{"text":"SIDS.","start":960.15,"end":960.63}]},{"text":"On paragraph 54, EOSIS believes that the paragraph needs to be refocused on the developing countries and the support that they need.","start":961.75,"end":970.87,"topics":[],"words":[{"text":"On","start":961.75,"end":961.91},{"text":"paragraph","start":961.91,"end":962.67},{"text":"54,","start":962.67,"end":963.35},{"text":"EOSIS","start":963.47,"end":964.23},{"text":"believes","start":964.23,"end":964.59},{"text":"that","start":964.59,"end":964.71},{"text":"the","start":964.71,"end":964.79},{"text":"paragraph","start":964.79,"end":965.35},{"text":"needs","start":965.35,"end":965.91},{"text":"to","start":966.31,"end":966.39},{"text":"be","start":966.39,"end":966.63},{"text":"refocused","start":966.63,"end":967.59},{"text":"on","start":967.59,"end":968.07},{"text":"the","start":968.23,"end":968.35},{"text":"developing","start":968.35,"end":968.87},{"text":"countries","start":968.87,"end":969.47},{"text":"and","start":969.47,"end":969.63},{"text":"the","start":969.63,"end":969.71},{"text":"support","start":969.71,"end":970.23},{"text":"that","start":970.23,"end":970.39},{"text":"they","start":970.39,"end":970.51},{"text":"need.","start":970.51,"end":970.87}]},{"text":"The global safety net needs to also take into account multidimensional vulnerability to truly be effective.","start":971.35,"end":977.79,"topics":[{"key":"global-safety-net","label":"Global Financial Safety Net","description":"A major topic was how to strengthen the global financial safety net so countries can respond more effectively to crises and external shocks. Speakers discussed IMF lending resources and tools, rapid-disbursement facilities, trust funds, and the possible role of regional financing arrangements."},{"key":"multidimensional-vulnerability","label":"Multidimensional Vulnerability","description":"A recurring concern was that financing rules still rely too heavily on income or quota-based indicators and do not capture the real exposure of SIDS, LDCs, and other vulnerable countries. Delegations called for multidimensional vulnerability to be reflected in access to finance, concessionality, safety nets, and risk assessment."}],"words":[{"text":"The","start":971.35,"end":971.43},{"text":"global","start":971.47,"end":971.87},{"text":"safety","start":971.87,"end":972.19},{"text":"net","start":972.19,"end":972.35},{"text":"needs","start":972.35,"end":972.67},{"text":"to","start":972.67,"end":972.75},{"text":"also","start":972.75,"end":973.07},{"text":"take","start":973.07,"end":973.31},{"text":"into","start":973.31,"end":973.63},{"text":"account","start":973.63,"end":974.03},{"text":"multidimensional","start":974.03,"end":974.99},{"text":"vulnerability","start":974.99,"end":975.95},{"text":"to","start":976.19,"end":976.47},{"text":"truly","start":976.47,"end":976.75},{"text":"be","start":976.75,"end":977.07},{"text":"effective.","start":977.07,"end":977.79}]},{"text":"Across this paragraph, we have noted that the commitments are requesting the boards to consider taking action rather than taking action itself.","start":978.51,"end":987.79,"topics":[],"words":[{"text":"Across","start":978.51,"end":978.99},{"text":"this","start":978.99,"end":979.15},{"text":"paragraph,","start":979.15,"end":979.87},{"text":"we","start":979.87,"end":980.35},{"text":"have","start":981.15,"end":981.39},{"text":"noted","start":981.39,"end":981.75},{"text":"that","start":981.75,"end":981.91},{"text":"the","start":981.91,"end":982.03},{"text":"commitments","start":982.03,"end":982.59},{"text":"are","start":982.59,"end":982.71},{"text":"requesting","start":982.71,"end":983.39},{"text":"the","start":983.39,"end":983.47},{"text":"boards","start":983.47,"end":984.03},{"text":"to","start":984.03,"end":984.15},{"text":"consider","start":984.15,"end":984.67},{"text":"taking","start":984.67,"end":984.99},{"text":"action","start":984.99,"end":985.55},{"text":"rather","start":985.95,"end":986.27},{"text":"than","start":986.27,"end":986.43},{"text":"taking","start":986.43,"end":986.83},{"text":"action","start":986.83,"end":987.23},{"text":"itself.","start":987.23,"end":987.79}]},{"text":"IOSIS will aim to amend these commitments to be more action oriented as required.","start":988.11,"end":993.23,"topics":[],"words":[{"text":"IOSIS","start":988.11,"end":988.83},{"text":"will","start":988.83,"end":988.95},{"text":"aim","start":988.95,"end":989.15},{"text":"to","start":989.15,"end":989.23},{"text":"amend","start":989.23,"end":989.59},{"text":"these","start":989.59,"end":989.75},{"text":"commitments","start":989.75,"end":990.35},{"text":"to","start":990.35,"end":990.43},{"text":"be","start":990.43,"end":990.55},{"text":"more","start":990.55,"end":990.99},{"text":"action","start":990.99,"end":991.39},{"text":"oriented","start":991.39,"end":991.95},{"text":"as","start":992.03,"end":992.59},{"text":"required.","start":992.59,"end":993.23}]},{"text":"Specifically on subparagraph C, IOSIS supports removing the requirements of an upper credit tranche program and will add a reference to also increasing access levels.","start":994.11,"end":1003.91,"topics":[{"key":"global-safety-net","label":"Global Financial Safety Net","description":"A major topic was how to strengthen the global financial safety net so countries can respond more effectively to crises and external shocks. Speakers discussed IMF lending resources and tools, rapid-disbursement facilities, trust funds, and the possible role of regional financing arrangements."}],"words":[{"text":"Specifically","start":994.11,"end":994.91},{"text":"on","start":994.91,"end":995.07},{"text":"subparagraph","start":995.07,"end":995.79},{"text":"C,","start":995.79,"end":995.95},{"text":"IOSIS","start":995.95,"end":996.67},{"text":"supports","start":996.67,"end":997.07},{"text":"removing","start":997.07,"end":997.59},{"text":"the","start":997.59,"end":997.67},{"text":"requirements","start":997.67,"end":998.35},{"text":"of","start":998.35,"end":998.47},{"text":"an","start":998.47,"end":998.59},{"text":"upper","start":998.59,"end":999.07},{"text":"credit","start":999.07,"end":999.43},{"text":"tranche","start":999.43,"end":999.71},{"text":"program","start":999.71,"end":1000.35},{"text":"and","start":1000.71,"end":1000.87},{"text":"will","start":1000.87,"end":1001.03},{"text":"add","start":1001.03,"end":1001.19},{"text":"a","start":1001.19,"end":1001.23},{"text":"reference","start":1001.23,"end":1001.75},{"text":"to","start":1001.75,"end":1001.91},{"text":"also","start":1001.91,"end":1002.23},{"text":"increasing","start":1002.23,"end":1002.87},{"text":"access","start":1002.87,"end":1003.35},{"text":"levels.","start":1003.35,"end":1003.91}]},{"text":"On item C, EOSIS will urge developed countries to expeditiously re-channel at least 50% of current unused SDRs to developing countries.","start":1004.95,"end":1014.47,"topics":[{"key":"sdr-rechanneling","label":"Special Drawing Rights","description":"Special Drawing Rights were discussed as a tool for easing liquidity constraints and supporting development finance. Delegations debated rechanneling unused SDRs to developing countries, possible new allocations, and whether SDR use should be expanded for SDGs, climate action, and crisis response."}],"words":[{"text":"On","start":1004.95,"end":1005.27},{"text":"item","start":1005.43,"end":1005.91},{"text":"C,","start":1005.91,"end":1006.15},{"text":"EOSIS","start":1006.15,"end":1006.91},{"text":"will","start":1006.91,"end":1007.03},{"text":"urge","start":1007.03,"end":1007.27},{"text":"developed","start":1007.27,"end":1007.67},{"text":"countries","start":1007.67,"end":1008.07},{"text":"to","start":1008.07,"end":1008.19},{"text":"expeditiously","start":1008.19,"end":1009.03},{"text":"re-channel","start":1009.03,"end":1009.75},{"text":"at","start":1009.75,"end":1009.87},{"text":"least","start":1009.87,"end":1010.47},{"text":"50%","start":1010.79,"end":1010.83},{"text":"of","start":1010.87,"end":1011.07},{"text":"current","start":1011.07,"end":1011.67},{"text":"unused","start":1011.83,"end":1012.63},{"text":"SDRs","start":1012.63,"end":1013.19},{"text":"to","start":1013.19,"end":1013.27},{"text":"developing","start":1013.27,"end":1013.83},{"text":"countries.","start":1013.83,"end":1014.47}]},{"text":"On paragraph E, EOSIS will appreciate further information regarding the creation of a new playbook that strengthens the role of SDRs.","start":1015.99,"end":1025.11,"topics":[{"key":"sdr-rechanneling","label":"Special Drawing Rights","description":"Special Drawing Rights were discussed as a tool for easing liquidity constraints and supporting development finance. Delegations debated rechanneling unused SDRs to developing countries, possible new allocations, and whether SDR use should be expanded for SDGs, climate action, and crisis response."}],"words":[{"text":"On","start":1015.99,"end":1016.15},{"text":"paragraph","start":1016.15,"end":1016.79},{"text":"E,","start":1016.87,"end":1016.91},{"text":"EOSIS","start":1016.91,"end":1017.75},{"text":"will","start":1017.75,"end":1017.87},{"text":"appreciate","start":1017.87,"end":1018.47},{"text":"further","start":1018.47,"end":1018.79},{"text":"information","start":1018.79,"end":1019.43},{"text":"regarding","start":1019.43,"end":1019.83},{"text":"the","start":1019.83,"end":1019.95},{"text":"creation","start":1019.95,"end":1020.51},{"text":"of","start":1020.51,"end":1020.59},{"text":"a","start":1020.59,"end":1020.63},{"text":"new","start":1020.71,"end":1021.03},{"text":"playbook","start":1021.03,"end":1021.67},{"text":"that","start":1021.99,"end":1022.23},{"text":"strengthens","start":1022.23,"end":1022.87},{"text":"the","start":1022.87,"end":1022.99},{"text":"role","start":1022.99,"end":1023.51},{"text":"of","start":1024.15,"end":1024.31},{"text":"SDRs.","start":1024.31,"end":1025.11}]},{"text":"It is unclear at this stage what this playbook will entail, especially given that the issuance of SDRs, in our opinion, is largely a political decision.","start":1025.67,"end":1033.99,"topics":[{"key":"sdr-rechanneling","label":"Special Drawing Rights","description":"Special Drawing Rights were discussed as a tool for easing liquidity constraints and supporting development finance. 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Delegations debated rechanneling unused SDRs to developing countries, possible new allocations, and whether SDR use should be expanded for SDGs, climate action, and crisis response."}],"words":[{"text":"We","start":1034.63,"end":1034.75},{"text":"would","start":1034.75,"end":1035.03},{"text":"be","start":1035.51,"end":1036.07},{"text":"concerned","start":1036.07,"end":1036.47},{"text":"that","start":1036.47,"end":1036.63},{"text":"such","start":1036.63,"end":1036.95},{"text":"a","start":1036.95,"end":1036.99},{"text":"rule","start":1036.99,"end":1037.27},{"text":"book","start":1037.27,"end":1037.51},{"text":"may","start":1037.51,"end":1037.83},{"text":"create","start":1037.83,"end":1038.27},{"text":"thresholds","start":1038.27,"end":1038.79},{"text":"that","start":1038.79,"end":1038.95},{"text":"would","start":1038.95,"end":1039.11},{"text":"require","start":1039.11,"end":1039.59},{"text":"triggering,","start":1039.59,"end":1040.23},{"text":"and","start":1040.55,"end":1040.75},{"text":"what","start":1040.75,"end":1040.99},{"text":"those","start":1040.99,"end":1041.19},{"text":"thresholds","start":1041.19,"end":1041.75},{"text":"may","start":1041.75,"end":1042.23},{"text":"be","start":1042.55,"end":1043.03},{"text":"may,","start":1043.19,"end":1043.43},{"text":"in","start":1043.43,"end":1043.67},{"text":"fact,","start":1043.67,"end":1043.99},{"text":"pose","start":1043.99,"end":1044.31},{"text":"obstacles","start":1044.31,"end":1044.87},{"text":"for","start":1044.87,"end":1045.03},{"text":"faster","start":1045.11,"end":1045.59},{"text":"action.","start":1045.59,"end":1046.07}]},{"text":"We will reserve on this proposal pending further clarity.","start":1046.63,"end":1049.59,"topics":[],"words":[{"text":"We","start":1046.63,"end":1046.79},{"text":"will","start":1046.79,"end":1046.95},{"text":"reserve","start":1046.95,"end":1047.35},{"text":"on","start":1047.35,"end":1047.43},{"text":"this","start":1047.43,"end":1047.63},{"text":"proposal","start":1047.63,"end":1048.15},{"text":"pending","start":1048.15,"end":1048.63},{"text":"further","start":1048.63,"end":1049.03},{"text":"clarity.","start":1049.03,"end":1049.59}]},{"text":"On paragraph 56, in addition to a minor edit, IOSIS will introduce a paragraph on reforming credit rating methodologies to include assessments on vulnerability to create long-term ratings by recognizing the growth potential of developing countries, in particular LDCs and SIDS, and their investments in sustainable development.","start":1050.63,"end":1071.15,"topics":[{"key":"credit-rating-reform","label":"Credit Rating Agency Reform","description":"Many speakers argued that credit rating practices can misprice risk, raise borrowing costs, and disadvantage developing countries, especially during crises. Proposals included stronger regulation, improved transparency, high-level dialogue, new methodologies that account for vulnerability, and even public or UN-linked alternatives."},{"key":"multidimensional-vulnerability","label":"Multidimensional Vulnerability","description":"A recurring concern was that financing rules still rely too heavily on income or quota-based indicators and do not capture the real exposure of SIDS, LDCs, and other vulnerable countries. 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the representative of Palau, and I now give the floor to the representative of Angola on behalf of the Africa Group, to be followed by the representative of the European 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China.","start":1168.27,"end":1174.11,"topics":[],"words":[{"text":"So","start":1168.27,"end":1168.51},{"text":"the","start":1168.51,"end":1168.63},{"text":"African","start":1168.63,"end":1168.91},{"text":"Group","start":1168.91,"end":1169.15},{"text":"aligns","start":1169.15,"end":1169.43},{"text":"itself","start":1169.43,"end":1169.87},{"text":"with","start":1169.87,"end":1169.99},{"text":"the","start":1169.99,"end":1170.27},{"text":"comments","start":1170.51,"end":1170.95},{"text":"delivered","start":1170.95,"end":1171.31},{"text":"by","start":1171.31,"end":1171.71},{"text":"the","start":1172.59,"end":1172.71},{"text":"G77","start":1172.71,"end":1173.39},{"text":"and","start":1173.39,"end":1173.51},{"text":"China.","start":1173.51,"end":1174.11}]},{"text":"In addition, we would like to add the following regarding to the paragraph 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paragraph 53C, uh, On the terminology, again, it's a general comment that how we invite, ask, command work through executive boards is maybe still an open 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paragraph also covers some very technical aspects of the governance of IMF and institutions, and this needs to really be expert discussions, which is best maybe served at the boards.","start":1412.23,"end":1423.27,"topics":[{"key":"financial-architecture-reform","label":"Reform of the International Financial Architecture","description":"Many speakers called for a broad overhaul of the global financial system so it better reflects current realities and supports sustainable development. 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Speakers discussed IMF lending resources and tools, rapid-disbursement facilities, trust funds, and the possible role of regional financing arrangements."}],"words":[{"text":"On","start":1424.27,"end":1424.47},{"text":"global","start":1424.55,"end":1424.83},{"text":"financial","start":1424.83,"end":1425.27},{"text":"safety","start":1425.27,"end":1425.63},{"text":"net,","start":1425.63,"end":1425.91},{"text":"so","start":1425.91,"end":1426.23},{"text":"same","start":1426.23,"end":1426.63},{"text":"comment","start":1426.63,"end":1427.07},{"text":"as","start":1427.07,"end":1427.19},{"text":"above.","start":1427.19,"end":1427.67}]},{"text":"There's a lot of suggestions to work through, so we're still looking at that language, what would be most appropriate.","start":1428.71,"end":1435.11,"topics":[],"words":[{"text":"There's","start":1428.71,"end":1428.99},{"text":"a","start":1428.99,"end":1429.03},{"text":"lot","start":1429.03,"end":1429.23},{"text":"of","start":1429.23,"end":1429.43},{"text":"suggestions","start":1429.43,"end":1430.07},{"text":"to","start":1430.07,"end":1430.15},{"text":"work","start":1430.15,"end":1430.39},{"text":"through,","start":1430.39,"end":1430.71},{"text":"so","start":1430.71,"end":1430.87},{"text":"we're","start":1430.87,"end":1431.11},{"text":"still","start":1431.11,"end":1431.31},{"text":"looking","start":1431.31,"end":1431.59},{"text":"at","start":1431.59,"end":1431.75},{"text":"that","start":1431.75,"end":1431.99},{"text":"language,","start":1431.99,"end":1432.55},{"text":"what","start":1433.47,"end":1433.75},{"text":"would","start":1433.75,"end":1433.91},{"text":"be","start":1433.91,"end":1434.07},{"text":"most","start":1434.07,"end":1434.35},{"text":"appropriate.","start":1434.35,"end":1435.11}]},{"text":"And again, we'll come back on this with some suggestions.","start":1436.31,"end":1440.79,"topics":[],"words":[{"text":"And","start":1436.31,"end":1436.79},{"text":"again,","start":1437.43,"end":1437.91},{"text":"we'll","start":1438.63,"end":1438.91},{"text":"come","start":1438.91,"end":1439.03},{"text":"back","start":1439.03,"end":1439.35},{"text":"on","start":1439.35,"end":1439.51},{"text":"this","start":1439.51,"end":1439.75},{"text":"with","start":1439.75,"end":1439.87},{"text":"some","start":1439.87,"end":1440.07},{"text":"suggestions.","start":1440.07,"end":1440.79}]},{"text":"On paragraph 54, again, reformulation would be called for and we have some language to suggest.","start":1441.79,"end":1448.91,"topics":[{"key":"financial-architecture-reform","label":"Reform of the International Financial Architecture","description":"Many speakers called for a broad overhaul of the global financial system so it better reflects current realities and supports sustainable development. A central point of debate was how ambitious reform should be and what role the United Nations should play alongside the IMF, World Bank, and other institutions."}],"words":[{"text":"On","start":1441.79,"end":1441.95},{"text":"paragraph","start":1441.95,"end":1442.47},{"text":"54,","start":1442.47,"end":1443.07},{"text":"again,","start":1443.71,"end":1444.11},{"text":"reformulation","start":1444.67,"end":1445.95},{"text":"would","start":1445.95,"end":1446.11},{"text":"be","start":1446.11,"end":1446.19},{"text":"called","start":1446.19,"end":1446.47},{"text":"for","start":1446.47,"end":1446.63},{"text":"and","start":1446.63,"end":1446.75},{"text":"we","start":1446.75,"end":1446.87},{"text":"have","start":1446.87,"end":1447.07},{"text":"some","start":1447.07,"end":1447.23},{"text":"language","start":1447.23,"end":1447.79},{"text":"to","start":1448.11,"end":1448.31},{"text":"suggest.","start":1448.35,"end":1448.91}]},{"text":"On paragraph 54a, we don't see the need to call for larger pools of resources accessible to countries for fast disbursement in response to shocks and emergencies.","start":1449.55,"end":1458.99,"topics":[{"key":"global-safety-net","label":"Global Financial Safety Net","description":"A major topic was how to strengthen the global financial safety net so countries can respond more effectively to crises and external shocks. 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Supporters argued that surcharges worsen debt and recovery pressures, while others said the issue should remain within IMF review processes and risk frameworks."}],"words":[{"text":"Paragraph","start":1482.67,"end":1483.11},{"text":"54,","start":1483.11,"end":1483.55},{"text":"we","start":1484.51,"end":1484.75},{"text":"have","start":1484.75,"end":1485.15},{"text":"a","start":1485.55,"end":1485.59},{"text":"reservation","start":1485.59,"end":1486.43},{"text":"and","start":1486.43,"end":1486.75},{"text":"we","start":1489.23,"end":1489.63},{"text":"will","start":1489.63,"end":1489.79},{"text":"come","start":1489.79,"end":1489.95},{"text":"back","start":1489.95,"end":1490.27},{"text":"on","start":1490.27,"end":1490.63},{"text":"the","start":1490.63,"end":1490.75},{"text":"last","start":1490.75,"end":1490.99},{"text":"part","start":1490.99,"end":1491.23},{"text":"of","start":1491.23,"end":1491.31},{"text":"the","start":1491.31,"end":1491.39},{"text":"paragraph,","start":1491.39,"end":1491.95},{"text":"which","start":1491.95,"end":1492.35},{"text":"talks","start":1492.51,"end":1492.79},{"text":"about","start":1492.79,"end":1492.99},{"text":"suspending","start":1492.99,"end":1493.63},{"text":"surcharges.","start":1493.63,"end":1494.23}]},{"text":"We may submit some alternate language on that.","start":1494.23,"end":1496.51,"topics":[],"words":[{"text":"We","start":1494.23,"end":1494.35},{"text":"may","start":1494.35,"end":1494.51},{"text":"submit","start":1494.51,"end":1494.95},{"text":"some","start":1494.95,"end":1495.15},{"text":"alternate","start":1495.15,"end":1495.63},{"text":"language","start":1495.79,"end":1496.23},{"text":"on","start":1496.23,"end":1496.35},{"text":"that.","start":1496.35,"end":1496.51}]},{"text":"We are still discussing paragraphs 54c, d, and e, and just issue a reserve while we're discussing these points.","start":1497.71,"end":1506.27,"topics":[],"words":[{"text":"We","start":1497.71,"end":1498.03},{"text":"are","start":1498.03,"end":1498.19},{"text":"still","start":1498.19,"end":1498.39},{"text":"discussing","start":1498.39,"end":1498.99},{"text":"paragraphs","start":1498.99,"end":1499.63},{"text":"54c,","start":1500.19,"end":1501.31},{"text":"d,","start":1501.31,"end":1501.71},{"text":"and","start":1501.71,"end":1501.91},{"text":"e,","start":1501.91,"end":1502.27},{"text":"and","start":1502.27,"end":1502.75},{"text":"just","start":1502.75,"end":1502.99},{"text":"issue","start":1502.99,"end":1503.39},{"text":"a","start":1503.39,"end":1503.47},{"text":"reserve","start":1503.47,"end":1504.19},{"text":"while","start":1504.35,"end":1504.59},{"text":"we're","start":1504.59,"end":1504.91},{"text":"discussing","start":1504.91,"end":1505.47},{"text":"these","start":1505.47,"end":1505.71},{"text":"points.","start":1505.71,"end":1506.27}]},{"text":"54f, we have some clarifications on this paragraph on strengthening regional arrangements.","start":1507.71,"end":1514.59,"topics":[{"key":"global-safety-net","label":"Global Financial Safety Net","description":"A major topic was how to strengthen the global financial safety net so countries can respond more effectively to crises and external shocks. 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Australia.","start":1673.31,"end":1679.55,"topics":[],"words":[{"text":"And","start":1673.31,"end":1673.83},{"text":"I","start":1673.83,"end":1673.87},{"text":"now","start":1673.87,"end":1674.03},{"text":"give","start":1674.03,"end":1674.23},{"text":"the","start":1674.23,"end":1674.35},{"text":"floor","start":1674.35,"end":1674.59},{"text":"to","start":1674.59,"end":1674.71},{"text":"the","start":1674.71,"end":1674.83},{"text":"representative","start":1674.83,"end":1675.71},{"text":"of","start":1675.71,"end":1675.95},{"text":"the","start":1675.95,"end":1676.03},{"text":"Philippines","start":1676.03,"end":1676.63},{"text":"to","start":1676.63,"end":1676.79},{"text":"be","start":1676.79,"end":1676.99},{"text":"followed","start":1676.99,"end":1677.39},{"text":"by","start":1677.39,"end":1677.63},{"text":"the","start":1677.63,"end":1677.75},{"text":"representative","start":1677.75,"end":1678.51},{"text":"of","start":1678.51,"end":1678.75},{"text":"Australia.","start":1678.75,"end":1679.55}]},{"text":"Philippines, you have the floor.","start":1679.87,"end":1680.79,"topics":[],"words":[{"text":"Philippines,","start":1679.87,"end":1680.31},{"text":"you","start":1680.31,"end":1680.39},{"text":"have","start":1680.39,"end":1680.51},{"text":"the","start":1680.51,"end":1680.59},{"text":"floor.","start":1680.63,"end":1680.79}]}]}],"speaker":{"name":null,"affiliation":null,"affiliation_full":null,"group":null,"function":"Co-facilitator"}},{"statement_number":12,"start":1681.75,"pageUrl":"/es/asset/k1r/k1rs9t279x?lang=en&t=1682","paragraphs":[{"sentences":[{"text":"Thank you, Madam co-facilitator.","start":1681.75,"end":1683.47,"topics":[],"words":[{"text":"Thank","start":1681.75,"end":1681.95},{"text":"you,","start":1681.95,"end":1682.03},{"text":"Madam","start":1682.03,"end":1682.31},{"text":"co-facilitator.","start":1682.31,"end":1683.47}]},{"text":"The Philippines aligns with the statement delivered by Colombia on behalf of the G77 and China.","start":1683.87,"end":1689.47,"topics":[],"words":[{"text":"The","start":1683.87,"end":1683.99},{"text":"Philippines","start":1683.99,"end":1684.59},{"text":"aligns","start":1684.59,"end":1685.07},{"text":"with","start":1685.07,"end":1685.19},{"text":"the","start":1685.19,"end":1685.27},{"text":"statement","start":1685.27,"end":1685.75},{"text":"delivered","start":1685.75,"end":1686.19},{"text":"by","start":1686.19,"end":1686.35},{"text":"Colombia","start":1686.35,"end":1686.91},{"text":"on","start":1686.91,"end":1687.07},{"text":"behalf","start":1687.07,"end":1687.43},{"text":"of","start":1687.43,"end":1687.55},{"text":"the","start":1687.55,"end":1687.71},{"text":"G77","start":1687.71,"end":1688.75},{"text":"and","start":1688.75,"end":1688.91},{"text":"China.","start":1688.91,"end":1689.47}]},{"text":"The international financial architecture was initially designed for a world vastly different from today's 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A central point of debate was how ambitious reform should be and what role the United Nations should play alongside the IMF, World Bank, and other institutions."}],"words":[{"text":"The","start":1869.51,"end":1869.67},{"text":"systemic","start":1869.67,"end":1870.15},{"text":"challenges","start":1870.15,"end":1870.71},{"text":"we","start":1870.71,"end":1870.79},{"text":"face","start":1870.79,"end":1871.11},{"text":"require","start":1871.11,"end":1871.43},{"text":"comprehensive","start":1871.43,"end":1872.07},{"text":"solutions.","start":1872.07,"end":1872.87}]},{"text":"The Philippines therefore calls for continued international cooperation and engagement in addressing these challenges.","start":1873.59,"end":1879.27,"topics":[{"key":"financial-architecture-reform","label":"Reform of the International Financial Architecture","description":"Many speakers called for a broad overhaul of the global financial system so it better reflects current realities and supports sustainable development. 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A central point of debate was how ambitious reform should be and what role the United Nations should play alongside the IMF, World Bank, and other institutions."}],"words":[{"text":"We","start":1902.83,"end":1902.99},{"text":"appreciate","start":1902.99,"end":1903.55},{"text":"the","start":1903.55,"end":1903.63},{"text":"ability","start":1903.63,"end":1904.11},{"text":"to","start":1904.11,"end":1904.19},{"text":"participate","start":1904.19,"end":1904.79},{"text":"in","start":1904.79,"end":1904.87},{"text":"a","start":1904.87,"end":1904.91},{"text":"discussion","start":1904.91,"end":1905.47},{"text":"of","start":1905.47,"end":1905.55},{"text":"this","start":1905.55,"end":1905.71},{"text":"chapter","start":1905.71,"end":1906.15},{"text":"and","start":1906.15,"end":1906.27},{"text":"thank","start":1906.27,"end":1906.43},{"text":"the","start":1906.43,"end":1906.51},{"text":"co-facilitators","start":1906.51,"end":1907.47},{"text":"continued","start":1907.47,"end":1908.03},{"text":"efforts","start":1908.03,"end":1908.35},{"text":"to","start":1908.35,"end":1908.43},{"text":"capture","start":1908.43,"end":1908.83},{"text":"complex","start":1908.83,"end":1909.43},{"text":"systemic","start":1909.43,"end":1909.87},{"text":"issues","start":1909.87,"end":1910.19},{"text":"in","start":1910.19,"end":1910.27},{"text":"the","start":1910.27,"end":1910.35},{"text":"zero","start":1910.35,"end":1910.59},{"text":"draft.","start":1910.59,"end":1911.07}]},{"text":"We welcome para 52 as a strong basis for this chapter.","start":1912.03,"end":1914.99,"topics":[],"words":[{"text":"We","start":1912.03,"end":1912.19},{"text":"welcome","start":1912.19,"end":1912.55},{"text":"para","start":1912.55,"end":1912.75},{"text":"52","start":1912.75,"end":1913.35},{"text":"as","start":1913.35,"end":1913.47},{"text":"a","start":1913.47,"end":1913.51},{"text":"strong","start":1913.51,"end":1913.79},{"text":"basis","start":1913.79,"end":1914.15},{"text":"for","start":1914.15,"end":1914.27},{"text":"this","start":1914.27,"end":1914.43},{"text":"chapter.","start":1914.43,"end":1914.99}]},{"text":"We reiterate the importance of the respect for independent mandates and governance bodies.","start":1915.55,"end":1919.79,"topics":[],"words":[{"text":"We","start":1915.55,"end":1915.71},{"text":"reiterate","start":1915.71,"end":1916.27},{"text":"the","start":1916.27,"end":1916.39},{"text":"importance","start":1916.39,"end":1916.99},{"text":"of","start":1916.99,"end":1917.07},{"text":"the","start":1917.07,"end":1917.19},{"text":"respect","start":1917.19,"end":1917.67},{"text":"for","start":1917.67,"end":1917.79},{"text":"independent","start":1917.79,"end":1918.27},{"text":"mandates","start":1918.27,"end":1918.71},{"text":"and","start":1918.71,"end":1918.83},{"text":"governance","start":1918.83,"end":1919.23},{"text":"bodies.","start":1919.23,"end":1919.79}]},{"text":"Regarding paragraph 53b, we emphasise that the review and implementation of any outcomes from it remains the prerogative of IBRD shareholders rather than the UN.","start":1920.35,"end":1931.55,"topics":[{"key":"financial-architecture-reform","label":"Reform of the International Financial Architecture","description":"Many speakers called for a broad overhaul of the global financial system so it better reflects current realities and supports sustainable development. A central point of debate was how ambitious reform should be and what role the United Nations should play alongside the IMF, World Bank, and other institutions."}],"words":[{"text":"Regarding","start":1920.35,"end":1920.91},{"text":"paragraph","start":1920.91,"end":1921.55},{"text":"53b,","start":1921.55,"end":1922.51},{"text":"we","start":1922.51,"end":1922.75},{"text":"emphasise","start":1923.55,"end":1924.35},{"text":"that","start":1924.51,"end":1924.75},{"text":"the","start":1924.75,"end":1924.83},{"text":"review","start":1924.83,"end":1925.31},{"text":"and","start":1925.31,"end":1925.55},{"text":"implementation","start":1925.55,"end":1926.43},{"text":"of","start":1926.43,"end":1926.51},{"text":"any","start":1926.51,"end":1926.75},{"text":"outcomes","start":1926.75,"end":1927.23},{"text":"from","start":1927.23,"end":1927.47},{"text":"it","start":1927.47,"end":1927.59},{"text":"remains","start":1927.95,"end":1928.35},{"text":"the","start":1928.35,"end":1928.43},{"text":"prerogative","start":1928.43,"end":1929.23},{"text":"of","start":1929.23,"end":1929.35},{"text":"IBRD","start":1929.35,"end":1929.79},{"text":"shareholders","start":1929.87,"end":1930.59},{"text":"rather","start":1930.59,"end":1930.87},{"text":"than","start":1930.87,"end":1930.99},{"text":"the","start":1930.99,"end":1931.07},{"text":"UN.","start":1931.07,"end":1931.55}]},{"text":"In para 53c and d, we support enhancing the representation and voice of developing countries in decision-making in IFIs and the representation of women.","start":1932.27,"end":1941.87,"topics":[{"key":"ifi-representation","label":"Representation and Voice in International Financial Institutions","description":"Delegations repeatedly stressed the need to increase the voice, voting power, and board representation of developing countries in the IMF, World Bank, and other IFIs. This included proposals on quota realignment, basic votes, additional seats for Africa and SIDS, and more balanced geographic and gender representation."}],"words":[{"text":"In","start":1932.27,"end":1932.43},{"text":"para","start":1932.43,"end":1932.75},{"text":"53c","start":1932.75,"end":1933.95},{"text":"and","start":1933.95,"end":1934.31},{"text":"d,","start":1934.31,"end":1934.75},{"text":"we","start":1934.75,"end":1934.99},{"text":"support","start":1934.99,"end":1935.39},{"text":"enhancing","start":1935.39,"end":1935.87},{"text":"the","start":1935.87,"end":1935.95},{"text":"representation","start":1935.95,"end":1936.83},{"text":"and","start":1936.83,"end":1936.95},{"text":"voice","start":1936.95,"end":1937.23},{"text":"of","start":1937.23,"end":1937.31},{"text":"developing","start":1937.31,"end":1937.79},{"text":"countries","start":1937.79,"end":1938.27},{"text":"in","start":1938.27,"end":1938.35},{"text":"decision-making","start":1938.35,"end":1939.19},{"text":"in","start":1939.19,"end":1939.31},{"text":"IFIs","start":1939.43,"end":1940.03},{"text":"and","start":1940.43,"end":1940.63},{"text":"the","start":1940.63,"end":1940.71},{"text":"representation","start":1940.71,"end":1941.43},{"text":"of","start":1941.43,"end":1941.51},{"text":"women.","start":1941.51,"end":1941.87}]},{"text":"We propose altering the text to reflect the existing language from the G20 FM CBG.","start":1942.51,"end":1948.75,"topics":[],"words":[{"text":"We","start":1942.51,"end":1942.63},{"text":"propose","start":1942.63,"end":1943.07},{"text":"altering","start":1943.07,"end":1943.63},{"text":"the","start":1943.87,"end":1943.95},{"text":"text","start":1943.95,"end":1944.71},{"text":"to","start":1944.71,"end":1944.79},{"text":"reflect","start":1944.79,"end":1945.39},{"text":"the","start":1945.47,"end":1945.67},{"text":"existing","start":1945.67,"end":1946.11},{"text":"language","start":1946.11,"end":1946.51},{"text":"from","start":1946.51,"end":1946.67},{"text":"the","start":1946.67,"end":1946.75},{"text":"G20","start":1946.75,"end":1947.47},{"text":"FM","start":1947.47,"end":1947.87},{"text":"CBG.","start":1947.87,"end":1948.75}]},{"text":"We propose reformulation of para 54 due to lack of clarity of what is being proposed.","start":1950.07,"end":1954.87,"topics":[],"words":[{"text":"We","start":1950.07,"end":1950.23},{"text":"propose","start":1950.23,"end":1950.63},{"text":"reformulation","start":1950.63,"end":1951.51},{"text":"of","start":1951.51,"end":1951.59},{"text":"para","start":1951.59,"end":1951.83},{"text":"54","start":1951.83,"end":1952.55},{"text":"due","start":1952.55,"end":1952.71},{"text":"to","start":1952.71,"end":1952.83},{"text":"lack","start":1952.83,"end":1953.03},{"text":"of","start":1953.03,"end":1953.11},{"text":"clarity","start":1953.11,"end":1953.55},{"text":"of","start":1953.55,"end":1953.63},{"text":"what","start":1953.63,"end":1953.79},{"text":"is","start":1953.79,"end":1953.91},{"text":"being","start":1953.91,"end":1954.11},{"text":"proposed.","start":1954.11,"end":1954.87}]},{"text":"The IMF World Bank three pillar approach could form a stronger basis for this paragraph.","start":1955.43,"end":1960.15,"topics":[{"key":"global-safety-net","label":"Global Financial Safety Net","description":"A major topic was how to strengthen the global financial safety net so countries can respond more effectively to crises and external shocks. Speakers discussed IMF lending resources and tools, rapid-disbursement facilities, trust funds, and the possible role of regional financing arrangements."}],"words":[{"text":"The","start":1955.43,"end":1955.63},{"text":"IMF","start":1955.63,"end":1956.15},{"text":"World","start":1956.39,"end":1956.71},{"text":"Bank","start":1956.71,"end":1957.03},{"text":"three","start":1957.03,"end":1957.27},{"text":"pillar","start":1957.27,"end":1957.59},{"text":"approach","start":1957.59,"end":1957.99},{"text":"could","start":1957.99,"end":1958.15},{"text":"form","start":1958.15,"end":1958.39},{"text":"a","start":1958.39,"end":1958.43},{"text":"stronger","start":1958.43,"end":1958.79},{"text":"basis","start":1958.79,"end":1959.19},{"text":"for","start":1959.19,"end":1959.31},{"text":"this","start":1959.31,"end":1959.43},{"text":"paragraph.","start":1959.43,"end":1960.15}]},{"text":"Regarding 54A, any adjustments to the way countries can access resourcing from the IMF needs to include adequate safeguards to ensure the ongoing stability of the IMF at the centre of the global financial safety net.","start":1960.95,"end":1973.75,"topics":[{"key":"global-safety-net","label":"Global Financial Safety Net","description":"A major topic was how to strengthen the global financial safety net so countries can respond more effectively to crises and external shocks. Speakers discussed IMF lending resources and tools, rapid-disbursement facilities, trust funds, and the possible role of regional financing arrangements."}],"words":[{"text":"Regarding","start":1960.95,"end":1961.51},{"text":"54A,","start":1961.51,"end":1962.71},{"text":"any","start":1962.71,"end":1962.91},{"text":"adjustments","start":1962.91,"end":1963.51},{"text":"to","start":1963.51,"end":1963.59},{"text":"the","start":1963.59,"end":1963.71},{"text":"way","start":1963.71,"end":1963.91},{"text":"countries","start":1963.91,"end":1964.39},{"text":"can","start":1964.39,"end":1964.55},{"text":"access","start":1964.55,"end":1964.95},{"text":"resourcing","start":1964.95,"end":1965.51},{"text":"from","start":1965.51,"end":1965.71},{"text":"the","start":1965.71,"end":1965.83},{"text":"IMF","start":1965.83,"end":1966.23},{"text":"needs","start":1966.23,"end":1966.71},{"text":"to","start":1966.71,"end":1966.87},{"text":"include","start":1966.87,"end":1967.35},{"text":"adequate","start":1967.35,"end":1967.71},{"text":"safeguards","start":1967.71,"end":1968.63},{"text":"to","start":1968.95,"end":1969.07},{"text":"ensure","start":1969.07,"end":1969.39},{"text":"the","start":1969.39,"end":1969.51},{"text":"ongoing","start":1969.51,"end":1969.91},{"text":"stability","start":1969.91,"end":1970.43},{"text":"of","start":1970.43,"end":1970.51},{"text":"the","start":1970.51,"end":1970.63},{"text":"IMF","start":1970.63,"end":1971.03},{"text":"at","start":1971.43,"end":1971.63},{"text":"the","start":1971.63,"end":1971.71},{"text":"centre","start":1971.71,"end":1972.07},{"text":"of","start":1972.07,"end":1972.15},{"text":"the","start":1972.15,"end":1972.23},{"text":"global","start":1972.23,"end":1972.63},{"text":"financial","start":1972.63,"end":1973.07},{"text":"safety","start":1973.07,"end":1973.47},{"text":"net.","start":1973.47,"end":1973.75}]},{"text":"We support sub para 54B, but note the consideration of surcharges should take into account the IMF's risk management profile and the current level of precautionary balances, ensuring the necessary safeguards are in place to ensure the IMF's fiscal sustainability.","start":1974.79,"end":1989.83,"topics":[{"key":"imf-surcharges","label":"IMF Surcharges","description":"Several delegations focused specifically on whether IMF surcharges should be suspended, reduced, or eliminated, especially during disasters and exogenous shocks. Supporters argued that surcharges worsen debt and recovery pressures, while others said the issue should remain within IMF review processes and risk frameworks."},{"key":"multidimensional-vulnerability","label":"Multidimensional Vulnerability","description":"A recurring concern was that financing rules still rely too heavily on income or quota-based indicators and do not capture the real exposure of SIDS, LDCs, and other vulnerable countries. Delegations called for multidimensional vulnerability to be reflected in access to finance, concessionality, safety nets, and risk assessment."}],"words":[{"text":"We","start":1974.79,"end":1974.87},{"text":"support","start":1974.87,"end":1975.27},{"text":"sub","start":1975.27,"end":1975.51},{"text":"para","start":1975.51,"end":1975.79},{"text":"54B,","start":1975.79,"end":1976.79},{"text":"but","start":1976.95,"end":1977.15},{"text":"note","start":1977.15,"end":1977.35},{"text":"the","start":1977.35,"end":1977.43},{"text":"consideration","start":1977.43,"end":1978.07},{"text":"of","start":1978.07,"end":1978.15},{"text":"surcharges","start":1978.15,"end":1978.83},{"text":"should","start":1978.83,"end":1979.11},{"text":"take","start":1979.11,"end":1979.35},{"text":"into","start":1979.35,"end":1979.55},{"text":"account","start":1979.55,"end":1979.95},{"text":"the","start":1979.95,"end":1980.07},{"text":"IMF's","start":1980.07,"end":1980.63},{"text":"risk","start":1980.63,"end":1980.95},{"text":"management","start":1980.95,"end":1981.39},{"text":"profile","start":1981.39,"end":1981.91},{"text":"and","start":1981.91,"end":1982.03},{"text":"the","start":1982.03,"end":1982.11},{"text":"current","start":1982.11,"end":1982.47},{"text":"level","start":1982.47,"end":1982.75},{"text":"of","start":1982.75,"end":1982.87},{"text":"precautionary","start":1982.87,"end":1983.55},{"text":"balances,","start":1983.55,"end":1984.39},{"text":"ensuring","start":1984.83,"end":1985.31},{"text":"the","start":1985.31,"end":1985.39},{"text":"necessary","start":1985.39,"end":1985.99},{"text":"safeguards","start":1985.99,"end":1986.55},{"text":"are","start":1986.55,"end":1986.79},{"text":"in","start":1986.79,"end":1986.87},{"text":"place","start":1986.87,"end":1987.27},{"text":"to","start":1987.27,"end":1987.39},{"text":"ensure","start":1987.39,"end":1987.75},{"text":"the","start":1987.75,"end":1987.87},{"text":"IMF's","start":1987.87,"end":1988.39},{"text":"fiscal","start":1988.39,"end":1988.83},{"text":"sustainability.","start":1988.83,"end":1989.83}]},{"text":"We support 54C as we welcome considering measures that will improve access to IMF support for SIDS, including Pacific SIDS, although we highlight the need for adequate safeguards to ensure IMF fiscal sustainability.","start":1990.79,"end":2004.07,"topics":[{"key":"multidimensional-vulnerability","label":"Multidimensional Vulnerability","description":"A recurring concern was that financing rules still rely too heavily on income or quota-based indicators and do not capture the real exposure of SIDS, LDCs, and other vulnerable countries. 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Iceland.","start":2120.87,"end":2123.55,"topics":[],"words":[{"text":"I'm","start":2120.87,"end":2121.03},{"text":"pleased","start":2121.03,"end":2121.27},{"text":"to","start":2121.27,"end":2121.39},{"text":"deliver","start":2121.39,"end":2121.71},{"text":"this","start":2121.71,"end":2121.91},{"text":"statement","start":2121.91,"end":2122.43},{"text":"on","start":2122.43,"end":2122.51},{"text":"behalf","start":2122.51,"end":2122.83},{"text":"of","start":2122.83,"end":2122.91},{"text":"Iceland.","start":2122.91,"end":2123.55}]},{"text":"We welcome the constructive language on reform of the architecture of international economic and financial institutions.","start":2124.35,"end":2131.23,"topics":[{"key":"financial-architecture-reform","label":"Reform of the International Financial Architecture","description":"Many speakers called for a broad overhaul of the global financial system so it better reflects current realities and supports sustainable development. A central point of debate was how ambitious reform should be and what role the United Nations should play alongside the IMF, World Bank, and other institutions."}],"words":[{"text":"We","start":2124.35,"end":2124.67},{"text":"welcome","start":2124.67,"end":2125.07},{"text":"the","start":2125.07,"end":2125.23},{"text":"constructive","start":2125.23,"end":2125.87},{"text":"language","start":2125.87,"end":2126.23},{"text":"on","start":2126.23,"end":2126.35},{"text":"reform","start":2126.35,"end":2126.91},{"text":"of","start":2127.23,"end":2127.39},{"text":"the","start":2127.39,"end":2127.51},{"text":"architecture","start":2127.51,"end":2128.15},{"text":"of","start":2128.15,"end":2128.27},{"text":"international","start":2128.27,"end":2129.03},{"text":"economic","start":2129.03,"end":2129.51},{"text":"and","start":2129.51,"end":2129.63},{"text":"financial","start":2129.63,"end":2130.23},{"text":"institutions.","start":2130.23,"end":2131.23}]},{"text":"Important and comprehensive reform and evolution processes are already well underway in many MDBs, such as the World Bank, as well as the IMF, which is important to recognize.","start":2132.19,"end":2144.27,"topics":[{"key":"financial-architecture-reform","label":"Reform of the International Financial Architecture","description":"Many speakers called for a broad overhaul of the global financial system so it better reflects current realities and supports sustainable development. A central point of debate was how ambitious reform should be and what role the United Nations should play alongside the IMF, World Bank, and other institutions."}],"words":[{"text":"Important","start":2132.19,"end":2132.91},{"text":"and","start":2132.91,"end":2133.07},{"text":"comprehensive","start":2133.07,"end":2133.71},{"text":"reform","start":2133.71,"end":2134.19},{"text":"and","start":2134.19,"end":2134.39},{"text":"evolution","start":2134.39,"end":2134.95},{"text":"processes","start":2134.95,"end":2135.71},{"text":"are","start":2135.71,"end":2136.03},{"text":"already","start":2136.11,"end":2136.75},{"text":"well","start":2136.75,"end":2136.99},{"text":"underway","start":2136.99,"end":2137.55},{"text":"in","start":2137.55,"end":2137.79},{"text":"many","start":2137.79,"end":2138.27},{"text":"MDBs,","start":2138.59,"end":2139.39},{"text":"such","start":2139.63,"end":2139.91},{"text":"as","start":2139.91,"end":2140.03},{"text":"the","start":2140.03,"end":2140.11},{"text":"World","start":2140.11,"end":2140.39},{"text":"Bank,","start":2140.39,"end":2140.83},{"text":"as","start":2140.99,"end":2141.15},{"text":"well","start":2141.15,"end":2141.35},{"text":"as","start":2141.35,"end":2141.47},{"text":"the","start":2141.47,"end":2141.59},{"text":"IMF,","start":2141.59,"end":2142.03},{"text":"which","start":2142.47,"end":2142.75},{"text":"is","start":2142.75,"end":2142.91},{"text":"important","start":2142.91,"end":2143.35},{"text":"to","start":2143.35,"end":2143.43},{"text":"recognize.","start":2143.43,"end":2144.27}]},{"text":"In relation to 53b on shareholding, we would like to highlight the importance of adhering to the Lima principles and the dynamic formula in delivering on reviews of voting power and shareholding.","start":2145.15,"end":2157.51,"topics":[{"key":"ifi-representation","label":"Representation and Voice in International Financial Institutions","description":"Delegations repeatedly stressed the need to increase the voice, voting power, and board representation of developing countries in the IMF, World Bank, and other IFIs. This included proposals on quota realignment, basic votes, additional seats for Africa and SIDS, and more balanced geographic and gender representation."}],"words":[{"text":"In","start":2145.15,"end":2145.31},{"text":"relation","start":2145.31,"end":2145.79},{"text":"to","start":2145.79,"end":2146.19},{"text":"53b","start":2146.19,"end":2147.15},{"text":"on","start":2147.15,"end":2147.31},{"text":"shareholding,","start":2147.31,"end":2148.11},{"text":"we","start":2148.19,"end":2148.39},{"text":"would","start":2148.39,"end":2148.55},{"text":"like","start":2148.55,"end":2148.67},{"text":"to","start":2148.67,"end":2148.83},{"text":"highlight","start":2148.83,"end":2149.23},{"text":"the","start":2149.23,"end":2149.35},{"text":"importance","start":2149.35,"end":2150.03},{"text":"of","start":2150.47,"end":2150.63},{"text":"adhering","start":2150.63,"end":2151.19},{"text":"to","start":2151.19,"end":2151.27},{"text":"the","start":2151.27,"end":2151.39},{"text":"Lima","start":2151.39,"end":2151.67},{"text":"principles","start":2151.67,"end":2152.47},{"text":"and","start":2153.11,"end":2153.39},{"text":"the","start":2153.39,"end":2153.47},{"text":"dynamic","start":2153.47,"end":2153.99},{"text":"formula","start":2153.99,"end":2154.55},{"text":"in","start":2154.55,"end":2154.71},{"text":"delivering","start":2154.71,"end":2155.27},{"text":"on","start":2155.27,"end":2155.43},{"text":"reviews","start":2155.43,"end":2155.87},{"text":"of","start":2155.87,"end":2156.03},{"text":"voting","start":2156.03,"end":2156.39},{"text":"power","start":2156.39,"end":2156.67},{"text":"and","start":2156.67,"end":2156.83},{"text":"shareholding.","start":2156.83,"end":2157.51}]},{"text":"However, the reference to recent efforts to realign IMF quotas and World Bank shareholding should be made clearer as to what developments are being referred to.","start":2158.15,"end":2167.43,"topics":[{"key":"ifi-representation","label":"Representation and Voice in International Financial Institutions","description":"Delegations repeatedly stressed the need to increase the voice, voting power, and board representation of developing countries in the IMF, World Bank, and other IFIs. 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Delegations debated rechanneling unused SDRs to developing countries, possible new allocations, and whether SDR use should be expanded for SDGs, climate action, and crisis response."}],"words":[{"text":"As","start":2269.47,"end":2269.67},{"text":"for","start":2269.67,"end":2269.79},{"text":"part","start":2269.79,"end":2270.27},{"text":"D,","start":2270.27,"end":2270.59},{"text":"we","start":2270.59,"end":2270.75},{"text":"have","start":2270.75,"end":2271.07},{"text":"doubts","start":2271.15,"end":2271.59},{"text":"about","start":2271.59,"end":2271.79},{"text":"the","start":2271.79,"end":2271.87},{"text":"feasibility","start":2271.87,"end":2272.75},{"text":"of","start":2272.75,"end":2272.99},{"text":"rechanneling","start":2272.99,"end":2273.87},{"text":"the","start":2273.95,"end":2274.19},{"text":"large","start":2274.19,"end":2274.47},{"text":"amounts","start":2274.47,"end":2274.99},{"text":"of","start":2274.99,"end":2275.23},{"text":"unused","start":2275.39,"end":2276.27},{"text":"SDRs","start":2276.27,"end":2277.07},{"text":"as","start":2277.07,"end":2277.19},{"text":"suggested.","start":2277.19,"end":2277.95}]},{"text":"We are also concerned that the suggested premises for SDR allocations may not be consistent with the articles of agreement of the IMF and that extensive rechanneling could affect the role of SDR as an international reserve asset.","start":2278.63,"end":2295.27,"topics":[{"key":"sdr-rechanneling","label":"Special Drawing Rights","description":"Special Drawing Rights were discussed as a tool for easing liquidity constraints and supporting development finance. 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Thank you, Ambassador.","start":2309.91,"end":2311.87,"topics":[],"words":[{"text":"Thank","start":2309.91,"end":2310.19},{"text":"you.","start":2310.19,"end":2310.35},{"text":"Thank","start":2310.99,"end":2311.19},{"text":"you,","start":2311.19,"end":2311.27},{"text":"Ambassador.","start":2311.27,"end":2311.87}]},{"text":"My delegation aligns with the comments made by G77 and AOSIS, and I would like, due to time constraints, to emphasize just some points in our national capacity.","start":2312.03,"end":2324.67,"topics":[],"words":[{"text":"My","start":2312.03,"end":2312.27},{"text":"delegation","start":2312.27,"end":2312.87},{"text":"aligns","start":2312.87,"end":2313.23},{"text":"with","start":2313.23,"end":2313.39},{"text":"the","start":2313.39,"end":2313.47},{"text":"comments","start":2313.47,"end":2314.03},{"text":"made","start":2314.03,"end":2314.35},{"text":"by","start":2314.35,"end":2314.51},{"text":"G77","start":2314.51,"end":2315.35},{"text":"and","start":2315.35,"end":2315.55},{"text":"AOSIS,","start":2316.19,"end":2316.99},{"text":"and","start":2317.23,"end":2317.55},{"text":"I","start":2317.55,"end":2317.63},{"text":"would","start":2317.63,"end":2317.87},{"text":"like,","start":2317.87,"end":2318.35},{"text":"due","start":2318.51,"end":2318.91},{"text":"to","start":2318.91,"end":2318.99},{"text":"time","start":2318.99,"end":2319.23},{"text":"constraints,","start":2319.23,"end":2320.83},{"text":"to","start":2320.83,"end":2320.99},{"text":"emphasize","start":2321.39,"end":2322.11},{"text":"just","start":2322.11,"end":2322.83},{"text":"some","start":2322.83,"end":2323.03},{"text":"points","start":2323.03,"end":2323.39},{"text":"in","start":2323.39,"end":2323.47},{"text":"our","start":2323.47,"end":2323.63},{"text":"national","start":2323.63,"end":2323.95},{"text":"capacity.","start":2323.95,"end":2324.67}]},{"text":"First, we welcome the narrative of paragraph 52.","start":2325.79,"end":2329.95,"topics":[],"words":[{"text":"First,","start":2325.79,"end":2326.19},{"text":"we","start":2326.19,"end":2326.51},{"text":"welcome","start":2326.51,"end":2327.07},{"text":"the","start":2327.71,"end":2327.79},{"text":"narrative","start":2327.87,"end":2328.43},{"text":"of","start":2328.43,"end":2328.83},{"text":"paragraph","start":2328.83,"end":2329.27},{"text":"52.","start":2329.27,"end":2329.95}]},{"text":"I have heard delegations called to be more optimistic.","start":2330.11,"end":2333.71,"topics":[],"words":[{"text":"I","start":2330.11,"end":2330.27},{"text":"have","start":2330.27,"end":2330.51},{"text":"heard","start":2330.51,"end":2330.79},{"text":"delegations","start":2330.79,"end":2331.35},{"text":"called","start":2331.35,"end":2331.67},{"text":"to","start":2331.71,"end":2331.95},{"text":"be","start":2331.95,"end":2332.03},{"text":"more","start":2332.03,"end":2332.51},{"text":"optimistic.","start":2332.83,"end":2333.71}]},{"text":"Well, if we want to have a different narrative, then we need to take urgent actions to transform the current situation.","start":2334.19,"end":2341.39,"topics":[{"key":"financial-architecture-reform","label":"Reform of the International Financial Architecture","description":"Many speakers called for a broad overhaul of the global financial system so it better reflects current realities and supports sustainable development. A central point of debate was how ambitious reform should be and what role the United Nations should play alongside the IMF, World Bank, and other institutions."}],"words":[{"text":"Well,","start":2334.19,"end":2334.43},{"text":"if","start":2334.43,"end":2334.59},{"text":"we","start":2334.59,"end":2334.67},{"text":"want","start":2334.67,"end":2335.03},{"text":"to","start":2335.03,"end":2335.39},{"text":"have","start":2335.55,"end":2335.83},{"text":"a","start":2335.83,"end":2335.87},{"text":"different","start":2335.87,"end":2336.23},{"text":"narrative,","start":2336.23,"end":2336.75},{"text":"then","start":2336.75,"end":2336.91},{"text":"we","start":2336.91,"end":2337.07},{"text":"need","start":2337.15,"end":2337.35},{"text":"to","start":2337.35,"end":2337.51},{"text":"take","start":2337.51,"end":2337.71},{"text":"urgent","start":2337.71,"end":2338.23},{"text":"actions","start":2338.23,"end":2338.91},{"text":"to","start":2338.91,"end":2339.07},{"text":"transform","start":2339.07,"end":2339.71},{"text":"the","start":2339.71,"end":2339.83},{"text":"current","start":2339.83,"end":2340.31},{"text":"situation.","start":2340.67,"end":2341.39}]},{"text":"Many of the elements in 52 have been highlighted by developing countries this week.","start":2341.63,"end":2346.27,"topics":[],"words":[{"text":"Many","start":2341.63,"end":2341.95},{"text":"of","start":2341.95,"end":2342.11},{"text":"the","start":2342.11,"end":2342.23},{"text":"elements","start":2342.27,"end":2342.67},{"text":"in","start":2342.67,"end":2342.91},{"text":"52","start":2342.91,"end":2343.39},{"text":"have","start":2343.39,"end":2343.63},{"text":"been","start":2343.63,"end":2343.79},{"text":"highlighted","start":2343.79,"end":2344.51},{"text":"by","start":2344.59,"end":2344.83},{"text":"developing","start":2344.83,"end":2345.39},{"text":"countries","start":2345.39,"end":2345.79},{"text":"this","start":2345.79,"end":2345.99},{"text":"week.","start":2345.99,"end":2346.27}]},{"text":"We think you have culture well the current context.","start":2346.59,"end":2349.47,"topics":[],"words":[{"text":"We","start":2346.59,"end":2346.75},{"text":"think","start":2346.75,"end":2346.99},{"text":"you","start":2346.99,"end":2347.07},{"text":"have","start":2347.07,"end":2347.23},{"text":"culture","start":2347.23,"end":2347.87},{"text":"well","start":2348.03,"end":2348.43},{"text":"the","start":2348.43,"end":2348.59},{"text":"current","start":2348.59,"end":2348.91},{"text":"context.","start":2348.91,"end":2349.47}]},{"text":"Just, we would like, uh, just to delete in 52 the phrase with full respect for independent mandates of governance, uh, and governance bodies of the IFIs.","start":2350.23,"end":2360.71,"topics":[{"key":"financial-architecture-reform","label":"Reform of the International Financial Architecture","description":"Many speakers called for a broad overhaul of the global financial system so it better reflects current realities and supports sustainable development. 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This included proposals on quota realignment, basic votes, additional seats for Africa and SIDS, and more balanced geographic and gender representation."}],"words":[{"text":"Just,","start":2350.23,"end":2350.47},{"text":"we","start":2350.63,"end":2350.75},{"text":"would","start":2350.75,"end":2350.87},{"text":"like,","start":2350.87,"end":2351.23},{"text":"uh,","start":2351.35,"end":2351.51},{"text":"just","start":2351.59,"end":2351.87},{"text":"to","start":2351.87,"end":2351.95},{"text":"delete","start":2351.99,"end":2352.47},{"text":"in","start":2352.47,"end":2352.71},{"text":"52","start":2352.71,"end":2353.43},{"text":"the","start":2353.59,"end":2353.71},{"text":"phrase","start":2353.75,"end":2354.15},{"text":"with","start":2354.15,"end":2354.39},{"text":"full","start":2354.39,"end":2354.79},{"text":"respect","start":2354.79,"end":2355.51},{"text":"for","start":2355.99,"end":2356.23},{"text":"independent","start":2356.23,"end":2356.87},{"text":"mandates","start":2356.87,"end":2357.35},{"text":"of","start":2357.35,"end":2357.51},{"text":"governance,","start":2357.51,"end":2358.15},{"text":"uh,","start":2358.79,"end":2358.83},{"text":"and","start":2358.83,"end":2358.99},{"text":"governance","start":2358.99,"end":2359.43},{"text":"bodies","start":2359.43,"end":2359.71},{"text":"of","start":2359.71,"end":2359.83},{"text":"the","start":2359.83,"end":2360.07},{"text":"IFIs.","start":2360.11,"end":2360.71}]},{"text":"This sentence is limiting the ability to push for necessary reforms within the international financial architecture, removing this phrase, um, in 52.","start":2361.11,"end":2369.03,"topics":[{"key":"financial-architecture-reform","label":"Reform of the International Financial Architecture","description":"Many speakers called for a broad overhaul of the global financial system so it better reflects current realities and supports sustainable development. A central point of debate was how ambitious reform should be and what role the United Nations should play alongside the IMF, World Bank, and other institutions."}],"words":[{"text":"This","start":2361.11,"end":2361.39},{"text":"sentence","start":2361.39,"end":2361.83},{"text":"is","start":2361.83,"end":2362.07},{"text":"limiting","start":2362.07,"end":2362.63},{"text":"the","start":2362.75,"end":2362.83},{"text":"ability","start":2362.83,"end":2363.15},{"text":"to","start":2363.15,"end":2363.27},{"text":"push","start":2363.27,"end":2363.67},{"text":"for","start":2363.67,"end":2363.87},{"text":"necessary","start":2363.87,"end":2364.35},{"text":"reforms","start":2364.35,"end":2364.83},{"text":"within","start":2364.83,"end":2365.11},{"text":"the","start":2365.11,"end":2365.19},{"text":"international","start":2365.19,"end":2365.75},{"text":"financial","start":2365.75,"end":2366.19},{"text":"architecture,","start":2366.19,"end":2366.95},{"text":"removing","start":2367.27,"end":2367.75},{"text":"this","start":2367.75,"end":2367.91},{"text":"phrase,","start":2367.91,"end":2368.47},{"text":"um,","start":2368.47,"end":2368.55},{"text":"in","start":2368.55,"end":2368.63},{"text":"52.","start":2368.67,"end":2369.03}]},{"text":"will provide more space for discussing necessary reforms and enhance collaboration to achieve a more inclusive, efficient and equitable global financial system.","start":2369.23,"end":2378.75,"topics":[{"key":"financial-architecture-reform","label":"Reform of the International Financial Architecture","description":"Many speakers called for a broad overhaul of the global financial system so it better reflects current realities and supports sustainable development. A central point of debate was how ambitious reform should be and what role the United Nations should play alongside the IMF, World Bank, and other institutions."}],"words":[{"text":"will","start":2369.23,"end":2369.55},{"text":"provide","start":2369.67,"end":2370.11},{"text":"more","start":2370.11,"end":2370.27},{"text":"space","start":2370.27,"end":2370.59},{"text":"for","start":2370.59,"end":2370.71},{"text":"discussing","start":2370.71,"end":2371.19},{"text":"necessary","start":2371.19,"end":2371.67},{"text":"reforms","start":2371.67,"end":2372.19},{"text":"and","start":2372.19,"end":2372.31},{"text":"enhance","start":2372.31,"end":2372.79},{"text":"collaboration","start":2372.79,"end":2373.71},{"text":"to","start":2373.95,"end":2374.07},{"text":"achieve","start":2374.07,"end":2374.43},{"text":"a","start":2374.43,"end":2374.47},{"text":"more","start":2374.47,"end":2374.91},{"text":"inclusive,","start":2374.91,"end":2375.55},{"text":"efficient","start":2375.55,"end":2376.03},{"text":"and","start":2376.03,"end":2376.15},{"text":"equitable","start":2376.15,"end":2376.67},{"text":"global","start":2376.67,"end":2377.15},{"text":"financial","start":2377.39,"end":2378.03},{"text":"system.","start":2378.27,"end":2378.75}]},{"text":"The UN should be able to foster stronger coordination and facilitate reforms within the global financial system, which includes ensuring that financial institutions are more responsive to the needs of developing countries.","start":2379.07,"end":2390.51,"topics":[{"key":"financial-architecture-reform","label":"Reform of the International Financial Architecture","description":"Many speakers called for a broad overhaul of the global financial system so it better reflects current realities and supports sustainable development. 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Speakers discussed IMF lending resources and tools, rapid-disbursement facilities, trust funds, and the possible role of regional financing arrangements."}],"words":[{"text":"Then","start":2408.51,"end":2408.75},{"text":"in","start":2408.75,"end":2408.91},{"text":"para","start":2408.91,"end":2409.19},{"text":"54A,","start":2409.19,"end":2410.11},{"text":"we","start":2410.11,"end":2410.35},{"text":"propose","start":2410.35,"end":2410.83},{"text":"to","start":2410.83,"end":2410.91},{"text":"specify","start":2410.91,"end":2411.79},{"text":"that","start":2411.95,"end":2412.19},{"text":"a","start":2412.19,"end":2412.23},{"text":"much","start":2412.23,"end":2412.75},{"text":"larger","start":2412.75,"end":2413.23},{"text":"pool","start":2413.23,"end":2413.55},{"text":"of","start":2413.55,"end":2413.71},{"text":"resources","start":2413.71,"end":2414.27},{"text":"should","start":2414.27,"end":2414.47},{"text":"be","start":2414.47,"end":2414.59},{"text":"available","start":2414.59,"end":2415.23},{"text":"to","start":2415.47,"end":2415.83},{"text":"all","start":2415.83,"end":2416.11},{"text":"developing","start":2416.11,"end":2416.67},{"text":"countries.","start":2416.67,"end":2417.23}]},{"text":"Then in 54B, This paragraph needs to be strengthened with a direct commitment to suspend the surcharges of the IMF.","start":2417.95,"end":2426.43,"topics":[{"key":"imf-surcharges","label":"IMF Surcharges","description":"Several delegations focused specifically on whether IMF surcharges should be suspended, reduced, or eliminated, especially during disasters and exogenous shocks. Supporters argued that surcharges worsen debt and recovery pressures, while others said the issue should remain within IMF review processes and risk frameworks."}],"words":[{"text":"Then","start":2417.95,"end":2418.19},{"text":"in","start":2418.19,"end":2418.27},{"text":"54B,","start":2418.27,"end":2419.23},{"text":"This","start":2420.59,"end":2420.75},{"text":"paragraph","start":2420.75,"end":2421.15},{"text":"needs","start":2421.15,"end":2421.43},{"text":"to","start":2421.43,"end":2421.59},{"text":"be","start":2421.59,"end":2421.79},{"text":"strengthened","start":2421.79,"end":2422.43},{"text":"with","start":2422.67,"end":2422.99},{"text":"a","start":2423.07,"end":2423.11},{"text":"direct","start":2423.11,"end":2423.71},{"text":"commitment","start":2423.71,"end":2424.35},{"text":"to","start":2424.35,"end":2424.43},{"text":"suspend","start":2424.43,"end":2424.95},{"text":"the","start":2424.95,"end":2425.03},{"text":"surcharges","start":2425.03,"end":2425.63},{"text":"of","start":2425.63,"end":2425.79},{"text":"the","start":2425.79,"end":2425.91},{"text":"IMF.","start":2425.91,"end":2426.43}]},{"text":"This was also highlighted by other groups.","start":2426.43,"end":2429.87,"topics":[],"words":[{"text":"This","start":2426.43,"end":2426.87},{"text":"was","start":2426.87,"end":2427.07},{"text":"also","start":2427.07,"end":2427.39},{"text":"highlighted","start":2427.47,"end":2428.27},{"text":"by","start":2428.91,"end":2429.11},{"text":"other","start":2429.11,"end":2429.39},{"text":"groups.","start":2429.39,"end":2429.87}]},{"text":"In paragraph 54D, we propose to replace the word encourage with urge, as this stronger language reflects better the urgency and commitment required to address the pressing challenges faced by developing countries.","start":2430.75,"end":2444.91,"topics":[{"key":"multidimensional-vulnerability","label":"Multidimensional Vulnerability","description":"A recurring concern was that financing rules still rely too heavily on income or quota-based indicators and do not capture the real exposure of SIDS, LDCs, and other vulnerable countries. Delegations called for multidimensional vulnerability to be reflected in access to finance, concessionality, safety nets, and risk 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we propose adding developed countries to the sentence to ensure that the call for action is directed to those countries with the financial capacity to 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also propose to add at least before 50% to ensure that the amount being is not limited, allowing for flexibility and encouraging a greater 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we have heard a lot of proposals to delete and some oppositions to the proposals in this section that we welcome, and those elements were highlighted by the G77 and 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Speakers discussed IMF lending resources and tools, rapid-disbursement facilities, trust funds, and the possible role of regional financing arrangements."}],"words":[{"text":"On","start":2596.15,"end":2596.35},{"text":"54A,","start":2596.35,"end":2597.39},{"text":"we","start":2597.63,"end":2597.79},{"text":"support","start":2597.79,"end":2598.43},{"text":"the","start":2598.43,"end":2598.55},{"text":"need","start":2598.55,"end":2598.99},{"text":"for","start":2598.99,"end":2599.23},{"text":"the","start":2599.23,"end":2599.35},{"text":"IMF","start":2599.35,"end":2599.79},{"text":"to","start":2599.79,"end":2599.95},{"text":"be","start":2599.95,"end":2600.11},{"text":"able","start":2600.11,"end":2600.43},{"text":"to","start":2600.43,"end":2600.55},{"text":"effectively","start":2600.55,"end":2601.15},{"text":"respond","start":2601.15,"end":2601.63},{"text":"to","start":2601.63,"end":2601.71},{"text":"shocks,","start":2601.71,"end":2602.35},{"text":"but","start":2602.59,"end":2602.79},{"text":"these","start":2602.79,"end":2603.07},{"text":"issues","start":2603.07,"end":2603.47},{"text":"should","start":2603.47,"end":2603.71},{"text":"primarily","start":2603.71,"end":2604.27},{"text":"discussed","start":2604.27,"end":2604.99},{"text":"at","start":2604.99,"end":2605.15},{"text":"IMF,","start":2605.15,"end":2605.79},{"text":"the","start":2605.87,"end":2605.99},{"text":"center","start":2605.99,"end":2606.59},{"text":"of","start":2606.75,"end":2606.91},{"text":"the","start":2606.91,"end":2606.99},{"text":"global","start":2606.99,"end":2607.39},{"text":"financial","start":2607.39,"end":2607.87},{"text":"safety","start":2607.87,"end":2608.31},{"text":"net.","start":2608.31,"end":2608.83}]},{"text":"On 54B, IMF leading policy should be also discussed at the executive board, which is considered consistent of the members.","start":2609.83,"end":2618.51,"topics":[{"key":"global-safety-net","label":"Global Financial Safety Net","description":"A major topic was how to strengthen the global financial safety net so countries can respond more effectively to crises and external shocks. Speakers discussed IMF lending resources and tools, rapid-disbursement facilities, trust funds, and the possible role of regional financing arrangements."}],"words":[{"text":"On","start":2609.83,"end":2610.03},{"text":"54B,","start":2610.03,"end":2611.31},{"text":"IMF","start":2611.71,"end":2612.19},{"text":"leading","start":2612.19,"end":2612.59},{"text":"policy","start":2612.59,"end":2613.31},{"text":"should","start":2613.39,"end":2613.71},{"text":"be","start":2613.71,"end":2613.87},{"text":"also","start":2613.87,"end":2614.23},{"text":"discussed","start":2614.23,"end":2614.71},{"text":"at","start":2614.71,"end":2614.83},{"text":"the","start":2614.83,"end":2614.91},{"text":"executive","start":2614.91,"end":2615.35},{"text":"board,","start":2615.35,"end":2615.79},{"text":"which","start":2615.95,"end":2616.19},{"text":"is","start":2616.19,"end":2616.35},{"text":"considered","start":2616.35,"end":2616.99},{"text":"consistent","start":2616.99,"end":2617.75},{"text":"of","start":2617.75,"end":2617.87},{"text":"the","start":2617.87,"end":2617.95},{"text":"members.","start":2617.95,"end":2618.51}]},{"text":"The IMF completed the search review in October 2024 with member support.","start":2618.99,"end":2624.43,"topics":[],"words":[{"text":"The","start":2618.99,"end":2619.19},{"text":"IMF","start":2619.19,"end":2619.63},{"text":"completed","start":2619.63,"end":2620.19},{"text":"the","start":2620.19,"end":2620.31},{"text":"search","start":2620.31,"end":2620.67},{"text":"review","start":2620.67,"end":2621.31},{"text":"in","start":2621.31,"end":2621.59},{"text":"October","start":2621.59,"end":2621.95},{"text":"2024","start":2621.95,"end":2623.07},{"text":"with","start":2623.23,"end":2623.47},{"text":"member","start":2623.47,"end":2623.79},{"text":"support.","start":2623.79,"end":2624.43}]},{"text":"54 and E, we support the discussion toward revamping the global financial safety net by reviewing the existing facility, including through new issuance of SDRs in the context of global economic uncertainty, but this discussion also should be primarily discussed at IMF.","start":2625.71,"end":2644.35,"topics":[{"key":"global-safety-net","label":"Global Financial Safety Net","description":"A major topic was how to strengthen the global financial safety net so countries can respond more effectively to crises and external shocks. Speakers discussed IMF lending resources and tools, rapid-disbursement facilities, trust funds, and the possible role of regional financing arrangements."},{"key":"sdr-rechanneling","label":"Special Drawing Rights","description":"Special Drawing Rights were discussed as a tool for easing liquidity constraints and supporting development finance. Delegations debated rechanneling unused SDRs to developing countries, possible new allocations, and whether SDR use should be expanded for SDGs, climate action, and crisis response."}],"words":[{"text":"54","start":2625.71,"end":2626.07},{"text":"and","start":2626.07,"end":2626.19},{"text":"E,","start":2626.19,"end":2627.23},{"text":"we","start":2627.39,"end":2627.63},{"text":"support","start":2627.63,"end":2628.35},{"text":"the","start":2628.35,"end":2628.43},{"text":"discussion","start":2628.43,"end":2629.07},{"text":"toward","start":2629.07,"end":2629.59},{"text":"revamping","start":2629.59,"end":2630.19},{"text":"the","start":2630.19,"end":2630.27},{"text":"global","start":2630.27,"end":2630.67},{"text":"financial","start":2630.67,"end":2631.19},{"text":"safety","start":2631.19,"end":2631.51},{"text":"net","start":2631.51,"end":2631.87},{"text":"by","start":2631.87,"end":2632.11},{"text":"reviewing","start":2632.11,"end":2632.83},{"text":"the","start":2632.99,"end":2633.19},{"text":"existing","start":2633.19,"end":2633.71},{"text":"facility,","start":2633.71,"end":2634.35},{"text":"including","start":2634.35,"end":2634.83},{"text":"through","start":2634.83,"end":2635.15},{"text":"new","start":2635.15,"end":2635.47},{"text":"issuance","start":2635.47,"end":2636.11},{"text":"of","start":2636.11,"end":2636.35},{"text":"SDRs","start":2636.51,"end":2637.23},{"text":"in","start":2637.47,"end":2637.79},{"text":"the","start":2637.79,"end":2637.87},{"text":"context","start":2637.87,"end":2638.43},{"text":"of","start":2638.43,"end":2638.67},{"text":"global","start":2638.67,"end":2639.03},{"text":"economic","start":2639.03,"end":2639.47},{"text":"uncertainty,","start":2639.47,"end":2640.35},{"text":"but","start":2640.75,"end":2640.95},{"text":"this","start":2640.95,"end":2641.15},{"text":"discussion","start":2641.15,"end":2641.79},{"text":"also","start":2641.87,"end":2642.23},{"text":"should","start":2642.23,"end":2642.43},{"text":"be","start":2642.43,"end":2642.59},{"text":"primarily","start":2642.59,"end":2642.99},{"text":"discussed","start":2642.99,"end":2643.47},{"text":"at","start":2643.47,"end":2643.63},{"text":"IMF.","start":2643.63,"end":2644.35}]},{"text":"On 55, similar to para 51, this para prejudges as if the current credit rating regulations are inappropriate.","start":2645.47,"end":2653.15,"topics":[{"key":"credit-rating-reform","label":"Credit Rating Agency Reform","description":"Many speakers argued that credit rating practices can misprice risk, raise borrowing costs, and disadvantage developing countries, especially during crises. Proposals included stronger regulation, improved transparency, high-level dialogue, new methodologies that account for vulnerability, and even public or UN-linked alternatives."}],"words":[{"text":"On","start":2645.47,"end":2645.79},{"text":"55,","start":2645.79,"end":2646.75},{"text":"similar","start":2647.23,"end":2647.71},{"text":"to","start":2647.71,"end":2647.79},{"text":"para","start":2647.79,"end":2647.99},{"text":"51,","start":2647.99,"end":2648.63},{"text":"this","start":2648.63,"end":2648.83},{"text":"para","start":2648.83,"end":2649.07},{"text":"prejudges","start":2649.07,"end":2649.71},{"text":"as","start":2649.71,"end":2649.95},{"text":"if","start":2649.95,"end":2650.27},{"text":"the","start":2650.27,"end":2650.35},{"text":"current","start":2650.35,"end":2650.67},{"text":"credit","start":2650.67,"end":2650.99},{"text":"rating","start":2650.99,"end":2651.39},{"text":"regulations","start":2651.39,"end":2652.11},{"text":"are","start":2652.11,"end":2652.27},{"text":"inappropriate.","start":2652.27,"end":2653.15}]},{"text":"We welcome discussions on transparency and accuracy of ratings, but we should avoid language implying the review of current regulatory frameworks before reliable analysis.","start":2653.75,"end":2664.63,"topics":[{"key":"credit-rating-reform","label":"Credit Rating Agency Reform","description":"Many speakers argued that credit rating practices can misprice risk, raise borrowing costs, and disadvantage developing countries, especially during crises. Proposals included stronger regulation, improved transparency, high-level dialogue, new methodologies that account for vulnerability, and even public or UN-linked alternatives."}],"words":[{"text":"We","start":2653.75,"end":2653.79},{"text":"welcome","start":2653.79,"end":2654.23},{"text":"discussions","start":2654.23,"end":2654.95},{"text":"on","start":2654.95,"end":2655.07},{"text":"transparency","start":2655.07,"end":2655.71},{"text":"and","start":2655.71,"end":2655.91},{"text":"accuracy","start":2655.99,"end":2656.43},{"text":"of","start":2656.43,"end":2656.55},{"text":"ratings,","start":2656.55,"end":2657.11},{"text":"but","start":2657.31,"end":2658.31},{"text":"we","start":2658.47,"end":2658.71},{"text":"should","start":2658.71,"end":2658.95},{"text":"avoid","start":2658.95,"end":2659.35},{"text":"language","start":2659.35,"end":2659.83},{"text":"implying","start":2659.83,"end":2660.23},{"text":"the","start":2660.23,"end":2660.35},{"text":"review","start":2660.35,"end":2660.83},{"text":"of","start":2660.83,"end":2660.95},{"text":"current","start":2660.95,"end":2661.31},{"text":"regulatory","start":2661.51,"end":2662.07},{"text":"frameworks","start":2662.07,"end":2662.71},{"text":"before","start":2662.95,"end":2663.39},{"text":"reliable","start":2663.39,"end":2663.91},{"text":"analysis.","start":2663.91,"end":2664.63}]},{"text":"On 56, we have strong concerns with this para and request full review.","start":2665.31,"end":2670.39,"topics":[],"words":[{"text":"On","start":2665.31,"end":2665.43},{"text":"56,","start":2665.43,"end":2666.31},{"text":"we","start":2666.79,"end":2667.11},{"text":"have","start":2667.11,"end":2667.35},{"text":"strong","start":2667.35,"end":2667.59},{"text":"concerns","start":2667.59,"end":2668.15},{"text":"with","start":2668.15,"end":2668.35},{"text":"this","start":2668.35,"end":2668.51},{"text":"para","start":2668.51,"end":2668.91},{"text":"and","start":2668.91,"end":2669.03},{"text":"request","start":2669.03,"end":2669.59},{"text":"full","start":2669.59,"end":2669.91},{"text":"review.","start":2669.91,"end":2670.39}]},{"text":"International follow-up expertise should be respected to avoid financial instability.","start":2671.19,"end":2675.59,"topics":[{"key":"banking-regulation","label":"Banking and Prudential Regulation","description":"Delegations discussed how global banking rules, including Basel III and related prudential standards, may affect capital flows and financing conditions for developing countries. 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you have the floor.","start":2917.15,"end":2918.35,"topics":[],"words":[{"text":"Jamaica,","start":2917.15,"end":2917.63},{"text":"you","start":2917.63,"end":2917.71},{"text":"have","start":2917.71,"end":2917.95},{"text":"the","start":2917.95,"end":2918.03},{"text":"floor.","start":2918.03,"end":2918.35}]}]}],"speaker":{"name":null,"affiliation":"IAHWG","affiliation_full":"IAHWG","group":null,"function":"Co-Chair"}},{"statement_number":24,"start":2919.95,"pageUrl":"/es/asset/k1r/k1rs9t279x?lang=en&t=2920","paragraphs":[{"sentences":[{"text":"Thank you, Madam co-facilitator.","start":2919.95,"end":2921.43,"topics":[],"words":[{"text":"Thank","start":2919.95,"end":2920.19},{"text":"you,","start":2920.19,"end":2920.27},{"text":"Madam","start":2920.27,"end":2920.47},{"text":"co-facilitator.","start":2920.47,"end":2921.43}]},{"text":"Jamaica aligns with the statements delivered on behalf of the G77 and China and EOSIS.","start":2922.07,"end":2927.27,"topics":[],"words":[{"text":"Jamaica","start":2922.07,"end":2922.43},{"text":"aligns","start":2922.43,"end":2922.87},{"text":"with","start":2922.87,"end":2922.99},{"text":"the","start":2922.99,"end":2923.07},{"text":"statements","start":2923.07,"end":2923.59},{"text":"delivered","start":2923.59,"end":2923.99},{"text":"on","start":2924.15,"end":2924.31},{"text":"behalf","start":2924.31,"end":2924.51},{"text":"of","start":2924.51,"end":2924.59},{"text":"the","start":2924.59,"end":2924.71},{"text":"G77","start":2924.71,"end":2925.51},{"text":"and","start":2925.51,"end":2925.63},{"text":"China","start":2925.63,"end":2926.15},{"text":"and","start":2926.15,"end":2926.43},{"text":"EOSIS.","start":2926.43,"end":2927.27}]},{"text":"My delegation wishes to address the section on global financial safety net.","start":2927.67,"end":2931.75,"topics":[{"key":"global-safety-net","label":"Global Financial Safety Net","description":"A major topic was how to strengthen the global financial safety net so countries can respond more effectively to crises and external shocks. Speakers discussed IMF lending resources and tools, rapid-disbursement facilities, trust funds, and the possible role of regional financing arrangements."}],"words":[{"text":"My","start":2927.67,"end":2927.83},{"text":"delegation","start":2927.83,"end":2928.39},{"text":"wishes","start":2928.39,"end":2928.63},{"text":"to","start":2928.63,"end":2928.75},{"text":"address","start":2928.75,"end":2929.03},{"text":"the","start":2929.03,"end":2929.11},{"text":"section","start":2929.11,"end":2929.67},{"text":"on","start":2929.67,"end":2929.91},{"text":"global","start":2929.91,"end":2930.31},{"text":"financial","start":2930.31,"end":2930.87},{"text":"safety","start":2930.87,"end":2931.31},{"text":"net.","start":2931.31,"end":2931.75}]},{"text":"International financial institutions and multilateral development banks are essential to achieving development goals for SIDS.","start":2932.47,"end":2939.43,"topics":[{"key":"multidimensional-vulnerability","label":"Multidimensional Vulnerability","description":"A recurring concern was that financing rules still rely too heavily on income or quota-based indicators and do not capture the real exposure of SIDS, LDCs, and other vulnerable countries. Delegations called for multidimensional vulnerability to be reflected in access to finance, concessionality, safety nets, and risk assessment."},{"key":"financial-architecture-reform","label":"Reform of the International Financial Architecture","description":"Many speakers called for a broad overhaul of the global financial system so it better reflects current realities and supports sustainable development. A central point of debate was how ambitious reform should be and what role the United Nations should play alongside the IMF, World Bank, and other institutions."},{"key":"ifi-representation","label":"Representation and Voice in International Financial Institutions","description":"Delegations repeatedly stressed the need to increase the voice, voting power, and board representation of developing countries in the IMF, World Bank, and other IFIs. This included proposals on quota realignment, basic votes, additional seats for Africa and SIDS, and more balanced geographic and gender representation."}],"words":[{"text":"International","start":2932.47,"end":2933.03},{"text":"financial","start":2933.03,"end":2933.39},{"text":"institutions","start":2933.39,"end":2934.31},{"text":"and","start":2934.31,"end":2934.55},{"text":"multilateral","start":2934.55,"end":2935.07},{"text":"development","start":2935.07,"end":2935.51},{"text":"banks","start":2935.51,"end":2936.15},{"text":"are","start":2936.47,"end":2936.67},{"text":"essential","start":2936.67,"end":2937.19},{"text":"to","start":2937.19,"end":2937.31},{"text":"achieving","start":2937.31,"end":2937.79},{"text":"development","start":2937.79,"end":2938.35},{"text":"goals","start":2938.35,"end":2938.67},{"text":"for","start":2938.67,"end":2938.79},{"text":"SIDS.","start":2938.79,"end":2939.43}]},{"text":"However, the IMF's temporary suspension of surcharges during disasters and exogenous shocks is insufficient to create a level playing field for affordable development finance.","start":2939.91,"end":2950.39,"topics":[{"key":"imf-surcharges","label":"IMF Surcharges","description":"Several delegations focused specifically on whether IMF surcharges should be suspended, reduced, or eliminated, especially during disasters and exogenous shocks. 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Delegations called for multidimensional vulnerability to be reflected in access to finance, concessionality, safety nets, and risk assessment."}],"words":[{"text":"Despite","start":2960.55,"end":2961.07},{"text":"these","start":2961.07,"end":2961.27},{"text":"efforts,","start":2961.27,"end":2961.91},{"text":"financing","start":2962.15,"end":2962.59},{"text":"mechanisms","start":2962.59,"end":2963.19},{"text":"continue","start":2963.19,"end":2963.67},{"text":"to","start":2963.67,"end":2963.79},{"text":"impose","start":2963.79,"end":2964.47},{"text":"high","start":2964.47,"end":2964.79},{"text":"interest","start":2964.79,"end":2965.19},{"text":"rates","start":2965.19,"end":2965.43},{"text":"on","start":2965.43,"end":2965.59},{"text":"small","start":2965.59,"end":2965.87},{"text":"nations,","start":2965.87,"end":2966.63},{"text":"failing","start":2966.95,"end":2967.31},{"text":"to","start":2967.31,"end":2967.39},{"text":"account","start":2967.39,"end":2967.79},{"text":"for","start":2967.79,"end":2967.91},{"text":"their","start":2967.91,"end":2968.03},{"text":"unique","start":2968.03,"end":2968.51},{"text":"vulnerabilities.","start":2968.51,"end":2969.51}]},{"text":"Jamaica is therefore calling for financing models that accurately reflect the economic realities of SIDS and that allow for the expansion of investments in our sustainable development without fear of incurring liability and financial crises.","start":2970.67,"end":2985.31,"topics":[{"key":"multidimensional-vulnerability","label":"Multidimensional Vulnerability","description":"A recurring concern was that financing rules still rely too heavily on income or quota-based indicators and do not capture the real exposure of SIDS, LDCs, and other vulnerable countries. 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Delegations called for multidimensional vulnerability to be reflected in access to finance, concessionality, safety nets, and risk assessment."}],"words":[{"text":"These","start":2986.11,"end":2986.51},{"text":"models","start":2986.51,"end":2986.87},{"text":"should","start":2986.87,"end":2987.07},{"text":"also","start":2987.07,"end":2987.39},{"text":"take","start":2987.39,"end":2987.67},{"text":"into","start":2987.67,"end":2987.83},{"text":"account","start":2987.83,"end":2988.35},{"text":"our","start":2988.67,"end":2988.83},{"text":"multidimensional","start":2988.83,"end":2989.79},{"text":"vulnerability.","start":2989.79,"end":2990.59}]},{"text":"We would wish for these concerns to be addressed in the outcome 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input.","start":3011.83,"end":3017.51,"topics":[],"words":[{"text":"We","start":3011.83,"end":3012.07},{"text":"appreciate","start":3012.11,"end":3012.63},{"text":"the","start":3012.63,"end":3012.75},{"text":"work","start":3012.75,"end":3013.03},{"text":"done","start":3013.03,"end":3013.43},{"text":"on","start":3013.43,"end":3013.59},{"text":"this","start":3013.59,"end":3013.83},{"text":"section","start":3013.83,"end":3014.39},{"text":"and","start":3014.47,"end":3014.71},{"text":"welcome","start":3014.71,"end":3015.11},{"text":"this","start":3015.11,"end":3015.27},{"text":"opportunity","start":3015.27,"end":3015.91},{"text":"to","start":3015.91,"end":3016.07},{"text":"provide","start":3016.07,"end":3016.63},{"text":"our","start":3016.71,"end":3017.03},{"text":"input.","start":3017.03,"end":3017.51}]},{"text":"In paragraph 53A, we suggest removing, quote, we will work through the governors of the IMF to consider restoring basic votes back to one ninth of the total voting rights in the IMF among other measures, end quote.","start":3018.27,"end":3036.43,"topics":[{"key":"ifi-representation","label":"Representation and Voice in International Financial Institutions","description":"Delegations repeatedly stressed the need to increase the voice, voting power, and board representation of developing countries in the IMF, World Bank, and other IFIs. 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52.","start":3142.39,"end":3145.91,"topics":[],"words":[{"text":"Switzerland","start":3142.39,"end":3142.83},{"text":"has","start":3142.83,"end":3143.03},{"text":"the","start":3143.03,"end":3143.11},{"text":"following","start":3143.11,"end":3143.59},{"text":"comments","start":3143.59,"end":3144.23},{"text":"on","start":3144.43,"end":3144.55},{"text":"paragraph","start":3144.63,"end":3145.15},{"text":"52.","start":3145.15,"end":3145.91}]}]},{"sentences":[{"text":"We believe that international financial architecture should be responsive to challenges and needs of all countries, not only developing countries.","start":3146.47,"end":3153.63,"topics":[{"key":"financial-architecture-reform","label":"Reform of the International Financial Architecture","description":"Many speakers called for a broad overhaul of the global financial system so it better reflects current realities and supports sustainable development. A central point of debate was how ambitious reform should be and what role the United Nations should play alongside the IMF, World Bank, and other institutions."}],"words":[{"text":"We","start":3146.47,"end":3146.55},{"text":"believe","start":3146.55,"end":3146.99},{"text":"that","start":3146.99,"end":3147.15},{"text":"international","start":3147.15,"end":3147.79},{"text":"financial","start":3147.79,"end":3148.27},{"text":"architecture","start":3148.27,"end":3148.91},{"text":"should","start":3148.91,"end":3149.11},{"text":"be","start":3149.11,"end":3149.23},{"text":"responsive","start":3149.23,"end":3149.95},{"text":"to","start":3149.95,"end":3150.11},{"text":"challenges","start":3150.11,"end":3150.67},{"text":"and","start":3150.67,"end":3150.87},{"text":"needs","start":3150.87,"end":3151.11},{"text":"of","start":3151.11,"end":3151.23},{"text":"all","start":3151.23,"end":3151.55},{"text":"countries,","start":3151.55,"end":3152.03},{"text":"not","start":3152.03,"end":3152.19},{"text":"only","start":3152.19,"end":3152.47},{"text":"developing","start":3152.47,"end":3153.07},{"text":"countries.","start":3153.07,"end":3153.63}]},{"text":"We propose amending the sentence in the middle of the paragraph accordingly.","start":3153.75,"end":3157.31,"topics":[],"words":[{"text":"We","start":3153.75,"end":3153.87},{"text":"propose","start":3153.87,"end":3154.35},{"text":"amending","start":3154.35,"end":3154.75},{"text":"the","start":3154.75,"end":3154.87},{"text":"sentence","start":3154.87,"end":3155.35},{"text":"in","start":3155.35,"end":3155.43},{"text":"the","start":3155.43,"end":3155.51},{"text":"middle","start":3155.51,"end":3155.87},{"text":"of","start":3155.87,"end":3155.95},{"text":"the","start":3155.95,"end":3156.11},{"text":"paragraph","start":3156.11,"end":3156.67},{"text":"accordingly.","start":3156.67,"end":3157.31}]},{"text":"Besides, we will send to the co-facilitators some minor changes in the sense of a broader, more encompassing wording on, in this paragraph.","start":3158.11,"end":3165.39,"topics":[],"words":[{"text":"Besides,","start":3158.11,"end":3158.59},{"text":"we","start":3158.59,"end":3158.71},{"text":"will","start":3158.71,"end":3158.83},{"text":"send","start":3158.83,"end":3159.15},{"text":"to","start":3159.15,"end":3159.23},{"text":"the","start":3159.23,"end":3159.39},{"text":"co-facilitators","start":3159.39,"end":3160.47},{"text":"some","start":3160.47,"end":3160.63},{"text":"minor","start":3160.63,"end":3160.87},{"text":"changes","start":3160.87,"end":3161.35},{"text":"in","start":3161.35,"end":3161.47},{"text":"the","start":3161.47,"end":3161.55},{"text":"sense","start":3161.55,"end":3161.91},{"text":"of","start":3161.91,"end":3162.03},{"text":"a","start":3162.03,"end":3162.07},{"text":"broader,","start":3162.07,"end":3162.67},{"text":"more","start":3162.67,"end":3162.95},{"text":"encompassing","start":3162.95,"end":3163.63},{"text":"wording","start":3163.63,"end":3164.11},{"text":"on,","start":3164.31,"end":3164.51},{"text":"in","start":3164.51,"end":3164.63},{"text":"this","start":3164.63,"end":3164.83},{"text":"paragraph.","start":3164.83,"end":3165.39}]},{"text":"Paragraph 53 preamble, we suggested deletion of the second sentence as the third sentence adequately stresses the fact that the representation and voice of developing countries must be enhanced.","start":3166.39,"end":3177.43,"topics":[{"key":"ifi-representation","label":"Representation and Voice in International Financial Institutions","description":"Delegations repeatedly stressed the need to increase the voice, voting power, and board representation of developing countries in the IMF, World Bank, and other IFIs. This included proposals on quota realignment, basic votes, additional seats for Africa and SIDS, and more balanced geographic and gender representation."}],"words":[{"text":"Paragraph","start":3166.39,"end":3166.95},{"text":"53","start":3166.95,"end":3167.39},{"text":"preamble,","start":3167.39,"end":3168.11},{"text":"we","start":3168.11,"end":3168.35},{"text":"suggested","start":3168.35,"end":3168.87},{"text":"deletion","start":3168.87,"end":3169.39},{"text":"of","start":3169.39,"end":3169.51},{"text":"the","start":3169.51,"end":3169.59},{"text":"second","start":3169.63,"end":3170.03},{"text":"sentence","start":3170.03,"end":3170.67},{"text":"as","start":3170.67,"end":3170.87},{"text":"the","start":3170.87,"end":3170.99},{"text":"third","start":3170.99,"end":3171.31},{"text":"sentence","start":3171.31,"end":3171.71},{"text":"adequately","start":3171.71,"end":3172.39},{"text":"stresses","start":3172.39,"end":3172.83},{"text":"the","start":3172.83,"end":3172.99},{"text":"fact","start":3172.99,"end":3173.39},{"text":"that","start":3173.39,"end":3173.51},{"text":"the","start":3173.51,"end":3173.63},{"text":"representation","start":3173.63,"end":3174.71},{"text":"and","start":3174.71,"end":3174.83},{"text":"voice","start":3174.83,"end":3175.15},{"text":"of","start":3175.15,"end":3175.27},{"text":"developing","start":3175.27,"end":3175.79},{"text":"countries","start":3175.79,"end":3176.27},{"text":"must","start":3176.27,"end":3176.55},{"text":"be","start":3176.55,"end":3176.75},{"text":"enhanced.","start":3176.75,"end":3177.43}]},{"text":"We propose using the language of the International Monetary and Financial Committee Chair statement of October 2024 and of the G20 Rio Leaders Declaration of 2024 and will make corresponding submission to the co-facilitators.","start":3182.19,"end":3196.43,"topics":[],"words":[{"text":"We","start":3182.19,"end":3182.27},{"text":"propose","start":3182.27,"end":3182.75},{"text":"using","start":3182.75,"end":3183.15},{"text":"the","start":3183.15,"end":3183.23},{"text":"language","start":3183.23,"end":3183.71},{"text":"of","start":3183.71,"end":3183.83},{"text":"the","start":3183.83,"end":3183.91},{"text":"International","start":3183.91,"end":3184.59},{"text":"Monetary","start":3184.59,"end":3185.11},{"text":"and","start":3185.11,"end":3185.23},{"text":"Financial","start":3185.23,"end":3185.75},{"text":"Committee","start":3185.75,"end":3186.19},{"text":"Chair","start":3186.19,"end":3186.59},{"text":"statement","start":3186.59,"end":3187.07},{"text":"of","start":3187.07,"end":3187.19},{"text":"October","start":3187.19,"end":3187.63},{"text":"2024","start":3187.63,"end":3188.91},{"text":"and","start":3189.23,"end":3189.51},{"text":"of","start":3189.51,"end":3189.71},{"text":"the","start":3189.71,"end":3189.87},{"text":"G20","start":3189.87,"end":3190.59},{"text":"Rio","start":3190.59,"end":3190.83},{"text":"Leaders","start":3190.83,"end":3191.23},{"text":"Declaration","start":3191.23,"end":3191.99},{"text":"of","start":3191.99,"end":3192.19},{"text":"2024","start":3192.19,"end":3193.27},{"text":"and","start":3193.27,"end":3193.43},{"text":"will","start":3193.43,"end":3193.55},{"text":"make","start":3193.55,"end":3193.83},{"text":"corresponding","start":3193.83,"end":3194.43},{"text":"submission","start":3194.43,"end":3194.99},{"text":"to","start":3194.99,"end":3195.07},{"text":"the","start":3195.07,"end":3195.15},{"text":"co-facilitators.","start":3195.15,"end":3196.43}]}]},{"sentences":[{"text":"On paragraph 53c.","start":3197.67,"end":3199.39,"topics":[],"words":[{"text":"On","start":3197.67,"end":3197.75},{"text":"paragraph","start":3197.75,"end":3198.31},{"text":"53c.","start":3198.31,"end":3199.39}]}]},{"sentences":[{"text":"Deciding on the size of its boards of directors is the prerogative of the respective institution.","start":3200.03,"end":3205.51,"topics":[{"key":"ifi-representation","label":"Representation and Voice in International Financial Institutions","description":"Delegations repeatedly stressed the need to increase the voice, voting power, and board representation of developing countries in the IMF, World Bank, and other IFIs. 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Speakers discussed IMF lending resources and tools, rapid-disbursement facilities, trust funds, and the possible role of regional financing arrangements."}],"words":[{"text":"We","start":3226.51,"end":3226.55},{"text":"welcome","start":3226.55,"end":3226.95},{"text":"the","start":3226.95,"end":3227.07},{"text":"conclusion","start":3227.07,"end":3227.71},{"text":"of","start":3227.71,"end":3227.87},{"text":"the","start":3227.87,"end":3227.95},{"text":"IMF","start":3227.95,"end":3228.39},{"text":"facilities","start":3228.39,"end":3229.07},{"text":"review","start":3229.07,"end":3229.63},{"text":"in","start":3229.63,"end":3229.95},{"text":"2023","start":3229.95,"end":3231.63},{"text":"and","start":3231.63,"end":3231.87},{"text":"2024","start":3231.87,"end":3233.23},{"text":"and","start":3233.39,"end":3233.63},{"text":"suggest","start":3233.63,"end":3234.07},{"text":"deleting","start":3234.07,"end":3234.51},{"text":"the","start":3234.51,"end":3234.59},{"text":"subsequent","start":3234.59,"end":3235.27},{"text":"sentence","start":3235.27,"end":3235.79},{"text":"as","start":3236.03,"end":3236.27},{"text":"it","start":3236.27,"end":3236.39},{"text":"would","start":3236.39,"end":3236.59},{"text":"be","start":3236.59,"end":3236.75},{"text":"for","start":3236.75,"end":3236.95},{"text":"the","start":3236.95,"end":3237.03},{"text":"IMF","start":3237.03,"end":3237.55},{"text":"to","start":3237.55,"end":3237.63},{"text":"discuss","start":3237.63,"end":3238.11},{"text":"and","start":3238.11,"end":3238.23},{"text":"decide","start":3238.23,"end":3238.67},{"text":"on","start":3238.67,"end":3238.79},{"text":"the","start":3238.79,"end":3238.91},{"text":"topics","start":3238.91,"end":3239.39},{"text":"mentioned","start":3239.39,"end":3239.99},{"text":"there.","start":3239.99,"end":3240.27}]},{"text":"The same applies in some other cases in the rest of this paragraph where we will propose a rewording in writing.","start":3240.83,"end":3246.43,"topics":[],"words":[{"text":"The","start":3240.83,"end":3240.95},{"text":"same","start":3240.99,"end":3241.31},{"text":"applies","start":3241.31,"end":3241.75},{"text":"in","start":3241.75,"end":3241.87},{"text":"some","start":3241.87,"end":3242.07},{"text":"other","start":3242.07,"end":3242.27},{"text":"cases","start":3242.27,"end":3242.75},{"text":"in","start":3242.75,"end":3242.87},{"text":"the","start":3242.87,"end":3242.95},{"text":"rest","start":3242.95,"end":3243.23},{"text":"of","start":3243.23,"end":3243.31},{"text":"this","start":3243.31,"end":3243.51},{"text":"paragraph","start":3243.51,"end":3244.07},{"text":"where","start":3244.07,"end":3244.27},{"text":"we","start":3244.27,"end":3244.35},{"text":"will","start":3244.35,"end":3244.51},{"text":"propose","start":3244.51,"end":3245.03},{"text":"a","start":3245.03,"end":3245.07},{"text":"rewording","start":3245.07,"end":3245.71},{"text":"in","start":3245.71,"end":3245.87},{"text":"writing.","start":3245.87,"end":3246.43}]},{"text":"Paragraph 54b on IMF surcharges.","start":3247.39,"end":3250.83,"topics":[{"key":"imf-surcharges","label":"IMF Surcharges","description":"Several delegations focused specifically on whether IMF surcharges should be suspended, reduced, or eliminated, especially during disasters and exogenous shocks. Supporters argued that surcharges worsen debt and recovery pressures, while others said the issue should remain within IMF review processes and risk frameworks."}],"words":[{"text":"Paragraph","start":3247.39,"end":3247.95},{"text":"54b","start":3248.03,"end":3248.99},{"text":"on","start":3249.27,"end":3249.47},{"text":"IMF","start":3249.47,"end":3249.87},{"text":"surcharges.","start":3249.87,"end":3250.83}]},{"text":"The review of the charges and surcharges was recently concluded in the IMF.","start":3251.23,"end":3255.39,"topics":[{"key":"imf-surcharges","label":"IMF Surcharges","description":"Several delegations focused specifically on whether IMF surcharges should be suspended, reduced, or eliminated, especially during disasters and exogenous shocks. 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Delegations debated rechanneling unused SDRs to developing countries, possible new allocations, and whether SDR use should be expanded for SDGs, climate action, and crisis response."}],"words":[{"text":"Paragraph","start":3259.31,"end":3259.87},{"text":"54d,","start":3259.95,"end":3260.83},{"text":"given","start":3261.03,"end":3261.35},{"text":"the","start":3261.35,"end":3261.47},{"text":"voluntary","start":3261.47,"end":3262.03},{"text":"nature","start":3262.03,"end":3262.47},{"text":"of","start":3262.47,"end":3262.59},{"text":"SDR","start":3262.59,"end":3263.11},{"text":"channeling,","start":3263.11,"end":3263.71},{"text":"we","start":3263.71,"end":3263.87},{"text":"consider","start":3263.87,"end":3264.39},{"text":"a","start":3264.39,"end":3264.43},{"text":"specific","start":3264.43,"end":3265.07},{"text":"numeric","start":3265.07,"end":3265.55},{"text":"target","start":3265.55,"end":3266.03},{"text":"inappropriate.","start":3266.03,"end":3266.83}]},{"text":"And finally, on paragraph 54e, we do not support this letter e and suggest its deletion.","start":3267.75,"end":3273.47,"topics":[{"key":"sdr-rechanneling","label":"Special Drawing Rights","description":"Special Drawing Rights were discussed as a tool for easing liquidity constraints and supporting development finance. Delegations debated rechanneling unused SDRs to developing countries, possible new allocations, and whether SDR use should be expanded for SDGs, climate action, and crisis response."}],"words":[{"text":"And","start":3267.75,"end":3267.91},{"text":"finally,","start":3267.91,"end":3268.35},{"text":"on","start":3268.35,"end":3268.43},{"text":"paragraph","start":3268.43,"end":3268.99},{"text":"54e,","start":3268.99,"end":3269.95},{"text":"we","start":3270.35,"end":3270.51},{"text":"do","start":3270.51,"end":3270.67},{"text":"not","start":3270.67,"end":3270.91},{"text":"support","start":3270.91,"end":3271.31},{"text":"this","start":3271.31,"end":3271.47},{"text":"letter","start":3271.47,"end":3271.87},{"text":"e","start":3271.87,"end":3272.11},{"text":"and","start":3272.11,"end":3272.31},{"text":"suggest","start":3272.31,"end":3272.75},{"text":"its","start":3272.75,"end":3272.91},{"text":"deletion.","start":3272.91,"end":3273.47}]},{"text":"Again, it would be for the IMF to discuss and decide on a matter like this.","start":3273.47,"end":3277.47,"topics":[{"key":"sdr-rechanneling","label":"Special Drawing Rights","description":"Special Drawing Rights were discussed as a tool for easing liquidity constraints and supporting development finance. 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you, Madam Facilitator.","start":3291.15,"end":3292.35,"topics":[],"words":[{"text":"Thank","start":3291.15,"end":3291.39},{"text":"you,","start":3291.39,"end":3291.47},{"text":"Madam","start":3291.47,"end":3291.67},{"text":"Facilitator.","start":3291.67,"end":3292.35}]},{"text":"We only have one minor proposal for this chapter.","start":3292.59,"end":3295.31,"topics":[],"words":[{"text":"We","start":3292.59,"end":3292.75},{"text":"only","start":3292.75,"end":3292.91},{"text":"have","start":3292.91,"end":3293.07},{"text":"one","start":3293.07,"end":3293.31},{"text":"minor","start":3293.31,"end":3293.63},{"text":"proposal","start":3293.63,"end":3294.35},{"text":"for","start":3294.35,"end":3294.55},{"text":"this","start":3294.55,"end":3294.75},{"text":"chapter.","start":3294.75,"end":3295.31}]},{"text":"Analog to the Addis Ababa Action Agenda, we would welcome a reference on the effective implementation of the United Nations Convention against Transnational Organized Crime 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you very much.","start":3318.31,"end":3319.03,"topics":[],"words":[{"text":"Thank","start":3318.31,"end":3318.47},{"text":"you","start":3318.47,"end":3318.55},{"text":"very","start":3318.55,"end":3318.71},{"text":"much.","start":3318.71,"end":3319.03}]},{"text":"I thank the representative of Liechtenstein and now give the floor to the representative of Canada, to be followed by the representative of the Russian 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will submit suggestions for alternative text for both 54 and 54A.","start":3357.71,"end":3363.11,"topics":[],"words":[{"text":"We","start":3357.71,"end":3357.79},{"text":"will","start":3357.79,"end":3357.91},{"text":"submit","start":3357.91,"end":3358.23},{"text":"suggestions","start":3358.23,"end":3358.75},{"text":"for","start":3358.75,"end":3358.87},{"text":"alternative","start":3358.87,"end":3360.71},{"text":"text","start":3360.71,"end":3361.19},{"text":"for","start":3361.51,"end":3361.67},{"text":"both","start":3361.67,"end":3361.87},{"text":"54","start":3361.87,"end":3362.31},{"text":"and","start":3362.31,"end":3362.43},{"text":"54A.","start":3362.43,"end":3363.11}]},{"text":"We are not supportive of the proposals in 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Delegations called for multidimensional vulnerability to be reflected in access to finance, concessionality, safety nets, and risk assessment."}],"words":[{"text":"Canada","start":3366.87,"end":3367.27},{"text":"advocates","start":3367.27,"end":3367.91},{"text":"for","start":3367.91,"end":3368.07},{"text":"an","start":3368.07,"end":3368.15},{"text":"approach","start":3368.15,"end":3368.55},{"text":"to","start":3368.55,"end":3368.67},{"text":"the","start":3368.67,"end":3368.79},{"text":"shareholding","start":3368.79,"end":3369.35},{"text":"review","start":3369.35,"end":3369.67},{"text":"focused","start":3369.67,"end":3370.07},{"text":"on","start":3370.07,"end":3370.15},{"text":"the","start":3370.15,"end":3370.23},{"text":"need","start":3370.23,"end":3370.55},{"text":"to","start":3370.55,"end":3370.67},{"text":"advance","start":3370.67,"end":3371.03},{"text":"equitable","start":3371.03,"end":3371.51},{"text":"representation","start":3371.51,"end":3372.47},{"text":"for","start":3372.71,"end":3372.87},{"text":"smaller","start":3372.87,"end":3373.31},{"text":"and","start":3373.31,"end":3373.43},{"text":"lower","start":3373.43,"end":3373.67},{"text":"income","start":3373.67,"end":3373.99},{"text":"countries","start":3373.99,"end":3374.55},{"text":"that","start":3374.55,"end":3374.67},{"text":"is","start":3374.67,"end":3374.79},{"text":"not","start":3374.79,"end":3375.07},{"text":"solely","start":3375.07,"end":3375.35},{"text":"focused","start":3375.35,"end":3375.83},{"text":"on","start":3375.83,"end":3375.91},{"text":"their","start":3375.91,"end":3376.03},{"text":"voting","start":3376.03,"end":3376.39},{"text":"power","start":3376.39,"end":3376.71},{"text":"at","start":3376.71,"end":3376.83},{"text":"the","start":3376.83,"end":3376.91},{"text":"institution.","start":3376.91,"end":3377.67}]},{"text":"Canada requests clarity on 54 and would appreciate an IMF analysis on the consequences of changing RST requirements ahead of supporting commitments.","start":3378.27,"end":3386.27,"topics":[],"words":[{"text":"Canada","start":3378.27,"end":3378.59},{"text":"requests","start":3378.59,"end":3378.91},{"text":"clarity","start":3378.91,"end":3379.31},{"text":"on","start":3379.31,"end":3379.47},{"text":"54","start":3379.47,"end":3379.87},{"text":"and","start":3379.87,"end":3379.99},{"text":"would","start":3379.99,"end":3380.11},{"text":"appreciate","start":3380.19,"end":3380.95},{"text":"an","start":3380.95,"end":3381.07},{"text":"IMF","start":3381.07,"end":3381.47},{"text":"analysis","start":3381.47,"end":3382.11},{"text":"on","start":3382.11,"end":3382.19},{"text":"the","start":3382.19,"end":3382.27},{"text":"consequences","start":3382.27,"end":3382.99},{"text":"of","start":3382.99,"end":3383.07},{"text":"changing","start":3383.07,"end":3383.55},{"text":"RST","start":3383.55,"end":3384.03},{"text":"requirements","start":3384.03,"end":3384.67},{"text":"ahead","start":3384.91,"end":3385.11},{"text":"of","start":3385.11,"end":3385.23},{"text":"supporting","start":3385.23,"end":3385.67},{"text":"commitments.","start":3385.67,"end":3386.27}]},{"text":"We will submit suggestions for alternate text on the PRGT.","start":3386.59,"end":3389.87,"topics":[],"words":[{"text":"We","start":3386.59,"end":3386.71},{"text":"will","start":3386.71,"end":3386.83},{"text":"submit","start":3386.83,"end":3387.15},{"text":"suggestions","start":3387.15,"end":3387.71},{"text":"for","start":3387.71,"end":3387.87},{"text":"alternate","start":3387.87,"end":3388.23},{"text":"text","start":3388.23,"end":3388.59},{"text":"on","start":3388.59,"end":3388.75},{"text":"the","start":3388.75,"end":3388.83},{"text":"PRGT.","start":3388.83,"end":3389.87}]},{"text":"We will also submit proposals for 54 and E. Thank you.","start":3390.19,"end":3393.47,"topics":[],"words":[{"text":"We","start":3390.19,"end":3390.35},{"text":"will","start":3390.39,"end":3390.51},{"text":"also","start":3390.51,"end":3390.71},{"text":"submit","start":3390.71,"end":3390.95},{"text":"proposals","start":3390.95,"end":3391.55},{"text":"for","start":3391.55,"end":3391.67},{"text":"54","start":3391.67,"end":3392.11},{"text":"and","start":3392.43,"end":3392.75},{"text":"E.","start":3392.75,"end":3393.07},{"text":"Thank","start":3393.15,"end":3393.31},{"text":"you.","start":3393.35,"end":3393.47}]},{"text":"I thank the representative of Canada and now give the floor to the representative of the Russian Federation to be followed by the representative of India.","start":3395.95,"end":3404.51,"topics":[],"words":[{"text":"I","start":3395.95,"end":3396.03},{"text":"thank","start":3396.03,"end":3396.35},{"text":"the","start":3396.35,"end":3396.43},{"text":"representative","start":3396.43,"end":3397.23},{"text":"of","start":3397.23,"end":3397.39},{"text":"Canada","start":3397.39,"end":3398.07},{"text":"and","start":3398.07,"end":3398.23},{"text":"now","start":3398.23,"end":3398.35},{"text":"give","start":3398.35,"end":3398.59},{"text":"the","start":3398.59,"end":3398.71},{"text":"floor","start":3398.75,"end":3398.99},{"text":"to","start":3398.99,"end":3399.31},{"text":"the","start":3399.31,"end":3399.43},{"text":"representative","start":3399.43,"end":3400.27},{"text":"of","start":3400.27,"end":3400.43},{"text":"the","start":3400.43,"end":3400.55},{"text":"Russian","start":3400.55,"end":3400.91},{"text":"Federation","start":3400.91,"end":3401.63},{"text":"to","start":3401.63,"end":3401.79},{"text":"be","start":3401.79,"end":3401.95},{"text":"followed","start":3401.95,"end":3402.43},{"text":"by","start":3402.43,"end":3402.75},{"text":"the","start":3402.75,"end":3402.83},{"text":"representative","start":3402.83,"end":3403.63},{"text":"of","start":3403.63,"end":3403.95},{"text":"India.","start":3403.95,"end":3404.51}]},{"text":"Russia, you have the floor.","start":3404.91,"end":3406.03,"topics":[],"words":[{"text":"Russia,","start":3404.91,"end":3405.27},{"text":"you","start":3405.27,"end":3405.39},{"text":"have","start":3405.39,"end":3405.55},{"text":"the","start":3405.55,"end":3405.67},{"text":"floor.","start":3405.67,"end":3406.03}]},{"text":"Madam President, we believe that this section contains a number of constructive proposals that do need to be further developed.","start":3407.51,"end":3420.79,"topics":[],"words":[{"text":"Madam","start":3407.51,"end":3408.27},{"text":"President,","start":3408.55,"end":3409.43},{"text":"we","start":3412.71,"end":3412.87},{"text":"believe","start":3412.87,"end":3413.35},{"text":"that","start":3413.35,"end":3413.59},{"text":"this","start":3413.59,"end":3413.79},{"text":"section","start":3413.79,"end":3414.23},{"text":"contains","start":3414.23,"end":3414.67},{"text":"a","start":3414.67,"end":3414.71},{"text":"number","start":3414.71,"end":3415.03},{"text":"of","start":3415.03,"end":3415.15},{"text":"constructive","start":3415.15,"end":3415.99},{"text":"proposals","start":3415.99,"end":3416.79},{"text":"that","start":3419.11,"end":3419.47},{"text":"do","start":3419.47,"end":3419.63},{"text":"need","start":3419.63,"end":3419.79},{"text":"to","start":3419.79,"end":3419.87},{"text":"be","start":3419.87,"end":3419.99},{"text":"further","start":3419.99,"end":3420.23},{"text":"developed.","start":3420.23,"end":3420.79}]},{"text":"In particular, we welcome the provisions aimed at reform of the system of quotas and voting in the international financial institutions.","start":3420.79,"end":3430.07,"topics":[{"key":"ifi-representation","label":"Representation and Voice in International Financial Institutions","description":"Delegations repeatedly stressed the need to increase the voice, voting power, and board representation of developing countries in the IMF, World Bank, and other IFIs. This included proposals on quota realignment, basic votes, additional seats for Africa and SIDS, and more balanced geographic and gender representation."}],"words":[{"text":"In","start":3420.79,"end":3420.91},{"text":"particular,","start":3420.91,"end":3421.59},{"text":"we","start":3422.23,"end":3422.47},{"text":"welcome","start":3422.47,"end":3422.99},{"text":"the","start":3422.99,"end":3423.15},{"text":"provisions","start":3423.19,"end":3423.91},{"text":"aimed","start":3423.91,"end":3424.31},{"text":"at","start":3424.31,"end":3424.63},{"text":"reform","start":3424.63,"end":3425.19},{"text":"of","start":3425.19,"end":3425.59},{"text":"the","start":3425.59,"end":3425.71},{"text":"system","start":3425.71,"end":3426.11},{"text":"of","start":3426.11,"end":3426.23},{"text":"quotas","start":3426.23,"end":3426.79},{"text":"and","start":3426.79,"end":3427.11},{"text":"voting","start":3427.11,"end":3427.59},{"text":"in","start":3427.83,"end":3428.23},{"text":"the","start":3428.23,"end":3428.43},{"text":"international","start":3428.47,"end":3428.99},{"text":"financial","start":3428.99,"end":3429.31},{"text":"institutions.","start":3429.31,"end":3430.07}]},{"text":"As regards 53, we propose that the third sentence be worded as follows: However, the current architecture does not accurately reflect the modern global economic landscape and development needs.","start":3432.11,"end":3445.95,"topics":[{"key":"financial-architecture-reform","label":"Reform of the International Financial Architecture","description":"Many speakers called for a broad overhaul of the global financial system so it better reflects current realities and supports sustainable development. 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The debate covered risk-weighting, climate-related regulation, safeguards for financial stability, and the need to avoid unintended barriers to investment."}],"words":[{"text":"In","start":3473.87,"end":3474.11},{"text":"56","start":3474.11,"end":3474.67},{"text":"we","start":3474.71,"end":3475.15},{"text":"propose","start":3476.11,"end":3476.51},{"text":"we","start":3476.51,"end":3476.67},{"text":"remove","start":3476.67,"end":3477.07},{"text":"the","start":3477.07,"end":3477.15},{"text":"wording","start":3477.15,"end":3477.79},{"text":"and","start":3478.11,"end":3478.51},{"text":"invite","start":3478.51,"end":3479.31},{"text":"the","start":3479.31,"end":3479.47},{"text":"FSB","start":3479.55,"end":3480.19},{"text":"to","start":3480.19,"end":3480.35},{"text":"consider","start":3480.35,"end":3480.99},{"text":"including","start":3481.23,"end":3481.87},{"text":"sustainability","start":3481.87,"end":3482.75},{"text":"factors","start":3482.75,"end":3483.39},{"text":"in","start":3483.39,"end":3483.63},{"text":"risk","start":3483.63,"end":3483.95},{"text":"weightings.","start":3483.95,"end":3484.51}]},{"text":"The broad term sustainability potentially allows the inclusion of environmental factors, which could be interpreted as a recommendation to increase the risk weights relating to counterparties with a high risk of gender discrimination, which is not related to financial aspects.","start":3487.27,"end":3509.87,"topics":[{"key":"banking-regulation","label":"Banking and Prudential Regulation","description":"Delegations discussed how global banking rules, including Basel III and related prudential standards, may affect capital flows and financing conditions for developing countries. The debate covered risk-weighting, climate-related regulation, safeguards for financial stability, and the need to avoid unintended barriers to 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you.","start":3510.27,"end":3510.67,"topics":[],"words":[{"text":"Thank","start":3510.27,"end":3510.51},{"text":"you.","start":3510.51,"end":3510.67}]},{"text":"I thank the representative of the Russian Federation and now give the floor to the representative of India to be followed by the representative of the Republic of Korea.","start":3512.91,"end":3522.03,"topics":[],"words":[{"text":"I","start":3512.91,"end":3512.92},{"text":"thank","start":3512.91,"end":3513.15},{"text":"the","start":3513.15,"end":3513.23},{"text":"representative","start":3513.23,"end":3514.03},{"text":"of","start":3514.03,"end":3514.11},{"text":"the","start":3514.11,"end":3514.27},{"text":"Russian","start":3514.27,"end":3514.59},{"text":"Federation","start":3514.59,"end":3515.15},{"text":"and","start":3515.15,"end":3515.27},{"text":"now","start":3515.27,"end":3515.47},{"text":"give","start":3515.47,"end":3515.67},{"text":"the","start":3515.67,"end":3515.79},{"text":"floor","start":3515.79,"end":3516.11},{"text":"to","start":3516.11,"end":3516.23},{"text":"the","start":3516.23,"end":3516.35},{"text":"representative","start":3516.35,"end":3517.23},{"text":"of","start":3517.23,"end":3517.47},{"text":"India","start":3517.47,"end":3518.03},{"text":"to","start":3518.43,"end":3518.59},{"text":"be","start":3518.59,"end":3518.75},{"text":"followed","start":3518.75,"end":3519.23},{"text":"by","start":3519.23,"end":3519.55},{"text":"the","start":3519.55,"end":3519.67},{"text":"representative","start":3519.67,"end":3520.51},{"text":"of","start":3520.51,"end":3520.67},{"text":"the","start":3520.67,"end":3520.79},{"text":"Republic","start":3520.79,"end":3521.35},{"text":"of","start":3521.35,"end":3521.47},{"text":"Korea.","start":3521.47,"end":3522.03}]},{"text":"India, please.","start":3522.19,"end":3522.99,"topics":[],"words":[{"text":"India,","start":3522.19,"end":3522.59},{"text":"please.","start":3522.59,"end":3522.99}]},{"text":"Thank you, co-facilitator.","start":3526.47,"end":3528.03,"topics":[],"words":[{"text":"Thank","start":3526.47,"end":3526.75},{"text":"you,","start":3526.75,"end":3526.91},{"text":"co-facilitator.","start":3526.91,"end":3528.03}]},{"text":"India has the following suggestions to address systemic issues for your 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repeatedly stressed the need to increase the voice, voting power, and board representation of developing countries in the IMF, World Bank, and other IFIs. This included proposals on quota realignment, basic votes, additional seats for Africa and SIDS, and more balanced geographic and gender representation."}],"words":[{"text":"In","start":3534.03,"end":3534.27},{"text":"paragraph","start":3534.27,"end":3534.83},{"text":"53a,","start":3534.91,"end":3535.79},{"text":"we","start":3536.03,"end":3536.19},{"text":"highlight","start":3536.19,"end":3536.67},{"text":"the","start":3536.67,"end":3536.79},{"text":"importance","start":3536.79,"end":3537.35},{"text":"of","start":3537.35,"end":3537.47},{"text":"increasing","start":3537.47,"end":3537.99},{"text":"the","start":3537.99,"end":3538.11},{"text":"basic","start":3538.11,"end":3538.59},{"text":"votes","start":3538.63,"end":3538.99},{"text":"as","start":3538.99,"end":3539.15},{"text":"this","start":3539.15,"end":3539.47},{"text":"would","start":3539.47,"end":3539.63},{"text":"help","start":3539.63,"end":3539.95},{"text":"increasing","start":3539.95,"end":3540.59},{"text":"the","start":3540.59,"end":3540.75},{"text":"vote","start":3540.75,"end":3541.23},{"text":"voting","start":3541.83,"end":3542.11},{"text":"rights","start":3542.11,"end":3542.51},{"text":"of","start":3542.51,"end":3542.59},{"text":"smaller","start":3542.59,"end":3543.11},{"text":"and","start":3543.11,"end":3543.27},{"text":"poorest","start":3543.27,"end":3543.71},{"text":"IMF","start":3543.71,"end":3544.11},{"text":"members.","start":3544.11,"end":3544.75}]},{"text":"While we can explore the increase in basic votes as a temporary measure, we believe that realigning the IMF's quota shares while protecting the interests of the poorest members through our new quota formula would be the best solution.","start":3545.19,"end":3558.99,"topics":[{"key":"ifi-representation","label":"Representation and Voice in International Financial Institutions","description":"Delegations repeatedly stressed the need to increase the voice, voting power, and board representation of developing countries in the IMF, World Bank, and other IFIs. 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This included proposals on quota realignment, basic votes, additional seats for Africa and SIDS, and more balanced geographic and gender representation."}],"words":[{"text":"In","start":3559.59,"end":3559.75},{"text":"para","start":3559.75,"end":3560.07},{"text":"53,","start":3560.07,"end":3561.11},{"text":"we","start":3561.35,"end":3561.59},{"text":"suggest","start":3561.59,"end":3562.15},{"text":"create","start":3562.15,"end":3563.03},{"text":"a","start":3563.19,"end":3563.35},{"text":"chair","start":3563.35,"end":3563.83},{"text":"for","start":3563.83,"end":3564.31},{"text":"a.","start":3564.39,"end":3564.55}]}]},{"sentences":[{"text":"Deputy managing director position for emerging market and developing economies for more balanced representation of the members.","start":3564.71,"end":3572.15,"topics":[{"key":"ifi-representation","label":"Representation and Voice in International Financial Institutions","description":"Delegations repeatedly stressed the need to increase the voice, voting power, and board representation of developing countries in the IMF, World Bank, and other IFIs. This included proposals on quota realignment, basic votes, additional seats for Africa and SIDS, and more balanced geographic and gender representation."}],"words":[{"text":"Deputy","start":3564.71,"end":3565.19},{"text":"managing","start":3565.19,"end":3565.67},{"text":"director","start":3565.67,"end":3566.31},{"text":"position","start":3566.47,"end":3566.99},{"text":"for","start":3566.99,"end":3567.15},{"text":"emerging","start":3567.15,"end":3567.59},{"text":"market","start":3567.59,"end":3567.99},{"text":"and","start":3567.99,"end":3568.11},{"text":"developing","start":3568.11,"end":3568.63},{"text":"economies","start":3568.63,"end":3569.35},{"text":"for","start":3569.59,"end":3569.79},{"text":"more","start":3569.79,"end":3569.99},{"text":"balanced","start":3569.99,"end":3570.47},{"text":"representation","start":3570.47,"end":3571.31},{"text":"of","start":3571.31,"end":3571.43},{"text":"the","start":3571.43,"end":3571.51},{"text":"members.","start":3571.51,"end":3572.15}]},{"text":"There is no compelling evidence that building forex reserves by developing countries will result in increased resource transfers to developed countries as mentioned in paragraph 54.","start":3572.63,"end":3583.43,"topics":[],"words":[{"text":"There","start":3572.63,"end":3572.83},{"text":"is","start":3572.87,"end":3573.03},{"text":"no","start":3573.03,"end":3573.19},{"text":"compelling","start":3573.19,"end":3573.83},{"text":"evidence","start":3573.83,"end":3574.31},{"text":"that","start":3574.31,"end":3574.55},{"text":"building","start":3574.55,"end":3574.87},{"text":"forex","start":3574.87,"end":3575.51},{"text":"reserves","start":3575.67,"end":3576.23},{"text":"by","start":3576.23,"end":3576.39},{"text":"developing","start":3576.39,"end":3576.87},{"text":"countries","start":3576.87,"end":3577.35},{"text":"will","start":3577.35,"end":3577.51},{"text":"result","start":3577.51,"end":3577.91},{"text":"in","start":3577.91,"end":3577.99},{"text":"increased","start":3577.99,"end":3578.55},{"text":"resource","start":3578.87,"end":3579.35},{"text":"transfers","start":3579.35,"end":3579.91},{"text":"to","start":3579.91,"end":3580.07},{"text":"developed","start":3580.07,"end":3580.47},{"text":"countries","start":3580.47,"end":3580.95},{"text":"as","start":3580.95,"end":3581.11},{"text":"mentioned","start":3581.11,"end":3581.55},{"text":"in","start":3581.55,"end":3581.67},{"text":"paragraph","start":3581.67,"end":3582.39},{"text":"54.","start":3582.71,"end":3583.43}]},{"text":"We propose deleting this reference.","start":3583.75,"end":3585.83,"topics":[],"words":[{"text":"We","start":3583.75,"end":3583.91},{"text":"propose","start":3583.91,"end":3584.39},{"text":"deleting","start":3584.39,"end":3584.87},{"text":"this","start":3584.87,"end":3585.11},{"text":"reference.","start":3585.11,"end":3585.83}]},{"text":"With reference to creating a much larger pool of resources for the fast disbursement in response to shocks and crises, as mentioned in para 54a, we believe it may be preferable to consider launching of an IMF quick access lending instrument without conditionalities until a regular IMF program can be approved rather than an IMF multilateral swap line.","start":3586.63,"end":3610.95,"topics":[{"key":"global-safety-net","label":"Global Financial Safety Net","description":"A major topic was how to strengthen the global financial safety net so countries can respond more effectively to crises and external shocks. 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Speakers discussed IMF lending resources and tools, rapid-disbursement facilities, trust funds, and the possible role of regional financing arrangements."}],"words":[{"text":"The","start":3611.87,"end":3611.91},{"text":"IMF","start":3611.91,"end":3612.43},{"text":"on","start":3612.43,"end":3612.59},{"text":"its","start":3612.59,"end":3612.83},{"text":"part","start":3612.83,"end":3613.23},{"text":"can","start":3613.31,"end":3613.55},{"text":"borrow","start":3613.55,"end":3613.87},{"text":"from","start":3613.87,"end":3614.19},{"text":"members","start":3614.19,"end":3614.51},{"text":"if","start":3614.51,"end":3614.67},{"text":"necessary","start":3614.67,"end":3615.47},{"text":"and","start":3615.71,"end":3615.99},{"text":"on","start":3615.99,"end":3616.27},{"text":"lend","start":3616.27,"end":3616.55},{"text":"to","start":3616.55,"end":3616.63},{"text":"needy","start":3616.63,"end":3616.91},{"text":"countries.","start":3616.91,"end":3617.71}]},{"text":"In paragraph 54D, we do not support rechanneling of 50% of current unused countries by countries in a position to do so.","start":3618.59,"end":3627.31,"topics":[{"key":"sdr-rechanneling","label":"Special Drawing Rights","description":"Special Drawing Rights were discussed as a tool for easing liquidity constraints and supporting development finance. Delegations debated rechanneling unused SDRs to developing countries, possible new allocations, and whether SDR use should be expanded for SDGs, climate action, and crisis response."}],"words":[{"text":"In","start":3618.59,"end":3618.83},{"text":"paragraph","start":3618.87,"end":3619.51},{"text":"54D,","start":3619.51,"end":3620.35},{"text":"we","start":3620.35,"end":3620.51},{"text":"do","start":3620.51,"end":3620.67},{"text":"not","start":3620.67,"end":3620.91},{"text":"support","start":3620.91,"end":3621.39},{"text":"rechanneling","start":3621.39,"end":3622.11},{"text":"of","start":3622.11,"end":3622.27},{"text":"50%","start":3622.27,"end":3622.31},{"text":"of","start":3622.31,"end":3622.39},{"text":"current","start":3622.39,"end":3623.55},{"text":"unused","start":3623.55,"end":3624.19},{"text":"countries","start":3624.19,"end":3624.83},{"text":"by","start":3625.15,"end":3625.39},{"text":"countries","start":3625.39,"end":3625.83},{"text":"in","start":3625.83,"end":3625.95},{"text":"a","start":3625.95,"end":3626.03},{"text":"position","start":3626.03,"end":3626.51},{"text":"to","start":3626.51,"end":3626.67},{"text":"do","start":3626.67,"end":3626.91},{"text":"so.","start":3626.91,"end":3627.31}]},{"text":"If at all it has to be considered, it must be from developed countries.","start":3627.63,"end":3631.31,"topics":[{"key":"sdr-rechanneling","label":"Special Drawing Rights","description":"Special Drawing Rights were discussed as a tool for easing liquidity constraints and supporting development finance. Delegations debated rechanneling unused SDRs to developing countries, possible new allocations, and whether SDR use should be expanded for SDGs, climate action, and crisis response."}],"words":[{"text":"If","start":3627.63,"end":3627.83},{"text":"at","start":3627.83,"end":3628.03},{"text":"all","start":3628.03,"end":3628.19},{"text":"it","start":3628.19,"end":3628.35},{"text":"has","start":3628.35,"end":3628.51},{"text":"to","start":3628.51,"end":3628.63},{"text":"be","start":3628.63,"end":3628.75},{"text":"considered,","start":3628.75,"end":3629.27},{"text":"it","start":3629.27,"end":3629.39},{"text":"must","start":3629.39,"end":3629.63},{"text":"be","start":3629.63,"end":3629.79},{"text":"from","start":3629.79,"end":3630.03},{"text":"developed","start":3630.03,"end":3630.51},{"text":"countries.","start":3630.51,"end":3631.31}]},{"text":"Further, we are not in favor of further SDR allocations as the US dollar 650 billion equivalent issued in the 2021 SDR general allocation has not yet been fully utilized.","start":3632.11,"end":3646.31,"topics":[{"key":"sdr-rechanneling","label":"Special Drawing Rights","description":"Special Drawing Rights were discussed as a tool for easing liquidity constraints and supporting development finance. Delegations debated rechanneling unused SDRs to developing countries, possible new allocations, and whether SDR use should be expanded for SDGs, climate action, and crisis response."}],"words":[{"text":"Further,","start":3632.11,"end":3632.51},{"text":"we","start":3632.51,"end":3632.67},{"text":"are","start":3632.67,"end":3632.75},{"text":"not","start":3632.75,"end":3632.99},{"text":"in","start":3632.99,"end":3633.15},{"text":"favor","start":3633.15,"end":3633.51},{"text":"of","start":3633.51,"end":3633.59},{"text":"further","start":3633.59,"end":3634.19},{"text":"SDR","start":3634.35,"end":3635.07},{"text":"allocations","start":3636.07,"end":3636.95},{"text":"as","start":3637.11,"end":3637.43},{"text":"the","start":3637.43,"end":3637.55},{"text":"US","start":3637.75,"end":3637.91},{"text":"dollar","start":3637.91,"end":3638.47},{"text":"650","start":3638.63,"end":3639.35},{"text":"billion","start":3639.43,"end":3640.15},{"text":"equivalent","start":3640.15,"end":3640.71},{"text":"issued","start":3640.71,"end":3641.19},{"text":"in","start":3641.19,"end":3641.31},{"text":"the","start":3641.31,"end":3641.43},{"text":"2021","start":3641.43,"end":3642.31},{"text":"SDR","start":3642.31,"end":3642.79},{"text":"general","start":3642.79,"end":3643.19},{"text":"allocation","start":3643.19,"end":3643.91},{"text":"has","start":3644.15,"end":3644.35},{"text":"not","start":3644.39,"end":3644.71},{"text":"yet","start":3644.71,"end":3644.87},{"text":"been","start":3644.87,"end":3645.11},{"text":"fully","start":3645.11,"end":3645.55},{"text":"utilized.","start":3645.55,"end":3646.31}]},{"text":"It is essential to increase the liquidity of SDRs before considering any additional allocations.","start":3646.71,"end":3652.71,"topics":[{"key":"sdr-rechanneling","label":"Special Drawing Rights","description":"Special Drawing Rights were discussed as a tool for easing liquidity constraints and supporting development finance. Delegations debated rechanneling unused SDRs to developing countries, possible new allocations, and whether SDR use should be expanded for SDGs, climate action, and crisis response."}],"words":[{"text":"It","start":3646.71,"end":3646.95},{"text":"is","start":3646.95,"end":3647.07},{"text":"essential","start":3647.07,"end":3647.67},{"text":"to","start":3647.67,"end":3647.79},{"text":"increase","start":3647.79,"end":3648.23},{"text":"the","start":3648.23,"end":3648.35},{"text":"liquidity","start":3648.35,"end":3648.95},{"text":"of","start":3648.95,"end":3649.11},{"text":"SDRs","start":3649.11,"end":3649.67},{"text":"before","start":3649.67,"end":3650.15},{"text":"considering","start":3650.15,"end":3650.87},{"text":"any","start":3650.87,"end":3651.27},{"text":"additional","start":3651.27,"end":3651.83},{"text":"allocations.","start":3651.83,"end":3652.71}]},{"text":"While we welcome World Bank Group measures towards reduction in cost of borrowing for developing countries, especially zero commitment fee for the first four years of implementation from the date of approval of projects, programs, and reduction in cost of borrowing for short-term loans amongst others, we commit to work with the World Bank Group Board for further measures to reduce the cost of lending to the benefit of developing 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propose incorporating this as an additional point Paragraph 54 to emphasize the need for further measures to reduce lending costs for developing countries, we suggest rephrasing paragraph 56 to reflect that regulatory frameworks do not necessarily cause mispricing of risks.","start":3679.43,"end":3699.73,"topics":[{"key":"credit-rating-reform","label":"Credit Rating Agency Reform","description":"Many speakers argued that credit rating practices can misprice risk, raise borrowing costs, and disadvantage developing countries, especially during crises. 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In 54, the United States does not support a new general SDR allocation given current global liquidity conditions.","start":3803.65,"end":3815.89,"topics":[{"key":"sdr-rechanneling","label":"Special Drawing Rights","description":"Special Drawing Rights were discussed as a tool for easing liquidity constraints and supporting development finance. 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Proposals included stronger regulation, improved transparency, high-level dialogue, new methodologies that account for vulnerability, and even public or UN-linked alternatives."}],"words":[{"text":"The","start":3840.97,"end":3841.13},{"text":"role","start":3841.13,"end":3841.37},{"text":"of","start":3841.37,"end":3841.45},{"text":"regulators","start":3841.45,"end":3842.09},{"text":"is","start":3842.09,"end":3842.17},{"text":"to","start":3842.17,"end":3842.49},{"text":"promote","start":3842.81,"end":3843.21},{"text":"accurate","start":3843.21,"end":3843.61},{"text":"and","start":3843.61,"end":3843.77},{"text":"unbiased","start":3843.77,"end":3844.25},{"text":"assessments","start":3844.25,"end":3844.89},{"text":"and","start":3844.89,"end":3845.01},{"text":"transparent","start":3845.01,"end":3845.69},{"text":"objective","start":3845.77,"end":3846.33},{"text":"market","start":3846.33,"end":3846.65},{"text":"practices.","start":3846.65,"end":3847.37}]},{"text":"On 56.","start":3848.49,"end":3849.53,"topics":[],"words":[{"text":"On","start":3848.49,"end":3848.65},{"text":"56.","start":3848.65,"end":3849.53}]},{"text":"The BCBS and the Financial Stability Board are the entities primarily responsible for coordinating national financial authorities and the international standard setting bodies for Prudential regulation.","start":3849.85,"end":3860.57,"topics":[{"key":"banking-regulation","label":"Banking and Prudential Regulation","description":"Delegations discussed how global banking rules, including Basel III and related prudential standards, may affect capital flows and financing conditions for developing countries. The debate covered risk-weighting, climate-related regulation, safeguards for financial stability, and the need to avoid unintended barriers to investment."}],"words":[{"text":"The","start":3849.85,"end":3849.93},{"text":"BCBS","start":3849.93,"end":3850.81},{"text":"and","start":3850.81,"end":3850.93},{"text":"the","start":3850.93,"end":3851.01},{"text":"Financial","start":3851.01,"end":3851.49},{"text":"Stability","start":3851.49,"end":3852.09},{"text":"Board","start":3852.09,"end":3852.49},{"text":"are","start":3852.57,"end":3852.73},{"text":"the","start":3852.73,"end":3852.85},{"text":"entities","start":3852.85,"end":3853.37},{"text":"primarily","start":3853.37,"end":3853.93},{"text":"responsible","start":3853.93,"end":3854.65},{"text":"for","start":3854.65,"end":3854.81},{"text":"coordinating","start":3854.81,"end":3855.33},{"text":"national","start":3855.33,"end":3855.77},{"text":"financial","start":3855.77,"end":3856.25},{"text":"authorities","start":3856.25,"end":3856.89},{"text":"and","start":3857.21,"end":3857.33},{"text":"the","start":3857.33,"end":3857.41},{"text":"international","start":3857.41,"end":3858.09},{"text":"standard","start":3858.09,"end":3858.49},{"text":"setting","start":3858.49,"end":3858.73},{"text":"bodies","start":3858.73,"end":3859.13},{"text":"for","start":3859.13,"end":3859.29},{"text":"Prudential","start":3859.29,"end":3859.77},{"text":"regulation.","start":3859.77,"end":3860.57}]},{"text":"The governing bodies of these entities are actively discussing how best to review implementation of global Prudential standards.","start":3861.37,"end":3867.93,"topics":[{"key":"banking-regulation","label":"Banking and Prudential Regulation","description":"Delegations discussed how global banking rules, including Basel III and related prudential standards, may affect capital flows and financing conditions for developing countries. 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Some speakers supported IMF and BIS assistance to help developing countries use new payment technologies, while others questioned mandates, feasibility, and whether this belongs in the financing for development agenda."}],"words":[{"text":"Not","start":3883.65,"end":3883.89},{"text":"all","start":3883.89,"end":3883.97},{"text":"central","start":3883.97,"end":3884.33},{"text":"banks","start":3884.33,"end":3884.69},{"text":"are","start":3884.69,"end":3884.81},{"text":"exploring","start":3884.81,"end":3885.25},{"text":"digital","start":3885.25,"end":3885.57},{"text":"currencies","start":3885.57,"end":3886.33},{"text":"and","start":3886.33,"end":3886.45},{"text":"there","start":3886.45,"end":3886.57},{"text":"are","start":3886.57,"end":3886.69},{"text":"significant","start":3886.69,"end":3887.25},{"text":"theoretical","start":3887.25,"end":3887.89},{"text":"and","start":3887.89,"end":3888.01},{"text":"practical","start":3888.01,"end":3888.49},{"text":"questions","start":3888.49,"end":3889.05},{"text":"surrounding","start":3889.05,"end":3889.45},{"text":"their","start":3889.45,"end":3889.65},{"text":"utility","start":3889.65,"end":3890.17},{"text":"and","start":3890.17,"end":3890.29},{"text":"risks.","start":3890.29,"end":3890.85}]},{"text":"The BIS does not have a mandate to promote discussions of how to create central bank digital currencies.","start":3891.65,"end":3896.85,"topics":[{"key":"digital-payments","label":"Digital Payments and Central Bank Digital Currencies","description":"Public payment systems, cross-border payments, and central bank digital currencies emerged as a recurring issue. 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We know what you will be saying.","start":3939.89,"end":3942.41,"topics":[],"words":[{"text":"Yeah.","start":3939.89,"end":3940.01},{"text":"We","start":3940.97,"end":3941.13},{"text":"know","start":3941.13,"end":3941.33},{"text":"what","start":3941.33,"end":3941.49},{"text":"you","start":3941.77,"end":3941.85},{"text":"will","start":3941.89,"end":3942.01},{"text":"be","start":3942.01,"end":3942.17},{"text":"saying.","start":3942.17,"end":3942.41}]},{"text":"Thank you.","start":3942.49,"end":3942.97,"topics":[],"words":[{"text":"Thank","start":3942.49,"end":3942.81},{"text":"you.","start":3942.81,"end":3942.97}]},{"text":"So thank you, United States.","start":3943.45,"end":3945.21,"topics":[],"words":[{"text":"So","start":3943.45,"end":3943.69},{"text":"thank","start":3943.69,"end":3944.01},{"text":"you,","start":3944.01,"end":3944.21},{"text":"United","start":3944.21,"end":3944.61},{"text":"States.","start":3944.61,"end":3945.21}]},{"text":"And before giving the floor over to Tuvalu, 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Speakers discussed IMF lending resources and tools, rapid-disbursement facilities, trust funds, and the possible role of regional financing arrangements."}],"words":[{"text":"and","start":3991.21,"end":3991.41},{"text":"its","start":3991.41,"end":3991.53},{"text":"financial","start":3991.53,"end":3992.05},{"text":"safety","start":3992.05,"end":3992.41},{"text":"net.","start":3992.41,"end":3992.81}]},{"text":"Consequently, and as many have said throughout this week, the FFD4 must be highly ambitious, setting the stage for a comprehensive and transformative overhaul of this architecture.","start":3992.97,"end":4004.41,"topics":[{"key":"financial-architecture-reform","label":"Reform of the International Financial Architecture","description":"Many speakers called for a broad overhaul of the global financial system so it better reflects current realities and supports sustainable development. 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This included proposals on quota realignment, basic votes, additional seats for Africa and SIDS, and more balanced geographic and gender representation."}],"words":[{"text":"On","start":4005.45,"end":4005.69},{"text":"para","start":4005.69,"end":4005.93},{"text":"53,","start":4005.93,"end":4006.65},{"text":"we","start":4006.65,"end":4006.89},{"text":"support","start":4006.89,"end":4007.29},{"text":"the","start":4007.29,"end":4007.37},{"text":"call","start":4007.37,"end":4007.61},{"text":"for","start":4007.61,"end":4007.77},{"text":"boosting","start":4007.77,"end":4008.21},{"text":"the","start":4008.21,"end":4008.33},{"text":"voice","start":4008.33,"end":4008.69},{"text":"and","start":4008.69,"end":4008.85},{"text":"representation","start":4008.85,"end":4009.69},{"text":"of","start":4009.69,"end":4009.85},{"text":"developing","start":4009.85,"end":4010.33},{"text":"countries","start":4010.33,"end":4010.97},{"text":"on","start":4011.21,"end":4011.41},{"text":"MDB's","start":4011.41,"end":4012.09},{"text":"board","start":4012.09,"end":4012.49},{"text":"to","start":4012.89,"end":4013.05},{"text":"ensure","start":4013.05,"end":4013.37},{"text":"that","start":4013.37,"end":4013.53},{"text":"their","start":4013.53,"end":4013.73},{"text":"policies","start":4013.73,"end":4014.49},{"text":"and","start":4014.49,"end":4014.73},{"text":"financing","start":4014.73,"end":4015.37},{"text":"are","start":4015.37,"end":4015.49},{"text":"better","start":4015.49,"end":4016.01},{"text":"aligned","start":4016.01,"end":4016.41},{"text":"with","start":4016.41,"end":4016.61},{"text":"on","start":4016.65,"end":4016.89},{"text":"the","start":4016.89,"end":4016.97},{"text":"ground","start":4016.97,"end":4017.41},{"text":"realities,","start":4017.41,"end":4018.17},{"text":"particularly","start":4018.57,"end":4019.25},{"text":"in","start":4019.25,"end":4019.37},{"text":"the","start":4019.37,"end":4019.45},{"text":"context","start":4019.45,"end":4020.05},{"text":"of","start":4020.05,"end":4020.17},{"text":"sustainable","start":4020.17,"end":4020.81},{"text":"development","start":4020.81,"end":4021.61},{"text":"and","start":4021.61,"end":4021.85},{"text":"climate","start":4021.85,"end":4022.29},{"text":"resilience.","start":4022.29,"end":4022.97}]},{"text":"On para 54 A and C, we recognize the urgent need to incorporate multidimensional vulnerability into the decision shaping the global financial safety net.","start":4023.53,"end":4033.77,"topics":[{"key":"multidimensional-vulnerability","label":"Multidimensional Vulnerability","description":"A recurring concern was that financing rules still rely too heavily on income or quota-based indicators and do not capture the real exposure of SIDS, LDCs, and other vulnerable countries. Delegations called for multidimensional vulnerability to be reflected in access to finance, concessionality, safety nets, and risk assessment."},{"key":"global-safety-net","label":"Global Financial Safety Net","description":"A major topic was how to strengthen the global financial safety net so countries can respond more effectively to crises and external shocks. Speakers discussed IMF lending resources and tools, rapid-disbursement facilities, trust funds, and the possible role of regional financing arrangements."}],"words":[{"text":"On","start":4023.53,"end":4023.69},{"text":"para","start":4023.69,"end":4024.01},{"text":"54","start":4024.01,"end":4024.81},{"text":"A","start":4024.97,"end":4025.01},{"text":"and","start":4025.01,"end":4025.13},{"text":"C,","start":4025.13,"end":4025.61},{"text":"we","start":4025.77,"end":4025.93},{"text":"recognize","start":4025.93,"end":4026.61},{"text":"the","start":4026.61,"end":4026.69},{"text":"urgent","start":4026.69,"end":4027.05},{"text":"need","start":4027.05,"end":4027.21},{"text":"to","start":4027.21,"end":4027.37},{"text":"incorporate","start":4027.37,"end":4028.01},{"text":"multidimensional","start":4028.01,"end":4029.13},{"text":"vulnerability","start":4029.53,"end":4030.29},{"text":"into","start":4030.29,"end":4030.49},{"text":"the","start":4030.49,"end":4030.61},{"text":"decision","start":4030.61,"end":4031.13},{"text":"shaping","start":4031.13,"end":4031.77},{"text":"the","start":4032.01,"end":4032.13},{"text":"global","start":4032.13,"end":4032.49},{"text":"financial","start":4032.49,"end":4033.09},{"text":"safety","start":4033.09,"end":4033.45},{"text":"net.","start":4033.45,"end":4033.77}]},{"text":"For the IMF, this entails moving beyond quarter-based access levels, which are disconnected from the actual financing need of developing countries in responding to and building resilience against shocks.","start":4034.25,"end":4046.73,"topics":[{"key":"multidimensional-vulnerability","label":"Multidimensional Vulnerability","description":"A recurring concern was that financing rules still rely too heavily on income or quota-based indicators and do not capture the real exposure of SIDS, LDCs, and other vulnerable countries. Delegations called for multidimensional vulnerability to be reflected in access to finance, concessionality, safety nets, and risk assessment."},{"key":"global-safety-net","label":"Global Financial Safety Net","description":"A major topic was how to strengthen the global financial safety net so countries can respond more effectively to crises and external shocks. Speakers discussed IMF lending resources and tools, rapid-disbursement facilities, trust funds, and the possible role of regional financing arrangements."}],"words":[{"text":"For","start":4034.25,"end":4034.49},{"text":"the","start":4034.49,"end":4034.61},{"text":"IMF,","start":4034.65,"end":4035.21},{"text":"this","start":4035.21,"end":4035.45},{"text":"entails","start":4035.45,"end":4035.93},{"text":"moving","start":4035.93,"end":4036.33},{"text":"beyond","start":4036.33,"end":4036.73},{"text":"quarter-based","start":4036.73,"end":4037.53},{"text":"access","start":4037.53,"end":4037.93},{"text":"levels,","start":4037.93,"end":4038.49},{"text":"which","start":4038.73,"end":4039.05},{"text":"are","start":4039.05,"end":4039.13},{"text":"disconnected","start":4039.13,"end":4039.93},{"text":"from","start":4039.93,"end":4040.13},{"text":"the","start":4040.13,"end":4040.21},{"text":"actual","start":4040.25,"end":4040.65},{"text":"financing","start":4040.65,"end":4041.17},{"text":"need","start":4041.17,"end":4041.45},{"text":"of","start":4041.45,"end":4041.61},{"text":"developing","start":4042.09,"end":4042.73},{"text":"countries","start":4042.73,"end":4043.21},{"text":"in","start":4043.21,"end":4043.37},{"text":"responding","start":4043.37,"end":4044.01},{"text":"to","start":4044.01,"end":4044.41},{"text":"and","start":4044.65,"end":4044.89},{"text":"building","start":4044.89,"end":4045.29},{"text":"resilience","start":4045.29,"end":4045.85},{"text":"against","start":4045.85,"end":4046.25},{"text":"shocks.","start":4046.25,"end":4046.73}]},{"text":"These needs are more effectively captured by the multidimensional vulnerability index.","start":4047.21,"end":4052.17,"topics":[{"key":"multidimensional-vulnerability","label":"Multidimensional Vulnerability","description":"A recurring concern was that financing rules still rely too heavily on income or quota-based indicators and do not capture the real exposure of SIDS, LDCs, and other vulnerable countries. Delegations called for multidimensional vulnerability to be reflected in access to finance, concessionality, safety nets, and risk assessment."}],"words":[{"text":"These","start":4047.21,"end":4047.53},{"text":"needs","start":4047.53,"end":4047.85},{"text":"are","start":4047.85,"end":4048.01},{"text":"more","start":4048.01,"end":4048.25},{"text":"effectively","start":4048.25,"end":4048.97},{"text":"captured","start":4048.97,"end":4049.45},{"text":"by","start":4049.45,"end":4049.61},{"text":"the","start":4049.61,"end":4049.69},{"text":"multidimensional","start":4049.69,"end":4050.73},{"text":"vulnerability","start":4050.73,"end":4051.61},{"text":"index.","start":4051.61,"end":4052.17}]},{"text":"The interim review of the resilience and sustainable trust has highlighted that the upper credit tranche requirement is a significant barrier to access for small island developing states, given their limited implementation capacity.","start":4052.97,"end":4068.25,"topics":[{"key":"multidimensional-vulnerability","label":"Multidimensional Vulnerability","description":"A recurring concern was that financing rules still rely too heavily on income or quota-based indicators and do not capture the real exposure of SIDS, LDCs, and other vulnerable countries. Delegations called for multidimensional vulnerability to be reflected in access to finance, concessionality, safety nets, and risk assessment."},{"key":"global-safety-net","label":"Global Financial Safety Net","description":"A major topic was how to strengthen the global financial safety net so countries can respond more effectively to crises and external shocks. Speakers discussed IMF lending resources and tools, rapid-disbursement facilities, trust funds, and the possible role of regional financing arrangements."}],"words":[{"text":"The","start":4052.97,"end":4053.09},{"text":"interim","start":4053.09,"end":4053.61},{"text":"review","start":4053.61,"end":4054.09},{"text":"of","start":4054.09,"end":4054.33},{"text":"the","start":4054.37,"end":4054.45},{"text":"resilience","start":4055.21,"end":4055.89},{"text":"and","start":4055.89,"end":4056.01},{"text":"sustainable","start":4056.01,"end":4056.81},{"text":"trust","start":4056.81,"end":4057.37},{"text":"has","start":4057.85,"end":4058.13},{"text":"highlighted","start":4058.13,"end":4058.69},{"text":"that","start":4058.69,"end":4058.97},{"text":"the","start":4058.97,"end":4059.05},{"text":"upper","start":4059.05,"end":4059.29},{"text":"credit","start":4059.29,"end":4059.73},{"text":"tranche","start":4059.73,"end":4060.17},{"text":"requirement","start":4060.25,"end":4061.05},{"text":"is","start":4061.05,"end":4061.29},{"text":"a","start":4061.29,"end":4061.33},{"text":"significant","start":4061.33,"end":4062.05},{"text":"barrier","start":4062.05,"end":4062.49},{"text":"to","start":4062.49,"end":4062.61},{"text":"access","start":4062.61,"end":4063.13},{"text":"for","start":4063.37,"end":4063.53},{"text":"small","start":4063.53,"end":4063.85},{"text":"island","start":4063.85,"end":4064.21},{"text":"developing","start":4064.21,"end":4064.73},{"text":"states,","start":4064.73,"end":4065.29},{"text":"given","start":4065.69,"end":4066.01},{"text":"their","start":4066.01,"end":4066.17},{"text":"limited","start":4066.17,"end":4066.65},{"text":"implementation","start":4066.65,"end":4067.53},{"text":"capacity.","start":4067.53,"end":4068.25}]},{"text":"Removing the USCT requirements along with increasing access level would encourage greater engagement from SIDS with the IMF through the RST.","start":4068.89,"end":4078.81,"topics":[{"key":"multidimensional-vulnerability","label":"Multidimensional Vulnerability","description":"A recurring concern was that financing rules still rely too heavily on income or quota-based indicators and do not capture the real exposure of SIDS, LDCs, and other vulnerable countries. Delegations called for multidimensional vulnerability to be reflected in access to finance, concessionality, safety nets, and risk assessment."},{"key":"global-safety-net","label":"Global Financial Safety Net","description":"A major topic was how to strengthen the global financial safety net so countries can respond more effectively to crises and external shocks. Speakers discussed IMF lending resources and tools, rapid-disbursement facilities, trust funds, and the possible role of regional financing arrangements."}],"words":[{"text":"Removing","start":4068.89,"end":4069.41},{"text":"the","start":4069.41,"end":4069.49},{"text":"USCT","start":4069.49,"end":4070.49},{"text":"requirements","start":4070.49,"end":4071.13},{"text":"along","start":4071.37,"end":4071.85},{"text":"with","start":4071.85,"end":4072.13},{"text":"increasing","start":4072.17,"end":4072.69},{"text":"access","start":4072.69,"end":4073.05},{"text":"level","start":4073.05,"end":4073.45},{"text":"would","start":4073.69,"end":4073.93},{"text":"encourage","start":4073.93,"end":4074.41},{"text":"greater","start":4074.41,"end":4074.77},{"text":"engagement","start":4074.77,"end":4075.53},{"text":"from","start":4076.41,"end":4076.65},{"text":"SIDS","start":4076.65,"end":4076.89},{"text":"with","start":4076.89,"end":4077.09},{"text":"the","start":4077.09,"end":4077.17},{"text":"IMF","start":4077.21,"end":4077.73},{"text":"through","start":4077.73,"end":4077.93},{"text":"the","start":4077.93,"end":4078.05},{"text":"RST.","start":4078.05,"end":4078.81}]},{"text":"This would enable them to tackle structural challenges like climate change while simultaneously unlocking additional financing.","start":4079.21,"end":4085.85,"topics":[{"key":"multidimensional-vulnerability","label":"Multidimensional Vulnerability","description":"A recurring concern was that financing rules still rely too heavily on income or quota-based indicators and do not capture the real exposure of SIDS, LDCs, and other vulnerable countries. Delegations called for multidimensional vulnerability to be reflected in access to finance, concessionality, safety nets, and risk assessment."}],"words":[{"text":"This","start":4079.21,"end":4079.45},{"text":"would","start":4079.45,"end":4079.69},{"text":"enable","start":4079.69,"end":4080.17},{"text":"them","start":4080.17,"end":4080.33},{"text":"to","start":4080.33,"end":4080.45},{"text":"tackle","start":4080.49,"end":4080.81},{"text":"structural","start":4080.81,"end":4081.25},{"text":"challenges","start":4081.25,"end":4081.85},{"text":"like","start":4081.85,"end":4082.05},{"text":"climate","start":4082.05,"end":4082.37},{"text":"change","start":4082.37,"end":4082.69},{"text":"while","start":4082.69,"end":4082.97},{"text":"simultaneously","start":4082.97,"end":4084.09},{"text":"unlocking","start":4084.09,"end":4084.61},{"text":"additional","start":4084.61,"end":4085.05},{"text":"financing.","start":4085.05,"end":4085.85}]},{"text":"On 54D, we strongly support the role of SDR in addressing the financing gap for the SDGs and advancing climate change adaptation goals, including through regional link via multi through MDBs.","start":4086.33,"end":4102.73,"topics":[{"key":"sdr-rechanneling","label":"Special Drawing Rights","description":"Special Drawing Rights were discussed as a tool for easing liquidity constraints and supporting development finance. Delegations debated rechanneling unused SDRs to developing countries, possible new allocations, and whether SDR use should be expanded for SDGs, climate action, and crisis response."}],"words":[{"text":"On","start":4086.33,"end":4086.57},{"text":"54D,","start":4086.57,"end":4087.53},{"text":"we","start":4087.53,"end":4087.73},{"text":"strongly","start":4087.73,"end":4088.17},{"text":"support","start":4088.17,"end":4088.61},{"text":"the","start":4088.61,"end":4088.73},{"text":"role","start":4088.73,"end":4089.05},{"text":"of","start":4089.05,"end":4089.37},{"text":"SDR","start":4089.77,"end":4090.57},{"text":"in","start":4090.57,"end":4090.73},{"text":"addressing","start":4090.73,"end":4091.29},{"text":"the","start":4091.29,"end":4091.41},{"text":"financing","start":4091.41,"end":4092.01},{"text":"gap","start":4092.01,"end":4092.21},{"text":"for","start":4092.21,"end":4092.41},{"text":"the","start":4092.41,"end":4092.49},{"text":"SDGs","start":4092.49,"end":4093.29},{"text":"and","start":4093.53,"end":4093.73},{"text":"advancing","start":4093.73,"end":4094.25},{"text":"climate","start":4094.25,"end":4094.65},{"text":"change","start":4094.65,"end":4095.05},{"text":"adaptation","start":4095.05,"end":4095.69},{"text":"goals,","start":4095.69,"end":4096.17},{"text":"including","start":4096.65,"end":4097.17},{"text":"through","start":4097.17,"end":4097.37},{"text":"regional","start":4097.37,"end":4097.97},{"text":"link","start":4097.97,"end":4098.37},{"text":"via","start":4099.21,"end":4099.45},{"text":"multi","start":4099.45,"end":4100.01},{"text":"through","start":4101.65,"end":4102.01},{"text":"MDBs.","start":4102.01,"end":4102.73}]},{"text":"This would enable MDBs to leverage resources and offer concessional financing, including grants to the most vulnerable countries.","start":4103.37,"end":4111.29,"topics":[{"key":"sdr-rechanneling","label":"Special Drawing Rights","description":"Special Drawing Rights were discussed as a tool for easing liquidity constraints and supporting development finance. Delegations debated rechanneling unused SDRs to developing countries, possible new allocations, and whether SDR use should be expanded for SDGs, climate action, and crisis response."},{"key":"multidimensional-vulnerability","label":"Multidimensional Vulnerability","description":"A recurring concern was that financing rules still rely too heavily on income or quota-based indicators and do not capture the real exposure of SIDS, LDCs, and other vulnerable countries. Delegations called for multidimensional vulnerability to be reflected in access to finance, concessionality, safety nets, and risk assessment."}],"words":[{"text":"This","start":4103.37,"end":4103.61},{"text":"would","start":4103.61,"end":4103.85},{"text":"enable","start":4103.85,"end":4104.41},{"text":"MDBs","start":4104.49,"end":4105.13},{"text":"to","start":4105.13,"end":4105.21},{"text":"leverage","start":4105.21,"end":4105.65},{"text":"resources","start":4105.65,"end":4106.33},{"text":"and","start":4106.33,"end":4106.49},{"text":"offer","start":4106.49,"end":4106.81},{"text":"concessional","start":4106.81,"end":4107.37},{"text":"financing,","start":4107.37,"end":4108.09},{"text":"including","start":4108.33,"end":4108.89},{"text":"grants","start":4108.89,"end":4109.37},{"text":"to","start":4109.69,"end":4109.81},{"text":"the","start":4109.81,"end":4109.93},{"text":"most","start":4109.93,"end":4110.29},{"text":"vulnerable","start":4110.29,"end":4110.73},{"text":"countries.","start":4110.73,"end":4111.29}]},{"text":"We believe that a key priority for the FFD four outcome documents should be to secure a strong political commitment for the regional of unused SDRs by advanced economies with abundant external reserves.","start":4111.93,"end":4125.85,"topics":[{"key":"sdr-rechanneling","label":"Special Drawing Rights","description":"Special Drawing Rights were discussed as a tool for easing liquidity constraints and supporting development finance. Delegations debated rechanneling unused SDRs to developing countries, possible new allocations, and whether SDR use should be expanded for SDGs, climate action, and crisis response."}],"words":[{"text":"We","start":4111.93,"end":4112.09},{"text":"believe","start":4112.09,"end":4112.41},{"text":"that","start":4112.41,"end":4112.65},{"text":"a","start":4112.65,"end":4112.73},{"text":"key","start":4112.73,"end":4112.97},{"text":"priority","start":4112.97,"end":4113.41},{"text":"for","start":4113.41,"end":4113.57},{"text":"the","start":4113.61,"end":4113.81},{"text":"FFD","start":4113.81,"end":4114.41},{"text":"four","start":4114.41,"end":4114.81},{"text":"outcome","start":4114.81,"end":4115.13},{"text":"documents","start":4115.13,"end":4115.77},{"text":"should","start":4116.17,"end":4116.49},{"text":"be","start":4116.49,"end":4116.65},{"text":"to","start":4116.73,"end":4116.81},{"text":"secure","start":4116.81,"end":4117.61},{"text":"a","start":4117.61,"end":4117.69},{"text":"strong","start":4117.69,"end":4118.01},{"text":"political","start":4118.01,"end":4118.61},{"text":"commitment","start":4118.61,"end":4119.29},{"text":"for","start":4119.61,"end":4119.77},{"text":"the","start":4119.77,"end":4119.93},{"text":"regional","start":4119.93,"end":4120.49},{"text":"of","start":4120.65,"end":4120.89},{"text":"unused","start":4120.89,"end":4121.37},{"text":"SDRs","start":4121.37,"end":4122.17},{"text":"by","start":4122.17,"end":4122.33},{"text":"advanced","start":4122.33,"end":4122.89},{"text":"economies","start":4122.89,"end":4123.53},{"text":"with","start":4123.85,"end":4124.17},{"text":"abundant","start":4124.17,"end":4124.73},{"text":"external","start":4124.73,"end":4125.25},{"text":"reserves.","start":4125.25,"end":4125.85}]},{"text":"Without the active participation of countries with robust external positions in the SDR system, the issuance of additional SDR by the IMF will have limited impact.","start":4126.25,"end":4137.61,"topics":[{"key":"sdr-rechanneling","label":"Special Drawing Rights","description":"Special Drawing Rights were discussed as a tool for easing liquidity constraints and supporting development finance. 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And now, Give the floor to the representative from Pakistan, who will be followed by the representative from Djibouti, then South Africa.","start":4405.11,"end":4413.41,"topics":[],"words":[{"text":"China.","start":4405.11,"end":4405.51},{"text":"And","start":4406.07,"end":4406.27},{"text":"now,","start":4406.27,"end":4406.47},{"text":"Give","start":4407.65,"end":4407.81},{"text":"the","start":4407.81,"end":4407.89},{"text":"floor","start":4407.89,"end":4408.05},{"text":"to","start":4408.05,"end":4408.13},{"text":"the","start":4408.13,"end":4408.21},{"text":"representative","start":4408.21,"end":4408.85},{"text":"from","start":4408.85,"end":4409.01},{"text":"Pakistan,","start":4409.01,"end":4409.81},{"text":"who","start":4409.81,"end":4409.89},{"text":"will","start":4409.89,"end":4410.05},{"text":"be","start":4410.05,"end":4410.21},{"text":"followed","start":4410.21,"end":4410.45},{"text":"by","start":4410.45,"end":4410.61},{"text":"the","start":4410.61,"end":4410.93},{"text":"representative","start":4411.41,"end":4412.05},{"text":"from","start":4412.05,"end":4412.21},{"text":"Djibouti,","start":4412.21,"end":4412.69},{"text":"then","start":4412.69,"end":4412.85},{"text":"South","start":4412.85,"end":4413.01},{"text":"Africa.","start":4413.01,"end":4413.41}]},{"text":"Pakistan, you have the floor.","start":4413.57,"end":4414.53,"topics":[],"words":[{"text":"Pakistan,","start":4413.57,"end":4413.97},{"text":"you","start":4413.97,"end":4414.05},{"text":"have","start":4414.05,"end":4414.17},{"text":"the","start":4414.17,"end":4414.25},{"text":"floor.","start":4414.25,"end":4414.53}]},{"text":"Thank you, co-facilitators.","start":4416.61,"end":4418.21,"topics":[],"words":[{"text":"Thank","start":4416.61,"end":4416.85},{"text":"you,","start":4416.85,"end":4417.01},{"text":"co-facilitators.","start":4417.01,"end":4418.21}]},{"text":"We align","start":4418.37,"end":4418.85,"topics":[],"words":[{"text":"We","start":4418.37,"end":4418.61},{"text":"align","start":4418.61,"end":4418.85}]}]}],"speaker":{"name":"Chola","affiliation":null,"affiliation_full":null,"group":null,"function":"Chair"}},{"statement_number":45,"start":4418.85,"pageUrl":"/es/asset/k1r/k1rs9t279x?lang=en&t=4419","paragraphs":[{"sentences":[{"text":"with the statement delivered by Colombia on behalf of G77 and China.","start":4418.85,"end":4422.37,"topics":[],"words":[{"text":"with","start":4418.85,"end":4418.97},{"text":"the","start":4418.97,"end":4419.05},{"text":"statement","start":4419.05,"end":4419.53},{"text":"delivered","start":4419.53,"end":4419.89},{"text":"by","start":4419.89,"end":4420.13},{"text":"Colombia","start":4420.13,"end":4420.61},{"text":"on","start":4420.61,"end":4420.69},{"text":"behalf","start":4420.69,"end":4421.01},{"text":"of","start":4421.01,"end":4421.09},{"text":"G77","start":4421.09,"end":4421.77},{"text":"and","start":4421.77,"end":4421.89},{"text":"China.","start":4421.89,"end":4422.37}]},{"text":"We largely support the section as drafted, except for two specific points.","start":4422.69,"end":4426.53,"topics":[],"words":[{"text":"We","start":4422.69,"end":4422.85},{"text":"largely","start":4422.85,"end":4423.25},{"text":"support","start":4423.25,"end":4423.65},{"text":"the","start":4423.65,"end":4423.73},{"text":"section","start":4423.73,"end":4424.17},{"text":"as","start":4424.17,"end":4424.29},{"text":"drafted,","start":4424.29,"end":4424.77},{"text":"except","start":4424.77,"end":4425.09},{"text":"for","start":4425.09,"end":4425.25},{"text":"two","start":4425.25,"end":4425.49},{"text":"specific","start":4425.49,"end":4425.97},{"text":"points.","start":4425.97,"end":4426.53}]},{"text":"On paragraph 51, please remove the reference to independent mandates.","start":4428.05,"end":4433.57,"topics":[],"words":[{"text":"On","start":4428.05,"end":4428.21},{"text":"paragraph","start":4428.21,"end":4428.89},{"text":"51,","start":4428.89,"end":4429.65},{"text":"please","start":4429.73,"end":4429.97},{"text":"remove","start":4429.97,"end":4430.53},{"text":"the","start":4430.53,"end":4430.73},{"text":"reference","start":4430.73,"end":4431.41},{"text":"to","start":4431.41,"end":4431.65},{"text":"independent","start":4431.81,"end":4432.61},{"text":"mandates.","start":4432.85,"end":4433.57}]},{"text":"The language from our perspective is regressive and undermines the UN role and defeats the purpose of the entire exercise we are doing here.","start":4434.41,"end":4441.61,"topics":[{"key":"financial-architecture-reform","label":"Reform of the International Financial Architecture","description":"Many speakers called for a broad overhaul of the global financial system so it better reflects current realities and supports sustainable development. 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have the honour to pronounce this on behalf of the country of djibouti in my national capacity.","start":4551.21,"end":4558.01,"topics":[],"words":[{"text":"i","start":4551.21,"end":4551.29},{"text":"have","start":4551.29,"end":4551.45},{"text":"the","start":4551.45,"end":4551.57},{"text":"honour","start":4551.57,"end":4551.81},{"text":"to","start":4551.81,"end":4552.41},{"text":"pronounce","start":4552.73,"end":4553.13},{"text":"this","start":4553.13,"end":4553.45},{"text":"on","start":4553.45,"end":4553.53},{"text":"behalf","start":4553.53,"end":4554.17},{"text":"of","start":4554.17,"end":4554.65},{"text":"the","start":4554.65,"end":4554.81},{"text":"country","start":4555.93,"end":4556.25},{"text":"of","start":4556.25,"end":4556.33},{"text":"djibouti","start":4556.33,"end":4556.89},{"text":"in","start":4556.89,"end":4556.97},{"text":"my","start":4556.97,"end":4557.05},{"text":"national","start":4557.05,"end":4557.45},{"text":"capacity.","start":4557.45,"end":4558.01}]},{"text":"we 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Delegations called for multidimensional vulnerability to be reflected in access to finance, concessionality, safety nets, and risk assessment."}],"words":[{"text":"This","start":4940.69,"end":4940.81},{"text":"should","start":4940.81,"end":4940.93},{"text":"also","start":4940.93,"end":4941.21},{"text":"be","start":4941.21,"end":4941.33},{"text":"reflected","start":4941.33,"end":4941.73},{"text":"in","start":4941.73,"end":4941.81},{"text":"Paris","start":4941.81,"end":4942.17},{"text":"c,","start":4942.17,"end":4942.61},{"text":"reflecting","start":4942.61,"end":4943.05},{"text":"the","start":4943.05,"end":4943.13},{"text":"broader.","start":4943.13,"end":4943.41}]}]},{"sentences":[{"text":"Opportunities to improve voice in these institutions, as has successfully been done in recent reviews, and not limited to increasing the size of the board.","start":4943.41,"end":4951.17,"topics":[{"key":"ifi-representation","label":"Representation and Voice in International Financial Institutions","description":"Delegations repeatedly stressed the need to increase the voice, voting power, and board representation of developing countries in the IMF, World Bank, and other IFIs. 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Delegations debated rechanneling unused SDRs to developing countries, possible new allocations, and whether SDR use should be expanded for SDGs, climate action, and crisis response."}],"words":[{"text":"On","start":5009.25,"end":5009.33},{"text":"and,","start":5009.33,"end":5009.61},{"text":"we","start":5009.61,"end":5010.17},{"text":"would","start":5010.17,"end":5010.49},{"text":"require","start":5010.49,"end":5010.93},{"text":"edits","start":5010.93,"end":5011.17},{"text":"to","start":5011.17,"end":5011.25},{"text":"this","start":5011.25,"end":5011.45},{"text":"text","start":5011.45,"end":5011.77},{"text":"to","start":5012.49,"end":5012.57},{"text":"this","start":5012.57,"end":5012.73},{"text":"text","start":5012.73,"end":5013.01},{"text":"reflect","start":5013.01,"end":5013.41},{"text":"the","start":5013.41,"end":5013.49},{"text":"reserve","start":5013.49,"end":5013.89},{"text":"asset","start":5013.89,"end":5014.21},{"text":"nature","start":5014.21,"end":5014.53},{"text":"of","start":5014.53,"end":5014.61},{"text":"SDRs.","start":5014.61,"end":5015.33}]},{"text":"The IMF has its own global liquidity test for a general SDR allocation.","start":5015.65,"end":5019.65,"topics":[{"key":"sdr-rechanneling","label":"Special Drawing Rights","description":"Special Drawing Rights were discussed as a tool for easing liquidity constraints and supporting development finance. Delegations debated rechanneling unused SDRs to developing countries, possible new allocations, and whether SDR use should be expanded for SDGs, climate action, and crisis response."}],"words":[{"text":"The","start":5015.65,"end":5015.77},{"text":"IMF","start":5015.77,"end":5016.13},{"text":"has","start":5016.13,"end":5016.45},{"text":"its","start":5016.45,"end":5016.61},{"text":"own","start":5016.61,"end":5016.93},{"text":"global","start":5016.93,"end":5017.25},{"text":"liquidity","start":5017.25,"end":5017.65},{"text":"test","start":5017.65,"end":5017.93},{"text":"for","start":5017.93,"end":5018.05},{"text":"a","start":5018.05,"end":5018.09},{"text":"general","start":5018.09,"end":5018.53},{"text":"SDR","start":5018.53,"end":5018.97},{"text":"allocation.","start":5018.97,"end":5019.65}]},{"text":"We continue to support encouraging countries to re-channel their 2021 SDR allocation, including through MDBs on a voluntary basis.","start":5019.97,"end":5026.93,"topics":[{"key":"sdr-rechanneling","label":"Special Drawing Rights","description":"Special Drawing Rights were discussed as a tool for easing liquidity constraints and supporting development finance. Delegations debated rechanneling unused SDRs to developing countries, possible new allocations, and whether SDR use should be expanded for SDGs, climate action, and crisis response."}],"words":[{"text":"We","start":5019.97,"end":5020.09},{"text":"continue","start":5020.09,"end":5020.45},{"text":"to","start":5020.45,"end":5020.53},{"text":"support","start":5020.53,"end":5020.77},{"text":"encouraging","start":5020.77,"end":5021.25},{"text":"countries","start":5021.25,"end":5021.57},{"text":"to","start":5021.57,"end":5021.69},{"text":"re-channel","start":5021.69,"end":5022.13},{"text":"their","start":5022.13,"end":5022.25},{"text":"2021","start":5022.25,"end":5023.01},{"text":"SDR","start":5023.01,"end":5023.41},{"text":"allocation,","start":5023.41,"end":5024.05},{"text":"including","start":5024.29,"end":5024.77},{"text":"through","start":5024.77,"end":5024.93},{"text":"MDBs","start":5024.93,"end":5025.49},{"text":"on","start":5025.49,"end":5025.65},{"text":"a","start":5025.65,"end":5025.69},{"text":"voluntary","start":5025.69,"end":5026.29},{"text":"basis.","start":5026.29,"end":5026.93}]},{"text":"On the section on regulation for a sustainable financial system, we are broadly supportive of the text.","start":5027.89,"end":5032.85,"topics":[{"key":"banking-regulation","label":"Banking and Prudential Regulation","description":"Delegations discussed how global banking rules, including Basel III and related prudential standards, may affect capital flows and financing conditions for developing countries. The debate covered risk-weighting, climate-related regulation, safeguards for financial stability, and the need to avoid unintended barriers to investment."}],"words":[{"text":"On","start":5027.89,"end":5027.97},{"text":"the","start":5027.97,"end":5028.09},{"text":"section","start":5028.09,"end":5028.45},{"text":"on","start":5028.45,"end":5028.53},{"text":"regulation","start":5028.61,"end":5029.17},{"text":"for","start":5029.17,"end":5029.33},{"text":"a","start":5029.33,"end":5029.37},{"text":"sustainable","start":5029.37,"end":5029.85},{"text":"financial","start":5029.85,"end":5030.25},{"text":"system,","start":5030.25,"end":5030.85},{"text":"we","start":5031.01,"end":5031.17},{"text":"are","start":5031.17,"end":5031.25},{"text":"broadly","start":5031.25,"end":5031.73},{"text":"supportive","start":5031.73,"end":5032.17},{"text":"of","start":5032.17,"end":5032.25},{"text":"the","start":5032.25,"end":5032.33},{"text":"text.","start":5032.33,"end":5032.85}]},{"text":"We do have some tweaks of clarity and we will share written proposals.","start":5032.93,"end":5036.21,"topics":[],"words":[{"text":"We","start":5032.93,"end":5033.09},{"text":"do","start":5033.09,"end":5033.25},{"text":"have","start":5033.25,"end":5033.41},{"text":"some","start":5033.41,"end":5033.65},{"text":"tweaks","start":5033.65,"end":5033.97},{"text":"of","start":5033.97,"end":5034.05},{"text":"clarity","start":5034.05,"end":5034.57},{"text":"and","start":5034.57,"end":5034.69},{"text":"we","start":5034.69,"end":5034.77},{"text":"will","start":5034.77,"end":5034.89},{"text":"share","start":5034.89,"end":5035.21},{"text":"written","start":5035.21,"end":5035.49},{"text":"proposals.","start":5035.57,"end":5036.21}]},{"text":"On paras 56a and b, we would like to see further detail here on the proposed review to explore whether the FSB is the appropriate forum for taking forward this work.","start":5036.97,"end":5046.93,"topics":[{"key":"banking-regulation","label":"Banking and Prudential Regulation","description":"Delegations discussed how global banking rules, including Basel III and related prudential standards, may affect capital flows and financing conditions for developing countries. The debate covered risk-weighting, climate-related regulation, safeguards for financial stability, and the need to avoid unintended barriers to investment."}],"words":[{"text":"On","start":5036.97,"end":5037.05},{"text":"paras","start":5037.09,"end":5038.21},{"text":"56a","start":5038.45,"end":5039.33},{"text":"and","start":5039.33,"end":5039.65},{"text":"b,","start":5039.65,"end":5039.97},{"text":"we","start":5040.21,"end":5040.33},{"text":"would","start":5040.33,"end":5040.45},{"text":"like","start":5040.45,"end":5040.57},{"text":"to","start":5040.57,"end":5040.65},{"text":"see","start":5040.65,"end":5040.77},{"text":"further","start":5040.77,"end":5041.17},{"text":"detail","start":5041.17,"end":5041.49},{"text":"here","start":5041.49,"end":5041.77},{"text":"on","start":5041.77,"end":5041.85},{"text":"the","start":5041.85,"end":5041.93},{"text":"proposed","start":5041.93,"end":5042.29},{"text":"review","start":5042.29,"end":5042.61},{"text":"to","start":5042.61,"end":5042.69},{"text":"explore","start":5042.69,"end":5043.01},{"text":"whether","start":5043.01,"end":5043.41},{"text":"the","start":5043.41,"end":5043.49},{"text":"FSB","start":5043.49,"end":5044.05},{"text":"is","start":5044.37,"end":5044.53},{"text":"the","start":5044.53,"end":5044.65},{"text":"appropriate","start":5044.65,"end":5045.17},{"text":"forum","start":5045.17,"end":5045.77},{"text":"for","start":5045.77,"end":5045.89},{"text":"taking","start":5045.89,"end":5046.13},{"text":"forward","start":5046.13,"end":5046.41},{"text":"this","start":5046.41,"end":5046.53},{"text":"work.","start":5046.53,"end":5046.93}]},{"text":"Again, we will share some edits and we welcome further discussion on this, including with the COFAX.","start":5047.41,"end":5051.77,"topics":[],"words":[{"text":"Again,","start":5047.41,"end":5047.81},{"text":"we","start":5047.81,"end":5047.93},{"text":"will","start":5047.93,"end":5048.13},{"text":"share","start":5048.13,"end":5048.33},{"text":"some","start":5048.33,"end":5048.45},{"text":"edits","start":5048.45,"end":5048.85},{"text":"and","start":5048.85,"end":5048.97},{"text":"we","start":5049.01,"end":5049.09},{"text":"welcome","start":5049.09,"end":5049.41},{"text":"further","start":5049.41,"end":5049.69},{"text":"discussion","start":5049.69,"end":5050.09},{"text":"on","start":5050.09,"end":5050.21},{"text":"this,","start":5050.21,"end":5050.45},{"text":"including","start":5050.45,"end":5050.81},{"text":"with","start":5050.81,"end":5050.93},{"text":"the","start":5050.93,"end":5051.01},{"text":"COFAX.","start":5051.01,"end":5051.77}]},{"text":"Finally, we support the public payment system language as drafted.","start":5052.13,"end":5055.25,"topics":[{"key":"digital-payments","label":"Digital Payments and Central Bank Digital Currencies","description":"Public payment systems, cross-border payments, and central bank digital currencies emerged as a recurring issue. Some speakers supported IMF and BIS assistance to help developing countries use new payment technologies, while others questioned mandates, feasibility, and whether this belongs in the financing for development agenda."}],"words":[{"text":"Finally,","start":5052.13,"end":5052.69},{"text":"we","start":5052.69,"end":5052.85},{"text":"support","start":5052.85,"end":5053.13},{"text":"the","start":5053.13,"end":5053.21},{"text":"public","start":5053.21,"end":5053.49},{"text":"payment","start":5053.49,"end":5053.81},{"text":"system","start":5053.81,"end":5054.13},{"text":"language","start":5054.13,"end":5054.53},{"text":"as","start":5054.53,"end":5054.77},{"text":"drafted.","start":5054.77,"end":5055.25}]},{"text":"Thank you.","start":5055.49,"end":5055.81,"topics":[],"words":[{"text":"Thank","start":5055.49,"end":5055.73},{"text":"you.","start":5055.73,"end":5055.81}]}]}],"speaker":{"name":null,"affiliation":"GBR","affiliation_full":"United Kingdom of Great Britain and Northern Ireland","group":null,"function":"Representative"}},{"statement_number":54,"start":5058.45,"pageUrl":"/es/asset/k1r/k1rs9t279x?lang=en&t=5059","paragraphs":[{"sentences":[{"text":"I thank the representative of the United Kingdom.","start":5058.45,"end":5060.77,"topics":[],"words":[{"text":"I","start":5058.45,"end":5058.49},{"text":"thank","start":5058.49,"end":5058.65},{"text":"the","start":5058.65,"end":5058.73},{"text":"representative","start":5058.73,"end":5059.57},{"text":"of","start":5059.57,"end":5059.65},{"text":"the","start":5059.89,"end":5059.97},{"text":"United","start":5059.97,"end":5060.29},{"text":"Kingdom.","start":5060.29,"end":5060.77}]},{"text":"I now recognise the representative of Brazil, who will be followed by the representative of Bangladesh.","start":5061.25,"end":5065.89,"topics":[],"words":[{"text":"I","start":5061.25,"end":5061.29},{"text":"now","start":5061.29,"end":5061.49},{"text":"recognise","start":5061.49,"end":5061.97},{"text":"the","start":5061.97,"end":5062.05},{"text":"representative","start":5062.05,"end":5062.69},{"text":"of","start":5062.69,"end":5062.77},{"text":"Brazil,","start":5062.77,"end":5063.33},{"text":"who","start":5063.33,"end":5063.41},{"text":"will","start":5063.53,"end":5063.65},{"text":"be","start":5063.65,"end":5063.81},{"text":"followed","start":5063.81,"end":5064.09},{"text":"by","start":5064.09,"end":5064.21},{"text":"the","start":5064.21,"end":5064.29},{"text":"representative","start":5064.29,"end":5065.09},{"text":"of","start":5065.09,"end":5065.17},{"text":"Bangladesh.","start":5065.17,"end":5065.89}]}]}],"speaker":{"name":null,"affiliation":null,"affiliation_full":null,"group":null,"function":"Chair"}},{"statement_number":55,"start":5069.29,"pageUrl":"/es/asset/k1r/k1rs9t279x?lang=en&t=5070","paragraphs":[{"sentences":[{"text":"Thank you, Chair.","start":5069.29,"end":5070.09,"topics":[],"words":[{"text":"Thank","start":5069.29,"end":5069.53},{"text":"you,","start":5069.53,"end":5069.65},{"text":"Chair.","start":5069.65,"end":5070.09}]},{"text":"We kindly request that the reference to developing countries remain in the text, though some countries believe that this is an outdated definition and a problem that has been overcome.","start":5072.81,"end":5087.77,"topics":[{"key":"multidimensional-vulnerability","label":"Multidimensional Vulnerability","description":"A recurring concern was that financing rules still rely too heavily on income or quota-based indicators and do not capture the real exposure of SIDS, LDCs, and other vulnerable countries. Delegations called for multidimensional vulnerability to be reflected in access to finance, concessionality, safety nets, and risk assessment."}],"words":[{"text":"We","start":5072.81,"end":5073.21},{"text":"kindly","start":5073.21,"end":5073.53},{"text":"request","start":5073.53,"end":5074.17},{"text":"that","start":5074.17,"end":5074.49},{"text":"the","start":5074.49,"end":5074.69},{"text":"reference","start":5074.89,"end":5075.53},{"text":"to","start":5075.53,"end":5075.69},{"text":"developing","start":5075.69,"end":5076.17},{"text":"countries","start":5076.17,"end":5077.05},{"text":"remain","start":5077.37,"end":5078.01},{"text":"in","start":5078.09,"end":5078.25},{"text":"the","start":5078.25,"end":5078.33},{"text":"text,","start":5078.33,"end":5078.89},{"text":"though","start":5080.49,"end":5080.73},{"text":"some","start":5080.73,"end":5080.93},{"text":"countries","start":5080.93,"end":5081.29},{"text":"believe","start":5081.29,"end":5081.85},{"text":"that","start":5082.09,"end":5082.49},{"text":"this","start":5083.85,"end":5084.09},{"text":"is","start":5084.09,"end":5084.17},{"text":"an","start":5084.17,"end":5084.25},{"text":"outdated","start":5084.25,"end":5084.69},{"text":"definition","start":5084.69,"end":5085.45},{"text":"and","start":5085.61,"end":5086.01},{"text":"a","start":5086.25,"end":5086.33},{"text":"problem","start":5086.33,"end":5086.73},{"text":"that","start":5086.73,"end":5086.97},{"text":"has","start":5086.97,"end":5087.09},{"text":"been","start":5087.09,"end":5087.21},{"text":"overcome.","start":5087.21,"end":5087.77}]},{"text":"That unfortunately is not the case.","start":5087.77,"end":5089.93,"topics":[],"words":[{"text":"That","start":5087.77,"end":5088.05},{"text":"unfortunately","start":5088.05,"end":5088.73},{"text":"is","start":5088.73,"end":5088.97},{"text":"not","start":5088.97,"end":5089.21},{"text":"the","start":5089.21,"end":5089.37},{"text":"case.","start":5089.37,"end":5089.93}]},{"text":"I wish it were.","start":5089.93,"end":5090.81,"topics":[],"words":[{"text":"I","start":5089.93,"end":5090.01},{"text":"wish","start":5090.01,"end":5090.25},{"text":"it","start":5090.25,"end":5090.41},{"text":"were.","start":5090.41,"end":5090.81}]},{"text":"The right to development has not been fulfilled and the SDG summit just showed us just how far we are from achieving the 2030 agenda.","start":5091.57,"end":5100.21,"topics":[],"words":[{"text":"The","start":5091.57,"end":5091.69},{"text":"right","start":5091.69,"end":5091.81},{"text":"to","start":5091.81,"end":5091.89},{"text":"development","start":5091.89,"end":5092.41},{"text":"has","start":5092.41,"end":5092.61},{"text":"not","start":5092.61,"end":5092.81},{"text":"been","start":5092.81,"end":5093.01},{"text":"fulfilled","start":5093.01,"end":5093.65},{"text":"and","start":5093.97,"end":5094.25},{"text":"the","start":5094.25,"end":5094.33},{"text":"SDG","start":5094.33,"end":5094.61},{"text":"summit","start":5094.61,"end":5095.01},{"text":"just","start":5095.01,"end":5095.61},{"text":"showed","start":5095.81,"end":5096.13},{"text":"us","start":5096.13,"end":5096.25},{"text":"just","start":5096.25,"end":5096.45},{"text":"how","start":5096.45,"end":5096.53},{"text":"far","start":5096.53,"end":5097.17},{"text":"we","start":5098.05,"end":5098.29},{"text":"are","start":5098.29,"end":5098.45},{"text":"from","start":5098.45,"end":5098.65},{"text":"achieving","start":5098.65,"end":5099.25},{"text":"the","start":5099.25,"end":5099.37},{"text":"2030","start":5099.37,"end":5099.81},{"text":"agenda.","start":5099.81,"end":5100.21}]},{"text":"The reform of the international financial systems require realigning IMF quotas, reviewing World Bank shareholding and strengthening the global financial safety net.","start":5101.09,"end":5110.77,"topics":[{"key":"financial-architecture-reform","label":"Reform of the International Financial Architecture","description":"Many speakers called for a broad overhaul of the global financial system so it better reflects current realities and supports sustainable development. A central point of debate was how ambitious reform should be and what role the United Nations should play alongside the IMF, World Bank, and other institutions."},{"key":"ifi-representation","label":"Representation and Voice in International Financial Institutions","description":"Delegations repeatedly stressed the need to increase the voice, voting power, and board representation of developing countries in the IMF, World Bank, and other IFIs. This included proposals on quota realignment, basic votes, additional seats for Africa and SIDS, and more balanced geographic and gender representation."},{"key":"global-safety-net","label":"Global Financial Safety Net","description":"A major topic was how to strengthen the global financial safety net so countries can respond more effectively to crises and external shocks. Speakers discussed IMF lending resources and tools, rapid-disbursement facilities, trust funds, and the possible role of regional financing arrangements."}],"words":[{"text":"The","start":5101.09,"end":5101.21},{"text":"reform","start":5101.21,"end":5101.49},{"text":"of","start":5101.49,"end":5101.57},{"text":"the","start":5101.57,"end":5101.69},{"text":"international","start":5101.69,"end":5102.25},{"text":"financial","start":5102.25,"end":5102.73},{"text":"systems","start":5102.73,"end":5103.49},{"text":"require","start":5103.49,"end":5104.21},{"text":"realigning","start":5104.29,"end":5105.17},{"text":"IMF","start":5105.17,"end":5105.65},{"text":"quotas,","start":5105.65,"end":5106.21},{"text":"reviewing","start":5106.53,"end":5106.93},{"text":"World","start":5106.93,"end":5107.33},{"text":"Bank","start":5107.57,"end":5107.89},{"text":"shareholding","start":5107.89,"end":5108.61},{"text":"and","start":5108.61,"end":5108.81},{"text":"strengthening","start":5108.81,"end":5109.33},{"text":"the","start":5109.33,"end":5109.41},{"text":"global","start":5109.41,"end":5109.73},{"text":"financial","start":5109.73,"end":5110.21},{"text":"safety","start":5110.21,"end":5110.53},{"text":"net.","start":5110.53,"end":5110.77}]},{"text":"MDBs need to be strengthened and their capacity to finance the SDGs enhanced.","start":5111.41,"end":5115.57,"topics":[],"words":[{"text":"MDBs","start":5111.41,"end":5112.13},{"text":"need","start":5112.13,"end":5112.37},{"text":"to","start":5112.37,"end":5112.45},{"text":"be","start":5112.45,"end":5112.57},{"text":"strengthened","start":5112.57,"end":5113.17},{"text":"and","start":5113.17,"end":5113.29},{"text":"their","start":5113.29,"end":5113.41},{"text":"capacity","start":5113.41,"end":5113.89},{"text":"to","start":5113.89,"end":5113.97},{"text":"finance","start":5113.97,"end":5114.41},{"text":"the","start":5114.41,"end":5114.49},{"text":"SDGs","start":5114.49,"end":5114.93},{"text":"enhanced.","start":5114.93,"end":5115.57}]},{"text":"The slow pace of reforming the governance of IFIs has caused significant frustration among developing countries, prompting calls for a stronger role for the United Nations in shaping the international financial architecture.","start":5116.13,"end":5131.01,"topics":[{"key":"financial-architecture-reform","label":"Reform of the International Financial Architecture","description":"Many speakers called for a broad overhaul of the global financial system so it better reflects current realities and supports sustainable development. A central point of debate was how ambitious reform should be and what role the United Nations should play alongside the IMF, World Bank, and other institutions."}],"words":[{"text":"The","start":5116.13,"end":5116.25},{"text":"slow","start":5116.25,"end":5116.45},{"text":"pace","start":5116.45,"end":5117.01},{"text":"of","start":5117.05,"end":5117.17},{"text":"reforming","start":5117.17,"end":5117.81},{"text":"the","start":5117.89,"end":5118.01},{"text":"governance","start":5118.01,"end":5118.61},{"text":"of","start":5118.65,"end":5118.77},{"text":"IFIs","start":5118.93,"end":5119.81},{"text":"has","start":5120.21,"end":5120.37},{"text":"caused","start":5120.37,"end":5120.61},{"text":"significant","start":5120.61,"end":5121.17},{"text":"frustration","start":5121.17,"end":5121.97},{"text":"among","start":5122.61,"end":5122.85},{"text":"developing","start":5122.85,"end":5123.29},{"text":"countries,","start":5123.29,"end":5123.97},{"text":"prompting","start":5124.45,"end":5124.85},{"text":"calls","start":5124.85,"end":5125.09},{"text":"for","start":5125.09,"end":5125.21},{"text":"a","start":5125.21,"end":5125.25},{"text":"stronger","start":5125.25,"end":5125.77},{"text":"role","start":5125.77,"end":5126.21},{"text":"for","start":5126.29,"end":5126.45},{"text":"the","start":5126.45,"end":5126.53},{"text":"United","start":5126.53,"end":5126.89},{"text":"Nations","start":5126.89,"end":5127.49},{"text":"in","start":5127.89,"end":5128.05},{"text":"shaping","start":5128.05,"end":5128.45},{"text":"the","start":5128.45,"end":5128.57},{"text":"international","start":5128.57,"end":5129.33},{"text":"financial","start":5129.49,"end":5130.13},{"text":"architecture.","start":5130.13,"end":5131.01}]},{"text":"With regards to para 52, I'd like to suggest some language.","start":5132.05,"end":5138.29,"topics":[],"words":[{"text":"With","start":5132.05,"end":5132.21},{"text":"regards","start":5132.21,"end":5132.57},{"text":"to","start":5132.57,"end":5133.17},{"text":"para","start":5133.17,"end":5133.81},{"text":"52,","start":5134.13,"end":5135.09},{"text":"I'd","start":5135.33,"end":5135.53},{"text":"like","start":5135.73,"end":5135.97},{"text":"to","start":5135.97,"end":5136.09},{"text":"suggest","start":5136.09,"end":5136.85},{"text":"some","start":5137.33,"end":5137.65},{"text":"language.","start":5137.65,"end":5138.29}]},{"text":"It is to the utmost important to deliver more effective, credible, accountable, and legitimate institutions capable of mainstreaming human rights environmental obligations and the SDGs in economic decision making within their mandates.","start":5140.37,"end":5156.17,"topics":[{"key":"financial-architecture-reform","label":"Reform of the International Financial Architecture","description":"Many speakers called for a broad overhaul of the global financial system so it better reflects current realities and supports sustainable development. A central point of debate was how ambitious reform should be and what role the United Nations should play alongside the IMF, World Bank, and other institutions."}],"words":[{"text":"It","start":5140.37,"end":5140.53},{"text":"is","start":5140.53,"end":5140.85},{"text":"to","start":5140.85,"end":5141.01},{"text":"the","start":5141.01,"end":5141.13},{"text":"utmost","start":5141.13,"end":5141.41},{"text":"important","start":5141.41,"end":5141.85},{"text":"to","start":5141.85,"end":5141.93},{"text":"deliver","start":5141.93,"end":5142.21},{"text":"more","start":5142.21,"end":5142.33},{"text":"effective,","start":5142.33,"end":5142.85},{"text":"credible,","start":5142.85,"end":5143.21},{"text":"accountable,","start":5143.21,"end":5143.89},{"text":"and","start":5144.61,"end":5144.97},{"text":"legitimate","start":5144.97,"end":5145.45},{"text":"institutions","start":5145.45,"end":5146.45},{"text":"capable","start":5146.77,"end":5147.45},{"text":"of","start":5147.45,"end":5147.73},{"text":"mainstreaming","start":5147.89,"end":5148.45},{"text":"human","start":5148.45,"end":5148.73},{"text":"rights","start":5148.73,"end":5149.25},{"text":"environmental","start":5149.73,"end":5150.29},{"text":"obligations","start":5150.29,"end":5150.97},{"text":"and","start":5150.97,"end":5151.09},{"text":"the","start":5151.09,"end":5151.17},{"text":"SDGs","start":5151.21,"end":5152.17},{"text":"in","start":5153.05,"end":5153.21},{"text":"economic","start":5153.21,"end":5153.61},{"text":"decision","start":5153.61,"end":5153.97},{"text":"making","start":5153.97,"end":5154.41},{"text":"within","start":5154.65,"end":5155.05},{"text":"their","start":5155.13,"end":5155.37},{"text":"mandates.","start":5155.37,"end":5156.17}]},{"text":"Further down, we in para 53, we would like to support the language on developing countries, increasing the voice of developing countries in norm setting, global economic governance and decision making.","start":5157.21,"end":5173.53,"topics":[{"key":"ifi-representation","label":"Representation and Voice in International Financial Institutions","description":"Delegations repeatedly stressed the need to increase the voice, voting power, and board representation of developing countries in the IMF, World Bank, and other IFIs. 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Speakers discussed IMF lending resources and tools, rapid-disbursement facilities, trust funds, and the possible role of regional financing arrangements."}],"words":[{"text":"On","start":5214.53,"end":5214.77},{"text":"the","start":5214.77,"end":5214.85},{"text":"global","start":5214.85,"end":5215.41},{"text":"safety","start":5216.05,"end":5216.53},{"text":"net,","start":5216.53,"end":5216.93},{"text":"we","start":5217.89,"end":5218.01},{"text":"would","start":5218.01,"end":5218.13},{"text":"like","start":5218.13,"end":5218.45},{"text":"to","start":5218.45,"end":5218.69},{"text":"suggest","start":5218.69,"end":5219.21},{"text":"the","start":5219.21,"end":5219.29},{"text":"inclusion","start":5219.29,"end":5219.93},{"text":"of","start":5219.93,"end":5220.09},{"text":"a","start":5220.09,"end":5220.13},{"text":"paragraph","start":5220.13,"end":5220.77},{"text":"in","start":5220.77,"end":5220.93},{"text":"54.","start":5220.93,"end":5221.73}]},{"text":"This would be F bis, so a new, this 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regards to the cost of borrowing and the regulation for sustainable financial system, The zero draft rightly identifies the systemic mispricing of risk in global financial systems as a critical barrier to sustainable development.","start":5259.77,"end":5276.05,"topics":[{"key":"credit-rating-reform","label":"Credit Rating Agency Reform","description":"Many speakers argued that credit rating practices can misprice risk, raise borrowing costs, and disadvantage developing countries, especially during crises. 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we encourage you to prepare, use that extra time.","start":5338.73,"end":5341.69,"topics":[],"words":[{"text":"So","start":5338.73,"end":5339.01},{"text":"we","start":5339.01,"end":5339.09},{"text":"encourage","start":5339.09,"end":5339.53},{"text":"you","start":5339.53,"end":5339.61},{"text":"to","start":5339.61,"end":5339.93},{"text":"prepare,","start":5339.93,"end":5340.41},{"text":"use","start":5340.41,"end":5340.57},{"text":"that","start":5340.57,"end":5340.89},{"text":"extra","start":5340.97,"end":5341.29},{"text":"time.","start":5341.29,"end":5341.69}]},{"text":"And our estimation is that in the morning, we'll cover 58 to 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that's it, back to our list.","start":5363.13,"end":5365.45,"topics":[],"words":[{"text":"So","start":5363.13,"end":5363.69},{"text":"that's","start":5363.69,"end":5364.09},{"text":"it,","start":5364.09,"end":5364.41},{"text":"back","start":5364.41,"end":5364.65},{"text":"to","start":5364.65,"end":5364.81},{"text":"our","start":5364.81,"end":5364.89},{"text":"list.","start":5364.89,"end":5365.45}]},{"text":"We have Bangladesh and then Vanuatu.","start":5365.93,"end":5367.97,"topics":[],"words":[{"text":"We","start":5365.93,"end":5366.09},{"text":"have","start":5366.09,"end":5366.41},{"text":"Bangladesh","start":5366.41,"end":5367.05},{"text":"and","start":5367.09,"end":5367.21},{"text":"then","start":5367.21,"end":5367.45},{"text":"Vanuatu.","start":5367.45,"end":5367.97}]},{"text":"Bangladesh, you have the 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this void is not going to be addressed properly.","start":5545.93,"end":5549.37,"topics":[],"words":[{"text":"Otherwise,","start":5545.93,"end":5546.33},{"text":"this","start":5546.33,"end":5546.49},{"text":"void","start":5546.49,"end":5546.97},{"text":"is","start":5546.97,"end":5547.21},{"text":"not","start":5547.21,"end":5547.37},{"text":"going","start":5547.37,"end":5547.61},{"text":"to","start":5547.61,"end":5547.69},{"text":"be","start":5547.69,"end":5547.93},{"text":"addressed","start":5548.25,"end":5548.81},{"text":"properly.","start":5548.81,"end":5549.37}]},{"text":"In 56, we would kindly request the reference to this particular last line of the SHAPO paragraph, incorporation of environmental sustainability that continues up to the point can generate both stability and sustainability.","start":5550.01,"end":5565.21,"topics":[{"key":"banking-regulation","label":"Banking and Prudential Regulation","description":"Delegations discussed how global banking rules, including Basel III 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Proposals included stronger regulation, improved transparency, high-level dialogue, new methodologies that account for vulnerability, and even public or UN-linked alternatives."}],"words":[{"text":"The","start":5589.09,"end":5589.25},{"text":"point","start":5589.25,"end":5589.73},{"text":"here","start":5590.13,"end":5590.53},{"text":"that","start":5590.53,"end":5590.77},{"text":"we","start":5590.77,"end":5590.93},{"text":"want","start":5590.93,"end":5591.21},{"text":"to","start":5591.21,"end":5591.29},{"text":"suggest","start":5591.33,"end":5591.85},{"text":"too","start":5591.85,"end":5592.13},{"text":"is","start":5592.45,"end":5592.77},{"text":"how","start":5592.85,"end":5593.25},{"text":"is","start":5593.33,"end":5593.61},{"text":"this","start":5593.61,"end":5593.89},{"text":"financial","start":5593.89,"end":5594.49},{"text":"regulation","start":5594.49,"end":5594.93},{"text":"going","start":5594.93,"end":5595.25},{"text":"to","start":5595.25,"end":5595.37},{"text":"affect","start":5595.37,"end":5595.81},{"text":"the","start":5595.89,"end":5596.05},{"text":"credit","start":5596.05,"end":5596.77},{"text":"worthiness,","start":5596.77,"end":5597.57},{"text":"if","start":5597.57,"end":5597.73},{"text":"at","start":5597.73,"end":5597.89},{"text":"all?","start":5597.89,"end":5598.13}]},{"text":"are we going to suggest that the climate stress taking, stress testing is going to make climate vulnerable countries less creditworthy, introducing a vicious cycle?","start":5598.85,"end":5609.69,"topics":[{"key":"credit-rating-reform","label":"Credit Rating Agency Reform","description":"Many speakers argued that credit rating practices can misprice risk, raise borrowing costs, and disadvantage developing countries, especially during crises. 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Delegations called for multidimensional vulnerability to be reflected in access to finance, concessionality, safety nets, and risk 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thank the representative from Bangladesh.","start":5614.09,"end":5616.57,"topics":[],"words":[{"text":"I","start":5614.09,"end":5614.17},{"text":"thank","start":5614.17,"end":5614.53},{"text":"the","start":5614.73,"end":5614.81},{"text":"representative","start":5614.89,"end":5615.85},{"text":"from","start":5615.85,"end":5616.09},{"text":"Bangladesh.","start":5616.09,"end":5616.57}]},{"text":"I now give the floor to the representative of Vanuatu, who will be followed by the representative from FAO.","start":5617.29,"end":5622.41,"topics":[],"words":[{"text":"I","start":5617.29,"end":5617.37},{"text":"now","start":5617.37,"end":5617.53},{"text":"give","start":5617.53,"end":5617.73},{"text":"the","start":5617.73,"end":5617.85},{"text":"floor","start":5617.85,"end":5618.09},{"text":"to","start":5618.09,"end":5618.21},{"text":"the","start":5618.21,"end":5618.29},{"text":"representative","start":5618.29,"end":5618.97},{"text":"of","start":5618.97,"end":5619.33},{"text":"Vanuatu,","start":5619.33,"end":5619.93},{"text":"who","start":5619.93,"end":5620.01},{"text":"will","start":5620.01,"end":5620.17},{"text":"be","start":5620.17,"end":5620.25},{"text":"followed","start":5620.25,"end":5620.57},{"text":"by","start":5620.57,"end":5620.73},{"text":"the","start":5620.73,"end":5620.85},{"text":"representative","start":5620.85,"end":5621.53},{"text":"from","start":5621.53,"end":5621.77},{"text":"FAO.","start":5621.85,"end":5622.41}]},{"text":"Vanuatu, the floor is yours.","start":5623.13,"end":5624.57,"topics":[],"words":[{"text":"Vanuatu,","start":5623.13,"end":5623.69},{"text":"the","start":5623.85,"end":5623.93},{"text":"floor","start":5624.01,"end":5624.21},{"text":"is","start":5624.21,"end":5624.29},{"text":"yours.","start":5624.29,"end":5624.57}]}]}],"speaker":{"name":null,"affiliation":null,"affiliation_full":null,"group":null,"function":"Chair"}},{"statement_number":59,"start":5627.89,"pageUrl":"/es/asset/k1r/k1rs9t279x?lang=en&t=5628","paragraphs":[{"sentences":[{"text":"Thank you, Ambassador.","start":5627.89,"end":5629.53,"topics":[],"words":[{"text":"Thank","start":5627.89,"end":5628.21},{"text":"you,","start":5628.21,"end":5628.45},{"text":"Ambassador.","start":5628.57,"end":5629.53}]},{"text":"I make this brief statement on behalf of our national capacity and we wish to align with comments previously made by Palau on behalf of 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is more in relation to paragraph 54, which refers to the role of the IMF in supporting countries to respond to crisis.","start":5644.53,"end":5656.69,"topics":[{"key":"global-safety-net","label":"Global Financial Safety Net","description":"A major topic was how to strengthen the global financial safety net so countries can respond more effectively to crises and external shocks. Speakers discussed IMF lending resources and tools, rapid-disbursement facilities, trust funds, and the possible role of regional financing arrangements."}],"words":[{"text":"This","start":5644.53,"end":5644.77},{"text":"is","start":5644.77,"end":5644.93},{"text":"more","start":5644.93,"end":5645.49},{"text":"in","start":5646.29,"end":5646.45},{"text":"relation","start":5646.45,"end":5646.93},{"text":"to","start":5646.93,"end":5647.25},{"text":"paragraph","start":5647.25,"end":5648.05},{"text":"54,","start":5648.29,"end":5648.93},{"text":"which","start":5648.93,"end":5649.25},{"text":"refers","start":5649.65,"end":5650.29},{"text":"to","start":5650.29,"end":5650.45},{"text":"the","start":5650.45,"end":5650.57},{"text":"role","start":5650.57,"end":5651.09},{"text":"of","start":5651.73,"end":5651.89},{"text":"the","start":5651.89,"end":5652.01},{"text":"IMF","start":5652.21,"end":5652.93},{"text":"in","start":5653.21,"end":5653.33},{"text":"supporting","start":5653.57,"end":5654.13},{"text":"countries","start":5654.13,"end":5654.61},{"text":"to","start":5654.61,"end":5654.73},{"text":"respond","start":5654.73,"end":5655.41},{"text":"to","start":5655.41,"end":5655.61},{"text":"crisis.","start":5655.81,"end":5656.69}]},{"text":"IMF allocation mechanisms depend on country size and so do not suit the SIDS well.","start":5657.65,"end":5665.33,"topics":[{"key":"multidimensional-vulnerability","label":"Multidimensional Vulnerability","description":"A recurring concern was that financing rules still rely too heavily on income or quota-based indicators and do not capture the real exposure of SIDS, LDCs, and other vulnerable countries. 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such, we encourage the addition of a new point under paragraph 54 with the following phrasing or 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This included proposals on quota realignment, basic votes, additional seats for Africa and SIDS, and more balanced geographic and gender representation."}],"words":[{"text":"The","start":5864.77,"end":5864.97},{"text":"language","start":5864.97,"end":5865.41},{"text":"in","start":5865.41,"end":5865.57},{"text":"this","start":5865.57,"end":5865.77},{"text":"section","start":5865.77,"end":5866.21},{"text":"incorrectly","start":5866.37,"end":5866.97},{"text":"present","start":5866.97,"end":5867.45},{"text":"the","start":5867.45,"end":5867.53},{"text":"mandate","start":5867.53,"end":5867.97},{"text":"and","start":5867.97,"end":5868.17},{"text":"governance","start":5868.17,"end":5868.61},{"text":"structure","start":5868.61,"end":5869.09},{"text":"of","start":5869.09,"end":5869.25},{"text":"IFIs","start":5869.37,"end":5869.89},{"text":"as","start":5870.13,"end":5870.37},{"text":"complete","start":5870.37,"end":5870.81},{"text":"independent","start":5870.81,"end":5871.53},{"text":"from","start":5871.73,"end":5872.05},{"text":"agreement","start":5872.05,"end":5872.53},{"text":"made","start":5872.53,"end":5872.85},{"text":"within","start":5872.85,"end":5873.09},{"text":"the","start":5873.09,"end":5873.17},{"text":"UN","start":5873.17,"end":5873.37},{"text":"process.","start":5873.37,"end":5874.53}]},{"text":"This is a clear distortion made in the interest of some of the world's richest countries maintaining their disproportionate power of international financial decision-making.","start":5874.85,"end":5884.45,"topics":[{"key":"ifi-representation","label":"Representation and Voice in International Financial Institutions","description":"Delegations repeatedly stressed the need to increase the voice, voting power, and board representation of developing countries in the IMF, World Bank, and other IFIs. This included proposals on quota realignment, basic votes, additional seats for Africa and SIDS, and more balanced geographic and gender representation."}],"words":[{"text":"This","start":5874.85,"end":5875.01},{"text":"is","start":5875.01,"end":5875.13},{"text":"a","start":5875.13,"end":5875.17},{"text":"clear","start":5875.17,"end":5875.41},{"text":"distortion","start":5875.41,"end":5876.05},{"text":"made","start":5876.05,"end":5876.29},{"text":"in","start":5876.29,"end":5876.49},{"text":"the","start":5876.49,"end":5876.57},{"text":"interest","start":5876.57,"end":5877.09},{"text":"of","start":5877.09,"end":5877.25},{"text":"some","start":5877.25,"end":5877.49},{"text":"of","start":5877.49,"end":5877.57},{"text":"the","start":5877.57,"end":5877.69},{"text":"world's","start":5877.69,"end":5878.05},{"text":"richest","start":5878.05,"end":5878.41},{"text":"countries","start":5878.41,"end":5878.93},{"text":"maintaining","start":5879.01,"end":5879.57},{"text":"their","start":5879.57,"end":5879.73},{"text":"disproportionate","start":5879.73,"end":5881.01},{"text":"power","start":5881.01,"end":5881.49},{"text":"of","start":5881.57,"end":5881.73},{"text":"international","start":5881.73,"end":5882.93},{"text":"financial","start":5882.93,"end":5883.49},{"text":"decision-making.","start":5883.65,"end":5884.45}]},{"text":"We recommend the deletion of reference to independence mandate and governing bodies of IFIs throughout the zero draft.","start":5884.85,"end":5891.57,"topics":[{"key":"ifi-representation","label":"Representation and Voice in International Financial Institutions","description":"Delegations repeatedly stressed the need to increase the voice, voting power, and board representation of developing countries in the IMF, World Bank, and other IFIs. 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Proposals included stronger regulation, improved transparency, high-level dialogue, new methodologies that account for vulnerability, and even public or UN-linked alternatives."}],"words":[{"text":"This","start":6058.69,"end":6058.85},{"text":"is","start":6058.85,"end":6058.93},{"text":"regarding","start":6058.93,"end":6059.33},{"text":"paragraph","start":6059.33,"end":6060.01},{"text":"55","start":6060.01,"end":6060.57},{"text":"on","start":6060.57,"end":6060.69},{"text":"credit","start":6060.69,"end":6061.01},{"text":"rating","start":6061.01,"end":6061.33},{"text":"agencies.","start":6061.33,"end":6061.97}]},{"text":"As several member states have mentioned already, credit rating agencies are marked by concerns of methodology, objectivity and transparency among others.","start":6062.45,"end":6070.85,"topics":[{"key":"credit-rating-reform","label":"Credit Rating Agency Reform","description":"Many speakers argued that credit rating practices can misprice risk, raise borrowing costs, and disadvantage developing countries, especially during crises. 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Proposals included stronger regulation, improved transparency, high-level dialogue, new methodologies that account for vulnerability, and even public or UN-linked alternatives."}],"words":[{"text":"During","start":6092.25,"end":6092.65},{"text":"economic","start":6092.65,"end":6093.13},{"text":"downturns,","start":6093.13,"end":6093.93},{"text":"global","start":6094.09,"end":6094.49},{"text":"shocks,","start":6094.49,"end":6094.97},{"text":"and","start":6094.97,"end":6095.17},{"text":"climate","start":6095.17,"end":6095.53},{"text":"disasters,","start":6095.53,"end":6096.33},{"text":"sovereign","start":6096.57,"end":6097.05},{"text":"ratings","start":6097.05,"end":6097.45},{"text":"are","start":6097.45,"end":6097.53},{"text":"downgraded","start":6097.53,"end":6098.41},{"text":"at","start":6098.41,"end":6098.53},{"text":"the","start":6098.53,"end":6098.65},{"text":"very","start":6098.65,"end":6098.97},{"text":"moment","start":6098.97,"end":6099.41},{"text":"when","start":6099.41,"end":6099.61},{"text":"countries","start":6099.61,"end":6100.09},{"text":"require","start":6100.09,"end":6100.57},{"text":"liquidity","start":6100.57,"end":6101.29},{"text":"through","start":6101.61,"end":6101.85},{"text":"affordable","start":6101.85,"end":6102.57},{"text":"and","start":6102.57,"end":6102.73},{"text":"predictable","start":6102.73,"end":6103.37},{"text":"market","start":6103.37,"end":6103.77},{"text":"access","start":6103.77,"end":6104.33},{"text":"to","start":6104.33,"end":6104.45},{"text":"respond","start":6104.45,"end":6104.97},{"text":"to","start":6104.97,"end":6105.05},{"text":"urgent","start":6105.05,"end":6105.57},{"text":"economic","start":6105.57,"end":6106.09},{"text":"health","start":6106.09,"end":6106.41},{"text":"and","start":6106.41,"end":6106.57},{"text":"climate","start":6106.57,"end":6106.89},{"text":"disaster","start":6106.89,"end":6107.61},{"text":"response","start":6107.85,"end":6108.57},{"text":"needs.","start":6108.57,"end":6109.05}]},{"text":"When a sovereign is downgraded by rating agencies, it faces a cascade adversities, such as higher borrowing costs, decreased market access, potentially triggering a wave of sell-offs and capital outflows, leading to currency depreciations and higher debt servicing, reduced foreign exchange reserve buffers, higher import bills, often stoking cost of living crises as the real value of wages plummet.","start":6109.33,"end":6133.85,"topics":[{"key":"credit-rating-reform","label":"Credit Rating Agency Reform","description":"Many speakers argued that credit rating practices can misprice risk, raise borrowing costs, and disadvantage developing countries, especially during crises. Proposals included stronger regulation, improved transparency, high-level dialogue, new methodologies that account for vulnerability, and even public or UN-linked alternatives."}],"words":[{"text":"When","start":6109.33,"end":6109.65},{"text":"a","start":6109.65,"end":6109.69},{"text":"sovereign","start":6109.69,"end":6110.05},{"text":"is","start":6110.05,"end":6110.17},{"text":"downgraded","start":6110.17,"end":6110.81},{"text":"by","start":6110.81,"end":6110.97},{"text":"rating","start":6110.97,"end":6111.37},{"text":"agencies,","start":6111.37,"end":6112.09},{"text":"it","start":6112.33,"end":6112.57},{"text":"faces","start":6112.57,"end":6112.93},{"text":"a","start":6112.93,"end":6112.97},{"text":"cascade","start":6112.97,"end":6113.85},{"text":"adversities,","start":6113.97,"end":6114.65},{"text":"such","start":6114.89,"end":6115.17},{"text":"as","start":6115.17,"end":6115.29},{"text":"higher","start":6115.29,"end":6115.61},{"text":"borrowing","start":6115.61,"end":6116.01},{"text":"costs,","start":6116.01,"end":6116.41},{"text":"decreased","start":6116.41,"end":6116.81},{"text":"market","start":6116.81,"end":6117.13},{"text":"access,","start":6117.13,"end":6117.69},{"text":"potentially","start":6118.13,"end":6118.81},{"text":"triggering","start":6118.81,"end":6119.29},{"text":"a","start":6119.29,"end":6119.37},{"text":"wave","start":6119.37,"end":6119.69},{"text":"of","start":6119.69,"end":6119.77},{"text":"sell-offs","start":6119.77,"end":6120.41},{"text":"and","start":6120.41,"end":6120.57},{"text":"capital","start":6120.57,"end":6120.97},{"text":"outflows,","start":6120.97,"end":6121.61},{"text":"leading","start":6121.77,"end":6122.09},{"text":"to","start":6122.09,"end":6122.17},{"text":"currency","start":6122.17,"end":6122.57},{"text":"depreciations","start":6122.57,"end":6123.53},{"text":"and","start":6123.53,"end":6123.65},{"text":"higher","start":6123.65,"end":6123.93},{"text":"debt","start":6123.93,"end":6124.17},{"text":"servicing,","start":6124.17,"end":6124.81},{"text":"reduced","start":6125.05,"end":6125.53},{"text":"foreign","start":6125.53,"end":6125.73},{"text":"exchange","start":6125.73,"end":6126.13},{"text":"reserve","start":6126.13,"end":6126.49},{"text":"buffers,","start":6126.49,"end":6127.05},{"text":"higher","start":6127.05,"end":6127.37},{"text":"import","start":6127.37,"end":6127.77},{"text":"bills,","start":6127.77,"end":6128.25},{"text":"often","start":6128.57,"end":6129.05},{"text":"stoking","start":6129.05,"end":6129.69},{"text":"cost","start":6129.69,"end":6130.09},{"text":"of","start":6130.09,"end":6130.17},{"text":"living","start":6130.17,"end":6130.49},{"text":"crises","start":6130.49,"end":6131.21},{"text":"as","start":6131.37,"end":6131.61},{"text":"the","start":6131.61,"end":6131.69},{"text":"real","start":6131.69,"end":6132.01},{"text":"value","start":6132.01,"end":6132.57},{"text":"of","start":6132.57,"end":6132.81},{"text":"wages","start":6132.81,"end":6133.37},{"text":"plummet.","start":6133.37,"end":6133.85}]},{"text":"Third, policy measures with an austerity bias are viewed by rating agencies as credit positive.","start":6134.33,"end":6140.73,"topics":[{"key":"credit-rating-reform","label":"Credit Rating Agency Reform","description":"Many speakers argued that credit rating practices can misprice risk, raise borrowing costs, and disadvantage developing countries, especially during crises. Proposals included stronger regulation, improved transparency, high-level dialogue, new methodologies that account for vulnerability, and even public or UN-linked alternatives."}],"words":[{"text":"Third,","start":6134.33,"end":6134.81},{"text":"policy","start":6134.81,"end":6135.21},{"text":"measures","start":6135.21,"end":6135.69},{"text":"with","start":6135.69,"end":6135.93},{"text":"an","start":6135.93,"end":6136.17},{"text":"austerity","start":6136.41,"end":6137.21},{"text":"bias","start":6137.21,"end":6137.77},{"text":"are","start":6138.09,"end":6138.25},{"text":"viewed","start":6138.25,"end":6138.57},{"text":"by","start":6138.57,"end":6138.69},{"text":"rating","start":6138.69,"end":6139.05},{"text":"agencies","start":6139.05,"end":6139.69},{"text":"as","start":6139.69,"end":6139.77},{"text":"credit","start":6139.77,"end":6140.09},{"text":"positive.","start":6140.09,"end":6140.73}]},{"text":"while spending measures to facilitate economic and social recovery from crises are often assessed as credit negative.","start":6141.37,"end":6149.09,"topics":[{"key":"credit-rating-reform","label":"Credit Rating Agency Reform","description":"Many speakers argued that credit rating practices can misprice risk, raise borrowing costs, and disadvantage developing countries, especially during crises. Proposals included stronger regulation, improved transparency, high-level dialogue, new methodologies that account for vulnerability, and even public or UN-linked alternatives."}],"words":[{"text":"while","start":6141.37,"end":6141.73},{"text":"spending","start":6141.73,"end":6142.37},{"text":"measures","start":6142.37,"end":6142.77},{"text":"to","start":6142.77,"end":6142.85},{"text":"facilitate","start":6142.85,"end":6143.57},{"text":"economic","start":6143.57,"end":6144.17},{"text":"and","start":6144.17,"end":6144.29},{"text":"social","start":6144.29,"end":6144.69},{"text":"recovery","start":6144.69,"end":6145.25},{"text":"from","start":6145.25,"end":6145.45},{"text":"crises","start":6145.45,"end":6146.05},{"text":"are","start":6146.37,"end":6146.61},{"text":"often","start":6146.61,"end":6146.85},{"text":"assessed","start":6146.85,"end":6147.41},{"text":"as","start":6147.65,"end":6147.97},{"text":"credit","start":6147.97,"end":6148.45},{"text":"negative.","start":6148.45,"end":6149.09}]},{"text":"In turn, a cyclical dynamic is created that scholars of rating agencies call the downgrade austerity vicious circle.","start":6149.41,"end":6158.29,"topics":[{"key":"credit-rating-reform","label":"Credit Rating Agency Reform","description":"Many speakers argued that credit rating practices can misprice risk, raise borrowing costs, and disadvantage developing countries, especially during crises. Proposals included stronger regulation, improved transparency, high-level dialogue, new methodologies that account for vulnerability, and even public or UN-linked alternatives."}],"words":[{"text":"In","start":6149.41,"end":6149.65},{"text":"turn,","start":6149.65,"end":6150.09},{"text":"a","start":6150.09,"end":6150.13},{"text":"cyclical","start":6150.13,"end":6150.77},{"text":"dynamic","start":6150.77,"end":6151.33},{"text":"is","start":6151.33,"end":6151.49},{"text":"created","start":6151.49,"end":6152.05},{"text":"that","start":6152.29,"end":6152.53},{"text":"scholars","start":6152.53,"end":6153.17},{"text":"of","start":6153.17,"end":6153.25},{"text":"rating","start":6153.25,"end":6153.65},{"text":"agencies","start":6153.65,"end":6154.29},{"text":"call","start":6154.29,"end":6154.77},{"text":"the","start":6155.01,"end":6155.17},{"text":"downgrade","start":6155.17,"end":6155.97},{"text":"austerity","start":6155.97,"end":6156.85},{"text":"vicious","start":6156.85,"end":6157.69},{"text":"circle.","start":6157.69,"end":6158.29}]},{"text":"Gender inequalities are deepened as women disproportionately shoulder economic contractions and higher debt burdens triggered by downgrades, climate and ecological sustainability is threatened, when nations face higher interest rates at the very time of disasters and urgent financing needs.","start":6158.61,"end":6177.57,"topics":[{"key":"credit-rating-reform","label":"Credit Rating Agency Reform","description":"Many speakers argued that credit rating practices can misprice risk, raise borrowing costs, and disadvantage developing countries, especially during crises. Proposals included stronger regulation, improved transparency, high-level dialogue, new methodologies that account for vulnerability, and even public or UN-linked alternatives."},{"key":"multidimensional-vulnerability","label":"Multidimensional Vulnerability","description":"A recurring concern was that financing rules still rely too heavily on income or quota-based indicators and do not capture the real exposure of SIDS, LDCs, and other vulnerable countries. Delegations called for multidimensional vulnerability to be reflected in access to finance, concessionality, safety nets, and risk assessment."}],"words":[{"text":"Gender","start":6158.61,"end":6159.09},{"text":"inequalities","start":6159.09,"end":6160.09},{"text":"are","start":6160.09,"end":6160.21},{"text":"deepened","start":6160.21,"end":6160.85},{"text":"as","start":6161.01,"end":6161.25},{"text":"women","start":6161.25,"end":6161.49},{"text":"disproportionately","start":6161.49,"end":6162.37},{"text":"shoulder","start":6162.37,"end":6162.85},{"text":"economic","start":6162.85,"end":6163.33},{"text":"contractions","start":6163.33,"end":6164.05},{"text":"and","start":6164.29,"end":6164.49},{"text":"higher","start":6164.49,"end":6164.89},{"text":"debt","start":6164.89,"end":6165.17},{"text":"burdens","start":6165.17,"end":6165.81},{"text":"triggered","start":6165.97,"end":6166.41},{"text":"by","start":6166.41,"end":6166.61},{"text":"downgrades,","start":6166.61,"end":6167.41},{"text":"climate","start":6167.65,"end":6168.21},{"text":"and","start":6168.21,"end":6168.41},{"text":"ecological","start":6168.41,"end":6169.09},{"text":"sustainability","start":6169.09,"end":6170.13},{"text":"is","start":6170.29,"end":6170.53},{"text":"threatened,","start":6170.53,"end":6171.17},{"text":"when","start":6171.37,"end":6171.69},{"text":"nations","start":6171.69,"end":6172.13},{"text":"face","start":6172.13,"end":6172.37},{"text":"higher","start":6172.37,"end":6172.77},{"text":"interest","start":6172.77,"end":6173.25},{"text":"rates","start":6173.25,"end":6173.57},{"text":"at","start":6173.57,"end":6173.73},{"text":"the","start":6173.73,"end":6173.81},{"text":"very","start":6173.81,"end":6174.21},{"text":"time","start":6174.21,"end":6174.69},{"text":"of","start":6174.93,"end":6175.17},{"text":"disasters","start":6175.17,"end":6176.05},{"text":"and","start":6176.05,"end":6176.29},{"text":"urgent","start":6176.29,"end":6176.61},{"text":"financing","start":6176.61,"end":6177.13},{"text":"needs.","start":6177.13,"end":6177.57}]},{"text":"Based on this above rationale, in paragraph 55, we request the replacement of clause A and B with the following text.","start":6177.89,"end":6187.01,"topics":[],"words":[{"text":"Based","start":6177.89,"end":6178.29},{"text":"on","start":6178.29,"end":6178.45},{"text":"this","start":6178.45,"end":6178.69},{"text":"above","start":6178.69,"end":6179.01},{"text":"rationale,","start":6179.01,"end":6179.81},{"text":"in","start":6180.05,"end":6180.29},{"text":"paragraph","start":6180.29,"end":6180.97},{"text":"55,","start":6180.97,"end":6181.73},{"text":"we","start":6181.97,"end":6182.29},{"text":"request","start":6182.29,"end":6182.81},{"text":"the","start":6182.81,"end":6182.89},{"text":"replacement","start":6182.89,"end":6183.81},{"text":"of","start":6184.13,"end":6184.37},{"text":"clause","start":6184.37,"end":6184.85},{"text":"A","start":6185.25,"end":6185.29},{"text":"and","start":6185.29,"end":6185.45},{"text":"B","start":6185.45,"end":6185.69},{"text":"with","start":6185.69,"end":6185.85},{"text":"the","start":6185.85,"end":6185.97},{"text":"following","start":6185.97,"end":6186.53},{"text":"text.","start":6186.53,"end":6187.01}]},{"text":"We resolve to establish an intergovernmental commission Under ECOSOC to regulate credit rating agencies, including ESG rating bureaus, the commission will aim to establish a regulatory framework that can address current dysfunctions from a developing country perspective in terms of bias and pro-cyclicality of ratings, as well as tackle market concentration and conflicts of interest.","start":6187.25,"end":6211.73,"topics":[{"key":"credit-rating-reform","label":"Credit Rating Agency Reform","description":"Many speakers argued that credit rating practices can misprice risk, raise borrowing costs, and disadvantage developing countries, especially during crises. 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Proposals included stronger regulation, improved transparency, high-level dialogue, new methodologies that account for vulnerability, and even public or UN-linked alternatives."}],"words":[{"text":"A","start":6319.45,"end":6319.53},{"text":"combo","start":6319.53,"end":6319.89},{"text":"of","start":6319.89,"end":6320.01},{"text":"deregulated","start":6320.01,"end":6320.81},{"text":"cross-border","start":6320.81,"end":6321.41},{"text":"capital","start":6321.41,"end":6321.85},{"text":"flows,","start":6321.85,"end":6322.33},{"text":"international","start":6322.37,"end":6323.01},{"text":"currency","start":6323.01,"end":6323.45},{"text":"hierarchy,","start":6323.45,"end":6324.09},{"text":"and","start":6324.33,"end":6324.49},{"text":"unregulated","start":6324.49,"end":6325.21},{"text":"transnational","start":6325.21,"end":6325.97},{"text":"financial","start":6325.97,"end":6326.45},{"text":"actors,","start":6326.45,"end":6327.05},{"text":"plus","start":6327.29,"end":6327.53},{"text":"higher","start":6327.53,"end":6327.77},{"text":"borrowing","start":6327.77,"end":6328.17},{"text":"costs","start":6328.17,"end":6328.65},{"text":"under","start":6328.81,"end":6329.13},{"text":"the","start":6329.13,"end":6329.29},{"text":"continued","start":6329.29,"end":6329.85},{"text":"influence","start":6329.85,"end":6330.49},{"text":"of","start":6330.49,"end":6330.65},{"text":"bias","start":6330.65,"end":6331.13},{"text":"and","start":6331.13,"end":6331.25},{"text":"adverse","start":6331.25,"end":6331.73},{"text":"sovereign","start":6331.73,"end":6332.01},{"text":"ratings","start":6332.01,"end":6332.57},{"text":"make","start":6332.81,"end":6333.13},{"text":"for","start":6333.21,"end":6333.53},{"text":"an","start":6333.53,"end":6333.65},{"text":"uneven","start":6333.65,"end":6334.01},{"text":"playing","start":6334.01,"end":6334.33},{"text":"field","start":6334.33,"end":6334.57},{"text":"for","start":6334.57,"end":6334.69},{"text":"global","start":6334.69,"end":6335.01},{"text":"south","start":6335.01,"end":6335.25},{"text":"countries.","start":6335.25,"end":6335.93}]},{"text":"FFD4 should undertake decisive action in monetary and financial cooperation and regulation to address this.","start":6336.49,"end":6342.73,"topics":[],"words":[{"text":"FFD4","start":6336.49,"end":6337.29},{"text":"should","start":6337.29,"end":6337.45},{"text":"undertake","start":6337.45,"end":6337.97},{"text":"decisive","start":6337.97,"end":6338.57},{"text":"action","start":6338.57,"end":6339.05},{"text":"in","start":6339.05,"end":6339.21},{"text":"monetary","start":6339.21,"end":6339.69},{"text":"and","start":6339.69,"end":6339.81},{"text":"financial","start":6339.81,"end":6340.25},{"text":"cooperation","start":6340.25,"end":6341.05},{"text":"and","start":6341.21,"end":6341.41},{"text":"regulation","start":6341.41,"end":6341.93},{"text":"to","start":6341.93,"end":6342.05},{"text":"address","start":6342.05,"end":6342.33},{"text":"this.","start":6342.33,"end":6342.73}]},{"text":"Secondly, it is distressing that the systemic issue sections, one of the most innovative and critical dimensions of the Monterrey Consensus, reduces global economic governance to the Bretton Woods institutions.","start":6343.33,"end":6354.53,"topics":[{"key":"financial-architecture-reform","label":"Reform of the International Financial Architecture","description":"Many speakers called for a broad overhaul of the global financial system so it better reflects current realities and supports sustainable development. A central point of debate was how ambitious reform should be and what role the United Nations should play alongside the IMF, World Bank, and other institutions."}],"words":[{"text":"Secondly,","start":6343.33,"end":6343.89},{"text":"it","start":6343.89,"end":6344.05},{"text":"is","start":6344.05,"end":6344.17},{"text":"distressing","start":6344.17,"end":6344.93},{"text":"that","start":6345.01,"end":6345.13},{"text":"the","start":6345.13,"end":6345.25},{"text":"systemic","start":6345.25,"end":6345.73},{"text":"issue","start":6345.73,"end":6346.05},{"text":"sections,","start":6346.05,"end":6346.77},{"text":"one","start":6346.93,"end":6347.13},{"text":"of","start":6347.13,"end":6347.25},{"text":"the","start":6347.25,"end":6347.33},{"text":"most","start":6347.33,"end":6347.65},{"text":"innovative","start":6347.65,"end":6348.21},{"text":"and","start":6348.21,"end":6348.33},{"text":"critical","start":6348.33,"end":6348.73},{"text":"dimensions","start":6348.73,"end":6349.33},{"text":"of","start":6349.33,"end":6349.57},{"text":"the","start":6349.57,"end":6349.73},{"text":"Monterrey","start":6349.73,"end":6350.09},{"text":"Consensus,","start":6350.09,"end":6350.85},{"text":"reduces","start":6351.09,"end":6351.65},{"text":"global","start":6351.65,"end":6352.01},{"text":"economic","start":6352.01,"end":6352.41},{"text":"governance","start":6352.41,"end":6352.93},{"text":"to","start":6352.93,"end":6353.01},{"text":"the","start":6353.01,"end":6353.13},{"text":"Bretton","start":6353.13,"end":6353.41},{"text":"Woods","start":6353.41,"end":6353.57},{"text":"institutions.","start":6353.57,"end":6354.53}]},{"text":"States need to take the FFD process as an opportunity to reaffirm the role of the United Nations in global economic governance, ensuring coherent and democratic reforms to the international financial architecture with universal and inclusive participation at the UN that is not possible within the Bretton Woods institutions.","start":6355.17,"end":6372.29,"topics":[{"key":"financial-architecture-reform","label":"Reform of the International Financial Architecture","description":"Many speakers called for a broad overhaul of the global financial system so it better reflects current realities and supports sustainable development. A central point of debate was how ambitious reform should be and what role the United Nations should play alongside the IMF, World Bank, and other institutions."},{"key":"ifi-representation","label":"Representation and Voice in International Financial Institutions","description":"Delegations repeatedly stressed the need to increase the voice, voting power, and board representation of developing countries in the IMF, World Bank, and other IFIs. This included proposals on quota realignment, basic votes, additional seats for Africa and SIDS, and more balanced geographic and gender representation."}],"words":[{"text":"States","start":6355.17,"end":6355.57},{"text":"need","start":6355.57,"end":6355.77},{"text":"to","start":6355.77,"end":6355.93},{"text":"take","start":6355.93,"end":6356.13},{"text":"the","start":6356.13,"end":6356.21},{"text":"FFD","start":6356.21,"end":6356.69},{"text":"process","start":6356.69,"end":6357.13},{"text":"as","start":6357.13,"end":6357.25},{"text":"an","start":6357.25,"end":6357.33},{"text":"opportunity","start":6357.33,"end":6357.89},{"text":"to","start":6357.89,"end":6358.09},{"text":"reaffirm","start":6358.09,"end":6358.69},{"text":"the","start":6358.69,"end":6358.85},{"text":"role","start":6358.85,"end":6359.13},{"text":"of","start":6359.13,"end":6359.25},{"text":"the","start":6359.25,"end":6359.33},{"text":"United","start":6359.33,"end":6359.69},{"text":"Nations","start":6359.69,"end":6360.17},{"text":"in","start":6360.17,"end":6360.25},{"text":"global","start":6360.25,"end":6360.57},{"text":"economic","start":6360.57,"end":6360.93},{"text":"governance,","start":6360.93,"end":6361.57},{"text":"ensuring","start":6361.81,"end":6362.37},{"text":"coherent","start":6362.37,"end":6362.93},{"text":"and","start":6362.93,"end":6363.05},{"text":"democratic","start":6363.05,"end":6363.65},{"text":"reforms","start":6363.73,"end":6364.29},{"text":"to","start":6364.45,"end":6364.61},{"text":"the","start":6364.61,"end":6364.69},{"text":"international","start":6364.69,"end":6365.33},{"text":"financial","start":6365.33,"end":6365.73},{"text":"architecture","start":6365.73,"end":6366.45},{"text":"with","start":6366.61,"end":6366.85},{"text":"universal","start":6366.85,"end":6367.49},{"text":"and","start":6367.49,"end":6367.65},{"text":"inclusive","start":6367.65,"end":6368.21},{"text":"participation","start":6368.21,"end":6368.93},{"text":"at","start":6368.93,"end":6369.09},{"text":"the","start":6369.09,"end":6369.17},{"text":"UN","start":6369.17,"end":6369.57},{"text":"that","start":6369.73,"end":6369.89},{"text":"is","start":6369.89,"end":6370.01},{"text":"not","start":6370.01,"end":6370.21},{"text":"possible","start":6370.21,"end":6370.65},{"text":"within","start":6370.65,"end":6370.89},{"text":"the","start":6370.89,"end":6370.97},{"text":"Bretton","start":6370.97,"end":6371.21},{"text":"Woods","start":6371.21,"end":6371.41},{"text":"institutions.","start":6371.41,"end":6372.29}]},{"text":"As pointed out by Cuba, the IMF is part of the problem and lack of significant reform over frustration for developing countries as mentioned by Brazil.","start":6372.45,"end":6380.21,"topics":[{"key":"financial-architecture-reform","label":"Reform of the International Financial Architecture","description":"Many speakers called for a broad overhaul of the global financial system so it better reflects current realities and supports sustainable development. A central point of debate was how ambitious reform should be and what role the United Nations should play alongside the IMF, World Bank, and other institutions."}],"words":[{"text":"As","start":6372.45,"end":6372.57},{"text":"pointed","start":6372.61,"end":6372.93},{"text":"out","start":6372.93,"end":6373.01},{"text":"by","start":6373.01,"end":6373.17},{"text":"Cuba,","start":6373.17,"end":6373.57},{"text":"the","start":6373.57,"end":6373.69},{"text":"IMF","start":6373.73,"end":6374.05},{"text":"is","start":6374.05,"end":6374.21},{"text":"part","start":6374.21,"end":6374.45},{"text":"of","start":6374.45,"end":6374.53},{"text":"the","start":6374.53,"end":6374.61},{"text":"problem","start":6374.61,"end":6375.17},{"text":"and","start":6375.49,"end":6375.73},{"text":"lack","start":6375.73,"end":6375.93},{"text":"of","start":6375.93,"end":6376.01},{"text":"significant","start":6376.01,"end":6376.57},{"text":"reform","start":6376.57,"end":6377.09},{"text":"over","start":6377.09,"end":6377.33},{"text":"frustration","start":6377.33,"end":6378.05},{"text":"for","start":6378.05,"end":6378.21},{"text":"developing","start":6378.21,"end":6378.69},{"text":"countries","start":6378.69,"end":6379.17},{"text":"as","start":6379.17,"end":6379.25},{"text":"mentioned","start":6379.25,"end":6379.57},{"text":"by","start":6379.57,"end":6379.73},{"text":"Brazil.","start":6379.73,"end":6380.21}]},{"text":"Therefore, in this important paragraph 54, we urge for the removal with the IMF at its center.","start":6381.01,"end":6387.09,"topics":[{"key":"financial-architecture-reform","label":"Reform of the International Financial Architecture","description":"Many speakers called for a broad overhaul of the global financial system so it better reflects current realities and supports sustainable development. A central point of debate was how ambitious reform should be and what role the United Nations should play alongside the IMF, World Bank, and other institutions."}],"words":[{"text":"Therefore,","start":6381.01,"end":6381.49},{"text":"in","start":6381.49,"end":6381.57},{"text":"this","start":6381.57,"end":6381.73},{"text":"important","start":6381.73,"end":6382.17},{"text":"paragraph","start":6382.17,"end":6382.77},{"text":"54,","start":6382.93,"end":6383.73},{"text":"we","start":6383.81,"end":6384.05},{"text":"urge","start":6384.05,"end":6384.37},{"text":"for","start":6384.37,"end":6384.53},{"text":"the","start":6384.53,"end":6384.61},{"text":"removal","start":6384.61,"end":6385.33},{"text":"with","start":6385.41,"end":6385.77},{"text":"the","start":6385.77,"end":6385.85},{"text":"IMF","start":6385.89,"end":6386.29},{"text":"at","start":6386.29,"end":6386.45},{"text":"its","start":6386.45,"end":6386.69},{"text":"center.","start":6386.69,"end":6387.09}]},{"text":"So it reads, the global financial safety net, a multi-layered arrangement for responding to crises, has both gaps in its architecture and uneven coverage.","start":6387.25,"end":6395.81,"topics":[{"key":"global-safety-net","label":"Global Financial Safety Net","description":"A major topic was how to strengthen the global financial safety net so countries can respond more effectively to crises and external shocks. Speakers discussed IMF lending resources and tools, rapid-disbursement facilities, trust funds, and the possible role of regional financing arrangements."}],"words":[{"text":"So","start":6387.25,"end":6387.49},{"text":"it","start":6387.49,"end":6387.57},{"text":"reads,","start":6387.57,"end":6388.05},{"text":"the","start":6388.05,"end":6388.21},{"text":"global","start":6388.21,"end":6388.53},{"text":"financial","start":6388.53,"end":6389.05},{"text":"safety","start":6389.05,"end":6389.49},{"text":"net,","start":6389.49,"end":6389.81},{"text":"a","start":6389.97,"end":6390.05},{"text":"multi-layered","start":6390.05,"end":6390.65},{"text":"arrangement","start":6390.65,"end":6391.25},{"text":"for","start":6391.25,"end":6391.41},{"text":"responding","start":6391.41,"end":6391.97},{"text":"to","start":6391.97,"end":6392.05},{"text":"crises,","start":6392.05,"end":6392.69},{"text":"has","start":6392.85,"end":6393.01},{"text":"both","start":6393.01,"end":6393.33},{"text":"gaps","start":6393.33,"end":6393.69},{"text":"in","start":6393.69,"end":6393.81},{"text":"its","start":6393.81,"end":6393.97},{"text":"architecture","start":6393.97,"end":6394.69},{"text":"and","start":6394.69,"end":6394.85},{"text":"uneven","start":6394.85,"end":6395.21},{"text":"coverage.","start":6395.21,"end":6395.81}]},{"text":"Adding here, with very limited resources available, often at the high cost to developing countries.","start":6396.13,"end":6401.73,"topics":[{"key":"global-safety-net","label":"Global Financial Safety Net","description":"A major topic was how to strengthen the global financial safety net so countries can respond more effectively to crises and external shocks. Speakers discussed IMF lending resources and tools, rapid-disbursement facilities, trust funds, and the possible role of regional financing arrangements."}],"words":[{"text":"Adding","start":6396.13,"end":6396.45},{"text":"here,","start":6396.45,"end":6396.85},{"text":"with","start":6397.01,"end":6397.25},{"text":"very","start":6397.25,"end":6397.49},{"text":"limited","start":6397.49,"end":6397.89},{"text":"resources","start":6397.89,"end":6398.45},{"text":"available,","start":6398.45,"end":6399.17},{"text":"often","start":6399.17,"end":6399.65},{"text":"at","start":6399.65,"end":6399.81},{"text":"the","start":6399.81,"end":6399.89},{"text":"high","start":6399.89,"end":6400.05},{"text":"cost","start":6400.05,"end":6400.57},{"text":"to","start":6400.57,"end":6400.65},{"text":"developing","start":6400.65,"end":6401.13},{"text":"countries.","start":6401.13,"end":6401.73}]},{"text":"There is a lack of international reserves needed to respond to balance of payment shocks.","start":6402.29,"end":6406.53,"topics":[{"key":"global-safety-net","label":"Global Financial Safety Net","description":"A major topic was how to strengthen the global financial safety net so countries can respond more effectively to crises and external shocks. Speakers discussed IMF lending resources and tools, rapid-disbursement facilities, trust funds, and the possible role of regional financing arrangements."}],"words":[{"text":"There","start":6402.29,"end":6402.49},{"text":"is","start":6402.49,"end":6402.57},{"text":"a","start":6402.57,"end":6402.61},{"text":"lack","start":6402.61,"end":6402.85},{"text":"of","start":6402.85,"end":6402.93},{"text":"international","start":6402.93,"end":6403.57},{"text":"reserves","start":6403.57,"end":6404.13},{"text":"needed","start":6404.13,"end":6404.45},{"text":"to","start":6404.45,"end":6404.61},{"text":"respond","start":6404.61,"end":6405.09},{"text":"to","start":6405.09,"end":6405.21},{"text":"balance","start":6405.21,"end":6405.57},{"text":"of","start":6405.57,"end":6405.65},{"text":"payment","start":6405.65,"end":6406.01},{"text":"shocks.","start":6406.01,"end":6406.53}]},{"text":"In addition to expanding the global financial safety net, expand its coverage and be more reliable, it should stress here reforms to the global reserve system in order to allow countries to pursue their right to development.","start":6407.33,"end":6418.21,"topics":[{"key":"global-safety-net","label":"Global Financial Safety Net","description":"A major topic was how to strengthen the global financial safety net so countries can respond more effectively to crises and external shocks. Speakers discussed IMF lending resources and tools, rapid-disbursement facilities, trust funds, and the possible role of regional financing arrangements."}],"words":[{"text":"In","start":6407.33,"end":6407.37},{"text":"addition","start":6407.37,"end":6407.69},{"text":"to","start":6407.69,"end":6407.77},{"text":"expanding","start":6407.77,"end":6408.33},{"text":"the","start":6408.33,"end":6408.41},{"text":"global","start":6408.41,"end":6408.77},{"text":"financial","start":6408.77,"end":6409.17},{"text":"safety","start":6409.17,"end":6409.57},{"text":"net,","start":6409.57,"end":6409.97},{"text":"expand","start":6409.97,"end":6410.41},{"text":"its","start":6410.41,"end":6410.53},{"text":"coverage","start":6410.53,"end":6410.93},{"text":"and","start":6410.93,"end":6411.05},{"text":"be","start":6411.05,"end":6411.17},{"text":"more","start":6411.17,"end":6411.37},{"text":"reliable,","start":6411.37,"end":6412.05},{"text":"it","start":6412.21,"end":6412.45},{"text":"should","start":6412.45,"end":6412.57},{"text":"stress","start":6412.57,"end":6412.93},{"text":"here","start":6412.93,"end":6413.41},{"text":"reforms","start":6413.61,"end":6414.05},{"text":"to","start":6414.05,"end":6414.13},{"text":"the","start":6414.13,"end":6414.25},{"text":"global","start":6414.25,"end":6414.61},{"text":"reserve","start":6414.61,"end":6414.93},{"text":"system","start":6414.93,"end":6415.49},{"text":"in","start":6415.49,"end":6415.65},{"text":"order","start":6415.65,"end":6415.89},{"text":"to","start":6415.89,"end":6416.01},{"text":"allow","start":6416.01,"end":6416.21},{"text":"countries","start":6416.21,"end":6416.69},{"text":"to","start":6416.69,"end":6416.77},{"text":"pursue","start":6416.77,"end":6417.09},{"text":"their","start":6417.09,"end":6417.29},{"text":"right","start":6417.29,"end":6417.53},{"text":"to","start":6417.53,"end":6417.61},{"text":"development.","start":6417.61,"end":6418.21}]},{"text":"Thirdly, to acknowledgement of the key role of special drawing rights through the 2021 issuance is important.","start":6419.09,"end":6424.29,"topics":[{"key":"sdr-rechanneling","label":"Special Drawing Rights","description":"Special Drawing Rights were discussed as a tool for easing liquidity constraints and supporting development finance. Delegations debated rechanneling unused SDRs to developing countries, possible new allocations, and whether SDR use should be expanded for SDGs, climate action, and crisis response."}],"words":[{"text":"Thirdly,","start":6419.09,"end":6419.49},{"text":"to","start":6419.57,"end":6419.73},{"text":"acknowledgement","start":6419.73,"end":6420.45},{"text":"of","start":6420.45,"end":6420.57},{"text":"the","start":6420.57,"end":6420.65},{"text":"key","start":6420.65,"end":6420.85},{"text":"role","start":6420.85,"end":6421.09},{"text":"of","start":6421.09,"end":6421.17},{"text":"special","start":6421.17,"end":6421.57},{"text":"drawing","start":6421.57,"end":6421.81},{"text":"rights","start":6421.81,"end":6422.17},{"text":"through","start":6422.17,"end":6422.33},{"text":"the","start":6422.33,"end":6422.41},{"text":"2021","start":6422.41,"end":6423.17},{"text":"issuance","start":6423.17,"end":6423.57},{"text":"is","start":6423.57,"end":6423.69},{"text":"important.","start":6423.69,"end":6424.29}]},{"text":"It is key in paragraph D to add that rechanneling should be without generating more debt and without conditionalities in alignment with the characteristics of SDRs as a global reserve asset.","start":6424.61,"end":6436.29,"topics":[{"key":"sdr-rechanneling","label":"Special Drawing Rights","description":"Special Drawing Rights were discussed as a tool for easing liquidity constraints and supporting development finance. Delegations debated rechanneling unused SDRs to developing countries, possible new allocations, and whether SDR use should be expanded for SDGs, climate action, and crisis response."}],"words":[{"text":"It","start":6424.61,"end":6424.77},{"text":"is","start":6424.77,"end":6424.93},{"text":"key","start":6424.93,"end":6425.21},{"text":"in","start":6425.21,"end":6425.33},{"text":"paragraph","start":6425.33,"end":6425.81},{"text":"D","start":6425.81,"end":6426.29},{"text":"to","start":6426.37,"end":6426.53},{"text":"add","start":6426.53,"end":6426.77},{"text":"that","start":6426.77,"end":6426.93},{"text":"rechanneling","start":6426.93,"end":6427.73},{"text":"should","start":6427.73,"end":6427.97},{"text":"be","start":6427.97,"end":6428.29},{"text":"without","start":6428.45,"end":6428.93},{"text":"generating","start":6428.93,"end":6429.45},{"text":"more","start":6429.45,"end":6429.65},{"text":"debt","start":6429.65,"end":6429.97},{"text":"and","start":6429.97,"end":6430.09},{"text":"without","start":6430.09,"end":6430.45},{"text":"conditionalities","start":6430.45,"end":6431.41},{"text":"in","start":6431.65,"end":6431.85},{"text":"alignment","start":6431.85,"end":6432.25},{"text":"with","start":6432.25,"end":6432.41},{"text":"the","start":6432.41,"end":6432.49},{"text":"characteristics","start":6432.49,"end":6433.33},{"text":"of","start":6433.33,"end":6433.57},{"text":"SDRs","start":6433.81,"end":6434.69},{"text":"as","start":6434.69,"end":6434.77},{"text":"a","start":6434.77,"end":6434.93},{"text":"global","start":6434.93,"end":6435.29},{"text":"reserve","start":6435.29,"end":6435.73},{"text":"asset.","start":6435.73,"end":6436.29}]},{"text":"As well as removing reference to decision making about SDRs through the IMF executive board, which is not representative of global south countries and perpetuates the interest of a small group of countries, an issuance should be decoupled from the IMF quota system, which creates very skewed distribution as seen in 2021.","start":6436.89,"end":6455.57,"topics":[{"key":"sdr-rechanneling","label":"Special Drawing Rights","description":"Special Drawing Rights were discussed as a tool for easing liquidity constraints and supporting development finance. Delegations debated rechanneling unused SDRs to developing countries, possible new allocations, and whether SDR use should be expanded for SDGs, climate action, and crisis response."},{"key":"ifi-representation","label":"Representation and Voice in International Financial Institutions","description":"Delegations repeatedly stressed the need to increase the voice, voting power, and board representation of developing countries in the IMF, World Bank, and other IFIs. This included proposals on quota realignment, basic votes, additional seats for Africa and SIDS, and more balanced geographic and gender representation."}],"words":[{"text":"As","start":6436.89,"end":6437.01},{"text":"well","start":6437.01,"end":6437.13},{"text":"as","start":6437.13,"end":6437.25},{"text":"removing","start":6437.25,"end":6437.65},{"text":"reference","start":6437.65,"end":6438.21},{"text":"to","start":6438.21,"end":6438.33},{"text":"decision","start":6438.33,"end":6438.77},{"text":"making","start":6438.77,"end":6439.25},{"text":"about","start":6439.25,"end":6439.65},{"text":"SDRs","start":6439.65,"end":6440.37},{"text":"through","start":6440.37,"end":6440.61},{"text":"the","start":6440.61,"end":6440.69},{"text":"IMF","start":6440.69,"end":6441.17},{"text":"executive","start":6441.17,"end":6441.73},{"text":"board,","start":6441.73,"end":6442.21},{"text":"which","start":6442.49,"end":6442.77},{"text":"is","start":6442.77,"end":6442.85},{"text":"not","start":6442.85,"end":6443.09},{"text":"representative","start":6443.09,"end":6443.73},{"text":"of","start":6443.73,"end":6443.81},{"text":"global","start":6443.81,"end":6444.13},{"text":"south","start":6444.13,"end":6444.37},{"text":"countries","start":6444.37,"end":6444.93},{"text":"and","start":6444.93,"end":6445.09},{"text":"perpetuates","start":6445.09,"end":6445.81},{"text":"the","start":6445.81,"end":6445.89},{"text":"interest","start":6445.89,"end":6446.53},{"text":"of","start":6446.53,"end":6446.69},{"text":"a","start":6446.69,"end":6446.77},{"text":"small","start":6446.77,"end":6447.09},{"text":"group","start":6447.09,"end":6447.37},{"text":"of","start":6447.37,"end":6447.49},{"text":"countries,","start":6447.49,"end":6448.05},{"text":"an","start":6449.09,"end":6449.25},{"text":"issuance","start":6449.25,"end":6449.61},{"text":"should","start":6449.61,"end":6449.93},{"text":"be","start":6449.93,"end":6450.05},{"text":"decoupled","start":6450.45,"end":6451.01},{"text":"from","start":6451.01,"end":6451.17},{"text":"the","start":6451.17,"end":6451.29},{"text":"IMF","start":6451.29,"end":6451.57},{"text":"quota","start":6451.57,"end":6451.97},{"text":"system,","start":6451.97,"end":6452.41},{"text":"which","start":6452.41,"end":6452.61},{"text":"creates","start":6452.61,"end":6452.97},{"text":"very","start":6452.97,"end":6453.25},{"text":"skewed","start":6453.25,"end":6453.53},{"text":"distribution","start":6453.53,"end":6454.21},{"text":"as","start":6454.21,"end":6454.29},{"text":"seen","start":6454.29,"end":6454.53},{"text":"in","start":6454.53,"end":6454.61},{"text":"2021.","start":6454.61,"end":6455.57}]},{"text":"We therefore welcome language on the SDR playbook, but we suggest replacing paragraph E to center the role of the UN, including the establishment of an intergovernmental working group under ECOSOC and a new playbook for SDRs through this working group to establish new rules to facilitate their issuance, including rechanneling through MDBs and shift the balance of payment manuals playbook.","start":6456.29,"end":6477.33,"topics":[{"key":"sdr-rechanneling","label":"Special Drawing Rights","description":"Special Drawing Rights were discussed as a tool for easing liquidity constraints and supporting development finance. Delegations debated rechanneling unused SDRs to developing countries, possible new allocations, and whether SDR use should be expanded for SDGs, climate action, and crisis response."},{"key":"financial-architecture-reform","label":"Reform of the International Financial Architecture","description":"Many speakers called for a broad overhaul of the global financial system so it better reflects current realities and supports sustainable development. A central point of debate was how ambitious reform should be and what role the United Nations should play alongside the IMF, World Bank, and other institutions."}],"words":[{"text":"We","start":6456.29,"end":6456.37},{"text":"therefore","start":6456.37,"end":6456.69},{"text":"welcome","start":6456.69,"end":6457.01},{"text":"language","start":6457.01,"end":6457.41},{"text":"on","start":6457.41,"end":6457.49},{"text":"the","start":6457.49,"end":6457.61},{"text":"SDR","start":6457.61,"end":6458.05},{"text":"playbook,","start":6458.05,"end":6458.61},{"text":"but","start":6458.61,"end":6458.81},{"text":"we","start":6458.81,"end":6458.93},{"text":"suggest","start":6458.93,"end":6459.33},{"text":"replacing","start":6459.33,"end":6459.81},{"text":"paragraph","start":6459.81,"end":6460.29},{"text":"E","start":6460.29,"end":6460.53},{"text":"to","start":6460.53,"end":6460.65},{"text":"center","start":6460.65,"end":6461.01},{"text":"the","start":6461.01,"end":6461.09},{"text":"role","start":6461.09,"end":6461.33},{"text":"of","start":6461.33,"end":6461.41},{"text":"the","start":6461.41,"end":6461.53},{"text":"UN,","start":6461.53,"end":6461.97},{"text":"including","start":6462.37,"end":6462.81},{"text":"the","start":6462.81,"end":6462.89},{"text":"establishment","start":6462.89,"end":6463.57},{"text":"of","start":6463.57,"end":6463.69},{"text":"an","start":6463.69,"end":6463.81},{"text":"intergovernmental","start":6463.81,"end":6464.85},{"text":"working","start":6464.85,"end":6465.17},{"text":"group","start":6465.17,"end":6465.45},{"text":"under","start":6465.45,"end":6465.65},{"text":"ECOSOC","start":6465.65,"end":6466.37},{"text":"and","start":6466.69,"end":6466.89},{"text":"a","start":6466.89,"end":6466.93},{"text":"new","start":6466.93,"end":6467.09},{"text":"playbook","start":6467.09,"end":6467.57},{"text":"for","start":6467.65,"end":6467.89},{"text":"SDRs","start":6467.89,"end":6468.45},{"text":"through","start":6468.45,"end":6468.77},{"text":"this","start":6468.77,"end":6468.93},{"text":"working","start":6468.93,"end":6469.29},{"text":"group","start":6469.29,"end":6469.57},{"text":"to","start":6469.57,"end":6469.89},{"text":"establish","start":6469.97,"end":6470.45},{"text":"new","start":6470.45,"end":6470.61},{"text":"rules","start":6470.61,"end":6471.09},{"text":"to","start":6471.09,"end":6471.25},{"text":"facilitate","start":6471.25,"end":6471.89},{"text":"their","start":6471.89,"end":6472.09},{"text":"issuance,","start":6472.09,"end":6472.69},{"text":"including","start":6473.09,"end":6473.57},{"text":"rechanneling","start":6473.57,"end":6474.21},{"text":"through","start":6474.21,"end":6474.41},{"text":"MDBs","start":6474.41,"end":6475.09},{"text":"and","start":6475.09,"end":6475.21},{"text":"shift","start":6475.21,"end":6475.49},{"text":"the","start":6475.49,"end":6475.57},{"text":"balance","start":6475.57,"end":6475.93},{"text":"of","start":6475.93,"end":6476.05},{"text":"payment","start":6476.05,"end":6476.45},{"text":"manuals","start":6476.45,"end":6476.85},{"text":"playbook.","start":6476.85,"end":6477.33}]},{"text":"For paragraph B, we call to replace it with definitive action to eliminate IMF surcharges.","start":6478.37,"end":6484.45,"topics":[{"key":"imf-surcharges","label":"IMF Surcharges","description":"Several delegations focused specifically on whether IMF surcharges should be suspended, reduced, or eliminated, especially during disasters and exogenous shocks. Supporters argued that surcharges worsen debt and recovery pressures, while others said the issue should remain within IMF review processes and risk frameworks."}],"words":[{"text":"For","start":6478.37,"end":6478.53},{"text":"paragraph","start":6478.53,"end":6478.93},{"text":"B,","start":6478.93,"end":6479.41},{"text":"we","start":6479.73,"end":6479.89},{"text":"call","start":6479.89,"end":6480.05},{"text":"to","start":6480.05,"end":6480.13},{"text":"replace","start":6480.13,"end":6480.69},{"text":"it","start":6480.69,"end":6480.93},{"text":"with","start":6481.01,"end":6481.33},{"text":"definitive","start":6481.49,"end":6482.05},{"text":"action","start":6482.05,"end":6482.53},{"text":"to","start":6482.53,"end":6482.65},{"text":"eliminate","start":6482.65,"end":6483.17},{"text":"IMF","start":6483.17,"end":6483.53},{"text":"surcharges.","start":6483.53,"end":6484.45}]},{"text":"Lastly, on public payment systems, we reject the mandates of the Financial Stability Board, given its exclusive representation and extensive conflicts of interest.","start":6485.21,"end":6493.17,"topics":[{"key":"digital-payments","label":"Digital Payments and Central Bank Digital Currencies","description":"Public payment systems, cross-border payments, and central bank digital currencies emerged as a recurring issue. Some speakers supported IMF and BIS assistance to help developing countries use new payment technologies, while others questioned mandates, feasibility, and whether this belongs in the financing for development agenda."}],"words":[{"text":"Lastly,","start":6485.21,"end":6485.57},{"text":"on","start":6485.57,"end":6485.65},{"text":"public","start":6485.65,"end":6485.97},{"text":"payment","start":6485.97,"end":6486.25},{"text":"systems,","start":6486.25,"end":6486.93},{"text":"we","start":6487.01,"end":6487.09},{"text":"reject","start":6487.09,"end":6487.53},{"text":"the","start":6487.53,"end":6487.61},{"text":"mandates","start":6487.61,"end":6488.05},{"text":"of","start":6488.05,"end":6488.13},{"text":"the","start":6488.13,"end":6488.25},{"text":"Financial","start":6488.25,"end":6488.73},{"text":"Stability","start":6488.73,"end":6489.17},{"text":"Board,","start":6489.17,"end":6489.65},{"text":"given","start":6489.65,"end":6489.93},{"text":"its","start":6489.93,"end":6490.05},{"text":"exclusive","start":6490.05,"end":6490.69},{"text":"representation","start":6490.69,"end":6491.57},{"text":"and","start":6491.57,"end":6491.69},{"text":"extensive","start":6491.69,"end":6492.13},{"text":"conflicts","start":6492.13,"end":6492.53},{"text":"of","start":6492.53,"end":6492.61},{"text":"interest.","start":6492.61,"end":6493.17}]},{"text":"We further demand a reform of the BIS to ensure adequate representation of developing countries.","start":6493.49,"end":6498.85,"topics":[{"key":"ifi-representation","label":"Representation and Voice in International Financial Institutions","description":"Delegations repeatedly stressed the need to increase the voice, voting power, and board representation of developing countries in the IMF, World Bank, and other IFIs. This included proposals on quota realignment, basic votes, additional seats for Africa and SIDS, and more balanced geographic and gender representation."}],"words":[{"text":"We","start":6493.49,"end":6493.73},{"text":"further","start":6493.73,"end":6494.05},{"text":"demand","start":6494.05,"end":6494.37},{"text":"a","start":6494.37,"end":6494.41},{"text":"reform","start":6494.41,"end":6494.93},{"text":"of","start":6494.93,"end":6495.01},{"text":"the","start":6495.01,"end":6495.17},{"text":"BIS","start":6495.17,"end":6495.81},{"text":"to","start":6495.97,"end":6496.09},{"text":"ensure","start":6496.09,"end":6496.61},{"text":"adequate","start":6496.61,"end":6496.97},{"text":"representation","start":6496.97,"end":6497.69},{"text":"of","start":6497.69,"end":6497.77},{"text":"developing","start":6497.77,"end":6498.21},{"text":"countries.","start":6498.21,"end":6498.85}]},{"text":"Therefore, in the paragraph A, we propose a commitment to dedicating special sessions of ECOSOC in collaboration with BIS to explore how to create central digital currencies and to harness the benefits of digital technologies.","start":6499.33,"end":6512.77,"topics":[{"key":"digital-payments","label":"Digital Payments and Central Bank Digital Currencies","description":"Public payment systems, cross-border payments, and central bank digital currencies emerged as a recurring issue. Some speakers supported IMF and BIS assistance to help developing countries use new payment technologies, while others questioned mandates, feasibility, and whether this belongs in the financing for development agenda."}],"words":[{"text":"Therefore,","start":6499.33,"end":6499.73},{"text":"in","start":6499.73,"end":6499.81},{"text":"the","start":6499.81,"end":6499.89},{"text":"paragraph","start":6499.89,"end":6500.37},{"text":"A,","start":6500.69,"end":6500.73},{"text":"we","start":6500.73,"end":6500.85},{"text":"propose","start":6500.85,"end":6501.33},{"text":"a","start":6501.33,"end":6501.37},{"text":"commitment","start":6501.37,"end":6502.05},{"text":"to","start":6502.29,"end":6502.45},{"text":"dedicating","start":6502.45,"end":6503.01},{"text":"special","start":6503.01,"end":6503.41},{"text":"sessions","start":6503.41,"end":6503.97},{"text":"of","start":6503.97,"end":6504.13},{"text":"ECOSOC","start":6504.13,"end":6504.77},{"text":"in","start":6504.77,"end":6504.85},{"text":"collaboration","start":6504.85,"end":6505.89},{"text":"with","start":6505.89,"end":6506.05},{"text":"BIS","start":6506.05,"end":6506.69},{"text":"to","start":6506.93,"end":6507.05},{"text":"explore","start":6507.05,"end":6507.57},{"text":"how","start":6507.57,"end":6507.69},{"text":"to","start":6507.69,"end":6507.77},{"text":"create","start":6507.77,"end":6508.21},{"text":"central","start":6508.21,"end":6508.69},{"text":"digital","start":6508.77,"end":6509.17},{"text":"currencies","start":6509.17,"end":6509.89},{"text":"and","start":6510.21,"end":6510.37},{"text":"to","start":6510.37,"end":6510.45},{"text":"harness","start":6510.45,"end":6510.85},{"text":"the","start":6510.85,"end":6511.01},{"text":"benefits","start":6511.01,"end":6511.45},{"text":"of","start":6511.45,"end":6511.57},{"text":"digital","start":6511.57,"end":6511.97},{"text":"technologies.","start":6511.97,"end":6512.77}]},{"text":"We propose in addition 57 bis to recognize the importance of developing bilateral and plurilateral payment initiatives for settling international economic obligations and managing foreign exchange transactions.","start":6513.73,"end":6525.89,"topics":[{"key":"digital-payments","label":"Digital Payments and Central Bank Digital Currencies","description":"Public payment systems, cross-border payments, and central bank digital currencies emerged as a recurring issue. 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Samantha Kanayangu speaking on behalf of the African Sovereign Debt Justice Network and the Civil Society FFD 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intervention is focused on paragraph 56 on capital account management and financial regulation.","start":6555.41,"end":6560.61,"topics":[],"words":[{"text":"This","start":6555.41,"end":6555.65},{"text":"intervention","start":6555.65,"end":6556.29},{"text":"is","start":6556.29,"end":6556.45},{"text":"focused","start":6556.45,"end":6556.81},{"text":"on","start":6556.81,"end":6556.93},{"text":"paragraph","start":6556.93,"end":6557.45},{"text":"56","start":6557.45,"end":6557.97},{"text":"on","start":6557.97,"end":6558.13},{"text":"capital","start":6558.13,"end":6558.53},{"text":"account","start":6558.53,"end":6558.85},{"text":"management","start":6558.85,"end":6559.37},{"text":"and","start":6559.37,"end":6559.49},{"text":"financial","start":6559.49,"end":6559.89},{"text":"regulation.","start":6559.89,"end":6560.61}]},{"text":"The current monetary and financial frameworks undermine the economic, monetary, and financial sovereignty of developing countries, trapping them into currency 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many countries face legal restrictions on their ability to employ capital account regulations due to stipulations in bilateral investment treaties, the absence of statutory protection against litigation, asset grabbing and restrictions resulting from BITs remains central to recourse to capital account management and regulation.","start":6634.41,"end":6651.93,"topics":[],"words":[{"text":"However,","start":6634.41,"end":6634.97},{"text":"many","start":6635.05,"end":6635.37},{"text":"countries","start":6635.37,"end":6635.77},{"text":"face","start":6635.77,"end":6636.01},{"text":"legal","start":6636.01,"end":6636.29},{"text":"restrictions","start":6636.29,"end":6636.85},{"text":"on","start":6636.85,"end":6636.93},{"text":"their","start":6636.93,"end":6637.17},{"text":"ability","start":6637.17,"end":6637.61},{"text":"to","start":6637.61,"end":6637.69},{"text":"employ","start":6637.69,"end":6638.01},{"text":"capital","start":6638.09,"end":6638.45},{"text":"account","start":6638.45,"end":6638.77},{"text":"regulations","start":6638.77,"end":6639.45},{"text":"due","start":6639.61,"end":6639.77},{"text":"to","start":6639.77,"end":6639.89},{"text":"stipulations","start":6639.89,"end":6640.57},{"text":"in","start":6640.57,"end":6640.65},{"text":"bilateral","start":6640.65,"end":6641.09},{"text":"investment","start":6641.09,"end":6641.57},{"text":"treaties,","start":6641.57,"end":6642.09},{"text":"the","start":6642.33,"end":6642.45},{"text":"absence","start":6642.45,"end":6642.89},{"text":"of","start":6642.89,"end":6642.97},{"text":"statutory","start":6642.97,"end":6643.45},{"text":"protection","start":6643.45,"end":6644.01},{"text":"against","start":6644.01,"end":6644.29},{"text":"litigation,","start":6644.29,"end":6644.89},{"text":"asset","start":6645.05,"end":6645.37},{"text":"grabbing","start":6645.37,"end":6645.85},{"text":"and","start":6645.85,"end":6646.01},{"text":"restrictions","start":6646.01,"end":6646.65},{"text":"resulting","start":6646.65,"end":6647.09},{"text":"from","start":6647.09,"end":6647.25},{"text":"BITs","start":6647.25,"end":6647.85},{"text":"remains","start":6647.93,"end":6648.41},{"text":"central","start":6648.41,"end":6648.81},{"text":"to","start":6648.81,"end":6648.93},{"text":"recourse","start":6648.93,"end":6649.45},{"text":"to","start":6649.45,"end":6649.53},{"text":"capital","start":6649.53,"end":6649.97},{"text":"account","start":6649.97,"end":6650.29},{"text":"management","start":6650.29,"end":6650.81},{"text":"and","start":6650.97,"end":6651.21},{"text":"regulation.","start":6651.21,"end":6651.93}]},{"text":"We reiterate that it is essential for all UN member states to assess the current system from both developmental and global financial stability perspectives and undertake decisive steps towards financial regulation, recognizing the limitations of voluntary non-binding measures, starting with capital account management and the regulation of the asset management industry.","start":6652.41,"end":6670.49,"topics":[{"key":"banking-regulation","label":"Banking and Prudential Regulation","description":"Delegations discussed how global banking rules, including Basel III and related prudential standards, may affect capital flows and financing conditions for developing countries. The debate covered risk-weighting, climate-related regulation, safeguards for financial stability, and the need to avoid unintended barriers to 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however, reject the call for this task to be demanded to bodies such as the FSB and the Bank of International Settlement, given their exclusive representation and, in the case of FSB, extensive conflicts of 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FSB has been created by the G20 and reports back to the G20 finance ministers.","start":6683.49,"end":6687.73,"topics":[],"words":[{"text":"The","start":6683.49,"end":6683.61},{"text":"FSB","start":6683.61,"end":6684.01},{"text":"has","start":6684.01,"end":6684.13},{"text":"been","start":6684.13,"end":6684.29},{"text":"created","start":6684.29,"end":6684.61},{"text":"by","start":6684.61,"end":6684.77},{"text":"the","start":6684.77,"end":6684.85},{"text":"G20","start":6684.85,"end":6685.45},{"text":"and","start":6685.45,"end":6685.57},{"text":"reports","start":6685.57,"end":6685.89},{"text":"back","start":6685.89,"end":6686.13},{"text":"to","start":6686.13,"end":6686.21},{"text":"the","start":6686.21,"end":6686.33},{"text":"G20","start":6686.33,"end":6686.77},{"text":"finance","start":6686.77,"end":6687.17},{"text":"ministers.","start":6687.17,"end":6687.73}]},{"text":"It therefore strengthens the G20 decision-making 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sectors.","start":6691.09,"end":6699.57,"topics":[],"words":[{"text":"The","start":6691.09,"end":6691.21},{"text":"FSB","start":6691.21,"end":6691.61},{"text":"has","start":6691.61,"end":6691.81},{"text":"a","start":6691.81,"end":6691.85},{"text":"selective","start":6691.85,"end":6692.21},{"text":"membership,","start":6692.21,"end":6692.77},{"text":"mostly","start":6692.85,"end":6693.25},{"text":"finance","start":6693.25,"end":6693.57},{"text":"ministries","start":6693.57,"end":6694.05},{"text":"and","start":6694.05,"end":6694.21},{"text":"central","start":6694.21,"end":6694.53},{"text":"banks","start":6694.53,"end":6694.77},{"text":"of","start":6694.77,"end":6694.85},{"text":"the","start":6694.85,"end":6695.01},{"text":"G20","start":6695.01,"end":6695.45},{"text":"member","start":6695.45,"end":6695.73},{"text":"countries","start":6695.73,"end":6696.21},{"text":"and","start":6696.37,"end":6696.57},{"text":"a","start":6696.57,"end":6696.61},{"text":"few","start":6696.69,"end":6697.17},{"text":"other","start":6697.25,"end":6697.49},{"text":"countries","start":6697.49,"end":6697.93},{"text":"with","start":6697.93,"end":6698.09},{"text":"large","start":6698.09,"end":6698.37},{"text":"private","start":6698.37,"end":6698.69},{"text":"financial","start":6698.69,"end":6699.01},{"text":"sectors.","start":6699.01,"end":6699.57}]},{"text":"We therefore request deletion of all sub paragraphs A, B and C of paragraph 56 and call for their replacements with the following new sub 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undertake to A, we undertake to define a global agreement under the ages of the UN on the importance of capital account 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to note that this builds on the precedent set in that this agenda already.","start":6717.97,"end":6721.81,"topics":[],"words":[{"text":"Just","start":6717.97,"end":6718.17},{"text":"to","start":6718.17,"end":6718.25},{"text":"note","start":6718.25,"end":6718.49},{"text":"that","start":6718.49,"end":6718.69},{"text":"this","start":6718.69,"end":6719.09},{"text":"builds","start":6719.25,"end":6719.57},{"text":"on","start":6719.57,"end":6719.65},{"text":"the","start":6719.65,"end":6719.81},{"text":"precedent","start":6719.81,"end":6720.25},{"text":"set","start":6720.25,"end":6720.49},{"text":"in","start":6720.49,"end":6720.57},{"text":"that","start":6720.57,"end":6720.77},{"text":"this","start":6720.77,"end":6720.93},{"text":"agenda","start":6720.93,"end":6721.29},{"text":"already.","start":6721.29,"end":6721.81}]},{"text":"B, we agreed to initiate an intergovernmental process towards a UN global regulatory framework to adequately regulate and supervise for the asset management industry, the process will include a review of existing regulatory bodies for banking and non banking intermediaries and show their governance as a form to ensure adequate representation of developing countries.","start":6722.33,"end":6741.21,"topics":[{"key":"banking-regulation","label":"Banking and Prudential Regulation","description":"Delegations discussed how global banking rules, including Basel III and related prudential standards, may affect capital flows and financing conditions for developing countries. 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ecological crisis requires structural and multilateral solutions.","start":6802.49,"end":6806.09,"topics":[],"words":[{"text":"The","start":6802.49,"end":6802.69},{"text":"ecological","start":6802.69,"end":6803.17},{"text":"crisis","start":6803.17,"end":6803.61},{"text":"requires","start":6803.61,"end":6804.05},{"text":"structural","start":6804.05,"end":6804.53},{"text":"and","start":6804.53,"end":6804.65},{"text":"multilateral","start":6804.65,"end":6805.37},{"text":"solutions.","start":6805.37,"end":6806.09}]},{"text":"The overshoot of six out of nine planetary boundaries and the risk of going over tipping points is real, and there is a need to address the links between the current economic system and the ecological harm we are 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sole focus on economic growth without a proper human rights, ecological, and social assessment will continue to be detrimental to our territories, our people, and ultimately our 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agreed under those treaties should be integrated in a cross-cutting manner, such as the right to development, which is needed to consider as a core principle in para 52 bis to expand sovereignty, self-sufficiency, and autonomy of developing countries regarding the use of resources, land, energy, labor, technology, and 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principles, such as CBDR, polluter pays, equity, and fair share, should be explicitly mentioned across the FFD outcome whenever a reference of the climate and environmental crisis are 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primacy of public finance should be ratified for ecological and climate finance.","start":6907.05,"end":6911.77,"topics":[],"words":[{"text":"The","start":6907.05,"end":6907.21},{"text":"primacy","start":6907.21,"end":6907.73},{"text":"of","start":6907.73,"end":6907.85},{"text":"public","start":6907.85,"end":6908.17},{"text":"finance","start":6908.17,"end":6908.65},{"text":"should","start":6908.65,"end":6908.81},{"text":"be","start":6908.81,"end":6908.89},{"text":"ratified","start":6908.89,"end":6909.53},{"text":"for","start":6909.53,"end":6909.77},{"text":"ecological","start":6909.77,"end":6910.37},{"text":"and","start":6910.37,"end":6910.49},{"text":"climate","start":6910.49,"end":6910.89},{"text":"finance.","start":6911.21,"end":6911.77}]},{"text":"Public finance can ensure ecological and climate planning and implementation that is science based.","start":6912.17,"end":6917.21,"topics":[],"words":[{"text":"Public","start":6912.17,"end":6912.49},{"text":"finance","start":6912.49,"end":6912.97},{"text":"can","start":6912.97,"end":6913.13},{"text":"ensure","start":6913.13,"end":6913.49},{"text":"ecological","start":6913.49,"end":6914.09},{"text":"and","start":6914.09,"end":6914.21},{"text":"climate","start":6914.21,"end":6914.57},{"text":"planning","start":6914.57,"end":6915.05},{"text":"and","start":6915.05,"end":6915.17},{"text":"implementation","start":6915.17,"end":6915.93},{"text":"that","start":6915.93,"end":6916.09},{"text":"is","start":6916.09,"end":6916.17},{"text":"science","start":6916.17,"end":6916.65},{"text":"based.","start":6916.65,"end":6917.21}]},{"text":"The private sector and even the IFIs have not been up to the task of delivering environmental sound results, quite the opposite, in the case of the IFIs, they impose austerity measures which hamper women's human rights and climate and ecological action.","start":6917.81,"end":6931.05,"topics":[],"words":[{"text":"The","start":6917.81,"end":6917.89},{"text":"private","start":6917.89,"end":6918.21},{"text":"sector","start":6918.21,"end":6918.57},{"text":"and","start":6918.57,"end":6918.69},{"text":"even","start":6918.69,"end":6918.89},{"text":"the","start":6918.89,"end":6919.01},{"text":"IFIs","start":6919.13,"end":6919.53},{"text":"have","start":6919.53,"end":6919.69},{"text":"not","start":6919.69,"end":6919.93},{"text":"been","start":6919.93,"end":6920.17},{"text":"up","start":6920.17,"end":6920.41},{"text":"to","start":6920.41,"end":6920.49},{"text":"the","start":6920.49,"end":6920.57},{"text":"task","start":6920.57,"end":6920.93},{"text":"of","start":6920.93,"end":6921.05},{"text":"delivering","start":6921.05,"end":6921.57},{"text":"environmental","start":6921.57,"end":6922.61},{"text":"sound","start":6922.61,"end":6923.01},{"text":"results,","start":6923.21,"end":6923.77},{"text":"quite","start":6924.09,"end":6924.33},{"text":"the","start":6924.33,"end":6924.45},{"text":"opposite,","start":6924.45,"end":6924.89},{"text":"in","start":6924.97,"end":6925.09},{"text":"the","start":6925.09,"end":6925.17},{"text":"case","start":6925.17,"end":6925.41},{"text":"of","start":6925.41,"end":6925.53},{"text":"the","start":6925.53,"end":6925.65},{"text":"IFIs,","start":6925.77,"end":6926.25},{"text":"they","start":6926.25,"end":6926.41},{"text":"impose","start":6926.41,"end":6926.89},{"text":"austerity","start":6926.89,"end":6927.29},{"text":"measures","start":6927.37,"end":6927.81},{"text":"which","start":6927.81,"end":6928.09},{"text":"hamper","start":6928.09,"end":6928.41},{"text":"women's","start":6928.41,"end":6928.77},{"text":"human","start":6928.81,"end":6929.09},{"text":"rights","start":6929.09,"end":6929.37},{"text":"and","start":6929.37,"end":6929.57},{"text":"climate","start":6929.57,"end":6929.89},{"text":"and","start":6929.89,"end":6930.05},{"text":"ecological","start":6930.05,"end":6930.57},{"text":"action.","start":6930.57,"end":6931.05}]},{"text":"IFIs mostly deliver loans increasing the already high debt levels in the global south.","start":6931.53,"end":6935.69,"topics":[],"words":[{"text":"IFIs","start":6931.53,"end":6931.85},{"text":"mostly","start":6931.85,"end":6932.17},{"text":"deliver","start":6932.17,"end":6932.57},{"text":"loans","start":6932.57,"end":6932.97},{"text":"increasing","start":6932.97,"end":6933.45},{"text":"the","start":6933.45,"end":6933.57},{"text":"already","start":6933.57,"end":6933.93},{"text":"high","start":6933.93,"end":6934.09},{"text":"debt","start":6934.09,"end":6934.41},{"text":"levels","start":6934.45,"end":6934.81},{"text":"in","start":6934.81,"end":6934.97},{"text":"the","start":6934.97,"end":6935.09},{"text":"global","start":6935.09,"end":6935.37},{"text":"south.","start":6935.37,"end":6935.69}]},{"text":"And in the framework of an institutional reform, they are considering increasing their lending, which if not concessional, will not solve the climate and ecological crisis and obviously will 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is worrisome that two-thirds of public climate finance is being delivered through them.","start":6948.69,"end":6952.37,"topics":[],"words":[{"text":"It","start":6948.69,"end":6948.73},{"text":"is","start":6948.73,"end":6948.85},{"text":"worrisome","start":6948.85,"end":6949.25},{"text":"that","start":6949.25,"end":6949.41},{"text":"two-thirds","start":6949.41,"end":6949.97},{"text":"of","start":6949.97,"end":6950.05},{"text":"public","start":6950.05,"end":6950.33},{"text":"climate","start":6950.33,"end":6950.69},{"text":"finance","start":6950.69,"end":6951.05},{"text":"is","start":6951.05,"end":6951.17},{"text":"being","start":6951.17,"end":6951.41},{"text":"delivered","start":6951.41,"end":6951.85},{"text":"through","start":6951.85,"end":6951.97},{"text":"them.","start":6951.97,"end":6952.37}]},{"text":"They are also using public finance to risk private investments, while we know that the private sector is not interested in funding adaptation, loss and damage, or climate resilience if 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they are not the silver bullet to close the financial gap and to reach the trillions 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alternatives to find rapid and efficient ways to mobilize resources, like debt relief from bilateral and multilateral creditors, tax instruments, and the new allocation of special drawing rights for the climate agenda and the SDGs.","start":6969.41,"end":6985.77,"topics":[{"key":"sdr-rechanneling","label":"Special Drawing Rights","description":"Special Drawing Rights were discussed as a tool for easing liquidity constraints and supporting development finance. 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the program for the meetings of the session is available on iGovernment portal, and I thank you all for 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