The first conference to address the key issue of financing for development was hosted by the UnITED nations in March in Monterrey, Mexico. Over 50 Heads of State, numerous finance, trade and foreign ministers, and leaders of international organizations, financial institutions, businesses and civil society came together to find solutions to the challenges of development financing and poverty alleviation. Over 800 participants took part in twelve separate roundtable discussions.
The conference promoted international cooperation in six key areas: mobilizing domestic resources, increasing private international investment, strengthening official development assistance, increasing market access and ensuring free trade, solving the debt burden, and improving the coherence of global and regional financial structures and promoting fair representation of developing countries in global decision-making.
Speakers emphasized the need for partnerships and cooperation at all levels to achieve sustainable development. The Monterrey Consensus concluded with a commitment to strengthen the United Nations, which will work with the World Bank, the International Monetary Fund and the World Trade Organization to improve the international financial system.