Reforming the international financial architecture

TF3 focuses on crucial aspects within the realm of global finance institutions capacity to galvanize much needed resources to achieving the Sustainable Development Goals. The recommendations put forward by this TF intends to support the work of the International Finance Architecture working Group, the Sustainable Finance Working Group, and the Framework Working Group of the Finance track. It can also contribute to the discussion on inequality among countries in the context of the priorities of the Development Working Group in the Sherpa track. It will tackle a range of pressing issues, including:

1. Financial system rules and regulations and global finance safety nets to promote stability, sustainability, and equity (Co-chair: Gülbin Sahinbeyoglu - TEPAV, Turkey); (Members: Marina Zucker Marques - GDP center/Boston University, USA and Maria Antonieta Del Tedesco Lins - IRI/USP, Brazil):
   Emphasizing rules and regulations within the financial system to enhance stability, sustainability, and equity on a global scale. This involves establishing effective safety nets to safeguard against financial instability, particularly for developing countries, with a focus on the least developed countries. SDG 10 and 17. 
   
   
2. Multilateral Development Bank (MDB) reform: what better, bigger and more effective entails? (Co-chair: Ernani Torres - IE/UFRJ, Brazil); (Members: Priyadarshi Dash - RIS, India and Artem Levenkov - EFSD, Regional):
   Delving into the requirements for more efficient, expansive, and impactful reforms within these institutions, ensuring they had better serve the evolving needs of developing nations to achieve the SDGs. SDG 17. 
   
   
3. Addressing debt burden of developing countries and facilitating their access to concessional resources (Co-chair: Ulrich Volz -SOAS, UK); (Members: Pablo Neimña - FLACSO, Argentina, Martin Kessler -  FINDEVLAB, France and Daniel Bradlow - University of Pretoria, South Africa):
   Addressing the heavy debt burdens faced by developing countries, the task force will put forward innovative ideas regarding sovereign debt renegotiation and facilitate access to concessional resources, crucial for sustainable development. SDG 10 AND 17. 
   
   
4. Ensuring a fairer global tax architecture that facilitates domestic and international resource mobilization (Co-chair: Iyabo Masha - G24, Global); (Members: Abdul Muheet Chowdhary - South Centre, Global and Miguel Otero - Real Elcano, Spain):
   the task force will discuss and propose pathways for a fairer global tax system with potential to not only galvanize domestic and international resource mobilization, but also tackle the challenges posed by digitalization, profit shifts and tax evasion, while enhancing tax transparency. It should also address the issue of the voice and participation of developing, including least developed-countries in global international tax architecture fora. SDG 10 and 17. 
   
   
5. Overall SDG financing needs: pathways and the role of the reform of the international finance architecture (Co-chair: Nilanjan Ghosh - ORF, India); (Members: Amar Bhattacharya - Brookings Instute, USA and Fernanda Feil-FINDE/UFF, Brazil):
   Outlining pathways to fulfil overall Sustainable Development Goals (SDG) financing requirements. This includes exploring how the reform of international financial structures contributes to achieving these goals. SDG 10 and 17.

The task force delves deeply into these sub-topics to propose comprehensive strategies that align with broader global development objectives while fostering a more resilient and equitable international financial architecture.

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