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Poor people in poor countries are severely affected by the turmoil originating in rich ones. OECD countries must stimulate the world economy for the benefit of the poorest, and ultimately the benefit of all. These are some of the main messages heard at the OECD Global Forum on Development special session on the implications of the crisis for development finance. Amongst the proposals that came to light: renewed Official Development Assistance commitments by the aid community –in line with the OECD’s call for an aid pledge–, greater regulatory independence in the governance of the international financial system, and higher quotas for emerging economies in regional development banks.
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Guest speakers included Maria Isabel Rezende Aboim, Head of Financial Affairs of the Brazilian Development Bank (BNDES), Amar Bhattacharya, Director of the G-24, Debapriya Bhattacharya, Ambassador of Bangladesh to the WTO, Jeff Lewis, Senior Advisor at the World Bank,Hugh Bredenkamp, Deputy Director at the International Monetary Fund and Helmut Reisen, Head of Research of the OECD Development Centre.
Ahead of this special session, the Development Centre disseminated a series of 5 Policy Insights¸ each tackling a specific set of the crisis’ implications:
On earlier occasions, Javier Santiso, Helmut Reisen and Andrew Mold addressed the consequences of the financial crisis for developing economies and development finance:
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