Focus on reform in financial regulations for global stability

Speakers suggested on Wednesday reform in financial sector regulations to safeguard global economic stability and protect poor people against future economic shocks.

As the Millennium Development Goals (MDGs) will come to an end in 2015, the United Nations (UN) has taken initiatives to formulate a new development framework that will be adopted in September 2015 in its general assembly (UNGA).

They were speaking at a national dialogue titled ‘Financing for Development in Post-2015’ in the city. Two non-government organisations – VOICE and Beyond 2015 – jointly organised the programme.

Eminent economist Dr. Quazi Kholiquzzaman Ahmad presided over the dialogue, attended by a number of journalists and civil society members.

Prof. Dr. Mahbub Ali, former secretary Ali Kabir, chief reporter of Boishakhi Television Dip Azad, city editor of Daily Janakantha Kawsar Rahman, Jamal Uddin of Daily Ittefaq, Supro director Alison Subrata Baroi, attended the programme, among others.

VOICE executive director Ahmed Swapan Mahmud, in his keynote paper, said financing for development clearly recognizes human rights as a basis to promote the inter-linkage between the three pillars of sustainable development – social, environmental and economic issues.

He also proposed to ensure coordination through cross-ministerial commissions for integration of targets into national and local sustainable development plans as well as into budgetary processes.

Dr. Kazi Khaliquzzaman Ahmad said the developed countries must set binding timetables through national legislation to meet their outstanding 0.7 per cent Gross National Income and ODA commitment, and to direct 0.15-0.20 per cent of aid to the least developed countries (LDCs) within five years.

He also added that ensuring transparency in all resource flows for development – public and private as well as domestic and international – is essential.