Latin America and Caribbean Ministers highlight financial development issues at ECLAC

The government officials of the nations in Latin America and the Caribbean region talked about development issues and highlighted the need for urgent reforms in international financial architecture. The discussion took place at the Fortieth Session of the United Nations Economic Commission for Latin America and the Caribbean, also called ECLAC, in Lima, Peru.

The discussion was part of the session, which was focused on the multiple global crises along with challenges in the region. The gathering was joined by the senior authorities and foreign affairs ministers, along with members of ECLAC.

In the ECLAC meeting, officials also paid attention to the 2030 agenda for sustainable development and talked about the necessary steps that could be taken along the way. The representatives of their respective nations also ratified their commitment to regional cooperation and multilateralism to achieve mutual goals.

The ministers mentioned in the gathering that it is necessary to take crucial steps to bring reforms in international financial architecture and the multilateral system. It was said that with reforms, middle-income nations will get benefits in terms of productivity, inclusivity and sustainable development with access to adequate financing.

In this section of the meeting arranged by the United Nations ECLAC, the foreign affairs ministers appreciated the platform to focus on the crucial aspects of the region. The members also highlighted the historical contributions and role of the commission in the development of Latin America and the Caribbean.

The representatives of the respective nations also expressed their optimistic approach towards the document presented by the ECLAC officials at the gathering. The document focuses on the development traps in the region, vital transformations, and how to manage them.

The document is prepared by the Executive Secretary of ECLAC, José Manuel Salazar Xirinachs. The Executive Secretary shared points of focus that became the reason for the slow development of the region. The officials welcomed the document and views of José Manuel in the gathering.

The document disclosed the multiple challenges faced by Latin America and the Caribbean nations, along with food insecurity, persistence of poverty, and social inequality. It also pushed forward the issues of climate change, high levels of debt, difficulties in accessing financing, political polarisation, and more.

The government officials of the nations acknowledged the points raised in the document and discussed on how to tackle the situation. The outcome was shared that the nations and authorities of the region need to strengthen regional integration in order to bolster social protection systems, climate resilience, gender equality, etc.

The officials also stressed taking the voice of Latin America and the Caribbean on other international platforms, conferences, and summits. They particularly mentioned the Conference of the Parties, World Summit for Social Development, International Conference on Financing for Development, and United Nations Framework Convention on Climate Change, all from 2024 to 2025.