UN General Assembly
2023

We need and demand financial institutions in which our countries can have real decision-making capacity and access to financing. We urgently need a recapitalization of multilateral development banks in order to radically improve their lending conditions and meet the financial needs of the South. The member countries of this Group were forced to allocate $379 billion from their reserves to protect their currencies in 2022. almost twice as much the amount of special drawing rights allocated by the International Monetary Fund. A streamlining, review and change of the role of credit rating agencies is needed. It is also critical to establish criteria beyond gross domestic product to define the access of developing countries to financing under favourable conditions and to adequate technical cooperation.