Resolution adopted by the General Assembly  on 17 December 2021          [on the report of the Second Committee (A/76/531/Add.2, para. 7)]       76/192. International financial system and development        The General Assembly,    Recalling its resolutions 55/186 of 20 December 2000 and 56/181 of  21 December 2001, entitled “Towards a strengthened and stable international  financial architecture responsive to the priorities of growth and development,  especially in developing countries, and to the promotion of economic and social  equity”, as well as its resolutions 57/241 of 20 December 2002, 58/202 of  23 December 2003, 59/222 of 22 December 2004, 60/186 of 22 December 2005,  61/187 of 20 December 2006, 62/185 of 19 December 2007, 63/205 of 19 December  2008, 64/190 of 21 December 2009, 65/143 of 20 December 2010, 66/187 of  22 December 2011, 67/197 of 21 December 2012, 68/201 of 20 December 2013,  69/206 of 19 December 2014, 70/188 of 22 December 2015, 71/215 of 21 December  2016, 72/203 of 20 December 2017, 73/220 of 20 December 2018, 74/202 of  19 December 2019 and 75/204 of 21 December 2020,     Reaffirming its resolution 70/1 of 25 September 2015, entitled “Transforming  our world: the 2030 Agenda for Sustainable Development”, in which it adopted a  comprehensive, far-reaching and people-centred set of universal and transformative  Sustainable Development Goals and targets, its commitment to working tirelessly for  the full implementation of the Agenda by 2030, its recognition that eradicating  poverty in all its forms and dimensions, including extreme poverty, is the greatest  global challenge and an indispensable requirement for sustainable development, its  commitment to achieving sustainable development in its three dimensions –  economic, social and environmental – in a balanced and integrated manner, and to  building upon the achievements of the Millennium Development Goals and seeking  to address their unfinished business,    Reaffirming also its resolution 69/313 of 27 July 2015 on the Addis Ababa  Action Agenda of the Third International Conference on Financing for Development,   A/RES/76/192  International financial system and development   21-19247 2/11    which is an integral part of the 2030 Agenda for Sustainable Development, supports  and complements it, helps to contextualize its means of implementation targets with  concrete policies and actions, and reaffirms the strong political commitment to  address the challenge of financing and creating an enabling environment at all levels  for sustainable development in the spirit of global partnership and solidarity,    Recalling the Doha Declaration on Financing for Development: outcome  document of the Follow-up International Conference on Financing for Development  to Review the Implementation of the Monterrey Consensus, held in Doha from  29 November to 2 December 2008,1    Recalling also the United Nations Millennium Declaration, 2  its resolution  56/210 B of 9 July 2002, in which it endorsed the Monterrey Consensus of the  International Conference on Financing for Development, 3  the Rio Declaration on  Environment and Development, 4  Agenda 21, 5  the Programme for the Further  Implementation of Agenda 216 and the Plan of Implementation of the World Summit  on Sustainable Development,7    Recalling further the Conference on the World Financial and Economic Crisis  and Its Impact on Development and its outcome document, 8 recognizing the work  undertaken by the Ad Hoc Open-ended Working Group of the General Assembly to  follow up on the issues contained in the Outcome of the Conference, and recalling its  progress report,9    Recalling the United Nations Conference on Sustainable Development, held in  Rio de Janeiro, Brazil, from 20 to 22 June 2012, and its outcome document, entitled  “The future we want”,10    Appreciating the fact that the Summit of the Group of 20 held in Hangzhou,  China, on 4 and 5 September 2016, with the broad participation of developing  countries, including the Chair of the Group of 77, endorsed the Group of 20 Action  Plan on the 2030 Agenda for Sustainable Development as an important contribution  to the global implementation of the 2030 Agenda, recalling that the Summit of the  Group of 20 held in Hamburg, Germany, on 7 and 8 July 2017 endorsed the Hamburg  Update: Taking Forward the Group of 20 Action Plan on the 2030 Agenda for  Sustainable Development, recalling also that the Summit of the Group of 20 held in  Buenos Aires on 30 November and 1 December 2018 endorsed the Buenos Aires  Update: Moving Forward the Group of 20 Action Plan on the 2030 Agenda for  Sustainable Development, recalling further that the Summit of the Group of 20 held  in Osaka, Japan, on 28 and 29 June 2019 endorsed the Osaka Update on the Group of  20 Action Plan on the 2030 Agenda for Sustainable Development, recalling that the  Summit of the Group of 20, held virtually on 21 and 22 November 2020, endorsed  __________________    1  Resolution 63/239, annex.    2  Resolution 55/2.    3  Report of the International Conference on Financing for Development, Monterrey, Mexico,  18−22 March 2002 (United Nations publication, Sales No. E.02.II.A.7), chap. I, resolution 1,  annex.    4  Report of the United Nations Conference on Environment and Development, Rio de Janeiro,  3−14 June 1992, vol. I, Resolutions Adopted by the Conference (United Nations publication,  Sales No. E.93.I.8 and corrigendum), resolution 1, annex I.    5  Ibid., annex II.    6  Resolution S-19/2, annex.    7  Report of the World Summit on Sustainable Development, Johannesburg, South Africa,  26 August–4 September 2002 (United Nations publication, Sales No. E.03.II.A.1 and  corrigendum), chap. I, resolution 2, annex.    8  Resolution 63/303, annex.    9  A/64/884.    10  Resolution 66/288, annex.   International financial system and development  A/RES/76/192   3/11 21-19247    the Riyadh Update on the Group of 20 Action Plan on the 2030 Agenda for Sustainable  Development, and looking forward to their implementation, while urging the Group  of 20 to continue to engage in an inclusive and transparent manner with other States  Members of the United Nations in its work in order to ensure that the initiatives of  the Group of 20 complement or strengthen the United Nations system,    Noting the holding of the twenty-fourth Saint Petersburg International  Economic Forum in Saint Petersburg, Russian Federation, from 2 to 5 June 2021, and  noting also the Financing for Development in the Era of COVID-19 and Beyond  Initiative,     Noting with great concern the severe negative impact on human health, safety  and well-being caused by the coronavirus disease (COVID-19) pandemic, as well as  the severe disruption to societies and economies and the devastating impact on lives  and livelihoods, and that the poorest and most vulnerable are the hardest hit by the  pandemic, reaffirming the ambition to get back on track to achieve the Sustainable  Development Goals by designing and implementing sustainable and inclusive  recovery strategies to accelerate progress towards the full implementation of the  2030 Agenda for Sustainable Development and to help to reduce the risk of and build  resilience to future shocks, crises and pandemics, including by strengthening health  systems and achieving universal health coverage, and recognizing that equitable and  timely access for all to safe, quality, effective and affordable COVID-19 vaccines,  therapeutics and diagnostics are an essential part of a global response based on unity,  solidarity, renewed multilateral cooperation and the principle of leaving no one  behind,    Noting with great concern also that the COVID-19 pandemic, and the social and  economic crisis that it has triggered, has amplified underlying risks in the  international financial system and brought to the fore the growing importance of  non-economic risks, including climate risks, as well as opportunities and risks  associated with the rapid digitization of the economy, that women, young people and  informal and low-skilled workers face a higher share of job losses, that many micro-,  small and medium-sized enterprises have had to close or are at risk of closing amid  uncertain prospects for economic recovery and the emergence of new variants of the  coronavirus, that most developing countries lack the resources to implement large- scale monetary and fiscal policy responses and that debt risks and liquidity constraints  remain elevated for many developing countries, leading to a risk of a diverging and  uneven recovery, while recognizing the steps that the international community,  including the International Monetary Fund, the World Bank and the Group of 20,  along with regional financial arrangements and development banks, has taken to  respond to the crisis through increased global liquidity and debt relief measures for  the poorest countries, and recognizing that the COVID-19 crisis has exposed gaps and  vulnerabilities in the international system and underscored the importance of  strengthening the global financial safety net and the need to work together to help to  build a more resilient and sustainable global economy and that more remains to be  done, also noting that the scale and prolonged duration of the crisis call for continued  concerted and inclusive efforts to mitigate the impacts of the pandemic on economies  and people and to ensure a more inclusive, sustainable and resilient recovery,    Recognizing that the COVID-19 pandemic and the remaining effects of the  world financial and economic crisis have undermined debt sustainability and progress  towards achieving the internationally agreed development goals, including the  Sustainable Development Goals, especially in developing countries, and stressing the  need to better prepare for such crises that may happen in the future, including by  addressing the lessons learned, improving confidence, sustaining economic growth  and promoting full and productive employment and decent work for all women and   A/RES/76/192  International financial system and development   21-19247 4/11    men, including young people, older persons and people with disabilities, and by  continuing to promote global economic stability and the underlying institutional  reforms required to achieve the Sustainable Development Goals,    Expressing concern about the adverse impact of the continuing fragility of the  global economy, the slow pace of the restoration of global growth and trade,  increasing protectionism and inward-looking policies, with increasing systemic risks  that threaten financial stability, including in developing countries,    Expressing concern also at the continued decline in correspondent banking  relationships, impacting the ability to send and receive international payments, with  potential consequences for the cost of remittances, financial inclusion and  international trade, among other areas, and thus for the achievement of the Sustainable  Development Goals,    Reaffirming the purposes of the United Nations, as set forth in its Charter,  including to achieve international cooperation in solving international problems of an  economic, social, cultural or humanitarian character and to be a centre for  harmonizing the actions of nations in the attainment of common ends, and reiterating  the need to strengthen the leadership role of the United Nations in promoting  development,    Recognizing the contribution of the original and reconvened Panel of Eminent  Persons of the United Nations Conference on Trade and Development in the context  of the United Nations sustainable development pillar and United Nations reform, as  well as the contribution of the United Nations system to sustainable finance and  investments in the Sustainable Development Goals, and recognizing also the  contribution of the independent team of advisers to the Economic and Social Council  dialogue on the longer-term positioning of the United Nations development system in  the context of the implementation of the 2030 Agenda,    Recognizing also that adequate incentives for international investors to adopt  longer-term investment strategies can support the achievement of sustainable  development and potentially reduce capital market volatility,    Emphasizing that the international financial system should bolster sustainable,  inclusive and sustained economic growth, sustainable development and job creation,  promote financial inclusion and support efforts to eradicate poverty in all its forms  and dimensions, including extreme poverty, and hunger, in particular in developing  countries, while allowing for the coherent mobilization of all sources of financing for  development,    Taking note of the work of the United Nations in the area of external debt  sustainability and development,    Recognizing the importance of scaling up international tax cooperation, and in  this regard welcoming the work of the Committee of Experts on International  Cooperation in Tax Matters and the support to tax authorities of developing countries  through the Addis Tax Initiative, which contribute to the mobilization of domestic  resources for the Sustainable Development Goals and the curbing of illicit financial  flows and tax evasion,    Recognizing also the need to reduce mechanistic reliance on credit-rating  agency assessments, including in regulations, and to promote increased competition  as well as measures to avoid conflict of interest in the provision of credit ratings in  order to improve the quality of ratings, acknowledging the efforts of the Financial  Stability Board and others in this area, expressing support for establishing greater  transparency requirements for evaluation standards of credit-rating agencies, and  affirming the commitment to continue ongoing work on these issues,   International financial system and development  A/RES/76/192   5/11 21-19247      Acknowledging the 2016 implementation of quota and governance reforms at  the International Monetary Fund and the 2018 agreement on shareholding reforms at  the World Bank Group, including a general capital increase, a selective capital  increase and a financial sustainability framework, the conclusion of the fifteenth  general quota review by the Board of Governors of the Fund in February 2020, and  an early twentieth replenishment process of the International Development  Association, to be concluded in December 2021, and acknowledging also that, in  October 2016, the Chinese renminbi officially became the fifth currency in the special  drawing rights basket, pursuant to the decision taken by the Executive Board of the  Fund in November 2015,     1.  Takes note of the report of the Secretary-General;11    2.  Recognizes the need to continue and intensify efforts to enhance the  coherence and consistency of the international monetary, financial and trading systems,  reiterates the importance of ensuring their openness, fairness and inclusiveness in  order to complement national efforts to ensure sustainable development, including  strong, sustained, balanced, inclusive and equitable economic growth, and that all  men and women, in particular the poor and vulnerable, have equal rights to economic  resources and appropriate financial services, and the achievement of the internationally  agreed development goals, including the Sustainable Development Goals, and  encourages the international financial institutions to align their programmes and  policies with the 2030 Agenda for Sustainable Development 12  in accordance with  their mandates;    3.  Notes that the United Nations, on the basis of its universal membership  and legitimacy, provides a unique and key forum for discussing international  economic issues and their impact on development, and reaffirms that the United  Nations is well positioned to participate in various reform processes aimed at  improving and strengthening the effective functioning of the international financial  system and architecture, while recognizing that the United Nations and the  international financial institutions have complementary mandates that make the  coordination of their actions crucial;    4.  Recognizes the important efforts undertaken nationally, regionally and  internationally to respond to the challenges posed by the latest global financial and  economic crisis, and also recognizes that more needs to be done in order to promote  the economic recovery, to manage the consequences of volatility in global financial  and commodity markets, to tackle high unemployment and rising indebtedness in  many countries, as well as widespread fiscal strains, to reinforce the banking sector,  including by increasing its transparency and accountability, to address systemic  fragilities and imbalances, to reform and strengthen the international financial system  and to continue and to enhance the coordination of financial and economic policies at  the international level;    5.  Acknowledges that endeavours to overcome the crisis must go beyond  short-term relief, and recognizes the need for continued action to support the  developing countries, including middle-income countries, that are most in need, on  an inclusive basis, including through enhanced cooperation between the United  Nations and international financial institutions and multilateral and regional  development banks, according to their respective mandates, net positive flows from  the international financial institutions to developing countries, sufficient concessional  finance by, inter alia, enhancing access to concessional, long-term loans and  development assistance while mobilizing catalytically additional resources from the  __________________    11  A/76/230.    12  Resolution 70/1.   A/RES/76/192  International financial system and development   21-19247 6/11    private sector and assisting developing countries in addressing debt vulnerability in  the immediate term and in attaining debt sustainability in the long term, recommends  the full and transparent implementation by all official bilateral creditors of the Group  of 20 Debt Service Suspension Initiative along with its extension until December  2021, and the orderly, timely and effective implementation of the Common  Framework for Debt Treatments beyond the Debt Service Suspension Initiative,  endorsed at the leaders’ summit hosted by Saudi Arabia on COVID-19 and negotiated  further under the presidency of Italy, noting the need for greater collaboration of  credit rating agencies in this regard, welcomes existing liquidity support for countries  with liquidity constraints, for example the International Monetary Fund Catastrophe  Containment and Relief Trust, which has provided 851 million United States dollars  to 29 countries as of end-October 2021, also welcomes the International Monetary  Fund’s special drawing rights allocation of the equivalent of 650 billion dollars of  23 August 2021 to meet the long-term global need to supplement reserve assets, and  encourages countries with strong external positions to seek options for voluntary  channelling of special drawing rights, in accordance with national laws and  regulations, and to this end appreciates the Fund’s efforts to seek further viable  options for the voluntary channelling of special drawing rights to countries most in  need, such as the Poverty Reduction and Growth Trust and the new Resilience and  Sustainability Trust of the Fund, with a view to providing affordable long-term  financing to developing countries in a manner that preserves their external debt  sustainability, and encourages the consideration of viable options to voluntarily  channel through multilateral development banks;     6.  Stresses the critical importance of a stable, inclusive and enabling global  economic environment for the advancement of sustainable development, for the  reliable and effective financing of development and for the implementation of the  2030 Agenda, mobilizing public and private, as well as domestic and international  resources;     7.  Notes the need for open, inclusive and transparent discussions on the  modernization of official development assistance measurement and on the proposed  measure of “total official support for sustainable development”, and reaffirms that  any such measure will not dilute commitments already made;    8.  Reiterates that debtors and creditors, including both public and private,  must work together in a transparent manner to prevent and resolve unsustainable debt  situations and that maintaining sustainable debt levels is the responsibility of the  borrowing countries, acknowledging, however, that lenders also have a responsibility  to lend in a way that does not undermine a country’s debt sustainability, and in this  regard takes note of the United Nations Conference on Trade and Development  principles on responsible sovereign lending and borrowing and recognizes the  applicable requirements of the International Monetary Fund debt limits policy and/or  the World Bank non-concessional borrowing policy, as well as the safeguards of the  Development Assistance Committee of the Organisation for Economic Co-operation  and Development in its statistical system to enhance the debt sustainability of  recipient countries, and will work towards a global consensus on guidelines for debtor  and creditor responsibilities in borrowing by and lending to sovereigns, building on  existing initiatives;    9.  Invites, in this regard, the President of the General Assembly and the  Secretary-General to give appropriate consideration to the central role of maintaining  and facilitating the financial and macroeconomic stability of developing countries,  including debt sustainability, and of supporting an appropriately enabling domestic  and international economic, financial and regulatory environment for the means of  implementation of the 2030 Agenda, including financial inclusion, and in this regard   International financial system and development  A/RES/76/192   7/11 21-19247    invites all major institutional stakeholders, including the International Monetary  Fund, the World Bank and the United Nations Conference on Trade and Development,  to support these efforts, in accordance with their respective mandates;    10. Encourages, in this regard, the Economic and Social Council to consider,  at its annual forum on financing for development follow-up, a dedicated discussion  and analysis of systemic issues and challenges, taking into account the roles of the  international financial institutions, including the International Monetary Fund, and of  the United Nations Conference on Trade and Development, in accordance with their  respective mandates, pursuant to the relevant resolutions on this matter, including its  resolution 69/313 on the Addis Ababa Action Agenda of the Third International  Conference on Financing for Development and the mandate of the annual forum on  financing for development follow-up set out therein;    11.  Resolves to strengthen the coherence and consistency of multilateral  financial, investment, trade and development policy and environment institutions and  platforms and to increase cooperation between major international institutions, while  respecting mandates and governance structures, and commits itself to taking better  advantage of relevant United Nations forums for promoting universal and holistic  coherence and international commitments to sustainable development, building on  the vision of the Monterrey Consensus, with a view to supporting the implementation  of the Addis Ababa Action Agenda and the 2030 Agenda;    12. Recalls that countries must have, in accordance with their specific needs  and circumstances, the flexibility necessary to implement countercyclical measures  and pursue tailored and targeted responses to the various types of shocks, including  economic and financial crises, notes that, in the 2018 International Monetary Fund  review of programme design and conditionality, it was found that the number of  structural conditions included in programmes of the Fund had increased over time,  and calls for the Fund to build on recent progress to further prioritize reforms and  streamline conditions to ensure that they are timely, tailored and targeted, in  accordance with national circumstances and priorities, and that they support  developing countries in the face of financial, economic and development challenges,  while also noting that new and ongoing programmes should not contain unwarranted  procyclical conditionalities;    13. Notes, in this regard, the new strategy of the International Monetary Fund  for engagement on social spending, welcomes the Fund’s recognition of the adverse  impacts that fiscal adjustment could have on the vulnerable, for whom social spending  is critical to achieving the commitments under the 2030 Agenda, including nationally  appropriate social protection systems and measures for all, including floors, and  encourages greater collaboration on social protection finance between the Fund and  international development institutions;    14. Invites the multilateral development banks and other international  development banks to continue to provide both concessional and non-concessional,  stable, long-term development finance by leveraging contributions and capital and by  mobilizing resources for developing countries from multiple sources, for example  from capital markets, and stresses that development banks should make optimal use  of their resources and balance sheets, consistent with maintaining their financial  integrity, and should update and develop their policies in support of the 2030 Agenda,  including the Sustainable Development Goals, as appropriate;    15. Welcomes, in this regard, the ongoing work of the New Development Bank  and the Asian Infrastructure Investment Bank in the global development finance  architecture, and encourages enhanced regional and subregional cooperation,   A/RES/76/192  International financial system and development   21-19247 8/11    including through regional and subregional development banks, commercial and  reserve currency arrangements and other regional and subregional initiatives;    16. Encourages, in this regard, the multilateral development banks to continue  to move forward on flexible, concessional, fast-disbursing and front-loaded assistance  that will substantially and quickly assist developing countries facing financing gaps  in their efforts to achieve the Sustainable Development Goals, taking into  consideration the individual absorptive capacities and debt sustainability of those  countries, and invites shareholders of regional development banks to ensure that they  are sufficiently capitalized so as to be able to meet those needs;    17. Also encourages the multilateral development banks, within their  respective mandates, to continue to expand technical assistance, disseminate and  share their knowledge and best practices and enhance the multiplier effect of their  financing by leveraging more resources from more sources, including by mobilizing  private investment, to provide innovative and integral solutions to multidimensional  development problems, in particular in developing and emerging economies;    18. Recognizes the need for the international financial institutions, as  appropriate, to promote gender mainstreaming in their policies and programmes,  including macroeconomic, job creation and structural reform policies and  programmes, in accordance with relevant national priorities and strategies;    19. Urges multilateral donors and invites the international financial  institutions and regional development banks, within their respective mandates, to  review and implement policies that support national efforts to ensure that a higher  proportion of resources reach women and girls, in particular in rural and remote areas,  and invites multilateral and regional development banks to agree on common  indicators for analysing the gender impact of their lending;    20. Recognizes that it is important that the International Monetary Fund  continue to be adequately resourced, and supports and reiterates its commitment to  further governance reform at both the Fund and the World Bank to adapt to changes  in the global economy;    21. Notes the lack of progress on a quota increase under the fifteenth general  review of quotas of the International Monetary Fund, but welcomes the political  agreement reached on the review by the Board of Governors on the occasion of the  fortieth meeting of the International Monetary and Financial Committee, held in  Washington, D.C., on 18 and 19 October 2019, as well as the support garnered for  maintaining the Fund’s current resource envelope with a doubling of the New  Arrangements to Borrow and a further temporary round of bilateral borrowing beyond  2020;    22. Recalls the commitment to revisiting the adequacy of quotas and  continuing the process of International Monetary Fund governance reform under the  sixteenth general review of quotas, including a new quota formula as a guide, with  the review to be extended from 2020 to no later than 15 December 2023, and the  commitment to ensuring the primary role of quotas in Fund resources, and that any  adjustment in quota shares would be expected to result in increases in the quota shares  of dynamic economies in line with their relative positions in the world economy and  hence likely in the share of emerging market and developing countries as a whole,  while protecting the voice and representation of the poorest members, and recommits  itself to the broadening and strengthening of the voice and participation of developing  countries, including African countries, the least developed countries, landlocked  developing countries, small island developing States, middle-income countries and  countries in conflict and post-conflict situations, in international economic decision- making, norm-setting and global economic governance;   International financial system and development  A/RES/76/192   9/11 21-19247      23. Encourages Member States to work together to strengthen and improve a  system in which different layers of the global financial safety net are closely  coordinated and have clear assignments of responsibilities and to consider enhancing  regional financial arrangements to help countries to weather shocks, strengthen their  capacity to detect risk and create new regional arrangements where there are not  sufficient institutions in place;    24. Acknowledges the importance of the international financial institutions  supporting, in line with their mandates, the policy space of each country, while  remaining consistent with relevant international rules and commitments, in particular  developing countries;    25. Reaffirms that cohesive, nationally owned sustainable development  strategies, supported by integrated national financing frameworks, will be at the heart  of efforts, reiterates that each country has primary responsibility for its own economic  and social development and that the role of national policies and development  strategies cannot be overemphasized, expresses respect for each country’s policy  space and leadership to implement policies for the eradication of poverty in all its  forms and dimensions and for sustainable development, while remaining consistent  with relevant international rules and commitments, at the same time recognizes that  national development efforts need to be supported by an enabling international  economic environment, including coherent and mutually supporting world trade,  monetary and financial systems and strengthened and enhanced global economic  governance, and that processes to develop and facilitate the availability of appropriate  knowledge and technologies globally, as well as capacity-building, are also critical,  and commits to pursuing policy coherence and an enabling environment for  sustainable development at all levels and by all actors, and to reinvigorating the  Global Partnership for Sustainable Development;    26. Recommits itself to a redoubling of its efforts to substantially reduce illicit  financial flows by 2030, with a view to eventually eliminating them, including by  combating tax evasion and corruption through strengthened national regulation and  increased international cooperation;    27. Recognizes the role of special drawing rights as an international reserve  asset, acknowledges that special drawing rights allocations helped to supplement  international reserves in response to the world financial and economic crisis, thus  contributing to the stability of the international financial system and global economic  resilience, and supports the continued examination of the broader use of special  drawing rights as a way to enhance the resilience of the international monetary  system, including with reference to their potential role in the international reserve  system;    28. Notes the rapid development of cryptoassets and the potential systemic  implications of these private assets on the functioning of the international monetary  system, the ability of regulators to protect consumers and promote financial stability  and the ability of central banks to effectively use monetary policy to pursue domestic  economic objectives, encourages promoters of such assets to work with regulators on  financial regulations in markets where their assets are used, and urges regulators to  carefully consider the potential implications for the international and domestic  financial system when formulating the appropriate regulatory treatment for  cryptoassets in their jurisdictions;    29. Looks forward to the results of the ongoing work by the Financial Stability  Board and the Financial Action Task Force on global stablecoins, underlining the need  to appropriately address the risks associated with them and other similar arrangements  with potential systemic footprints before these projects can commence operation;   A/RES/76/192  International financial system and development   21-19247 10/11      30. Notes the work by the Financial Stability Board on financial market  reform, commits itself to sustaining or strengthening frameworks for macroprudential  regulation and countercyclical buffers, reaffirms the commitment to hastening the  completion of the reform agenda on financial market regulation, including assessing  and if necessary reducing the systemic risks associated with non-bank financial  intermediation, markets for derivatives, securities lending and repurchase agreements,  and also reaffirms the commitment to addressing the risk created by “too-big-to-fail”  financial institutions and to addressing cross-border elements in the effective  resolution of troubled, systemically important financial institutions;    31. Also notes that there are growing risks outside the regulatory framework,  including through non-bank financial institutions and financial technology, and calls  upon financial regulators to increasingly shift towards examining the underlying risks  associated with financial activity rather than the type of financial institution;    32. Calls upon financial regulators to encourage financial institutions to  explore new opportunities to improve their ability to better manage risks, including  through anti-money-laundering and countering the financing of terrorism measures,  as well as through the greater use of technology to help to address the costs and risks  of operating correspondent banking relationships;    33. Emphasizes the relevance of inclusion in the international financial system  at all levels and the importance of considering financial inclusion as a policy objective  in financial regulation, in accordance with national priorities and legislation;    34. Reiterates that effective, inclusive multilateral surveillance should be at  the centre of crisis prevention efforts, stresses the need to continue to strengthen  surveillance of the financial policies of countries, and in this regard notes the current  efforts to update the surveillance approach of the International Monetary Fund to  better integrate bilateral and multilateral surveillance, along with cross-border and  cross-sectoral linkages with macroeconomic and macroprudential policies, while  paying closer attention to the spillover effects from national economic and financial  policies on to the global economy;    35. Notes the potential for source countries of capital flows to use appropriate  combinations of macroeconomic, macroprudential and regulatory policies that avoid  excessive leverage and large international spillovers in the form of capital flow  volatility, while still meeting domestic macroeconomic objectives, encourages source  countries to consider such policies, and calls for greater macroeconomic coordination  among systemically important economies, which can also help to address global  financial market volatility;    36. Invites the international financial and banking institutions, in consultation  with national Governments, to develop tailored guidelines on how countries can  attract long-term international investments, guided by the 2030 Agenda, in line with  national plans and policies, and with a view to minimizing the adverse effects of  capital market volatility;    37. Reiterates the need to resolve to reduce mechanistic reliance on credit- rating agency assessments, including in regulations, and to promote increased  competition as well as measures to avoid conflict of interest in the provision of credit  ratings;    38. Invites the international financial and banking institutions to continue to  enhance the transparency and analytical rigour of risk-rating mechanisms, noting that  sovereign risk assessments should maximize the use of objective and transparent  parameters, which can be facilitated by high-quality data and analysis, and  encourages relevant institutions, including the United Nations Conference on Trade   International financial system and development  A/RES/76/192   11/11 21-19247    and Development, to continue their work on the issue, including the potential impact  of the role played by private credit rating agencies on the development prospects of  developing countries, in accordance with their mandates;    39. Recommits itself to enabling women’s full and equal participation in the  economy and their equal access to decision-making processes and leadership;    40. Welcomes efforts by new development banks to develop safeguard systems  in open consultation with stakeholders on the basis of established international  standards, and encourages all development banks to establish or maintain social and  environmental safeguard systems, including on human rights, gender equality and  women’s empowerment, that are transparent, effective, efficient and time-sensitive;    41. Reiterates that States are strongly urged to refrain from promulgating and  applying any unilateral economic, financial or trade measures not in accordance with  international law and the Charter of the United Nations that impede the full  achievement of economic and social development, particularly in developing  countries;    42. Requests, in this regard, the Secretary-General to submit to the General  Assembly at its seventy-seventh session an action-oriented report on the  implementation of the present resolution with a particular focus on the implications  of the COVID-19 pandemic for the international financial system and development;    43. Decides to include in the provisional agenda of its seventy-seventh  session, under the item entitled “Macroeconomic policy questions”, the sub-item  entitled “International financial system and development”, unless otherwise agreed.