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Progress Made by the ESCWA Member Countries on Financing for Development

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While 2010 was, for ESCWA member countries, a year of recovery from the effects of the global financial crisis, in 2011 the continued global economic recession and the popular movements in some Arab countries led to a downturn in economic growth rates in most member countries. These challenges and changes have placed added pressure on member countries to implement the commitments set out in the 2002 Monterrey Consensus of the International Conference on Financing for Development and reaffirmed in 2008. This study examines the progress achieved by ESCWA member countries between 2006 and 2012 towards implementing the Monterrey Consensus amidst the ongoing repercussions of the global financial crisis, global inflation, economic recession and popular movements in the Arab region. It also offers a set of recommendations for member countries in each of the six priority areas of financing for development contained in the Monterrey Consensus.