Csaba?K?r?si,?President of the 77th?session of the General Assembly
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Meeting on Gender Sensitive International Financial Architecture
(As delivered by Chef de Cabinet László Sz?ke)
Ladies and Gentlemen,
The President of the General Assembly sends his regrets for not being able to join us today.
He sends the following message:
Excellencies,
Ladies and Gentlemen,
I thank?Global Women Leaders’ Voices for organizing today’s meeting.
Our gathering holds a singular purpose: to unlock greater gender equality in the financial system, including women’s participation at all levels of it.
Which concrete steps can we take to shift away from structural inequalities in the world of finance?
Well, we often hear that a gender lens is needed. But what exactly does that mean?
Perhaps it would be helpful to use a practical analogy.
If we were planning a housing development project, we might want to consider the following:
- What are the gender disparities in the area, and how will the project affect them?
- What will be the gender ratio of the new jobs created?
- Is the housing development located near a mass transit system?
- Will there be adequate street lighting??Will women feel safe, particularly at night?
- Are we actively engaging women experts to bring their angles into the discussions?
- Are women’s experiences duly considered in our decision-making?
Well – that is a gender lens.
Within the international financial system, this means?gender responsive budgeting, gender financing assessments, and investment frameworks with gender targets.
And, indeed, in recent years, IFIs have been making strides to better spotlight this long overdue issue.
The IMF launched its first ever Gender Mainstreaming Strategy and the World Bank is to start a series of discussions on the same topic.
Taking an approach which recognizes that reducing gender disparities is inseparable from economic growth, stability, and resilience.
But only a small fraction of development financing is allocated towards advancing gender equality, falling significantly short of what is needed.
Women continue to be underrepresented at all levels of the IFI – from depositors to CEOs.
And they seem to be also underrepresented in the various bodies working on the reform of the IFI.
Adopting a holistic approach of development – one that is gender-responsive and gender-proactive – can have positive impacts for the entire global community.
In September, the General Assembly will convene a series of crucial meetings to give a boost to the cause of sustainable development.
They will also have an important role in shaping the discussion on the reform of the international financial architecture, as called for by more and more leaders.
I share the view of the Secretary-General that today’s cascading crises are compounding shocks on many countries, especially developing ones.??
We have to leave behind the current global financial system, and not only because it is often short-sighted and crisis-prone, but also because it is mostly unfair.
Unfair, as it exacerbates inequalities between countries and within societies.
Indeed,?one-third of emerging economies and two-thirds of low-income countries are in, or are near, serious debt distress, with a disproportionate impact on the most vulnerable segments of society.
But the current system is unfair also because it is keeping open financing gaps which are?disadvantageous for women.
And it is unfair also because it still fails to ensure an equal role for women in decision-making.?
We need a financial system that works for all, including women and girls.
And, we need a financial architecture in which decision-makers prioritize investing to support just, inclusive and equitable transitions for societies around the globe. ?
Now, to achieve that, we must work together to better align the international financial system with the 2030 Agenda.??
I am convinced that addressing gender inequalities is a sine qua non, an essential requirement from a new system of international finances.
And it will also help us to actualize the truth that human rights and sustainable development are mutually reinforcing.
That they are two sides of the same coin, and that we should use this coin to unlock the transformative potential of humanity.?
But this will require political will and practical tools – and the empowerment of women.
And I hope this meeting is a significant step in that direction.
I thank you.