International financial system and development A/RES/73/220 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; 21. Recommits 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; 22. 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; 23. Takes note of the work by the Financial Stability Board on financial market reform, commits to sustaining or strengthening frameworks for macroprudential regulation and countercyclical buffers, reaffirms the commitment to hasten completion of the reform agenda on financial market regulation, including asses sing 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 “toobig-to-fail” financial institutions and to addressing cross-border elements in effective resolution of troubled, systemically important financial institutions; 24. 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 onto the global economy; 25. Also reiterates the need to resolve to reduce mechanistic reliance on creditrating 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; 26. 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 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; 27. Welcomes efforts by new development banks to develop safeguard systems in open consultation with stakeholders on the basis of established international 18-22540 7/8