A/RES/74/202 International financial system and development 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, 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, and the conclusion of the fifteenth general quota review of the Fund in the last quarter of 2019, 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 membershi p 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 __________________ 11 12 4/10 A/74/168. Resolution 70/1. 19-22415