E/CN.6/2024/L.3 economic and productive resources, quality education and support services. It also highlights the importance of the full, equal and meaningful participat ion of women and, as appropriate, girls in the design, implementation and follow -up of policies and activities that affect their livelihoods, well-being and resilience, and that their perspectives are taken into account in decision-making processes. 42. The Commission recognizes that public institutions can drive pro -poor, inclusive and gender-responsive economic policies with a people-centred approach and full respect for human rights and that women’s participation in these institutions is essential to combat gender bias and stereotypes both in policymaking and policy outcomes. It further recognizes that ministries of finance determine the scope and direction of national fiscal policy, but may have limited capacity to analyse the gender impacts of fiscal policy, including taxation and spending. It acknowledges that national mechanisms for gender equality and the empowerment of women and girls are important institutional actors that contribute to policy development and can transform public policy values. 43. The Commission is concerned about the negative impacts of the global economic and financial crises on sustainable development and the realization of the human rights of all women and girls, and acknowledges that there are long -standing gaps and challenges within the international financial system, which limit capacity to scale up financing for poverty eradication, gender equality and the empowerment of women and girls. It further recognizes that the twenty-first century requires an international financial architecture that is more fit for purpose, equitable and responsive to the financing needs of developing countries and the needs of all women and girls living in poverty, and in this regard stresses the urgent need for bold and ambitious reforms. 44. The Commission recognizes with deep concern that tighter global financial conditions have contributed significantly to a finance divide between and within countries, leading to higher external borrowing costs, which could, inter alia, make it more difficult for developing countries, especially low- and middle-income countries and small island developing States, to pay for external debt servicing and could push more countries towards debt distress, and undermine their debt sustainability and affect the fiscal space available for essential social spending to accelerate the achievement of gender equality and the empowerment of all women and girls by, inter alia, addressing poverty, strengthening institutions and financing with a gender perspective and on the provision of social protection and basic public services, such as health care, and education, on which women and girls living in poverty depend. It emphasizes that, while domestic public resources continue to be an important source of financing for public goods and services and help to reduce inequality through redistribution, those efforts need to be supported by an enabling economic environment and strengthened international cooperation. 45. The Commission is deeply concerned about the impact of illicit finan cial flows, in particular those caused by tax evasion, on the economic, social and political stability and development of societies and especially on developing countries and their progress in financing the 2030 Agenda, which exacerbate the challenges face d by women and girls living in poverty, including multidimensional poverty. It also recognizes the need of countries to work together to eliminate base erosion and profit shifting and to ensure that all companies, including multinationals, pay taxes to the Governments of countries where economic activity occurs and value is created, in accordance with national and international laws and policies, in order to mobilize domestic resources towards the empowerment of women and girls. 46. The Commission recognizes that fighting corruption at all levels and in all its forms is a priority and that corruption is a serious barrier to effective resource 10/27 24-05678