International financial system and development A/RES/73/220 Recognizing that the remaining effects of the world financial and economic crisis have the potential to undermine debt sustainability and progress towards achieving the internationally agreed development goals, especially in developing countries, and stressing the need to avoid the recurrence of such crises, including by addressing the lessons learned, improving confidence, sustaining economic growth and promoting full and productive employment and decent work for all women and men, including young people, older persons and people with disabilities, and by continuing to promote global economic stability and the underlying institutional reforms required to achieve the Sustainable Development Goals, Expressing concern about the adverse impact of the continuing fragility of the global economy, the slow pace of the restoration of global growth and trade, increasing protectionism and inward-looking policies, with increasing systemic risks that threaten financial stability, including in developing countries, Reaffirming the purposes of the United Nations, as set forth in its Charter, including to achieve international cooperation in solving international problems of an economic, social, cultural or humanitarian character and to be a centre for harmonizing the actions of nations in the attainment of common ends, and reiterating the need to strengthen the leadership role of the United Nations in promoting development, Recognizing the contribution of the original and reconvened Panel of Eminent Persons of the United Nations Conference on Trade and Development in the context of the United Nations sustainable development pillar and United Nations reform, as well as the contribution of the United Nations system to sustainable finance and investments in the Sustainable Development Goals, and recognizing also the contribution of the independent team of advisers to the Economic and Social Council dialogue on the longer-term positioning of the United Nations development system in the context of the implementation of the 2030 Agenda for Sustainable Development, Emphasizing that the international financial system should bolster sustainable, inclusive and sustained economic growth, sustainable development and job creation, promote financial inclusion and support efforts to eradicate poverty in all its forms and dimensions, including extreme poverty, and hunger, in partic ular in developing countries, while allowing for the coherent mobilization of all sources of financing for development, Taking note of the work of the United Nations in the area of external debt sustainability and development, Recognizing the importance of scaling up international tax cooperation, and in this regard welcoming the work of the Committee of Experts on International 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 18-22540 3/8