OECD Tests New Framework for Increased SDG Financial Transparency
The Organization for Economic Co-operation and Development (OECD) has recently agreed on a two-year work programme dedicated to developing a new measurement framework that will enhance financial transparency when it comes to resources used for Sustainable Development Goal implementation, which are allocated by governments and the international community.
The framework, called Total Official Support for Sustainable Development (TOSSD), is to undergo a series of consultations and pilots designed to validate its methodology. Its further development will even involve countries and institutions beyond the OECD—like development cooperation agencies, financial institutions, and ministries.
The OECD intends to build the TOSSD framework upon sound statistical principles that:
- reinforce transparency and promote learning and exchange about development finance through access to statistics – an essential pillar to successfully implement the 2030 Agenda;
- create incentives to maximise resource mobilisation using innovative instruments and creative financing partnerships, and
- promote high-quality international standards for measuring and monitoring development finance.
The final step will be an assessment of how well the TOSSD measurement framework fits, including potential adjustments to the architecture and functionality of the database. Included in this final step, will be the development of a platform allowing for public access to TOSSD data.
OCED will convene at a High Level Meeting in early 2016 to endorse a formal working plan. It’s estimated that the TOSSD framework could be operational by 2019.
To learn more about the TOSSD framework, visit OCED’s webpage.