Indonesia voiced its support amid louder and wider calls from developing nations for a revamp of some of the world's most important financial institutions and their governance as the gap between developed and developing nations continues to deepen.

The quadrennial High-Level Dialogue on Financing for Development was held on Wednesday as one of the most important sideline events, where nations worldwide discussed financing flows, including funding for sustainable development.

Among the hot topics at the dialogue were financing gaps, rectifying the vulnerability of developing nations to getting caught in debt crises and a “new Bretton Woods moment”, as described by UN Secretary-General António Guterres.

The Bretton Woods monetary management system was established after World War II in 1944 to bring stability to the international currency exchange rate via its institutions, most prominently the World Bank, the International Monetary Fund (IMF) and the World Trade Organization (WTO).

While the system reportedly dissolved between 1968 and 1973, according to the IMF website, it was criticized over the decades for its perceived bias favoring select countries, and its impact continues to linger today.

“The current global economic order [is] a remnant of a post-war architecture which benefits mostly industrialized countries. [...] Bretton Woods institutions should be reformed,” Foreign Minister Retno LP Marsudi told Wednesday’s dialogue.