Video Message
Geneva
Excellencies,
Distinguished delegates,
It is my great pleasure to address you today at the 9th session of the UNCTAD Intergovernmental Group of Experts on Financing for Development.
Six months after the adoption of the Sevilla Commitment, this session offers an opportunity to reflect on progress and chart our path forward. The Sevilla Commitment provides a renewed global framework to finance sustainable development with important actions in three strategic areas.
First, catalyze investments to close the 4 trillion US dollars SDG financing gap in developing countries, including by tripling Multilateral Development Banks lending; doubling support to countries to achieve at least a 15% tax-to-GDP ratio; and better leveraging private investment.
Second, address the debt and sustainable development crisis by reducing debt service burdens through a debt facility at the IFIs, preventing future debt crises, and reforming the debt architecture through a borrowers’ platform and an intergovernmental process.
Third, reform the international financial architecture, building on the Pact for the Future, and by enhancing the voice of developing countries, increasing access to emergency funding and reforming the international tax and development cooperation architectures.
Excellencies,
Distinguished delegates,
To ensure effective implementation, the Sevilla Commitment establishes an integrated follow-up framework across global, regional and national levels.
At the global level, the UN Inter-Agency Task Force on Financing for Development will monitor progress and challenges through the Financing for Sustainable Development Report.
The new biennial review cycle of the ECOSOC FFD Forum will allow for deeper monitoring and a greater focus on negotiating the outcome document of the Forum.
New global forums on credit rating and financial integrity will keep the concerns of developing countries on the global agenda.
New platforms and processes to reform the debt architecture – including the borrowers’ platform, and the UN process on debt – will open new possibilities for building a more development-oriented debt architecture.
At the regional level, the follow-up process will be spearheaded by the Regional Economic Commissions.
At the national level, strengthened follow-up will be underpinned by national FFD focal points within finance and other relevant ministries.
Excellencies,
The United Nations Department of Economic and Social Affairs is fully committed to working with all partners to advance this critical agenda.
In a very difficult global environment, we need all hands on deck to deliver on the promise of Sevilla and rescue the SDGs.
I count on your full support.
Thank you.