Deputy Secretary-General, Excellencies, Ladies and Gentlemen,
I am very honoured to join you today and to share DESA’s perspective on ‘Financing the 2030 Agenda and the role of the United Nations’.
The historic agreements reached in 2015 provide us with a shared vision for sustainable development. Two years later, we see some encouraging signs of progress. Yet, at the current pace, we are off-track to meet our global goals by 2030.
Getting the financing right is key to changing this trajectory. The Addis Ababa Action Agenda on Financing for Development provides a global framework to do so. It contains commitments to mobilize financing flows from all sources, and to align domestic and international policies with sustainable development.
In this regard, some important steps have already been taken.
The annual ECOSOC Forum on Financing for Development follow-up is establishing itself as a platform for sharing national experiences and dialogue on resource mobilization, including financing flows and systemic issues. In the Inter-agency Task Force on Financing for Development, financing experts from within the UN system and beyond collaborate on the design of policy solutions and contribute to greater coherence of the UN analytical work on finance.
But we also recognize that we must do more. Allow me to highlight two areas that we will focus on.
First, we all recognize that public finance is essential to financing public goods at the heart of sustainable development. National tax systems need to be strengthened, and international tax cooperation needs to be stepped up. We must close loopholes for tax avoidance and fight illicit financial flows that drain vital resources from developing countries. I hope we can make significant progress in this area. The UN Committee of Experts on International Cooperation in Tax Matters is about to reconvene with a new set of experts, and my Department will step up its support and engagement in this area. We will continue to work with the IMF, World Bank, and OECD on the joint Platform for Collaboration on Tax.
Of course, we will also need international public finance to complement domestic resources. This will require: (i) meeting commitments on ODA; (ii) stepping up South-South cooperation as a complement to ODA; and (iii) enhancing the role of development banks, particularly in infrastructure investment, including traditional and new development banks. The UN will continue to work with all partners to strengthen development cooperation.
Second, we must recognize that long-term private investment is indispensable for achieving the transition toward sustainable and inclusive growth. Yet, as of now, the incentives in the financial system are such that much investment remains excessively short-term oriented.
I see reorienting financial regulation and policy-making towards broader aims such as access to long-term finance as a core competency of the United Nations. Because of our stewardship of the universal agreements on sustainable development, it is our role to bring an integrated perspective to all policy-making fora.
At the UN DESA, we aim to step up our work with central banks and financial regulatory bodies to ensure that the repercussions of economic and financial policies on the broader sustainable development agenda are considered. DESA has already established working relations – for example, with the Financial Stability Board, which is a member of the Inter-agency Task Force on Financing for Development. We also work closely with the IMF on these issues.
In the G20, we will advocate for the 2030 Agenda and the Addis Agenda to become guiding documents for economic and financial policy makers.
Excellencies,
DESA will continue to lead global efforts to advance Financing for Development, and to support Member States in implementing the Addis Agenda. I look forward to our discussions today and for ideas to further strengthen our common efforts.
Thank you.
I am very honoured to join you today and to share DESA’s perspective on ‘Financing the 2030 Agenda and the role of the United Nations’.
The historic agreements reached in 2015 provide us with a shared vision for sustainable development. Two years later, we see some encouraging signs of progress. Yet, at the current pace, we are off-track to meet our global goals by 2030.
Getting the financing right is key to changing this trajectory. The Addis Ababa Action Agenda on Financing for Development provides a global framework to do so. It contains commitments to mobilize financing flows from all sources, and to align domestic and international policies with sustainable development.
In this regard, some important steps have already been taken.
The annual ECOSOC Forum on Financing for Development follow-up is establishing itself as a platform for sharing national experiences and dialogue on resource mobilization, including financing flows and systemic issues. In the Inter-agency Task Force on Financing for Development, financing experts from within the UN system and beyond collaborate on the design of policy solutions and contribute to greater coherence of the UN analytical work on finance.
But we also recognize that we must do more. Allow me to highlight two areas that we will focus on.
First, we all recognize that public finance is essential to financing public goods at the heart of sustainable development. National tax systems need to be strengthened, and international tax cooperation needs to be stepped up. We must close loopholes for tax avoidance and fight illicit financial flows that drain vital resources from developing countries. I hope we can make significant progress in this area. The UN Committee of Experts on International Cooperation in Tax Matters is about to reconvene with a new set of experts, and my Department will step up its support and engagement in this area. We will continue to work with the IMF, World Bank, and OECD on the joint Platform for Collaboration on Tax.
Of course, we will also need international public finance to complement domestic resources. This will require: (i) meeting commitments on ODA; (ii) stepping up South-South cooperation as a complement to ODA; and (iii) enhancing the role of development banks, particularly in infrastructure investment, including traditional and new development banks. The UN will continue to work with all partners to strengthen development cooperation.
Second, we must recognize that long-term private investment is indispensable for achieving the transition toward sustainable and inclusive growth. Yet, as of now, the incentives in the financial system are such that much investment remains excessively short-term oriented.
I see reorienting financial regulation and policy-making towards broader aims such as access to long-term finance as a core competency of the United Nations. Because of our stewardship of the universal agreements on sustainable development, it is our role to bring an integrated perspective to all policy-making fora.
At the UN DESA, we aim to step up our work with central banks and financial regulatory bodies to ensure that the repercussions of economic and financial policies on the broader sustainable development agenda are considered. DESA has already established working relations – for example, with the Financial Stability Board, which is a member of the Inter-agency Task Force on Financing for Development. We also work closely with the IMF on these issues.
In the G20, we will advocate for the 2030 Agenda and the Addis Agenda to become guiding documents for economic and financial policy makers.
Excellencies,
DESA will continue to lead global efforts to advance Financing for Development, and to support Member States in implementing the Addis Agenda. I look forward to our discussions today and for ideas to further strengthen our common efforts.
Thank you.
File date:
Monday, Septiembre 18, 2017