Ladies and Gentlemen of the Press,Dear colleagues,
Welcome to this press briefing.
The 2017 report of the Inter-agency Task Force on Financing for Development is the first substantive report on the progress – and prospects – for development financing. Implementation of the 2030 Agenda for Sustainable Development, and the Addis Ababa Action Agenda on Financing for Development, has begun in earnest.
This report provides a first assessment of progress in implementing the Financing for Development outcomes, and the Sustainable Development Goals. It draws on the expertise, analysis and data from over 50 international institutions that make up the Task Force. These include the World Bank Group, the International Monetary Fund and the World Trade Organisation, as well as UN agencies such as UNCTAD and UNDP.
The Task Force, which is led by the Department of Economic and Social Affairs, represents a consensus view of all major international organizations.
I will provide you with some overarching findings, and my colleagues and I will be happy to take your questions.
It is gratifying that progress can be reported in all seven action areas of the Addis Agenda, including: all financing flows, namely domestic public resources, domestic and international private business and finance; and international development cooperation. trade debt systemic issue, and science, technology, innovation and capacity building.
Nevertheless, as highlighted in the report and in the online annex, many implementation gaps remain.
In particular, the challenging global environment in 2016 had significant impacts on national efforts to achieve sustainable development. The current global growth trajectory will not deliver the goal of eradicating extreme poverty by 2030. Despite expectations of improved growth in 2017 and 2018, the current global environment bodes poorly for the achievement of the SDGs. Global unemployment is expected to increase in both 2017 and 2018, with youth continuing to experience unacceptably high levels of joblessness.
There is particular worry for the poorest and most vulnerable countries and people. The report finds that least developed countries will fall short of eradicating poverty by large margins under the current growth trajectory. Unemployment is expected to grow in both 2017 and 2018. And sluggish international trade growth is both a symptom of, and a contributing factor to, low investment and the global economic slowdown.
It is clear that changes in policies will be needed.
Currently, there is much uncertainty about the direction of the economic, financial, social and environmental policies of major countries. This contributes to the higher-than-normal level of risks in the global economy.
National policy actions that are aligned with sustainable development goals are crucial. These must be combined with international cooperation to boost sustainable and inclusive global growth, and to accelerate achievement of the SDGs.
Many of the challenges that countries face – including slow economic growth, climate change and humanitarian crises – have cross-border or global repercussions, and cannot be addressed by any one actor alone. Multilateral cooperation is essential to tackle global problems and support national efforts.
A strong multilateral system, along with financial and capacity support to countries most in need, is necessary to eliminate poverty and meet the SDGs.
This Task Force itself is an exercise in strengthening coherence of the multilateral system. It is also an example of how the multilateral system is jointly responding to global problems.
The 2017 report, with its accompanying online annex, is comprehensive in coverage. I encourage you to make use of the full depth of those resources. They provide an assessment across all types of financing, including levels of official development assistance, as well as policies. The report also includes thematic coverage of several important topics, including long-term investment, especially in infrastructure, and particularly in least developed countries.
Indeed, the report emphasizes that ramped-up public and private investment in sustainable, resilient and inclusive infrastructure will help stimulate sustainable and inclusive global growth, creating a virtuous cycle.
While there are infrastructure gaps – for example the need to invest in clean energy in all country groupings – the infrastructure investment deficit is particularly deep in LDCs. Development banks, including national, regional and multilateral development banks, can be an important source of long-term credit to help finance infrastructure.However, long-term investment and higher growth will not suffice to eradicate extreme poverty. Measures are needed to directly improve the living conditions of the poor and vulnerable. The report highlights measures – such as universal social protection floors – to address vulnerability and leave no one behind.
Universal social protection floors are a tried and tested way to reduce poverty. They economically empower poor people by raising productivity and growth, along with incomes. The same principles apply at the international level, with an effective and sufficiently financed safety net for poor countries.
The report also discusses how the gendered impact of all investment – for example in both infrastructure and social protection – should be considered. Plans and policies need to be gender responsive.
Ladies and Gentlemen,
Integrated national financing framework is a critical tool for implementation, as called for in the Addis Agenda. These are needed to address country-specific circumstances, provide coherence to the many policy actions, and set priorities for country development strategies.
The UN System is already helping countries assess the financing landscape, spot opportunities and develop these integrated plans, and the report recommends that these efforts be taken further.
Thank you for your attention. I am now happy to take questions.
Welcome to this press briefing.
The 2017 report of the Inter-agency Task Force on Financing for Development is the first substantive report on the progress – and prospects – for development financing. Implementation of the 2030 Agenda for Sustainable Development, and the Addis Ababa Action Agenda on Financing for Development, has begun in earnest.
This report provides a first assessment of progress in implementing the Financing for Development outcomes, and the Sustainable Development Goals. It draws on the expertise, analysis and data from over 50 international institutions that make up the Task Force. These include the World Bank Group, the International Monetary Fund and the World Trade Organisation, as well as UN agencies such as UNCTAD and UNDP.
The Task Force, which is led by the Department of Economic and Social Affairs, represents a consensus view of all major international organizations.
I will provide you with some overarching findings, and my colleagues and I will be happy to take your questions.
It is gratifying that progress can be reported in all seven action areas of the Addis Agenda, including: all financing flows, namely domestic public resources, domestic and international private business and finance; and international development cooperation. trade debt systemic issue, and science, technology, innovation and capacity building.
Nevertheless, as highlighted in the report and in the online annex, many implementation gaps remain.
In particular, the challenging global environment in 2016 had significant impacts on national efforts to achieve sustainable development. The current global growth trajectory will not deliver the goal of eradicating extreme poverty by 2030. Despite expectations of improved growth in 2017 and 2018, the current global environment bodes poorly for the achievement of the SDGs. Global unemployment is expected to increase in both 2017 and 2018, with youth continuing to experience unacceptably high levels of joblessness.
There is particular worry for the poorest and most vulnerable countries and people. The report finds that least developed countries will fall short of eradicating poverty by large margins under the current growth trajectory. Unemployment is expected to grow in both 2017 and 2018. And sluggish international trade growth is both a symptom of, and a contributing factor to, low investment and the global economic slowdown.
It is clear that changes in policies will be needed.
Currently, there is much uncertainty about the direction of the economic, financial, social and environmental policies of major countries. This contributes to the higher-than-normal level of risks in the global economy.
National policy actions that are aligned with sustainable development goals are crucial. These must be combined with international cooperation to boost sustainable and inclusive global growth, and to accelerate achievement of the SDGs.
Many of the challenges that countries face – including slow economic growth, climate change and humanitarian crises – have cross-border or global repercussions, and cannot be addressed by any one actor alone. Multilateral cooperation is essential to tackle global problems and support national efforts.
A strong multilateral system, along with financial and capacity support to countries most in need, is necessary to eliminate poverty and meet the SDGs.
This Task Force itself is an exercise in strengthening coherence of the multilateral system. It is also an example of how the multilateral system is jointly responding to global problems.
The 2017 report, with its accompanying online annex, is comprehensive in coverage. I encourage you to make use of the full depth of those resources. They provide an assessment across all types of financing, including levels of official development assistance, as well as policies. The report also includes thematic coverage of several important topics, including long-term investment, especially in infrastructure, and particularly in least developed countries.
Indeed, the report emphasizes that ramped-up public and private investment in sustainable, resilient and inclusive infrastructure will help stimulate sustainable and inclusive global growth, creating a virtuous cycle.
While there are infrastructure gaps – for example the need to invest in clean energy in all country groupings – the infrastructure investment deficit is particularly deep in LDCs. Development banks, including national, regional and multilateral development banks, can be an important source of long-term credit to help finance infrastructure.However, long-term investment and higher growth will not suffice to eradicate extreme poverty. Measures are needed to directly improve the living conditions of the poor and vulnerable. The report highlights measures – such as universal social protection floors – to address vulnerability and leave no one behind.
Universal social protection floors are a tried and tested way to reduce poverty. They economically empower poor people by raising productivity and growth, along with incomes. The same principles apply at the international level, with an effective and sufficiently financed safety net for poor countries.
The report also discusses how the gendered impact of all investment – for example in both infrastructure and social protection – should be considered. Plans and policies need to be gender responsive.
Ladies and Gentlemen,
Integrated national financing framework is a critical tool for implementation, as called for in the Addis Agenda. These are needed to address country-specific circumstances, provide coherence to the many policy actions, and set priorities for country development strategies.
The UN System is already helping countries assess the financing landscape, spot opportunities and develop these integrated plans, and the report recommends that these efforts be taken further.
Thank you for your attention. I am now happy to take questions.
File date:
Monday, Mai 22, 2017