– As delivered –
Statement by H.E. Tijjani Muhammad Bande, President of the 74th Session of the United Nations General Assembly
26 September 2019
Heads of State and Government,
Excellencies,
Ladies and Gentlemen,
Thank you all for being here today, to take part in the first high-level dialogue on financing for development since the adoption of the Addis Ababa Action Agenda four years ago. A particular thank you to our facilitators, the Permanent Representatives of Ghana and Canada.
As mandated, the high-level dialogue will assess progress since the Adoption of the Addis agenda, and provide leadership and guidance on the way forward to accelerate implementation. Today’s deliberations should be viewed in connection with the other events of this High-level week, all critical to our efforts on sustainable development.
We have now kick-started the decade of delivery; ambitious climate action, building a healthier world through universal health coverage; and accelerating implementation of the 2030 Agenda and the sustainable development goals.
But none of this can be achieved without closing existing financial gaps and seizing the tremendous investment opportunities in financing sustainable development. It is time to transcend words to action, the only way to transform our world.
The Addis Ababa Agenda put the finger on one of the most significant challenges of our times – how we finance our wide web of sustainable development goals against a backdrop of weak global economic growth, unsustainable debt levels, volatile financial markets and significant climate financing deficits.
Today’s High-Level Dialogue provides an opportunity to evaluate implementation of this framework. Throughout the SDG Summit, we heard from many Member States that funding remains one of the biggest impediments to realizing the SDGs. We need about $2.5 trillion a year to close the finance gap. This will require our urgent attention and action.
There are also encouraging signs, infrastructure investments and new and global public-private partnerships have borne fruits, but much more must be done.
Excellencies,
We must remain steadfast in our commitments and generate resources that correspond to our level of ambition. Official Development Assistance commitments must be honored, and public and private investments must be increased to generate further growth and create new decent jobs.
Let us also heed the recommendations in this year’s Financing for Sustainable Development Report to overhaul the global institutional architecture in order to unleash new and innovative sources of financing. This is especially necessary to address the particular situations of countries that need financing the most – least-developed, middle-income and small-island developing states.
Domestic resources must be further mobilized. We need more international tax cooperation that effectively deals with tax evasion and avoidance. Addressing illicit flows of capital is the other side of that same coin. Trillions of USD are lost every year in illicit financial flows in developing countries, far exceeding the volume of development aid. We cannot ignore these net losses to sustainable development.
Today’s High-Level Dialogue provides an opportunity to evaluate implementation of this framework. Throughout the SDG Summit, we heard from many Member States that funding remains one of the biggest impediments to realizing the SDGs. We need about $2.5 trillion a year to close the finance gap. This will require our urgent attention and action.
Excellencies,
We are again seeing alarming signs of debt accumulation and distress in many places, which disproportionately affect least developed countries, small island developing states and landlocked developing states. Debt sustainability must be addressed so that recent history does not repeat itself.
Global trade remains a unique engine for growth for all. Strengthening the multilateral trade framework serves to integrate all countries into the global economy.
Innovation, technology transfer and digitalization give promise of significant development, and African and Small-island developing states must be prioritized.
The fight against climate change is not at odds with creating economic dividends. Investing in clean and accessible energy will generate revenues.
Women make up half of the world’s workforce, and empowered women are agents of economic and social change. Reaching our targets can only happen with the active participation of women.
Excellencies,
A sustainable development future requires investing in the present. We have a clearly stated roadmap and due date. Let us act now and work together to take bold action to deliver for all.
I thank you.
