– As delivered –
Statement by H.E. Tijjani Muhammad Bande, President of the 74th Session of the United Nations General Assembly
23 April 2020
Madame President
Excellencies
I am delighted to be with you today for the annual ECOSOC Forum for Financing for Development.
This year’s Forum takes place at a critical moment as we contend with the novel coronavirus, which is putting our health systems under stress. I avail of this opportunity to express my solidarity with Member States who are fighting COVID-19. I extend my sincere condolences to those who have lost loved ones.
The current health emergency affects everyone, everywhere: we are facing unprecedented challenges and human suffering, which will have a devastating impact on the livelihoods of the people we serve.
The COVID-19 crisis is bringing to light vulnerabilities and fragilities of our systems and institutions. Indeed the fault lines of rising debt risks and deepening inequalities are being amplified by COVID-19.
This crisis has come just as we are embarking on the Decade of Action to implement the Sustainable Development Goals. However, our targets have not changed. We must remain steadfast in our commitment to implement Agenda 2030 and the Addis Ababa Action Agenda. We must demonstrate even greater resolve than ever before and galvanise urgent multilateral action now.
Excellencies
Mobilising sufficient resources will be essential in order to effectively combat COVID-19. Moreover, it will be critical to restoring our societies and progressing along the path to 2030 and a sustainable world throughout this decade.
While no country will be spared from the economic impact of this crisis, developing countries will be hit the hardest, even if they do not experience an outbreak of COVID-19. The most vulnerable countries face financial constraints, lack the fiscal space and capacity to cope with the crisis. Moreover, developing countries will be most affected by the global economic repercussions of this crisis, due in part, to a slump in commodity prices and a reversal of financing flows. To build resilience for the poorest and most vulnerable people, we must ensure sufficient financing.
This is a global pandemic, and as such our response must be global, comprehensive and well-coordinated. Our efforts must be directed towards all seven action areas of the Addis Agenda. This will entail taking effective fiscal and social measures and preventing mass unemployment by shoring up and bolstering businesses. We need to promote fair trade and innovative financing and we must honour Official Development Assistance (ODA) commitments. Importantly, we must act urgently to prevent a potentially devastating debt crisis.
Rising debt levels severely limit country’s ability to provide essential public services such as healthcare and social protection. We must move swiftly on debt and concessional finance to support the most vulnerable people we serve. We must also advance steps to provide debt relief for countries. These approaches must be comprehensive and go beyond traditional debt to include all sources of debt.
In order to minimise the real risks of rising debt levels, we need political will and steadfast international cooperation, and I call on all Member States to help ensure crucial liquidity in many developing countries suffering from a heavy debt burden. I welcome the early initiative shown by the G20, the World Bank and IMF, as well as the Global Initiative for Debt Relief, called for by Pakistan. We must leave no one behind, in this time of crisis.
Effective public revenue generation will be key to financing resilient systems, now and in the future. The time has come to take concrete action to fight illicit financial flows so that countries can mobilise funds for essential public expenditures. We must combat this scourge if we are to prevent inequalities from deepening, and in order to finance systems which can withstand the effects of COVID-19 and future shock. These are some of the issues which the Panel on Financial Accountability, Transparency and Integrity will examine closer.
In order to minimise the real risks of rising debt levels, we need political will and steadfast international cooperation, and I call on all Member States to help ensure crucial liquidity in many developing countries suffering from a heavy debt burden.
Excellencies
COVID-19 is indeed the greatest test of this generation’s commitment to multilateralism, global citizenship, and solidarity. We will be defined by our action.
In our response, let us shift towards a more sustainable and resilient path, and build a world fit for future generations. The Addis Ababa framework is there to guide us. It is time to heed our pledge.
I am encouraged by the wide participation of so many Member States and stakeholders at the Forum. Furthermore, I commend the leadership of those who have already made important contributions. But much more is needed: and I urge others to step up their support.
Excellencies,
Seventy-five years ago leaders chose hope and unity at a time of despair, let us emulate the founders of the United Nations and work together to ensure a better world for all. It is only by striving together, that we will succeed in delivering for all.
I thank you.
