High-level event on Financing for Development in the Era of COVID-19 and Beyond

– As delivered –

Statement by H.E. Tijjani Muhammad Bande, President of the 74th Session of the United Nations General Assembly

28 May 2020

Honorable Ministers,

Mr. Secretary-General,

Excellencies,

At the outset I thank the Secretary-General, and the Governments of Canada and Jamaica for their initiative, and for organizing this event.

I extend my sincere condolences to those who have lost loved ones due to COVID-19 and I re-affirm my solidarity with Member States who are fighting the disease. We are in this together and we will get through it together.

Excellencies,

The COVID-19 pandemic has caused economic and financial shocks around the world that left many countries constrained in their response to the pandemic and its social and economic consequences. Even before the crisis, many countries were not on track to achieve the Sustainable Development Goald (SDGs). Financial constraints were often at the centre of their challenges.

In order to achieve the Sustainable Development Goals by 2030 we have to rethink our economic systems.

This requires leadership, political will and collaborative efforts among a wide variety of actors to safeguard the future for generations to come.

We need to act urgently and decisively on the six areas which the Secretary-General has highlighted as constraints. We must focus on the key challenges around public, private and external financial resources that need to be mobilized not only for rapid recovery, but also for longer-term progress in achieving the 2030 Agenda for sustainable development.

 It is clear that many developing countries currently do not have the financial means to halt the spread of the Covid-19 pandemic and the social and economic consequences of the pandemic. The most vulnerable countries are further challenged by retreating foreign investors as well as dwindling revenues from remittances, tourism, and commodity exports. Illicit financial flows exacerbate difficulties even further.

Preventing these countries from sliding into disorderly defaults – defaults which would end any long-term development prospects – requires concrete proposals and timely action. These plans must not only address current liquidity shortages, but also provide durable solutions that create vital fiscal space for investments in sustainable development for countries in need.

 I welcome collective efforts such as the G-20 moratorium which addresses the immediate liquidity needs of some countries and creates fiscal space to address the pandemic. However, they will not resolve the unsustainable debt situations of many of the poorest countries, who have experienced debilitating debt distress.

As we mark the seventy-fifth anniversary of the United Nations, we must remain steadfast in upholding and advancing the values of the Organisation, and step forth with political courage and determination. Now is the time to revise the international financial architecture. This is our opportunity to combat the recurring scourge of illicit financial flows.

In the short-term we need a system which will halt illicit flows and effectively recover funds and other assets to the countries of origin.

In this regard, I look forward to the recommendations on these issues from the FACTI panel which I convened alongside the President of ECOSOC, Ambassador Juul of Norway.

Excellencies,

We cannot address Covid-19 and the related economic and social fall-out in a vacuum. It must be integrated into the broader discussions on financing for sustainable development.

The United Nations provides us with a forum to convene all actors and specialised policy communities to address these challenges.

Excellencies,

We must continue to heed the call made by the founders of our organization to work together to ensure a better world for all. We cannot miss this opportunity to shift the world towards a more sustainable and resilient path. It is only by striving together that we will succeed in delivering for all.

I thank you.