Remarks by H.E. Mr. Abdulla Shahid, President of the 76th session of the United Nations General Assembly
25 April 2022
His Excellency Dr. Mokgweetsi E. K. Masisi, President of Botswana
His Excellency Ambassador Collen Vixen Kelapile, President of ECOSOC
Her Excellency Amina Mohammed, Deputy-Secretary-General of the United Nations
Excellencies,
Distinguished delegates,
Ladies and gentlemen,
I am delighted to join you today for the 2022 ECOSOC Forum on Financing for Development.
We meet at a time when the COVID-19 pandemic has dramatically altered the development trajectory for many countries, especially developing countries, upending lives and livelihoods.
The impacts have been uneven at best, tragic at worst;deepening political cleavages, social inequalities, and macroeconomic fragilities.
This is particularly the case for countries in special situations, specifically the Least Developed Countries, Land-locked Developing Countries and Small Island Developing States, as well as for some middle-income countries.
Many of these countries risk losing an entire generation’s worth of hard-won development gains.
Aware of these challenges, and as President of the General Assembly, I re-constituted the Board of Advisers on Least Developed Countries, Land-locked Developing Countries and Small Island Developing States (LLS).
I rely upon them for their advice, particularly around entry points and pathways to unlock the potential of countries in special situations, and to increase their resilience in the face of compounding crises.
On the topic of sustainable financing, several suggestions emerged.
First, countries in special situations face increasing vulnerabilities at the systemic level, especially in accessing finance. Short-term response measures to address inflation, vaccine inequity, and gender equality gaps must be complemented by longer-term strategies that account for multidimensional vulnerabilities. International support must include increased investments, trade facilitation, and reallocation of Special Drawing Rights to LLS countries, among others.
As you would be aware, I have convened a High–Level Panel of Experts to finalize a Multi-dimensional Vulnerability Index for Small Island Developing States.
The work of the panel is on-going. Its outcome will be an important contribution to addressing the vulnerabilities these countries face at a systemic level, as well as to help unlock the potential of countries in special situations.
Second, shrinking fiscal space and debt burdens are major bottlenecks for the development of LLS countries. Debt sustainability, restructuring, and transparency must therefore be prioritized. These will be part of the discussions at the Thematic Debate on Debt, the President of ECOSOC and I are convening at the end of May. This will be an opportunity for the international community to have a focused and inclusive discussion on how to ensure more systemic, SDG-aligned, debt relief; address gaps in the international debt architecture; and prevent future debt crises.
Third, the full implementation of commitments in agreed to multilateral frameworks, such as the 2030 Agenda for Sustainable Development, the Addis Ababa Action Agenda on Financing for Development, the Paris Agreement, and COVAX is urgently needed.
We know what is required. We have discussed and negotiated these frameworks. Now we must mobilize the political will to implement them. We need to also pay particular attention to the context specific needs and actions identified in the programmes of actions for LDCs, LLDCs, and SIDS, and policy options that have been identified for Middle Income countries.
Excellencies,
The countries in special situations must be placed at the center of the recovery efforts of the international system. The plight of vulnerable middle-income countries must also be fully considered. The 2030 Agenda will be won or lost in these countries.
More resources and investments should be allocated to these countries for risk reduction and resilience building in the face of rising poverty, climate change, natural disasters, debt vulnerabilities, and food insecurity, particularly worrisome in light of the crisis in Ukraine.
It is my hope that the outcome of this year’s Forum will enable countries to be better positioned to achieve the SDGs and increase their resiliency.
Excellencies,
The COVID-19 pandemic placed economies under stress, while also exacerbating existing challenges.
Even before the pandemic, financing for development, especially international public financing was short. Access to long term financing, including international public finance, lending by development banks, and commercial financing, will enable countries to respond better to the crisis and recovery more sustainably.
We need to build capacities, build stronger institutions, and support better governance to ensure that financing for development is sustainable and stimulates growth. This forum’s deliberations will be important moment to give direction to the international community in this regard.
For many, developing and developed countries alike, the tourism sector is a major driver of economic growth and development, providing livelihoods for hundreds of millions of people, and allowing many more to benefit from diverse cultures and the natural environment.
Recovery efforts present an opportunity to invest in sustainable tourism strategies that are SDG-aligned and resilient againstfuture pandemics and shocks.
In recognition of this, next week I will convene a high-level thematic debate on how tourism can advance recovery for people, planet, and prosperity. I look forward to your active engagement at the event.
Ladies and gentlemen,
Important initiatives have been undertaken to focus the international community’s attention on the need to ensurefinancing for development in the era of COVID-19. But much more needs to be done.
One thing is clear: the international community must strengthenefforts to shore-up support for countries, especially countries in special situations to prevent a vastly unequal global recovery.
I look forward to this Forum’s contribution to advancing financing for sustainable development and helping to create a better future for all.
I thank you.
