Remarks by the President of the General Assembly,
Mr. Dennis Francis,
Reimagining A Gender-Inclusive Financial Architecture For Poverty Eradication
20 March 2024
[As Delivered]
Excellencies,
Distinguished delegates,
Ladies and gentlemen,
Let me begin by thanking GWL Voices, its President and Founder, Susana Malcorra, and its Executive Director, Maria Fernanda Espinosa – one of my predecessors and, indeed, one of only four women to lead this principal organ of the UN as President of the General Assembly – for inviting me to this important and timely event.
Permit me to acknowledge, in particular, Executive Director Espinosa and to commend her as a true champion of women’s rights – demonstrated both during and after her remarkable Presidency of the General Assembly, for its 73rd session.
In this room we all agree that achieving gender equality and advancing women’s rights are integral to fulfilling our sustainable development goals – and to empowering not only the individuals, but our communities and societies at large.
Yet today, 1 in every 10 women lives in extreme poverty, and – at the current trajectory – over 340 million women and girls will remain trapped in extreme poverty by 2030.
If we are to reverse these trends and to ensure zero poverty for women and girls by 2030, we must collectively take urgent and comprehensive action.
It is truly crucial that our efforts prioritize long-standing gender disparities.
Frankly, the statistics are appalling.
In 2024, nearly 2.4 billion women still do not enjoy the same economic rights as men.
The gap between men and women’s expected lifetime earnings globally is US$172 trillion – nearly two times the world’s annual Gross Domestic Product.
In 2019, women’s share of total earned labor income stood at a paltry 34 per cent.
And at current rates of progress, the next generation of women would still need to spend 2.3 more hours than men per day on average, on unpaid care and domestic work.
Excellencies,
Chronic underinvestment in gender equality slows progress and, in some instances, even reverses the gains we have made in addressing gender inequalities.
Conversely, adequate financing and well-designed and properly targeted macroeconomic, structural, and financial policies can vastly accelerate the reduction of gender disparities and support the equitable advancement of women and girls – and indeed, society at large.
UN-Women’s latest Gender Snapshot report emphasizes the need for an additional $360 billion annually to realize SDG 5 – including to end poverty and hunger.
At the international level, financing for development must prioritize policies and programmes designed to close gender gaps and to empower women and girls.
It is also essential that we identify strategies to mobilize our limited resources more effectively.
We must implement a new international financial architecture that can better address the gender inequalities and support the advancement of women and girls – particularly those in developing countries.
I take this opportunity to acknowledge and to commend the International Monetary Fund’s recently launched inaugural Gender Mainstreaming Strategy – which illuminates this vitally important, yet often overlooked issue.
To this end, the upcoming Fourth International Conference on Financing for Development, to be held in Spain in 2025, will be a key opportunity to build on the financing commitments towards implementation of all the SDGs, including SDG 5.
Excellencies,
In addition to the moral imperative of ensuring equal rights for women and girls, championing gender equality has the practical benefit of unlocking all of humanity’s full potential.
By removing barriers hindering half of the global population from utilizing their fullest talents and capabilities, we will accelerate our efforts towards a more just, resilient, and sustainable society.
Therefore, it is crucial to emphasize that financing for gender equality is not only essential, but also a cost-effective investment – an investment that will act as a catalyst for rapid progress in various interconnected areas, including education, healthcare, and employment, thereby laying the groundwork for a more equitable and comprehensive approach to development.
Let us collectively recommit to ensuring that gender equality remains a priority on local, national, regional and global agendas.
And let us also use this opportunity to reaffirm that impactful change, including in financing, necessitates ensuring the presence of more women in decision-making spaces and leadership positions – standards the world has consistently failed to meet.
Clearly, much needs to change. As President of the General Assembly, I am fully committed both to incentivizing and contributing to this change.
This commitment is why I consistently prioritize gender parity in my responsibilities, including in appointing co-facilitators and for invitations to speakers and guests for various General Assembly events.
Moreover, I continue to join the advocacy for more female candidates for the positions of Secretary-General and President of the General Assembly – acknowledging the need for more women to be represented at the highest levels.
With strengthened resolve, let us all be motivated advocates in seeking the long overdue change for a fairer and more gender-equal world.
I thank you.
