President of ECOSOC, Excellencies, Distinguished Members of the United Nations Tax Committee, Ladies and gentlemen,

Multiple and overlapping crises have exacerbated the cost of living across countries – especially for billions of people at the bottom end of income ladder.

The inequality gap has widened dramatically.

Meanwhile, economic growth has slowed, while governments continue to fight inflation through interest rate increases and other monetary tightening measures, adding additional stress on vulnerable countries, exacerbating risks of acute debt distress.

According to the latest UNDP analysis, 52 developing economies – 40 percent of the total – are suffering from severe debt problems – including a large number of middle-income countries.

That means that we must do more with what we have – including mobilizing domestic resources and strengthening international tax cooperation.

Tax-related illicit financial flows, tax avoidance, and tax evasion are draining much-needed resources.

Resources that governments need to invest in recovery, resilience and the Sustainable Development Goals are lost.

What’s more – some tax regimes undermine long-term sustainable development, including by providing fossil fuel subsidies with unfair breaks – at the expense of a liveable planet for future generations.

This calls on us to act decisively to rescue the Sustainable Development Goals, including by advancing inclusive and effective international tax cooperation and promoting fair international tax systems that can set societies up for success.

The world does not have a crisis of resources.

It has a crisis of sharing and managing those resources effectively and to the benefit of all.

For example, the use of tax policy as a lever to drive the transition from fossil fuels to renewable energy sources could drastically accelerate the green transition.

Carefully planned tax policies could also ensure that this transition is just: vulnerable populations would benefit in the process - including through equal access to energy, decent job opportunities, and universal social protection.

At the global level, the Secretary-General will continue to call for a large-scale SDG Stimulus, led by the G20, to ensure all countries can access the funding needed to invest in sustainable development through a triple approach:

Greater debt relief;

More concessional financing;

And contingency financing for all in need.

In this respect, international tax cooperation plays a critical role – not only to mobilize vitally needed resources, but to address the root of the problem: systemic inequality.

I look forward to the outcome of your deliberations.

Thank you.