Secretary-General of the United Nations, António Guterres said “developing countries have limited prospects of financing the Sustainable Development Goals” for they faced sky-high debt burdens and costs of capital.
The UN Chief remarked the statement as he addressed the First Meeting of the Preparatory Committee for the Fourth International Conference on Financing for Development, which is underway in Addis Ababa.
Guterres also stressed the global financial challenges. “The world is facing seismic shocks that make financing challenges harder to solve -- and geo-political divisions that undermine collective action.”
The Fourth International Conference on Financing for Development provides a unique opportunity to tackle these challenges head on, he said.
It opens the door for world leaders to adopt ambitious reforms to deliver affordable long-term financing at scale – and deliver the SDG Stimulus.
The secretary general believes the conference will present a unique opportunity to reform an international financial system that is outdated, dysfunctional and unfair – from the tax and debt architecture, to the system of public development banks, to trade and investment rules, to the financial safety net and global governance.
“Your process has a unique mandate to look at all these pieces of the puzzle in a holistic manner, and through the prism of the 2030 Agenda. We will need the best ideas to inform discussions, and maximum political will to act,” he said.
Welcoming the initiative of the Government of Spain to convene a high-level Commission of Experts on Financing for Development, he urged stakes: “I count on all of you to move forward with a determination to rescue the 2030 Agenda.”