The recent Financing for Development Forum held in New York brought together leaders from around the world to address emerging issues and obstacles to achieving the Sustainable Development Goals (SDGs). The participants stressed the importance of the commitments in the outcome report, emphasizing the need for reforms and changes across various sectors.
The ECOSOC Financing for Development Forum, held from April 17 to 20, 2023, was hosted by the Trusteeship Council at the UN Headquarters in New York. This inclusive intergovernmental process aimed to review the Addis Ababa Action Agenda and other financing for development documents, and to develop policies that support long-term sustainable development goals. Participants from diverse fields such as government, business, civil society, and other sectors gathered to engage in comprehensive, collaborative discussions on contemporary global challenges. The forum focused on practical approaches to increase funding and bolster the achievement of the SDGs while addressing issues such as public debt, underdevelopment, and food insecurity.
At the start of the Forum, UN Secretary-General António Guterres warned that sustainable development is becoming an unattainable vision. He highlighted recent reports indicating that since the pandemic, the wealthiest 1% of people across the globe have captured nearly twice as much new wealth as the rest of the world combined. Mr. Guterres expressed concerns about the increasing inequalities within some countries, which are regressing towards levels similar to the early 20th century, a time when women did not have the right to vote and the concept of social protection was not widely accepted.
To address these issues, the UN Chief called for multilateral development banks such as the World Bank and the Asian Development Bank to utilize their resources to attract more private financing for developing countries. He also urged Member States to fulfill their government aid commitments. The UN Secretary-General suggested that the global financial structure, which has failed nations during their times of crisis, should be completely revamped to create a more unified and coordinated system that is reflective of the current global economic situation.
Lachezara Stoeva, head of the United Nations Economic and Social Council (ECOSOC), urged the implementation of urgent actions such as debt relief, investment, climate finance, and international tax cooperation.
“We cannot afford to come up short,” said Ms. Stoeva, adding “Too much is at stake. Without securing the means of implementation, the 2030 Agenda will fall out of reach, with stark consequences for people and planet.”
Upon the conclusion of the forum, the attendees approved a document entitled “Follow-up and review of the financing for development outcomes and the means of implementation of the 2030 Agenda for Sustainable Development”. This document featured a series of conclusions and recommendations that strive to transform the global financial structure, adjust to global economic shifts, and hasten the progress towards realizing the SDGs. Representatives described the document as “a promising groundwork for future initiatives”.
Delegates also:
- Affirmed the commitment to improve revenue administration capabilities through up-to-date, transparent, and equitable tax systems and policies;
- Emphasized the importance of intensified global collaboration to explore various policy instruments to overcome obstacles to private investment for sustainable development;
- Encouraged development partners to increase their official development assistance contributions while enabling concessional financing for the least developed nations;
- Endorsed the drive to reform multilateral development banks; and
- Urged for an improvement in international debt mechanisms to facilitate debt review, debt restructuring, and debt payment suspensions.
