[et_pb_section fb_built=”1″ _builder_version=”3.22″ global_colors_info=”{}”][et_pb_row _builder_version=”3.25″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”3.25″ custom_padding=”|||” global_colors_info=”{}” custom_padding__hover=”|||”][et_pb_text admin_label=”Text” _builder_version=”4.14.8″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” text_orientation=”justified” hover_enabled=”0″ global_colors_info=”{}” sticky_enabled=”0″]<\/p>\n
Excellencies,<\/p>\n
Colleagues,<\/p>\n
Friends,<\/p>\n
It is my pleasure to address the fifth session of the UNCTAD Intergovernmental Group of Experts on Financing for Development.<\/p>\n
We meet at troubling times. The world faces an uneven recovery from COVID19; looming geopolitical tensions; and a rise in conflicts, including the unfolding tragedies in Ukraine.<\/p>\n
Over the past two years, disruptions to supply chains, rising inflation, heightened financial volatility, and mounting trade costs have exacerbated the challenges faced by the global south.<\/p>\n
Worsening trade balances; a steep fall in government revenues from custom duties; the virtual collapse of the tourist industry; and shortages of foreign currency earnings, have all severely impacted the servicing of outstanding international debt obligations by a number of developing countries, particularly by the SIDS.<\/p>\n
And the outlook is even bleaker now, due to rising food and fuel prices. The resulting consequence is growing divestment in sustainable development and green industrialization.<\/p>\n
And unfortunately, the multilateral response to address those challenges has been insufficient.<\/p>\n
External financial resources for development continue to decrease, which has been especially detrimental to low income and middle-income countries.<\/p>\n
As we speak, LDCs, LLDCs and SIDS continue to endure severe financial constraints, which hinder their efforts to recover better and meet the Sustainable Development Goals. In fact, the financing gaps to achieve the 2030 Agenda continues to widen.\u00a0<\/p>\n
It is urgent that we initiate and enhance strong coordinated efforts to scale up development financing.<\/p>\n
This must include targeted interventions to enable countries in special situations to build resilience and make progress towards the SDGs.<\/p>\n
There are three areas I would like to highlight for prioritization:<\/p>\n
First, we need adequate financing of Covid-19 vaccine programmes<\/strong>.<\/p>\n The rollout of vaccines has been hampered by insufficient funding and a lack of support for production and distribution in developing countries.<\/p>\n This has resulted in stark vaccination discrepancies. As spotlighted in the special event on universal vaccination, which I convened last month, nine out of ten people living in the poorest countries missed out on a Covid-19 vaccine in 2021.<\/p>\n As UNCTAD\u2019s own report has shown, slow vaccine rollout means that pandemic related financing will remain high for the foreseeable future. As a consequence, many countries will have to continue diverting their resources to address the immediate health impacts of COVID-19, leaving them with less to invest in economic growth and resilience.<\/p>\n I\u2019ve said it before, and I say it again: we cannot get out of the crisis without universal access to vaccines.<\/p>\n Secondly, emergency concessional financing needs to be increased, and better targeted<\/strong>.<\/p>\n While the G20, IMF, World Bank and others have taken steps in the right direction, it is clear that these have fallen short.<\/p>\n For example, the IMF approved allocation of Special Drawing Rights provided member states with 650 billion dollars in additional liquidity.<\/p>\n Yet, only 42 percent was allocated to low and middle-income countries. Only 3.2 percent was allocated for the low-income countries.<\/p>\n We must urgently come to an agreement which facilitates the provision of SDRs to those countries that need them the most.<\/p>\n Mobilizing adequate levels of public and private financing for the SDGs were already a challenge prior to the COVID-19 pandemic. We must reverse this if we are to achieve Agenda 2030.<\/p>\n Thirdly, we must drastically reduce the debt-burdens of developing countries<\/strong>.<\/p>\n As it stands, many developing countries are being forced to allocate scarce resources to meet creditor claims, at the expense of financing the SDGs.<\/p>\n The G20\u2019s Debt Service Suspension Initiative, and the Common Framework, were steps in the right direction but remain inadequate in scale. We must do much more to mitigate unsustainable debt in the short, medium, and long terms.<\/p>\n Such measures need to be decided on with the full involvement of developing countries, and should extend to commercial and multilateral creditors.<\/p>\n In May, I will convene, together with the President of ECOSOC, a high-level dialogue on debt sustainability. This will focus on the concrete measures we can take to mitigate unsustainable debt, within our broader efforts to rebuild sustainably.<\/p>\n Excellencies,<\/p>\n The priorities I have highlighted reflect the magnitude of the economic and financial challenges faced by countries in special situations, including LDCs, LLDCs and SIDS.<\/p>\n Throughout our discussions, we should bear in mind the urgency with which we need to act. We must address the challenges developing countries face in mobilizing adequate levels of financing for development.<\/p>\n The 2030 Agenda will be \u201cwon or lost\u201d in the developing countries.<\/p>\n We – the international community, national governments, the private sector and all stakeholders – have a responsibility to ensure that all<\/em> countries and communities have the resources, and the enabling environment, to build back better and stronger.<\/p>\n In this context, I fully endorse the findings in UNCTADs report that the pandemic has highlighted three areas that warrant a more centralized role for the State.<\/p>\n These include public health; social security; and an investment strategy to create green jobs, promote social inclusion, and fight climate change.<\/p>\n Colleagues, this is the only <\/em>way we can usher in a comprehensive global recovery.<\/p>\n I thank you.<\/p>\n [\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section]<\/p>\n","protected":false},"excerpt":{"rendered":" UNCTAD Intergovernmental Group of Experts on Financing for Development (IGE FfD), Fifth Session<\/p>\n","protected":false},"author":353,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"on","_et_pb_old_content":" Excellencies, colleagues,<\/p> I welcome you all to our second meeting and our first interaction following the resumed part of the session.<\/p> Before I begin, I would like to recognize the loss of our dear friend and esteemed colleague, Ms. Gail Farngalo.<\/p> A Liberian national, Gail was my Team Leader for Human Rights and was active on gender during both the 75th<\/sup> and 76th<\/sup> sessions. She leaves behind a legacy of achievements and a groundswell of respect and affection from across the UN and diplomatic communities. Her presence is certainly felt here today.<\/p> Colleagues,<\/p> When I took on this Presidency of Hope, I pledged to make gender equality a priority area for the 76th<\/sup> session. I continue to look to the board for its wisdom and expertise, as I endeavour to fulfil that pledge.<\/p> In this regard, I have already benefited from the board\u2019s advice, from when we met on October 28th<\/sup> last year.<\/p> Acting on that advice, I committed to ensuring that all my five rays of hope, and all my major initiatives, are approached with a gender lens.<\/p> I made sure that the composition of my office is gender-balanced.<\/p> I have committed to participating only in panels that have equal gender representation.<\/p> Throughout my official interactions and travels, I have endeavoured to meet with women, including heads of states and governments, scientists, civil society representatives, and youth.<\/p> And I am proud to inform you that five young women have been recruited into the Fellowship for HOPE<\/em> that my office recently launched. The Fellowship as you are well aware is targeted at benefiting young diplomats from underrepresented countries, pursuing careers in diplomacy or public service.<\/p> Colleagues,<\/p> While recognizing that we have a long way to go in the battle for gender-equality, I am proud of what my team has been able to accomplish within the past few months.<\/p> Our work continues.<\/p> We will continue to raise our voices on issues disproportionately impacting women, such as domestic violence and work place harassment. We will continue to push the importance of gender-equal work spaces.<\/p> And we will continue to find new paths to empower young women with ambitious professional aspirations.<\/p> Now is not the time to rest on our laurels.<\/p> With the board\u2019s guidance and support, we must use the many opportunities over the coming months to further empower women and girls, and dismantle discriminatory practices against them.<\/p> There are several upcoming events that will provide us such opportunities. I look forward to the board\u2019s suggestions on how we can best utilize them.<\/p> As an example, the International Day of Women and Girls in science is fast approaching. We must recognize that women\u2019s contributions in science and technology have helped us cure diseases; discover new horizons in space; and develop technologies that have vastly improved our quality of life.<\/p> As we celebrate their achievements, we must also open pathways for young girls who aspire to follow in the footsteps of pioneers in science and technology.<\/p> Colleagues,<\/p> Let us also reflect that the theme chosen by the United Nations Commission on the Status of Women for this year is on \u201cachieving gender equality and the empowerment of all women and girls in the context of climate change, environmental and disaster risk reduction policies and programmes\u201d.<\/p> As we strive to meet our obligations to the planet, let us recognize the important work done by women and girls at the forefront of the climate crisis, and whose humanitarian work in disaster-stricken areas has helped save lives and rebuild communities. We owe it to them to not only celebrate their work but to support them.<\/p> Colleagues,<\/p> Our programme of work for the months ahead has been circulated to members prior to the meeting, for consideration and feedback. Please note that the events we have planned are not exhaustive. I welcome further suggestions from the board on the content and format of future events and activities.<\/p> Colleagues,<\/p> We have made much progress within a short while. And with the board\u2019s support and guidance, I am sure that we can keep up this strong momentum.<\/p> I look forward to working alongside all of you to achieve our vision of a gender-equal world.<\/p> Thank you.<\/p>","_et_gb_content_width":"","footnotes":""},"categories":[111],"tags":[866,550,556,863,553],"committee-meeting":[],"class_list":["post-261824","post","type-post","status-publish","format-standard","hentry","category-speeches","tag-discrimination","tag-ga","tag-pga","tag-racism","tag-shahid","et-doesnt-have-format-content","et_post_format-et-post-format-standard"],"yoast_head":"\n