UN leaders call for ‘maximum political will’ to save Sustainable Development Goals
Remarks before the Preparatory Committee (PrepComm) for the Fourth International Conference on Financing for Development, United Nations Secretary-General António Guterres and Deputy Secretary General Amina Mohammed highlights the persistent challenges facing developing countries and the urgent need for ambitious global financial reforms.
Mr Guterres told PrepComm attendees gathered in the Ethiopian capital Addis Ababa that the conference, to be held in Spain next year, offers a unique opportunity to tackle these challenges head-on. video message.
“It opens the door for world leaders to adopt ambitious reforms to deliver affordable long-term finance at scale – and deliver the Sustainable Development Stimulus.”
This is also an opportunity to reform a the international financial system is “outdated, ineffective and unfair,” He said, urging “maximum political will” to act and save Agenda 2030 for Sustainable Development.
“Together, we can bring about not just a financial system – but a world – that is more fair, equitable and sustainable.“, he concluded.
The outlook is bleak.
Speaking from the podium, the Deputy Secretary-General echoed Mr. Guterres’ message, reiterating the importance of the meeting in Addis Ababa, a city synonymous with development financing, where the landmark Agenda for Action was adopted in 2015.
Ms Mohamed highlighted the sad reality that only 17 percent of the SDG targets are on track, pointing to the severe financial constraints facing developing countries.
“Many developing countries cannot invest in their future because they are struggling to meet immediate needs: paying wages and servicing debt,” she said. speakand added that international capital is “flowing out of developing economies, rather than flowing in.”
“Economic outlook for developing countries remains bleak. And while the global economy is described as resilient – there is a soft landing in the north – there is a hard landing in the south.”
UN Deputy Secretary-General Amina Mohammed speaks at the Fourth International Conference on Financing for Development in Addis Ababa.
Overcoming division
The need for reform was clear in 2015, and the shocks since 2020 have underscored the urgency of delivering on commitments and creating an international financial architecture that can bridge the global financial divide, Ms. Mohammed stressed.
“If we are to save the Sustainable Development Goals, we need much more urgency and much higher ambition.”, she stressed and outlined six key areas of action.
These include addressing the debt and development crisis; increasing access to affordable, long-term finance; closing gaps in the global financial safety net; establishing a fair and effective international tax system; tapping international capital markets; and responding to calls for reform of global economic governance.
“We are at a crossroads once again. We have a unique opportunity. to build a more efficient and equitable global financial system and expand financial resources to those who need them most,” she stressed.
“We can’t miss it.”
Global Launch
The Preparatory Committee (PrepComm) will initiate this process and culminate in the Fourth International Conference on Financing for Development (FFD4) in Spain in June-July 2025.
Among other tasks, PrepComm will conduct detailed planning and preparation, initiate negotiations on the outcome of the Conference and collaborate with key stakeholders.
Subsequent PrepComm sessions are scheduled to be held in New York (December) and Mexico City (February 2025), along with a multi-stakeholder midterm hearing in New York (October).
