António Guterres urged international development banks to use their resources to increase private investment in developing countries
The 2030 Agenda for Sustainable Development is becoming a "mirage of what might have been," UN Secretary-General António Guterres said on Monday at the start of the Financing for Development Forum (FfD), taking place at UN Headquarters in New York.
The Secretary-General cited statistics demonstrating that the richest 1% of people worldwide have amassed roughly twice as much additional wealth since the outbreak as the rest of the world put together.
He claimed that in some nations, inequality levels are returning to those of the early 20th century, when women were not yet allowed to vote and the idea of social protection was not yet widely accepted.
According to the UN president, the UN's SDG Stimulus Plan intends to increase investments that will aid in achieving the Sustainable Development Goals (SDGs), reduce the debt load on poor nations, and enhance access to funds.
Guterres urged Member States to fulfill their pledges to provide government aid and multilateral development banks, like the World Bank and Asian Development Bank, to use their resources to increase private investment in developing nations.
Longer term, according to the UN head, a system that is "coherent and coordinated, and reflects today's global economic reality" must be implemented in place of the current global financial architecture, which "has failed countries at their moment of greatest need."
Decades of progress reversed: ECOSOC President
The President of the UN Economic and Social Council (ECOSOC), Lachezara Stoeva, stated in her opening remarks that the recent events have undone three decades of progress in eradicating poverty.
The Forum, according to Stoeva, is a chance to come up with audacious solutions that can handle the scope of funding difficulties. She called for rapid action on debt relief, investments, climate finance, and international tax cooperation.
“We cannot afford to come up short,” said the ECOSOC president. “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 the planet.”