#financing for development

15h00-15h45     International Development Cooperation.    Moderator: H.E. Mr. Marc Bichler, Permanent Representative of Luxembourg to the United Nations Office at Geneva,and                                               Chairperson-Rapporteur of the Social Forum

H.E. Mr. Carsten Staur, Chair, Organization for Economic Cooperation and Development - Development Assistance Committee (OECD-DAC) and former State Secretary for International Development Cooperation, Denmark, Effective North-South Development Cooperation 

Ms. Yuefen Li, Senior Advisor on South-South Cooperation and Development Finance, South Centre, Geneva, South-South and Triangular Cooperation and the Role of Emerging Economies in Development Finance

 Mr. Fadhel Kaboub, Associate Professor of Economics, Denison University, USA, President, Global Institute for Sustainable Prosperity and Senior Advisor with Power Shift, Nairobi, Kenya, Addressing Structural and Systemic Issues for Effective Development Cooperation and Just Global Governance

Mr. Mihir Kanade, Chair, Expert Mechanism on the Right to Development, Professor and Head, Department of International Law and Director, Human Rights Centre, University for Peace (UPEACE), San José, Costa Rica, Mainstreaming the Right to Development in International Development Cooperation

Ms. Isabelle Durant, Member, Expert Mechanism on the Right to Development, Advancing Climate Finance for Just, Equitable and Sustainable Development

15h45-16h30   Interactive Dialogue

16h30-17h15   International Trade as an Engine of Development

    Moderator: Ms. Maria Andrea Echazu Aguero, Right to Development Section, OHCHR

H.E. Mr. Muhmmadou Kah, Permanent Representative of The Gambia to the United Nations, WTO and Other International Organizations in Geneva, Sharing Lessons from Gambia

Mr. Surya Deva, Special Rapporteur on the Right to Development, Reimagining Trade to Ensure Inclusive and Sustainable Development

Ms. Kinda Mohamadieh, Senior Researcher andLegal Advisor, Third World Network, Geneva, Building Just and Equitable Trade and Investment Systems for the Global South

Ms. Anoush Der Boghossian, Head, Trade and Gender Unit, World Trade Organization (WTO), International Trade, Gender Equality and Women's Empowerment    

Ms. Hana Daoudi, Economic Affairs Officer, Economic Cooperation and Trade Division, United Nations Economic Commission for Europe (UNECE), Experiences from Europe, Central Asia and the Caucasus

17h15-18h00       Interactive Dialogue      

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The Social Forum 2024 focuses on the contribution of financing for development to the advancement of all Human Rights for all

Watch the 2nd Meeting, Social Forum 2024!

The Social Forum 2024 focuses on the contribution of financing for development to the advancement of all Human Rights for all

Watch the 1st Meeting, Social Forum 2024!

The UN Secretary-General is addressing the 16th BRICS Summit in Kazan. The BRICS Summit is the highlight of Russia's Chairship of BRICS in 2024.

BRICS Summit

15 year anniversary event celebrating the work of Queen Máxima of the Netherlands, the United Nations Secretary-General's Special Advocate for Inclusive Finance for Development (UNSGSA).

Watch Inclusive Finance for Development: 15 Years of Impact (Side Event at the 79th Session of the United Nations General Assembly)!

Item 4 (cont'd) – Implementation of the mandate and programme of work:

b) Focused thematic discussions  

(iv) Round-table with key stakeholders on cross-cutting issues  (3.00 PM – 5.00 PM)  

Item 5 – Conclusion of the session 

The ninth session of the Expert Mechanism on the Right to Development (EMRTD) will provide the Human Rights Council with thematic expertise on the right to development in searching for, identifying and sharing best practices with Member States and promotes the implementation of the right to development worldwide.

Watch the 4th Meeting, 9th Session of the Expert Mechanism on the Right to Development!

United Nations Department for Economic and Social Affairs

Financing for sustainable development is at a crossroads and without urgent investment, global efforts to achieve a more just and equitable world by 2030 will fail, the UN deputy chief warned on Tuesday.  Presenting the latest UN report on the issue, Amina Mohammed called for “a surge in investment” and reform of the international financial system to rescue the Sustainable Development Goals (SDGs) which are woefully offtrack.  World leaders adopted the 17 SDGs nearly a decade ago and they include ending extreme poverty and hunger, ensuring availability to clean water and sanitation, and reducing inequality within and among countries.

‘Finance is the crux’ 

“At our current rates, we estimate some 600 million people will still be living in extreme poverty beyond 2030. And as the report shows, finance is the crux of the problem,” Ms. Mohammed said, speaking at UN Headquarters in New York. The 2024 Financing for Sustainable Development Report says urgent steps are needed to mobilise financing at scale to close the development financing gap, now estimated at $4.2 trillion annually, up from $ 2.5 trillion before the COVID-19 pandemic. Meanwhile, rising geopolitical tensions, climate disasters and a global cost-of-living crisis have hit billions of people, battering progress on healthcare, education, and other development targets. 

Drowning in debt 

Staggering debt burdens and rising borrowing costs are large contributors to the sustainable development crisis.  Estimates are that in the least developed countries, debt service will be $40 billion annually between 2023 and 2025, up more than 50 per cent from $26 billion in 2022. Stronger and more frequent climate related disasters account for more than half of the debt upsurge in vulnerable countries.   Deputy Secretary-General Mohammed said roughly 40 per cent of the global population, some 3.3 billion people, live in countries where governments now spend more on interest payments than on education or health.  

Meanwhile, the global economy is not supporting investment and development as it should, she noted. Average growth rates have steadily declined over the last 25 years, from over six per cent before the global financial crisis more than 15 years ago to around four per cent today. 

Reform outdated financial system 

The report calls for scaling up public and private investment in the SDGs, highlighting the importance of reform of the development bank system.    In this regard, donors also need to make good on commitments on Official Development Assistance (ODA) and climate finance.  Secondly, the current international financial architecture – established nearly 80 years ago – must also be remade as it is “no longer fit for purpose”, she said, and developing countries should have a greater voice in global economic governance. 

Close ‘credibility gaps’ 

Finally, world leaders must close “credibility gaps” and trust deficits. This is especially the case for wealthier nations, which have made promises on global governance reform, aid delivery, and domestic reforms to tackle corruption and inequality, including gender inequality.  Stating that the report’s message could not be clearer, Ms. Mohammed said “we must choose now either to succeed together or we will fail together,” stressing that “failure is not an option.”  The report also encourages governments to make the most of “significant opportunities ahead”, she added, pointing to major conferences such as the Summit of the Future at UN Headquarters in September and the Fourth International Conference on Financing for Development scheduled for next year. 

The Summit has been described as a once-in-a-generation opportunity to enhance cooperation on critical challenges and address gaps in global governance, and to reaffirm commitments, including to the SDGs. 

Amina Mohammed will be joined by Mr. Navid Hanif, Assistant Secretary-General for Economic Development, DESA and Ms. Shari Spiegel, Acting Director, Financing for Sustainable Development Office (FSDO), DESA. 

Press Conference: Amina Mohammed, UN Deputy Secretary-General on the Financing for Sustainable Development Report 2024: Financing for Development at a Crossroads