Developing countries need $3.3 to $ 4.5 trillion financial support annually to achieve UN SDGs: Ambassador Munir Akram

New York: Permanent Representative of Pakistan to the United Nations General Assembly (UNGA) Ambassador Munir Akram said that the developing countries need the financial support of at least $3.3 to $ 4.5 trillion per year to achieve the sustainable development goals (SDGs), within the given timeline.

While addressing as G77 chair at the GA plenary on Social Development in Third Committee, the other day said Munir said the international community and multilateral institutions should revitalize global development cooperation and invest in inclusive and sustained growth, eradication of poverty and hunger, reducing inequalities and enhancing the well-being of all.

“We must enable the developing countries to eradicate poverty and hunger and achieve the SDGs.” Munir said.

Developing countries need the financial support of at least $3.3 to $ 4.5 trillion per year to achieve SDGs within the given timeline. For this, resources must be mobilized from all possible sources: fulfillment of the 0.7 percent ODA target; redistribution of the $650 billion in new SDRs; and concessional finance from the multilateral institutions and development banks.

At the same time, Munir said there is a need to take coherent and coordinated actions and innovative measures to promote vaccine equity, build better health systems and improve early warning and monitoring systems.

During the last session, a report was requested on the “Implementation of the outcome of the World Summit for Social Development and of the twenty-fourth special session of the General Assembly, with a particular focus on the goal of eradicating poverty in the world”.

In the report submitted, the Secretary General has called for strengthening long-term social policies to enhance people’s capacities for and resilience to future crises, as well as for preserving social spending to support national policies and strategies to fully implement the 2030 Agenda, leaving no one behind.

The analysis contained in the report of the Secretary General provides us with an overview of the discussions held by the Commission for Social Development during its sixtieth session, and the need to address inequality to eradicate poverty and achieve the goals of the World Summit for Social Development and the 2030 Agenda for Sustainable Development, focusing on trends in inequality within and among countries.

As stated by Secretary General in his report, “The steady progress of the past decades has been halted or reversed owing to the multifaceted and widespread impacts of conflicts, climate change and the coronavirus disease (COVID-19) pandemic, which have also exacerbated inequalities. Rising food and fuel prices and slowing economic growth are worsening poverty and could have devastating impacts on a large segment of the world’s population. If no effective actions are taken, these challenges could fuel societal polarization, thereby undermining social cohesion.”