Latest news with #FinancingforDevelopment
Scoop
9 hours ago
- Business
- Scoop
UN Report Highlights Urgent Financing Solutions To Achieve The SDGs In Asia And The Pacific
A new report from the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP) offers over 40 innovative and actionable strategies for countries in the region to close the development financing gap. This comes as financial and geopolitical pressures across the region threaten to further derail progress on poverty reduction, climate action and economic recovery. Developing countries globally now face an annual shortfall of between US$2.5 trillion and US$4 trillion to meet the Sustainable Development Goals. Without major improvements in the way development is financed, many countries in the region risk falling further behind. The sixth edition of ESCAP's Financing for Development report points to longstanding weaknesses in public finance and private investment systems. Many governments in the region continue to face difficulties in raising domestic revenues at the scale needed. Tax structures remain inefficient, and opportunities to tap into wealth and real estate are often underused. At the same time, capital markets are underdeveloped, and private financing rarely reaches high-impact sectors such as clean energy, healthcare or affordable housing. 'Nowhere is this challenge – and opportunity – more urgent than in Asia and the Pacific,' underscored Armida Salsiah Alisjahbana, United Nations Under-Secretary-General and Executive Secretary of ESCAP. She added, 'This is our chance to build a more resilient, equitable and sustainable economy for all. We aim to foster solutions that are regionally grounded, technically sound and financially viable. Unless Asia and the Pacific can lead boldly, the global transition will fall short of expectations.' Public debt distress has also become a growing concern. The report calls for more responsible borrowing, better transparency in how public funds are used, and stronger coordination among creditors to ensure fair and effective debt resolution. The report further recommends closer alignment between sustainable finance and development goals. It also notes that when countries plan investments that support both environmental and economic outcomes, they are more likely to deliver results that benefit people and the planet. 'This report serves as an important guide for governments and regulators in expanding access to financing aimed at sustainable development. It offers effective approaches to ensuring the availability of capital while considering national priorities and specific circumstances,' said Faizidin Qakhkhorzoda, Minister of Finance of the Republic of Tajikistan. He further welcomed the call to strengthen the regulatory framework for sustainable finance, improve disclosure standards and promote innovative financial instruments. The report was launched on 30 June at the Fourth International Conference on Financing for Development in Seville, Spain. It is the first time that ESCAP and partners such as the Asian Development Bank, Climate Bonds Initiative, the International Renewable Energy Agency and the United Nations Framework Convention on Climate Change Regional Collaboration Centre for Asia and the Pacific have collaborated to call for the region's action in areas such as sustainable capital markets, financing the energy transition and developing sustainable project pipelines to close the financing gaps.
Saudi Gazette
11 hours ago
- Business
- Saudi Gazette
US skips global UN meeting in Spain aimed at raising trillions to combat poverty
SEVILLE — Many of the world's countries gathered in Spain on Monday, with the notable exception of the United States, in a bid to tackle the growing gap between rich and poor nations and try to drum up trillions of dollars needed to close it. "Financing is the engine of development. And right now, this engine is sputtering," United Nations Secretary General Antonio Guterres said in his opening comments at the four-day Financing for Development meeting in Seville. Many countries face escalating debt burdens, declining investments, decreasing international aid and growing trade barriers. Co-hosts the UN and Spain believe the four-day meeting is an opportunity to close the staggering $4 trillion (€3.4 trillion) annual financing gap to promote development, bring millions of people out of poverty and help achieve the UN's badly lagging Sustainable Development Goals for 2030. Even though the gathering comes amid global economic uncertainty and geopolitical tensions, there is hope that the world can address one of the most important global challenges: ensuring all people have access to food, healthcare, education and water. More than 70 world leaders attended, the UN said, along with representatives of international financial institutions, development banks, philanthropic organisations, the private sector and civil society. Spanish Prime Minister Pedro Sánchez told the delegates that the summit is an opportunity "for us to raise our voice in the face of those who seek to convince us that rivalry and competition will set the tone for humanity and for its future." At the last preparatory meeting on 17 June, the United States rejected the outcome document that had been negotiated for months by the UN's 193 member nations and announced its withdrawal from the process and the Seville conference. The Seville Commitment document, approved by consensus, will be adopted by conference participants without changes. It says delegates have agreed to launch "an ambitious package of reforms and actions to close the financing gap with urgency." It calls for a minimum tax revenue of 15% of a country's gross domestic product to increase government resources, a tripling of lending by multilateral development banks and scaling up of private financing by providing incentives for investing in critical areas like infrastructure. It also calls for reforms to help countries deal with rising debt. UN trade chief Rebeca Grynspan recently said "development is going backward" and the global debt crisis has worsened. Last year, 3.3 billion people were living in countries that pay more interest on their debts than they spend on health or education and the number will increase to 3.4 billion people this year, according to Grynspan. And developing countries will pay $947 billion (€805 billion) to service debts this year, up from $847 billion (€720 billion) last year. Angolan President Joao Lourenco, speaking for the African Group at the conference, said debt payment 'consumes more resources than those allocated to health and education combined' for many countries. While US diplomat Jonathan Shrier told the 17 June meeting that "our commitment to international cooperation and long-term economic development remains steadfast," he said the text "crosses many of our red lines." He said those include interfering with the governance of international financial institutions, tripling the annual lending capacity of multilateral development banks and proposals envisioning a role for the UN in the global debt architecture. Shrier also objected to proposals on trade, tax and innovation that are not in line with US policy, as well as language on a UN framework convention on international tax cooperation. The United States was the world's largest single founder of foreign aid before the Trump administration dismantled its main aid agency, the US Agency for International Development (USAID). It drastically slashed foreign assistance funding, calling it wasteful and contrary to the Republican president's agenda. Other Western donors also have cut back international aid. UN Deputy Secretary General Amina Mohammed last week called the US withdrawal from the conference 'unfortunate,' adding that after Seville, "we will engage again with the US and hope that we can make the case that they be part of the success of pulling millions of people out of poverty." On Monday, European Commission President Ursula von der Leyen reaffirmed the bloc's commitment to development financing, saying, "Our commitment is here to stay." — Euronews
Boston Globe
16 hours ago
- Business
- Boston Globe
US skips global UN meeting aimed at raising trillions of dollars to combat poverty
Advertisement 'Financing is the engine of development. And right now, this engine is sputtering,' United Nations Secretary General António Guterres said in his opening comments at the four-day Financing for Development meeting being cohosted by the UN and Spain. The hosts said the meeting was an opportunity to close the staggering $4 trillion annual financing gap to promote development, bring millions of people out of poverty, and help achieve the UN's badly Along with heads of state and government, representatives of international financial institutions, development banks, philanthropic organizations, the private sector, and civil society also attended. The summit is an opportunity 'for us to raise our voice in the face of those who seek to convince us that rivalry and competition will set the tone for humanity and for its future,' Spain's Prime Minister Pedro Sánchez told delegates. Advertisement At the last preparatory meeting on June 17, the United States rejected the outcome document that had been negotiated for months by the UN's 193 member nations and announced its withdrawal from the process and the Seville conference. UN Deputy Secretary-General Amina Mohammed last week called the US withdrawal from the conference 'unfortunate,' adding that after Seville, 'we will engage again with the US and hope that we can make the case that they be part of the success of pulling millions of people out of poverty.' The European Union and France also said they were not going be dissuaded by the American-led trend toward unilateralism. 'Collective mobilization can still work,' French President Emmanuel Macron said on Monday. European Commission President Ursula von der Leyen reaffirmed the bloc's commitment to development financing, saying, 'Our commitment is here to stay.' The Seville Commitment calls for a minimum tax revenue of 15 percent of a country's gross domestic product to increase government resources, a tripling of lending by multilateral development banks, and scaling up of private financing by providing incentives for investing in critical areas like infrastructure. It also calls for reforms to help countries deal with rising debt. UN trade chief Rebeca Grynspan recently said 'development is going backward' and the Last year, 3.3 billion people were living in countries that pay more interest on their debts than they spend on health or education, and the number will increase to 3.4 billion people this year, according to Grynspan. And developing countries will pay $947 billion to service debts this year, up from $847 billion last year. Advertisement Angolan President Joao Lourenco, speaking for the African Group, said debt payments 'consumes more resources than those allocated to health and education combined' for many countries. Jonathan Shrier, acting US Representative to the Economic and Social Council, told the June 17 meeting that 'our commitment to international cooperation and long-term economic development remains steadfast.' He said the text 'crosses many of our red lines.' He said those include interfering with the governance of international financial institutions, tripling the annual lending capacity of multilateral development banks, and proposals envisioning a role for the UN in the global debt architecture. Shrier also objected to proposals on trade, tax, and innovation that are not in line with US policy, as well as language on a UN framework convention on international tax cooperation. The United States was the world's largest single founder of foreign aid before the Trump administration dismantled its main aid agency, the US Agency for International Development. It drastically Other Western donors also have cut back international aid.
New Indian Express
20 hours ago
- Business
- New Indian Express
US skips global UN meeting aimed at raising trillions of dollars to combat poverty
BARCELONA: Leaders of many of the world's nations, but not the United States, gathered Monday in Spain to tackle the growing gap between rich and poor nations and try to drum up trillions of dollars needed to close it. More than 70 world leaders and other delegates unanimously adopted the so-called Seville Commitment — named for the host city — which had previously been hammered out in the run-up to the meet, without changes. It said delegates have agreed to launch 'an ambitious package of reforms and actions to close the financing gap with urgency.' The gathering was held while many countries face escalating debt burdens, declining investments, decreasing international aid and increasing trade barriers. Still, there is hope that the world can address one of the most important global challenges: ensuring all people have access to food, health care, education and water. 'Financing is the engine of development. And right now, this engine is sputtering,' United Nations Secretary-General Antonio Guterres said in his opening comments at the four-day Financing for Development meeting being co-hosted by the U.N. and Spain. The hosts said the meeting was an opportunity to close the staggering $4 trillion annual financing gap to promote development, bring millions of people out of poverty and help achieve the U.N.'s badly lagging Sustainable Development Goals for 2030. Along with heads of state and government, representatives of international financial institutions, development banks, philanthropic organizations, the private sector and civil society also attended. The summit is an opportunity "for us to raise our voice in the face of those who seek to convince us that rivalry and competition will set the tone for humanity and for its future," Spain's Prime Minister Pedro Sánchez told delegates. 'Collective mobilisation' At the last preparatory meeting on June 17, the United States rejected the outcome document that had been negotiated for months by the U.N.'s 193 member nations and announced its withdrawal from the process and the Seville conference. U.N. Deputy Secretary-General Amina Mohammed last week called the U.S. withdrawal from the conference 'unfortunate,' adding that after Seville, 'we will engage again with the U.S. and hope that we can make the case that they be part of the success of pulling millions of people out of poverty.'
Indian Express
20 hours ago
- Business
- Indian Express
US skips global UN meeting aimed at raising trillions of dollars to combat poverty
Leaders of many of the world's nations, but not the United States, gathered Monday in Spain to tackle the growing gap between rich and poor nations and try to drum up trillions of dollars needed to close it. 'Financing is the engine of development. And right now, this engine is sputtering,' United Nations Secretary-General Antonio Guterres said in his opening comments at the four-day Financing for Development meeting being co-hosted by the UN and Spain in Seville. Many countries face escalating debt burdens, declining investments, decreasing international aid and increasing trade barriers. The UN and Spain believe the meeting is an opportunity to close the staggering $4 trillion annual financing gap to promote development, bring millions of people out of poverty and help achieve the UN's badly lagging Sustainable Development Goals for 2030. While the gathering is being held amid global economic uncertainty and geopolitical tensions, there is hope that the world can address one of the most important global challenges: ensuring all people have access to food, health care, education and water. More than 70 world leaders are attending, the UN said, along with representatives of international financial institutions, development banks, philanthropic organizations, the private sector and civil society. The summit is an opportunity 'for us to raise our voice in the face of those who seek to convince us that rivalry and competition will set the tone for humanity and for its future,' Spain's Prime Minister Pedro Sánchez told delegates. At the last preparatory meeting on June 17, the United States rejected the outcome document that had been negotiated for months by the UN's 193 member nations and announced its withdrawal from the process and the Seville conference. UN Deputy Secretary-General Amina Mohammed last week called the US withdrawal from the conference 'unfortunate,' adding that after Seville, 'we will engage again with the US and hope that we can make the case that they be part of the success of pulling millions of people out of poverty.' The European Union and France also said they were not going be dissuaded by the American-led trend toward unilateralism.'Collective mobilization can still work,' French President Emmanuel Macron said on Commission President Ursula von der Leyen reaffirmed the bloc's commitment to development financing, saying, 'Our commitment is here to stay.' The Seville Commitment document, approved by consensus, will be adopted by conference participants without changes. It says delegates have agreed to launch 'an ambitious package of reforms and actions to close the financing gap with urgency. 'It calls for a minimum tax revenue of 15% of a country's gross domestic product to increase government resources, a tripling of lending by multilateral development banks and scaling up of private financing by providing incentives for investing in critical areas like infrastructure. It also calls for reforms to help countries deal with rising debt. UN trade chief Rebeca Grynspan recently said 'development is going backward' and the global debt crisis has worsened. Last year, 3.3 billion people were living in countries that pay more interest on their debts than they spend on health or education, and the number will increase to 3.4 billion people this year, according to Grynspan. And developing countries will pay $947 billion to service debts this year, up from $847 billion last year. Angolan President Joao Lourenco, speaking for the African Group, said debt payments 'consumes more resources than those allocated to health and education combined' for many countries. Jonathan Shrier, acting US Representative to the Economic and Social Council, told the June 17 meeting that 'our commitment to international cooperation and long-term economic development remains steadfast.' He said the text 'crosses many of our red lines. 'He said those include interfering with the governance of international financial institutions, tripling the annual lending capacity of multilateral development banks and proposals envisioning a role for the UN in the global debt architecture. Shrier also objected to proposals on trade, tax and innovation that are not in line with US policy, as well as language on a UN framework convention on international tax cooperation. The United States was the world's largest single founder of foreign aid before the Trump administration dismantled its main aid agency, the US Agency for International Development. It drastically slashed foreign assistance funding, calling it wasteful and contrary to the Republican president's agenda. Other Western donors also have cut back international aid.
