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  2. High-Level Political Forum 2022
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  4. Financing a Robust Crisis Response and Investing In The SDGs

Financing a robust crisis response and investing in the SDGs

The global economy is facing multiple interlinked crises that are putting the achievement of the SDGs at risk. The protracted COVID-19 pandemic, the growing climate crisis and the spillover effects from the war in Ukraine other crises have reversed hard-won development gains and put immense pressure on already limited fiscal space in developing countries. The burden is even more acute for countries with high levels of debt. In this difficult context, the international community must simultaneously strengthen its emergency response and tackle structural issues to scale up of investments in the SDGs.

The 2022 ECOSOC Forum on Financing for Development (FFD) made key advances to address these issues. The Forum featured clear calls to support those who are at greatest risk of being left behind by fulfilling official development assistance (ODA) commitments, increasing grant and highly concessional financing mechanisms, boosting domestic resource mobilization and international tax cooperation and expanding climate finance. The Forum’s outcome document, which was adopted by consensus, made important strides in advancing commitments on social protection, concessional and grant finance, debt treatments and other key areas.

This session will provide political leadership, guidance and recommendations to advance the gains of the 2022 ECOSOC FFD Forum against the backdrop of interconnected crises.

Proposed guiding questions:

  • In the 2022 ECOSOC FFD Forum outcome document, Member States committed to enhance developing countries’ access to financing for crisis prevention and response. How has the financing for development landscape changed as a result of the interlinked crises? What innovative financing policies, tools and mechanisms can countries and the international community adopt to address the immediate socio-economic impact of the crises in the most vulnerable countries?
  • Member States resolved to strengthen their social protection systems and to continue to scale-up investments in climate action in the outcome of the 2022 ECOSOC FFD Forum. With limited fiscal space, what tools and resources are available to low -and middle-income countries to invest in job-rich growth, social protection and a sustainable and just transition to a net-zero emissions future?
  • To advance the 2022 ECOSOC FFD Forum’s call to take concrete steps to incentivize and scale-up long-term affordable private finance for investments that contribute to and align with the SDGs and the Paris Agreement, what public policies and regulatory frameworks are needed? What are the most urgent actions necessary to take this forward?
  • Member States committed to enhance the sustainability and resilience of supply chains that foster the sustainable integration of developing countries in the outcome of the 2022 ECOSOC FFD Forum. How can developing countries leverage financing instruments (e.g. trade credit and insurance) to support supply chain resilience and risk management?

Chair:

  • Vice President of ECOSOC (Bulgaria)

Keynote address:

  • Mr. Jeffrey Sachs, SDG Advocate, Director of Center for Sustainable Development at Columbia University

Highlights:

  • Ms. Vera Songwe, Executive Secretary of the United Nations Economic Commission for Africa (on regional commonalities and differences)
  • Highlights of the report of the Secretary-General on progress towards the SDGs – SDG 17 on partnerships for the Goals Ms. Yongyi Min, Statistics Division of UNDESA

Interactive panel discussion

Moderator:

  • Mr. Homi Kharas, Senior Fellow in Global Economy and Development Center for Sustainable Development, Brookings Institution

Resource Persons:

  • Mr. Lino Briguglio, Professor, Islands and Small States Institute of the University of Malta
  • Ms. Leila Fourie, CEO of Johannesburg Stock Exchange, South Africa, and Co-Chair of the Global Investors for Sustainable Development (GISD) Alliance
  • Mr. Ulrich Volz, Professor of Economics and Director of the Centre for Sustainable Finance, (SOAS), University of London, United Kingdom

Lead Discussants:

  • Ms. Paola Simonetti, Director of the Equality Department, International Trade Union Confederation (ITUC)
  • Mr. Adama Mariko, Secretary General of the Finance in Common Initiative and Deputy Executive Director for Strategy, Partnerships and Communications at Agence Française de Développement
  • Ms. Chenai Mukumba, Policy Research and Advocacy Manager, Tax Justice Network Africa (MGoS)

Respondent:

  • H.E. Ms. Matilda Ernkrans, Minister for International Development Cooperation of Sweden

Interventions of other Ministers and participants (3 minutes each)