New York, 26 April 2022 (TDI): The global economy is under severe stress, and the Sustainable Development Goals (SDGs) require urgent rescue. UN Deputy Chief, Amina Mohammad delivered these remarks at the Financing for Development Forum.

She emphasized that development financing is an essential part of the solution. Therefore, she said that the Global Crisis Response Group on food, energy, and finance was established to ensure political leadership for implementing a global and coordinated response to financial challenges.

The President of the Economic and Social Council, Collen Vixen Kelapile, elaborated on SDG threats. He underscored that no country, rich or poor, is immune to external shocks.

He said that COVID-19 developed cataclysmic effects on development, profoundly impacting the most impoverished and vulnerable.

The UN Department of Economic and Social Affairs shared that 53% of the global population lacked access to social protection and benefits in 2020. They emphasized the need for financing development for better outcomes.

Development financing to reduce inequality 

While emphasizing the elevation of inequality, the UN Representative said that “Millions of people worldwide have been pushed deeper into extreme poverty. Inequality is rising, and the gap between developed and developing countries is growing”.

He explained the dire impacts on macroeconomic trends of least developed countries as they face the cost of debt servicing barriers which limit their ability to invest in infrastructure, social services, and housing.

More than half of these countries are now facing debt risks and slow economic recovery. He urged the international community for global solidarity and multilateralism to resolve these challenges.

The ECOSOC President emphasized the global forum’s importance while stating, “the global platform we need to advance action on these challenges.”

“The Forum unites us for delivering consensus,” he added. He emphasized taking urgent and coordinated actions and mobilizing resources to lift people out of poverty, reduce the impacts of climate change and achieve Sustainable Development Goals.