New York, 4 June 2022 (TDI): The Group of 77, commonly known as G-77 and China have suggested taking a collaborative “call to action to tackle conflict, climate change, post-pandemic socioeconomic turmoil, and rise in global inflation.

The official statement of the G-77 countries was delivered by the Acting Permanent Representative of Pakistan at the UN, Ambassador Aamir Khan.

During the Joint meeting of the Executive Board of the United Nations Development Fund, United Nations Financial  Rules and Regulations (UNFPA), United Nations Office for Project Services (UNOPS), United Nations International Children’s Emergency Fund, and UN-Women, Khan delivered the statement.

According to the findings by the agencies, global inflation will reach the highest level of 5.2 percent. For this purpose, Khan emphasized the disproportionate impacts of the unsustainable debt burden on developing countries.

Roadmap by G-77

He urged to adopt a transformative vision and a strong expression of global solidarity and collective will to support the national efforts of the developing countries to prevent further socioeconomic shocks. The list of proposed mitigation measures is listed as follows:

Firstly, the statement focused on enhancing collaboration and coordination of development activities in countries facing humanitarian emergencies and conflicts.

Secondly, as no one-size-fits-all solution to climate change, the second objective of the meeting was to promote climate resilience across agricultural food systems.

Thirdly, the session focused on rationalizing the international agricultural trade, including agricultural subsidies provided by rich countries.

These subsidies distort global markets and make it impossible for farmers in developing countries to compete.

The fourth and fifth focus of the group is to ensure the speedy, timely, and flexible provision of emergency concessional financing.

This includes financial grants, which emphasize the net positive resource transfers to countries undergoing social and economic distress.

The sixth focus of the meeting was on the allocation of $650 billion to developing countries. The panel agreed that there is a need for further grants to meet the liquidity crisis in those countries.

The seventh focus of the meeting was a commitment from developing countries to provide $100 billion each year for climate finance.

The eighth commitment focuses on the provision of 0.7 percent GNI and the protection of shares of assistance to developing countries.

The ninth focus concentrates on scaling up investments in sustainable agricultural infrastructure in the form of better transportation, production, and distribution channels.

Major Concerns

The G-77 group is greatly concerned about reducing core allocation for development in developing countries. These allocations impede the integral role of UN development agencies in achieving SDGs in the countries.

Therefore, cutting funding for development and defunding the key development agencies of the UN system is the opposite of what the world needs at the moment.

The group also highlights that the mandates set by the UNGA in QCPR must be fully adhered to and implemented by the UN development system.

Furthermore, the executive boards need to play their oversight and guidance to ensure compliance with the agreed mandates.

Subsequently, mitigation actions to combat the drastic impacts of the triple crisis can be proposed for developing countries.

The meeting also suggested following an integrated approach toward sustainable investment in people and the planet with the agenda of leaving no one behind.

In addition, the meeting also reflected on the war in Ukraine and its socioeconomic impacts across the global community. The conflict between both Russia and Ukraine is “supercharging the pre-existing vulnerabilities of the nations.

Even before the pandemic, half of the least developed countries were already at elevated risk of debt distress and the latest conflict has increased the risk.