New York, 8 July 2022 (TDI): Pakistan’s Permanent Representative to the United Nations (UN) in New York, Munir Akram met the Executive Secretary of the UN Capital Development Fund (UNCDF), Preeti Sinha.
— Permanent Mission of Pakistan to UN, NY (@PakistanUN_NY) July 7, 2022
Pakistan’s Delegation at the UNDP segment of the Annual Session 2022
Recently in June, the Delegation of Pakistan delivered a statement on behalf of the Group of 77 and China at the UNDP segment of the Annual Session 2022 of the Executive Board Of UNDP, UNFPA and UNOPS: UNCDF.
Therefore, the Delegation highlighted that in order to achieve progress towards a “sustainable, inclusive and resilient recovery from the COVID-19 pandemic and to achieve the 2030 Agenda” within the remaining decade of action, they need to accelerate their efforts.
Pakistan’s Delegation pointed out that within the Least Developed Countries (LDCs), low vaccination rates together with mounting debt challenges, accelerating inflation, and increasing food insecurity suggest a long and arduous path towards recovery.
Furthermore, they said that some estimates postulate that $1 trillion would be required yearly in achieving the Sustainable Development Goals in the 46 LDCs.
The Delegation noted UNCDF’s report on results for 2021 and further appreciated the role played by UNCDF in providing financing solutions. Thus, these solutions benefit last-mile populations in the LDCs.
Also, they appreciated the UNCDF’s support for financial inclusion in developing countries and considered it important.
The Delegation on behalf of the G77 and China further encouraged the UNCDF in continuing with efforts to support the mobilization of SDG financing for local governments. As well as other local actors as a UN hub for local government financing.
The UNCDF makes public and private finance work specifically for the poor in the world’s 46 LDCs.
Therefore, UNCDF’s financing models work through three channels. Firstly, the models work through inclusive digital economies, that connects individuals, and households.
As well as small businesses with financial eco-systems that catalyze participation in the local economy, and provide tools to climb out of poverty and manage financial lives.
Secondly, the financing models work through local development finance, which capacitates localities through fiscal decentralization, innovative municipal finance, and structured project finance. Especially to drive local economic expansion and sustainable development.
Thirdly, UNCDF’s financing models work through investment finance that also provides catalytic financial structuring. Together with de-risking, and capital deployment in driving SDG impact and domestic resource mobilization.