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UN Secretary-General urges urgent action on debt, multilateral banks and financing gaps ahead of Seville conference
Summary
At the ECOSOC Forum, the Secretary-General of the United Nations warned that financing for development is at risk, outlined three priority areas—debt, multilateral development banks and mobilizing finance—and called for an ambitious outcome at the Fourth International Conference on Financing for Development in Seville.
The Secretary-General of the United Nations told the ECOSOC Forum that donors are withdrawing aid and that the global financing gap for the Sustainable Development Goals is deepening, and he urged member states and financial institutions to act ahead of the Fourth International Conference on Financing for Development in Seville.
"This year's ECOSOC Forum comes at a pivotal time," the Secretary-General said, urging negotiators to use the conference to respond to what he called "harsh truths" including falling aid, new trade barriers and "prohibitively high borrowing costs" that are undermining public investment.
He said the sustainable development goals are "dramatically off track," citing an estimated annual financing gap of $4,000,000,000,000. On debt, he warned that debt service for developing economies has risen past $1,400,000,000,000 a year and now exceeds 10% of government revenue in more than 50…
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