UNITED NATIONS, Oct 14: In a bid to overcome the obstacles to inclusive, resilient and environmentally sustainable global growth, the United Nations Secretary General Antnio Guterres called for a surge in investment, long-term financing and global stability.
Addressing the finance ministers and central bank Governors at the International Monetary Fund (IMF)’s International Monetary and Financial Committee (IMFC), in Bali, Indonesia on Saturday, the UN chief drew attention to the fact that the high debt in many countries was limiting the fiscal space and taking away much needed resources, which were essential in achieving the Sustainable Development Goals (SDGs), United Nations news reported. “This underlines the importance of international cooperation and of the full motivation and attraction of the private sector to play its role in entirety for the 2030 Agenda (of Sustainable Development),” said Mr. Guterres. In a similar context, he brought out the significance of the full implementation of the Addis Ababa Action Agenda and recalled his Strategy to support Financing the 2030 Agenda, which he launched ahead of this year’s high-level general debate at the UN General Assembly. The Strategy focuses on three priority action areas: aligning global financial and economic policies with the 2030 Agenda; enhancing national and regional sustainable financing and investment strategies; and encouraging financial inclusion and equitable access to finance for all, particularly for women and youth. The Secretary General Guterres also brought out the vital roleplayed by finance ministeries and central banks in all the three areas, saying that with active engagement and cooperation, they could lead the way in framing policies, that were crucial for stabilising financial flows and minimize disruptions. “You bear the responsibility for formulating national budgets that support national sustainable development strategies that are fully aligned with the 2030 Agenda. You can set your fiscal policies to create positive incentives for long-term sustainable investments and a transition to sustainable, equitable and inclusive growth,” he said. Highlighting the role of a powerful international cooperation, Mr Guterres said that it could put an end to practices such as unlawful capital flow, and crimes like money laundering and tax evasion, which tend to exhaust crucial resources of developing countries. He also stressed on strengthening good-governance and tax systems. Concluding his address, the Secretary-General highlighted the urgent need of tackling the issue of climate change. Recalling the recent report by the UN Intergovernmental Panel on Climate Change (IPCC), which issued a stark warning on global temperature rise, Mr Guterres, underscored the urgent need to curb greenhouse gas emissions “if we want to avoid that the targets of the Paris Agreement on Climate Change become irreversibly unattainable.” “We have technology on our side, the green economy is more and more the best path for development. But political will is still lacking,” he said, urging “a meaningful price on carbon, to end fossil fuel subsidies, to invest in climate-friendly infrastructure that does not lock us for decades into an unsustainable path.” “This is not a matter for Ministers of the Environment. This is a matter for all political leaders in today’s world. This is a matter for each one of us.” Mr Guterres also addressed IMF’s Development Committee on Saturday, where, alongside mobilising financing and addressing debt challenges, he called for a greater focus on fast-evolving technologies, noting their importance for sustainable development. “Technological innovation opens new possibilities to address long-standing development challenges and to accelerate progress across the full range of the SDGs,” said the Secretary General. “We must seize this opportunity and take a strategic approach to managing the disruptions that such rapid change can also cause.” Highlighting tremendous gains in efficiency and productivity, brought about by digitisation, Mr Guterres cautioned against a so called “premature de-industrialisation” phenomenon, the failure to absorb growing populations into manufacturing activities, as activities are re-shored to advanced economies. In this context, education and skills development will be very necessary, while the very nature of work will change, he continued, adding the need for governments to strengthen social protection system, including, wherever appropriate, social transfers and targeted income support to smooth the transition of those most directly affected by these disruptions.
(UNI)
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