United Nations calls for significant increase in SDG funding NIGERIA |

 United Nations calls for significant increase in SDG funding NIGERIA

 |

Facebook Share Button Twitter Share Button Pinterest Share Button Email Share Button Share Button Telegram Share Button WhatsApp Share Button Messenger Share Button Earn Money $500 billion a year for developing countries Development Goals (SDGs): These appeals effectively address emergencies related to the disruption of the global financial system, the effects of the current global crisis, the COVID-19 pandemic, the war in Ukraine and ongoing climate change. The statement cites UN Secretary-General António Guterres as a warning when introducing SDG stimulus.

“We must significantly increase long-term financing and improve the lending conditions of multilateral development banks by bringing all fiscal flows in line with the SDGs,” said the UN Secretary-General. We are talking about providing at least $500 billion a year and converting short-term loans into long-term debt at a lower interest rate. “In the middle of the 2030 Agenda deadline, progress towards the SDGs, our roadmap out of the crisis, is not where it should be. To change course and make steady progress towards the goals, the momentum of the SDGs is the international community's investment in the SDGs,” the statement said. It highlights the need to jointly mobilize a just and inclusive transition and justice for all countries.”

He added that the current global financial system, originally designed to provide global social safety nets in times of unrest, has seen debt repayments in most of the world's poorest countries rise by 35% compared to 2022 levels. Developing countries lack the resources to make urgent investments in recovery, climate action and the SDGs, so they are poised to fall even further behind in the next crisis and much less likely to benefit from future transformations, including transitional greens.

By November 2022, 37 of the world's 69 poorest countries are at high risk or in distress, and one in four middle-income countries, most of them living in extreme poverty, are at high risk of a financial crisis. Thus, countries in or at risk of debt distress are expected to reach 175 million additional people living in extreme poverty by 2030, including 89 million women and girls. Even before the recent interest rate hike, the poorest countries that borrowed on the international capital market often paid interest in the 5-8% range. Developed countries are in the 1% range. The statement explains that the SDG stimulus aims to offset the adverse market conditions faced by developing countries through investment in renewable energy, universal social security, decent job creation, health care, quality education and sustainable food systems.

We note that a complementary combination of concessional and non-concessional financing could generate $500 billion in annual capital appreciation. He noted that the reform of the international financial structure is an important part of efforts to achieve the SDGs.