Development finance

Given the overall lack of financing for sustainable development, compounded by the many crises, including the economic fallout from the COVID-19 pandemic, wars, conflicts and related refugee costs, supporting developing economies’ progress towards the 2030 Agenda requires significant rethinking, including since official international assistance still fails to reach its commitments. Developing economies have long faced persistent challenges in mobilizing domestic resources, exacerbated by volatile capital flows, soaring debt levels, and the detrimental effects of illicit financial flows. The Bridgetown Covenant -—
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strongly emphasizes the essential contribution of ODA, private investment, as well as South-South and triangular cooperation, in addressing the challenges related to development finance. Developments in these areas are reviewed in the following sections based on SDG indicators and other official statistics:

  1. Cooperation and solidarity for progress towards the 2030 Agenda
  2. Bridging the financing gap to achieve SDGs requires mobilization of various financing sources
  3. Escalating debt challenges are inhibiting achievement of the SDGs
  4. Efforts to track illicit financial flows need scaling up
South-South cooperation is a form of cooperation that benefits all. And this is thanks to its most basic premise, which is that no country is ever too poor to teach, nor too rich to learn.Mr. Pedro Manuel Moreno, UNCTAD Deputy Secretary-General, 4 June 2023

“South Data” are developed, compiled and endorsed by the countries of the South.

Globally, 50 countries had outward investment policies in 2023, among them 19 developing countries.

3.3 billion people live in countries that spend more on interest than on health and education.

Concerted efforts to report data on SDG indicator 16.4.1 with harmonised methods.

References

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