Development finance

The world's ability to effectively mobilize and deploy necessary financial resources is crucial for a more sustainable and resilient recovery from the ongoing crises. Developing countries 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. More recently, the war in Ukraine, sharp increases in food and energy prices, and rapidly tightening financial conditions have increased hunger and poverty risking progress on the SDGs. 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. Official international assistance insufficient to reach 2030 Agenda
  2. Volatile, but slowly more sustainability-focused investment flows
  3. Escalating debt challenges are inhibiting achievement of the SDGs
  4. First official estimates of illicit financial flows
Debt cannot and must not become an obstacle for achieving the 2030 agenda and the climate transition the world desperately needs.Ms. Rebeca Grynspan, UNCTAD Secretary General at the 13th International Debt Management Conference, 5 December 2022, Geneva.

References

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