Excellencies,
Ladies and Gentlemen,
The global economy is facing multiple shocks and high uncertainty. The situation is made worse by the tightening of monetary policies across the globe and the growing risks of debt distress. 60 per cent of all LDCs and other low-income countries are either at risk of debt distress or already facing it, leading to financial instability and limited space to make the much-needed investments in sustainable development.
The international community needs to step up.
This is why the Secretary-General has launched an SDG Stimulus to ensure that all countries can respond to both immediate and long-term challenges. It asks us to deliver a massive increase in development financing of at least $500 billion per year, through a combination of concessional and non-concessional finance. And it calls on the international community to address debt overhangs in vulnerable countries.
As we just heard from the Honourable Mr. Moussa Dawaleh, Minister of Economy and Finance of Djibouti, support to LDCs will be most effective if it is guided by nationally owned and nationally developed financing strategies. Integrated National Financing Frameworks (INFFs) can help make these ambitions a reality.
By operationalising the SDG Stimulus at the national level, LDCs can better channel previously untapped sources of finance to address their priority needs.
INFFs can help LDCs build the institutional capacities, processes and systems that underpin financing policymaking.
A growing number of LDCs are using INFFs to address specific financing challenges and establish a more sustainable financing architecture. That is why UN DESA is committed to sharing widely the experiences and lessons learned by INFF implementers such as Djibouti.
DESA plays a major coordinating and convening role to bring key partners together in support of INFFs. Much of the analysis on sustainable financing at global level is done through the Inter-Agency Task Force on Financing for Development, which I chair.
In response to an increased momentum for the demand and support for INFFs, including by G20 Leaders, DESA has developed a series of tools and guidance documents to support national efforts.
In close collaboration with partners such as UNDP, the OECD and the IMF, we put together step-by-step guidance for all building blocks of the INFF process. This guidance drew on lessons from INFF pioneers and other countries with relevant experiences. The INFF Facility allows us to work with colleagues on the ground to ensure that our joint work responds to the priorities that countries set in their national processes.
In 2023, DESA will continue to share countries’ experiences and lessons in INFF development. This also includes tailored guidance for countries in special situations, such as SIDS and LDCs, which will be published during the FFD Forum in April.
I’ll keep my intervention short to allow more time to hear from the countries implementing INFFs. Your experiences provide valuable insights and lessons that we can all learn from.
I wish you a fruitful and insightful event and encourage you all to engage actively with the Integrated National Financing Frameworks Facility.
Thank you.