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 ? UN Photo/Logan Abassi

Last month, world leaders gathered at the time of the UN General Assembly in New York and agreed on a pioneering Pact for the Future. This global accord has implications across a broad range of issues that affect every country. It offers much hope for the poorest and most vulnerable countries on the planet, known as Least Developed Countries (LDCs).

The world’s 45 LDCs are home to a billion people who face systemic underdevelopment marked by poverty, inadequate health systems, poor infrastructure and limited access to education and technology. While some progress has been made during the last decade, less than a fifth of the Sustainable Development Goals (SDGs) are on track to be met. For example, only around 60% of children in least developed countries complete primary school despite improving literacy rates across the globe. Healthcare disparities are also stark, with maternal mortality rates averaging 430 deaths per 100,000 live births in low-income countries compared to 13 per 100,000 in wealthier nations.

The Pact for the Future along with its two annexes, the Global Digital Compact and the Declaration on Future Generations, offers an inclusive roadmap aimed at accelerating progress towards the SDGs. By also leveraging advancements in science, technology and innovation, the framework seeks to dislodge decades of stagnation and inequality.

Bridging the massive digital divide, which is most pronounced in poor and indebted countries, will be critical for accelerated progress. Only of people in LDCs are connected online, and buying a smartphone costs 95% of an average monthly income. In general, low income countries also have a lower level of educational attainment and fewer trained professionals in science, technology, engineering and mathematics.

The Pact for the Future outlines several key commitments: On digital cooperation, the Global Digital Compact presents targeted actions for a safer, more inclusive, more equitable digital world by closing the digital divide and expanding inclusion in the digital economy.

On sustainable development and financing for development, the Pact reaffirms the and places the eradication of poverty at the centre of efforts to achieve it. Amongst the proposed actions, it pledges to close the SDG financing gap and strengthen efforts to address climate change, which is disproportionately impacting LDCs.

On financial reform, the Pact seeks an overhaul of global financial systems, including by granting developing countries a greater voice in decision-making. It seeks to mobilise additional financing for the SDGs and generally making finance more readily available. The Pact also addresses the unsustainable debt burdens of many LDCs.

This novel Pact for the Future has the potential to give a push to the development agenda across the developing world, but especially so in LDCs. However, for success, there are some prerequisites. Firstly, there is the matter of financing.  It is good to see the welcome emphasis on boosting financing for developing countries and to make it more accessible.  With finance, the possibilities are unlimited. Without finance, progress will once more be stymied. Therefore, the international community must match words with action.

Secondly, the role of business as an essential partner is key. A government-centric approach on its own, cannot, and will not work. More specifically, there must be attention to the micro, small and medium scale enterprises sector which accounts for the majority of businesses and generates the bulk of employment in most developing countries. Systematic support for digitalisation, innovation and the application of technology to this sector will create jobs and opportunities whilst boosting inclusive growth.

Thirdly, multilateralism is vital. The Pact for the Future has enormous potential, with the power to materially shift the dial for least-developed countries. However, it will require international cooperation, sustained political will and strong accountability mechanisms. If realised, this bold initiative could become the catalyst for new technological investments that can help shape an equally bold future for the world’s poorest.

At its core, the UN’s Pact for the Future is a blueprint for renewed cooperation in a fragmented world and offers much hope. There may not be another such opportunity. Let us seize the moment.

Deodat Maharaj is the Managing Director of the United Nations Technology Bank for the Least Developed Countries and can be contacted at: deodat.maharaj@un.org