Economic

Summary

This interactive dialogue focused on transforming global governance and accelerating the implementation of the 2030 Agenda for Sustainable Development. Participants emphasized the urgent need to reform the international financial architecture to better support developing countries in achieving the Sustainable Development Goals (SDGs). Many speakers highlighted the challenges faced by developing nations, including high debt burdens, limited access to affordable financing, and the impacts of climate change.

Key themes included calls for increased representation of developing countries in global financial institutions, debt relief initiatives, and more equitable access to concessional financing. Speakers stressed the importance of mobilizing additional resources for development, including through innovative financing mechanisms and fulfilling official development assistance commitments. The need to address climate change and support a just transition to sustainable economies was also emphasized.

Representatives from international financial institutions outlined ongoing reform efforts, including initiatives to increase lending capacity and improve support for vulnerable countries. Civil society speakers called for greater inclusion of local communities and marginalized groups in development processes and financing decisions. Many participants highlighted the interconnected nature of global challenges and the need for collaborative, multilateral solutions.

The discussion underscored the critical importance of reforming global governance structures to create a more equitable and sustainable world. While acknowledging progress in some areas, speakers emphasized that much more ambitious action is needed to achieve the SDGs by 2030 and address the pressing challenges facing humanity and the planet.

Keypoints

Major discussion points:

– Reforming the international financial architecture to better support developing countries

– Increasing representation of developing countries in global financial institutions

– Addressing debt burdens and improving access to financing for developing countries

– Strengthening multilateralism and global cooperation to achieve the SDGs

– Leveraging technology and innovation to accelerate sustainable development

Overall purpose/goal:

The purpose of this dialogue was to discuss ways to transform global governance structures and accelerate implementation of the 2030 Agenda for Sustainable Development. Participants aimed to identify reforms and actions needed to create a more equitable global financial system that can better support developing countries in achieving the SDGs.

Tone:

The overall tone was one of urgency and calls for action, with many speakers emphasizing the need for immediate reforms to the global financial architecture. There was a sense of frustration from developing countries about current inequities, balanced with cautious optimism about potential reforms. The tone became more collaborative and solution-oriented as the discussion progressed, with various stakeholders offering ideas and commitments for change.

Speakers

Moderators/Facilitators:

– Chair (unnamed, likely a UN official moderating the session)

Speakers:

– Ngozi Okonjo-Iweala, Director General of the World Trade Organization

– Ajay Banga, President of the World Bank

– Kristalina Georgieva, Managing Director of the International Monetary Fund

– William Samoei Ruto, President of Kenya

– Robinah Nabbanja, Prime Minister of Uganda (speaking for G77 and China)

– Luc Frieden, Prime Minister of Luxembourg

– Nangolo Mbumba, President of Namibia

– Panapasi Nelesoni, Deputy Prime Minister of Tuvalu

– Minister of Foreign Affairs of Cuba

– Minister for Foreign Affairs of Liberia

– Lazarus McCarthy Chakwera, President of Malawi

– Minister of Heritage, State Portfolio and Public Enterprises of Côte d’Ivoire

– Minister of Foreign Affairs of Malaysia

– Minister of Finance, National Planning and Trade of Seychelles

– Minister of National Planning and Development Coordination of Solomon Islands

– Minister for Foreign Affairs and International Cooperation of Zambia

– Minister of Foreign Affairs and International Cooperation of Mali

– Minister of Foreign and CARICOM Affairs of Trinidad and Tobago

– Minister of Foreign Affairs, Migration and Tunisians Abroad of Tunisia

– Minister of Finance and Developmental Planning of Lesotho

– Minister for Foreign Affairs of Georgia

– State Minister for Environment and Sustainable Development of Democratic Republic of Congo

– Minister for Foreign Affairs, Immigration and Egyptian Expatriates of Egypt

– Commissioner for International Partnership of the European Union

– Minister of Pre-University Education and Literacy of Guinea

– Undersecretary of State of Poland (speaking for Group of Friends of UN Habitat)

– Lord Collins of Highbury of the United Kingdom

– President of the National Institute of Statistics and Geography of Mexico

– Permanent Representative of Sri Lanka

– Permanent Representative of Morocco

– Permanent Representative of Pakistan

– Representatives from various UN agencies, international organizations, and civil society groups

In total, there were over 40 speakers representing a wide range of countries, international organizations, and civil society groups. Their areas of expertise covered topics like international trade, finance, development, foreign affairs, education, statistics, and various aspects of sustainable development.

Expanded Summary of Interactive Dialogue on Transforming Global Governance and Accelerating SDG Implementation

Introduction

This interactive dialogue, part of the Summit of the Future, brought together over 40 speakers representing a wide range of countries, international organizations, and civil society groups to discuss transforming global governance and accelerating the implementation of the 2030 Agenda for Sustainable Development. The discussion focused on urgent reforms needed in the international financial architecture to better support developing countries in achieving the Sustainable Development Goals (SDGs).

Key Themes and Discussion Points

1. The Pact for the Future

Several speakers highlighted the importance of the Pact for the Future, which was adopted on the day of the dialogue. This pact commits to transforming global governance and accelerating SDG implementation. As stated by Csaba Kőrösi, President of the UN General Assembly, “The Pact for the Future will be our roadmap to transform the global financial architecture and accelerate SDG implementation.”

2. Reforming the International Financial Architecture

There was broad consensus on the need to reform global financial institutions to create a more equitable and inclusive system. Speakers from developing countries called for increased representation and voting power in international financial institutions (IFIs) and multilateral development banks (MDBs).

Specific proposals included:

– Restructuring sovereign debt and providing debt relief (Kenya)

– Improving access to concessional financing for developing countries (Solomon Islands)

– Reforming credit rating systems that disadvantage developing countries (Zambia)

– Establishing a UN framework for international tax cooperation (Pakistan)

– Reallocating Special Drawing Rights to developing countries (Egypt)

The President of Kenya, William Samoei Ruto, emphasized, “The current global financial architecture is dysfunctional and unfair to developing countries. We need a system that reflects the realities of today’s world.”

3. Addressing Climate Change and Sustainable Development

Climate change emerged as a critical concern, with many speakers highlighting the disproportionate impact on developing countries and the need for increased support. Ajay Banga, President of the World Bank, stated, “The World Bank is committed to deploying 45% of its funds towards climate by 2025, half for mitigation and half for adaptation.”

Other key points included:

– Increasing climate financing, especially for adaptation

– Reforming harmful subsidies to free up funds for SDGs (World Trade Organization)

– Developing a global carbon pricing approach (WTO)

– Investing in clean energy and green infrastructure (European Union)

– Supporting a just transition to a green economy (UN Women)

4. Enhancing Representation of Developing Countries

A recurring theme was the need to increase the voice and influence of developing countries in global governance structures. Proposals included:

– Reforming the UN Security Council to include more developing countries (Kenya)

– Increasing the voice of developing countries in IFIs and MDBs (Uganda)

– Ensuring equitable representation in global tax governance (UN Economic Commission for Africa)

5. Mobilising Finance for Development

Speakers emphasized the urgent need to bridge the SDG financing gap and mobilize additional resources for development. Kristalina Georgieva, Managing Director of the IMF, warned of the risk of falling into a “low-growth, high-debt trap”, particularly for low-income countries.

Different priorities in this area included:

– Fulfilling official development assistance (ODA) commitments (Kenya)

– Leveraging private finance for SDGs (Luxembourg)

– Developing innovative financing mechanisms (Trinidad and Tobago)

– Improving domestic resource mobilization (Zambia)

6. Harnessing Technology and Innovation

Several speakers highlighted the potential of technology and innovation to accelerate sustainable development, while also emphasizing the need to address digital divides. Kenya called for closing the digital divide and transferring new technologies to developing countries, while Malawi emphasized developing policy frameworks for emerging technologies like AI.

7. Country-Specific Concerns and Proposals

Individual countries raised specific concerns and proposals:

– Seychelles called for integrating country-specific risk into development financing and implementing the Multidimensional Vulnerability Index.

– Solomon Islands emphasized the need for improved access to concessional financing for small island developing states.

– Zambia stressed the importance of reforming credit rating systems that disadvantage developing countries.

8. Perspectives from International Organizations

Representatives from major international organizations provided key insights:

– Ngozi Okonjo-Iweala, WTO Director-General, emphasized the role of trade in poverty reduction and called for more inclusive trade practices.

– Ajay Banga, World Bank President, outlined specific goals including bringing electricity to 300 million Africans by 2030.

– Kristalina Georgieva, IMF Managing Director, highlighted the risks of a low-growth, high-debt trap for developing countries.

9. Civil Society Perspectives

Civil society representatives emphasized the importance of inclusive governance and grassroots participation in development processes. The Global Network of Civil Society Organizations for Disaster Reduction stressed the need for strengthening resilience against climate impacts at the community level.

Conclusion and Next Steps

Rebecca Grynspan, Secretary-General of UNCTAD, provided closing remarks that summarized many of the key points raised during the dialogue. She emphasized the urgent need for reform in the global financial architecture, increased climate financing, and more inclusive governance structures to achieve the SDGs.

Key action items identified include:

– Implementing the Pact for the Future to guide reforms and accelerate SDG implementation

– Convening the Fourth International Conference on Financing for Development in 2025

– Establishing a UN Framework Convention on International Tax Cooperation

– Reforming multilateral development banks to increase lending capacity

– Developing a global approach to carbon pricing and taxation

The dialogue laid the groundwork for further negotiations and collaborations to address these complex global challenges and transform the international system to better support sustainable development for all.

Chair: Head of State and Government, Excellencies, Distinguished Delegates, Distinguished Participants, I call to order Interactive Dialogue 1 of the Summit of the Future, our Common Agenda. I am delighted and honoured to share this interactive dialogue and I warmly welcome all of you participating in the dialogue this morning. In accordance with the concept note circulated through the website of the President of the General Assembly and the E-Delegate platform on 14 August, this interactive dialogue will focus on the theme, Transforming Global Governance and Turbocharging the Implementation of the 2030 Agenda for Sustainable Development. The dialogue brings together Member States and other relevant stakeholders to discuss the theme in keeping with the terms of Assembly Resolution 76-307 on the Modalities for the Summit of the Future and Decision 77-568 on the Scope of the Summit. I am pleased to welcome three special invitees present on the podium. Ms. Ngozi Okonjo-Iweala, Director General of the World Trade. Organization, Mr. Ajay Banga, President of the World Bank, and Ms. Kristina Georgieva, Managing Director of the International Monetary Fund. I thank them for their availability to join us today. Excellencies, distinguished delegates and participants, allow me to this point to make a few national remarks on the theme of this dialogue. Honorable Ministers, Excellencies, distinguished delegates, I feel honored to share this highly relevant interactive dialogue session. We all are aware that we are meeting at a critical juncture in history. Despite much wealth having been created, poverty, hunger, and inequalities are on the rise. It is certainly disheartening that only 17 percent of the SDG targets are on track, which are deemed achievable in 2015. The global financial system designed decades ago fails to address contemporary issues such as poverty, climate change, and inequality. International support measures are stagnant or dwindling. Delegates, we gather here to seize a once-in-a-generation opportunity to enhance cooperation through multilateralism, putting the United Nations at the centre. In this regard, allow me to put forward my following thoughts. First, we must bridge the huge financing gap for development. LDCs face an annual spending gap of 40% of GDP to achieve the SDGs. I call upon all development partners to fulfil their ODA commitment. Second, it is imperative to reform the governance structures of IFIs to ensure they are more inclusive, transparent and accountable. Developing countries should have a stronger voice and representation in the decision-making process. Third, comprehensive debt relief initiatives, tailored to the unique circumstances of developing countries, including least-developed countries, should be implemented. Fourth, closing the digital divide is urgent in recovering progress in SDGs. New technologies should be transferred to the developing world to enable them. Fifth, to tackle climate change, adequate and predictable climate financing should be made available, particularly to poor countries. vulnerable countries and communities. In conclusion, effective implementation of the 2030 Agenda for Sustainable Development is critical to building a peaceful, prosperous and sustainable world for all, leaving no one behind. Let’s work closely together for the well-being of people and the planet. Thank you. Ladies and gentlemen, before I open the floor, I would like to inform all speakers that the time limit for statements is three minutes. Due to the limited time available, this will be strictly implemented through the use of automatic microphone cut-off when the speaker’s allotted time elapses. The red light on the speaker’s microphone will start to blink 30 seconds before the end of their allotted speaking time of three minutes, when their microphone will be automatically shut down. I thank all speakers in advance for their cooperation. To ensure time management, delegations with long statements are advised to deliver summarized versions of their statements and to submit the full text to establishments at un.org. To be posted in the Statements section of the UN Journal, as part of the record of our proceedings. Statements by special invitees now. I now have the pleasure to invite our distinguished special invitees to make some sense-setting remarks before we proceed to the list of speakers for this dialogue. I kindly remind them of the time limit of three minutes per statement. I first give the floor to Ms. Ngozi Okonjo-Iweala, Director General of the World Trade Organization.

Ngozi Okonjo-Iweala: Thank you, Ms., thank you, Chair, Excellencies, ladies, and gentlemen. Whether in our lifetimes with the 2030 Agenda or in our grandchildren’s lifetimes, we cannot build the future we want without trade. That is why we call on all nations to eschew protectionism and unilateral measures that may have negative spillover effects on others, and to support the rules-based multilateral trading system with the WTO at its core. Eradicating poverty and ensuring food security, delivering the low-carbon transition, and all the challenges the world faces cannot be achieved without open global trade in goods and services. We welcome the draft pact for the future’s recognition that the multilateral trading system and the WTO have been and must continue to be engines for sustainable development. Without the boost to economic growth from deeper global trade ties over the past 30 years, the world could not have lifted 1.5 billion people out of extreme poverty. To lift the 700 million people who still subsist on less than $2.15 a day, we will need more trade, not less trade, but we need better trade, trade that includes more people, especially those left behind. We need to reimagine. globalization to bring in developing countries and poor communities in rich countries who have been left on the margins of global economic integration. At the WTO, we call this re-globalization. But I want you to know that despite the challenges to the multilateral trading system, trade has been resilient, and much of the WTO is still working well. Our core rules continue to underpin over 75% of global goods trade. The WTO is one of the few organizations in the world where all our members, big, small, developed, and developing, have an equal voice and an equal veto. This feature might make decision-making slow and frustrating, but it is also something to be proud of. In our world of complex and changing global governance, all have an equal voice at the WTO. But like the rest of the international economic architecture, we need to reform to meet today’s 21st century challenges. I will never cease pointing out that a critical reform that can release billions of dollars in financing for the sustainable development goals involves reforming trade-distorting, inequitable, and environmentally damaging subsidies. At the WTO, we can help in this regard. Our 2022 agreement on carbon-harmful fishery subsidies shows the way. It will release 22 billion once it becomes effective in public resources that were damaging our oceans and threatening food and livelihood security. Furthermore, by reforming agricultural subsidies, we can release $630 billion in annual farm subsidies to finance the SDGs. Fossil fuel subsidy reform could unlock up to $1.2 trillion in funds, and $300 billion in environmentally damaging water subsidies can also be reformed. We could also generate additional financing for the SDGs by developing and deploying a global approach to carbon pricing and taxation that channels resources to those who need it most. for a just transition. My colleagues on the table, the IMF, the World Bank, UNFCCC, UNCTAD, and OECD, we are all working together on such an approach. We are also reforming our dispute settlement system, and we are laying foundations for the exciting new opportunities in trade in digital, in green trade, and we are looking for the ballot to deliver a predictable, stable, and open rules-based trading system. Please join us to do this. Thank you.

Chair: Thank you very much, Director General of the World Trade Organization. I now give the floor to Mr. Ajay Banga, President of the World Bank. Please.

Ajay Banga: Thank you, Chair. A year ago, we wrote a new playbook, one that is fit for purpose, aimed at confronting today’s intertwined challenges while preparing for the uncertainties of tomorrow. Informed by the G20 expert group, we are advancing a set of reforms at the fastest pace we can. We expanded our mission and vision, create a world free of poverty and a livable planet, shortened our project approval process. By three months, we are going to work on this further. Integrated operations across all parts of the bank, IBRD, IFC, IDA, Amiga, and 20 pilot countries to simplify how we serve clients, stretched our existing balance sheet, leading to $120 billion of additional lending over the next 10 years, widened and deepened partnerships with other MDBs and other multilateral institutions. Overall, our knowledge bank structure, we are focusing on creating bankable projects and implementing them, providing capacity to client governments when needed. And we’ve worked to rebuild a focused corporate scorecard, 150 items down to 22, driving the institution towards impact. As a direct result of these, we are on a path to deliver greater scale and greater impact. Let me give you a few examples. Working with partners to bring electricity to 300 million Africans by 2030. Committed to deploy 45% of our funds. towards climate by 2025, half for mitigation, half for adaptation. Climate resilient debt pause clauses. And we set a target to provide quality, affordable healthcare to 1.5 billion people by 2030. So this is exciting for us, but we are very clear eyed about the scale of our challenges. First, there is the funding gap that the chair spoke to. Meanwhile, 1.2 billion young people in emerging markets will become working age adults over the next 10 to 12 years. Forecasts are that 420 million jobs await them, leaving nearly 800 million people without a clear path to prosperity and dignity. Forecasts are not destiny. And closing the financing and jobs gap will be helped by a significant replenishment of the International Development Association and its ability to multiply every donor dollar up to four times. But even with a bigger, better, more effective World Bank, even with all development institutions and philanthropy pushing together, we’re gonna need the private sector, we’re gonna need a specific focus on jobs, and we will need creative solutions for debt and liquidity challenges. So what are we trying to do? To ease the debt burden for four countries in the common framework, we’ve committed close to $16 billion from IDA of about half of which was pure grants, the rest concessional. Same period, same countries, net positive flows from the bank over 9 billion. For small businesses, 90% of all firms, 70% of employment, we’re exploring solutions to help banks lend against cash flow instead of relying on assets. This could usher in genuine growth if successful at scale. We’re pursuing a comprehensive work plan to aid private sector investing in emerging markets helped by a private sector investment lab and our work to become faster and simpler and the publication of our proprietary default and recovery data that is very useful to investors. And just last month, we announced a dedicated initiative aimed at generating jobs led by President Tharman of Singapore. Singapore, and President Michel Bachelet of Chile. The progress we aspire to achieve and will focus on this whole week demands more from us all. It requires that we do not succumb to the tyranny of small things. Most importantly, it requires this constellation of willing partners to work together as collaborators. That is what urgency and the moment demands from all of us. Thank you.

Chair: I would like to thank the President of the World Bank. We will now hear from Ms. Giorgieva, Managing Director of the International Monetary Fund.

Kristalina Georgieva: Thank you, Chair. A very good morning to all. When we strive to look into the future, it is important to first recognize where we are today. On the positive side, the world economy has proven to be remarkably resilient to the multiple shocks of the last years. Inflation generated by these shocks and by the response to them is finally receding, and we are avoiding the recession we feared may come. But prospects for growth are at their lowest levels in decades, and low growth means fewer jobs, lower incomes. We expect global growth of around 3% over the next five years. This is almost a percentage point less than in the decades before COVID. And this is most dramatic for low-income countries. Low-income countries are still 7.5%. sent below their growth trajectory before COVID. With elevated debt pressures in many countries, the world is at risk of falling into a low-growth, high-debt trap. The political economy environment is also becoming very complex. In many countries, inequality is up. The result is feelings of unfairness are eroding trust and striking social unrest. And as we heard from Ngozi, global fragmentation is rising. Yet, so what is in the future? We do stand at the cusp of a remarkable transformation fueled by technological change and the green innovation. We can harness higher green growth and jobs if we all concentrate on reshaping our economies. And artificial intelligence, if we deploy it properly, can add up to 0.8% to global growth. In other words, address the problem of slow growth I started from. And it is, as we heard from the chair, this decade, what we do in this decade would be absolutely critical. What do we see at the Fund? Three main objectives. Keep what works well, and it is strong policies, strong institutions. Second, remove the barriers to growth, domestically and internationally. And third, resist excessive protectionism so together we can do better. For us at the Fund, this translates in four priorities. First, work with our members on macro policies and sound performance. Second, leverage our financial strength to direct more to low-income countries, more to countries in need. And I am pleased to say that we lend 370. billion over the last years, and we are generating more funding for low-income countries through the Poverty Reduction and Growth Trust and the Sustainable and Resilience and Sustainability Trust. Three, it is important for us to help countries address the debt conundrum. We work with the bank. We created a new Global Sovereign Debt Roundtable to reshape how we address debt, and we changed our policies to be faster in our action. Last but not least, be more representative. We have created a new chair on our Board of Directors for Sub-Saharan Africa, so African members are more visible at the IMF, and we are working hard with our membership towards a new formula for quota distribution, so next year we can take on that journey effectively. I want to finish with the following. I am a very happy Managing Director today. Why? Because a small country, Liechtenstein, had a referendum on whether they should join the IMF, and they said, yes, so now we have grown to 191 members as a result, and it says the following, together we are stronger. Thank you, Mr. Chair.

Chair: I thank the Managing Director of the International Monetary Fund. Thank you. Now, Excellencies, Distinguished Delegates, I now open the floor for statements by delegations inscribed on the list of speakers for this dialogue, and I kindly remind all speakers once again of the time limit of three minutes for all statements. This will be strictly implemented through the use of automatic microphone cut-off. In accordance with Resolution No. 72 of Article 313, the whole protocol observed principle is recommended, whereby participants are encouraged to refrain from the listing of standard protocol expressions during their statements. I give the floor to His Excellency William Samoei Ruto, President of the Republic of Kenya. Excellency.

Kenya: The global economy is facing multiple shocks that threaten to undo the progress made towards the Sustainable Development Goals. While no country is immune, many, where most humanity live, are more vulnerable than others. The gravity of the situation has been unlighted by the 2024 Inter-Agency Task Force on Financing Development, which has sounded the alarm bell on a looming sustainable development crisis driven by financing challenges that jeopardize both the SDGs and climate action. In the circumstances, the upcoming Fourth International Conference on Financing for Development may be our last opportunity to make the radical changes needed to realize and realign our development priorities to meet the SDGs by 2030. We must urgently close financing gaps, bridge international divides, and restore trust in multilateralism. However, the current multilateral system is clearly struggling to address these immense complex and dynamic challenges effectively. As a member of the SDG Stimulus Programme, I am committed to working with the SDGs to leaders group, which coordinates the mobilization of financial resources needed to accelerate global progress towards 2030 agenda. And as we do our best to achieve this goal, we also must recognize that the prevailing multilateral institutional architecture is dysfunctional, or at least highly ineffective, and cannot be relied upon to provide the solutions for the world that we all urgently need. This is why countries are increasingly turning to innovative, homegrown approaches to solve their most pressing problems. To achieve the SDGs, we must address the structural and financial issues hampering multilateral institutions, particularly their negative impact on developing countries. These challenges include limited fiscal ability, rising debt, unfair credit rating frameworks, and uneven interest rate regime. In the face of deteriorating global economic conditions, worsened by relentless climate crisis, these weaknesses limit the opportunities, especially in low-income countries. Today, one in three developing countries is at risk of defaulting on their debt obligations. The role of unfair and unjust global financial system is compounding economic crisis and deepening inequalities. Development financing is not keeping pace with the economic realities and urgent needs of developing world. Consequently, the gap between developing world and developing nations continue to grow, creating a form of development appetite. The Addis Ababa action agenda designed to address these challenges has lost momentum, with only 15% SDGs on track. Thank you. Thank you.

Chair: Thank you, Excellency President. I would like to thank you very much, the President of the Republic of Kenya. And now, I would like to hand over the floor to Her Excellency Robinah Nabbanja, Prime Minister of the Republic of Uganda.

Uganda: Thank you so much. Your Excellencies, ladies and gentlemen, I have the honor to deliver this statement on behalf of the Group of 77 and China. The Group highly appreciates the tremendous effort that has been made by the Republic of Namibia and the Federal Republic of Germany, the Republic of Zambia, the Kingdom of Sweden, as well as the Kingdom of Netherlands and the Republic of Jamaica, who for over the last 18 months have carefully co-facilitated the intergovernmental negotiation process of the Summit of the Future, the Global Digital Compact, the Declaration of the Future Generations, respectively, leading to the formulation of the Pact for the Future and its two annexes. The world today has changed dramatically since the adoption of the 23rd Agenda for Sustainable Development, and progress at halfway point of the agenda is increasingly fragile. The gap between developed and developing countries has widened with little recourse for developing countries due to structural asymmetries in global governance. We, the Group of 77 and China, therefore, call for action to strengthen and reinvigorate multilateralism, and deepen international cooperation. We call for a multilateral system with the United Nations at its center, reflecting the realities of today’s world by ensuring the voice and representation of developing countries in the global decision making. We emphasize that the UN remains the most inclusive and legitimate forum for advancing the Sustainable Development Goals. We call for strengthening the leadership role of the United Nations in the global economic governance and the reform of the international financial architecture. We welcome the initiative to convene a biannual summit at the level of heads of state and government to strengthen existing links and coordination between the United Nations and the international financial institutions. We call for undertaking governance reforms at the international financial institutions and multilateral development banks, and we underscore the need for enhancing representation and a voice of developing countries in decision making in the international financial architecture, especially the International Monetary Fund and the World Bank to deliver more effective, credible, accountable, and legitimate institutions. In addition to changes to quotas and voting power, we welcome other steps taken to improve the voice and representation of developing countries.

Chair: Thank you very much, Madam Prime Minister of the Republic of Uganda, who was speaking on behalf of the Group of 77 in China. Thank you very much. Thank you. Now, I would like to give the floor to His Excellency, Luc Frieden. Minister of the Grand Duchy of Luxembourg.

Luxembourg: Thank you, Chair. Luxembourg is fully committed to the implementation of the Pact for the Future and I am very satisfied that it has been adopted this morning. The Pact contains a number of actions that, if implemented in good faith, will help us make good on existing commitments and deliver on new commitments to address emerging challenges. Among those commitments is the 2030 Agenda for Sustainable Development with its 17 Sustainable Development Goals. And today, many of these goals seem far from reach, including those that are so important for humanity and poverty in all its forms, and hunger, achieve gender equality. What do we need to do? I think we need to do better at the national level. We need to transform global governance, including the international financial architecture, to better reflect the changing global economic landscapes and the geopolitical realities of our century. My country, Luxembourg, is committed to doing what it takes. We are one of the handful of UN Member States surpassing the goal of dedicating 0.7% of gross national income to official development assistance. Today, we are at 1%. And a significant part of it goes to least developed countries and former such countries, who continue to face particular vulnerabilities, like Cabo Verde, for example. Beyond ODA, it is crucial that we support our developing partners in improving governance and attracting investments. We also deliver on our commitments on climate finance, which in our case is additional to our ODA, and it should be. be for other Member States as well. We support the efforts of the World Bank, the IMF, and multilateral development banks, including the European Investment Bank, to increase the resources available for financing both development and climate action. The Luxembourg Stock Exchange, for instance, is a world leader in the listing of green bonds. We help leverage private finance for the SGGs and it is crucial to have this public-private partnership to achieve our goals. The reform of the international financial architecture is an important step towards strengthening the global economic governance, and Luxembourg welcomes the efforts underway at the IMF and the World Bank. They deserve all our support. Thank you.

Chair: Thank you, Prime Minister of the Grand Duchy of Luxembourg. Now, I give the floor to His Excellency Nangolo Mbumba, President of the Republic of Namibia.

Namibia: Thank you. At this pivotal moment in history, we stand united with unwavering commitment to our shared future. To respond effectively to our challenges, institutions of global governance must prioritise the voice of all nations, regardless of size or economic standing. This includes reforming the United Nations, international financial institutions and multilateral bodies. To turbocharge the global goals, we must act with agency, in several areas. One, eradicating poverty and inequality. Two, we must be able to create decent jobs for our people. Three, we must provide good education to our people in order to provide them also with health facilities. Four, we must act to combat climate change because this is the thing that is creating problem for all of us. We have drought, we have floods, we have all kind of problems because of that. We must transit to renewable energy. We must protect our ecosystem and implement the Paris Agreement in full. We must empower our youth and women. The empowerment of women and youth is central to the achievement of the SDGs. We must dismantle systemic barriers to their full participation in society, creating environments where they can thrive and lead. We must embrace positive aspect of technology and innovation. Namibia support the commitment to address global shocks through innovative proposal for enhanced international response. The COVID-19 pandemic underscored the need for the United Nations to be equipped with a robust mechanism, ensuring we are always prepared for future challenges. Lastly, we must act now. The stakes are too high, and the cost of inaction is far too great. Let us rise to this historic challenge, transform global governance, and accelerate our progress toward sustainable development goals. Together, we can build a future that is equitable, sustainable, and filled with hope.

Chair: Thank you, President of the Republic of Namibia. Now I give the floor to His Excellency Panapasi Nelesoni , Deputy Prime Minister and Minister of Finance and Economic Development of Tuvalu.

Tuvalu: The adoption of the 2030 Agenda signalled the start of a new era of multilateralism. It was, and could still be, our plan of action to eradicate poverty, protect the planet, and ensure peace and prosperity. With five years remaining to meet the 2030 Agenda, we must re-evaluate where we stand on the pledge that no one will be left behind. As we face more frequent and more extreme climate disasters each year, Tuvalu faces the reality that we will either drown in debt or be drowned by the sea. At this time, my country is concerned that without urgent action and commitment from the multilateral system, vulnerable countries like mine will not only be left behind, but abandoned. The ocean is vital for regulating the Earth’s climate, supporting states’ economies and maintaining biodiversity. SDG 14 recognises the need for ocean protection and creating opportunities for sustainable economic activity. Despite this, we are concerned that SDG 14 remains unfunded, and four out of eight targets have lapsed. The Pacific has long established our role as stewards of the ocean and its resources, but despite our best efforts, ocean health continues to decline in the face of acidification, pollution, ANOVA exploitation, and IUU fishing. We need international cooperation to establish global governance frameworks that generate meaningful ocean protection. The recently concluded BBNJ Treaty is an important example of what we can achieve when we work together and to work on all member states to commit to ambitious and effective obligations in the ongoing negotiations for a legally binding instrument to address plastic pollution, including in the maritime and marine environment. Excellencies, each year Tuvalu faces cyclones, droughts, and king tides, which increase in frequency and intensity. Each disaster forces us into debt for disaster relief, and with few natural resources to generate GDP, we must choose loan servicing over development activities, locking us into the disaster debt under investment cycle. Development partners continue to double count official development assistance, ODA, as climate finance, and continue to prioritize adaptation over mitigation, despite the clear calls from SIDS that both must go hand in hand. Despite our calls for reform, the global financial architecture continues to press through lending practices of multilateral development banks and partners which contain restrictive procurement conditions.

Chair: I give the floor to the Minister of Foreign Affairs of Cuba.

Cuba: Excellencies, Fulfillment of the 2030 Agenda and the supreme goal of the eradication of poverty cannot be achieved unless we honestly address the structural and moral failings of the current international order. A truly transformative agenda towards this must clearly indicate the guidelines for reform of the international financial architecture in terms of governance, representation and access to financing by developing countries. Making progress towards a multilateral mechanism for the renegotiation of sovereign debt with fair treatment that is focused on development. Guaranteeing swift and considerable recapitalization of the multilateral development banks in order to improve the loan conditions. Making progress in establishing measures and indicators beyond GDP in order to define access for developing countries to financing under favorable conditions. Rejecting the implementation of unilateral coercive measures that are incompatible with international law. Cuba has suffered the effects of this. After 70 years of a blockade and most recently following its inclusion in the spurious and unilateral list of supposedly terror-sponsoring states. This is defined unilaterally by the government of the United States. This agenda must drive cooperation in the area of science, technology and innovation. The aim must be to move towards a development model that is more sustainable and equitable. The summit of G77 in China in Havana in 2023 made significant contributions to this. India must also ensure reform of international value chains that will allow developing countries to industrialize their products. And I am pleased to leave you with the remaining 11 seconds. Thank you.

Chair: Thank you Minister for Foreign Affairs of Cuba. Now I give the floor to Minister for Foreign Affairs of Liberia.

Liberia: Excellencies, I appreciate the opportunity to speak today and we start out firstly by saying transformation is an imperative. But if we do not agree on what transformation means for each country, we can never move towards it equitably. Liberia believes that at the heart of this transformation lies a re-energized commitment to the Sustainable Development Goals. We believe that a shared roadmap for a future where prosperity, equality and environmental sustainability are achieved for all, that will be the transformation that we desire. Reforms are needed. Reforms that look at the overall UN system, global governance and global institutions. The Security Council, a council that should have two permanent seats for Africa, a council that should have more that will change than remain the same. We believe that we need a reflection on the historical circumstances that gave birth to the Bretton Woods institutions, asking why poverty has plummeted using their framework of operation. We need to reform the approach to defence. Military spending continues to increase at the expense of… education, health, justice, peace, and human dignity. If we spend more on those areas, we will have to spend less on the military. We need to reform our universal mindset. We need to work together as one globe, working together with equity, with fairness, with justice. Liberia is bidding for a non-permanent seat at the Security Council, representing the continent of Africa. We’re going to that with the view that the reforms of the UN Security Council are necessary, and they are necessary now. And we believe that for there to be a better world with less crises, the Security Council must be a council that remains relevant, fair, and objective in its operations. We believe that a more representative and effective Security Council will enhance global peace and security, which is a foundation for sustainable peace and sustainable development. Excellences, we call for a renewed focus on public-private partnerships that can drive innovation and progress. This includes empowering young people, giving our children the opportunity to dream and to drive towards development from their perspective of what the future looks like for them. We need to support women-led businesses and create inclusive economic opportunities that leave no one behind. Climate change, climate justice, in the midst of climate change is what we call for. We believe that climate justice will do justice for those who have caused the crisis and those who are bearing the brunt. We recognize that the 2030 Agenda is still at hand. There’s an opportunity, but without reforming Bretton Woods institutions and reforming global governance, it will not be a reality for all. Everyone needs a fighting chance at the Sustainable Development Goals, and the reforms are the only way. Thank you. Thank you. Thank you.

Chair: Thank you. Thank you, Minister for Foreign Affairs of Liberia. Now. I give the floor to Senior Minister of Planning and Development of Benin.

Benin: Merci beaucoup. Thank you very much. Excellencies, distinguished delegates, ladies and gentlemen, Benin has many reasons to congratulate themselves in terms of implementing the SDGs. We have put forward economic measures, significant ones, and therefore my country has started a structural transformation of our economy. And also, social work has enabled us to reduce poverty by more than four points. Ladies and gentlemen, these results could have been better if the global governance system had not imposed limitations, crises having to do with health, finance, security, reduces the margin of maneuver in our world today. We came out of it more or less all right, but not all countries had the same opportunity. Many situations worsened. We realize now that less than 20 percent of SDGs will be attained, and that means that we need to pay special attention to that. This morning, we adopted the pact. We now need to work thereupon for Benin. The response here is to the multilateral approach. This is to lead us to commit all of us to preserving global goods, in particular climate, economic stability, and international security. Especially we need to be paying attention to a sustainable development system. If we want to have a sustainably developed world, we need to have a global governance system which goes beyond the current paradigms and places humankind at the core of its concerns. Global governance which recognizes that every life is precious, that every culture is of great value, that each nation… and small or large has a role to play. The paradox today is that we live during the time when technological advancements and the wealth are great. And my country, as many others, are forward-looking. We have very clear expectations of the future when it comes to the renewal of the global system, for example. We want to make sure that it’s based on the values of solidarity, on financing for development. For us, solidarity is not just a philosophic ideal, but a vital need. And it’s not to be limited by the immediate interest or opportunities, but it is to be a sincere commitment for the well-being of every individual in every country. I thank you.

Chair: Thank you. Thank you, Senior Minister of Planning and Development of Benin. Now I give the floor to His Excellency Lazarus McCarthy Chakwera ,President of the Republic of Malawi.

Malawi: Thank you very much, Excellencies, heads of state and government, and leaders of delegations. Ladies and gentlemen, between the dawn and the dusk of human history, each generation has a unique assignment to contribute to the progress of the human race and its stewardship of the Earth, and our generation’s assignment to that journey is the implementation of the Sustainable Development Goals, SDGs, to create decent living conditions and equal opportunities for every person alive. This is an assignment we simply cannot afford to fail. However, in order to pass, we must first accept that at this midterm point in this semester, we are in fact failing and it is time to catch up and catching up means speeding up. But developing countries like Malawi and other LDCs cannot speed up while their hands and legs are being tied by the punitive lending terms of global financial institutions, the exclusionary governance structures of multilateral organizations, the monopolization of access to technologies by developing developed countries, and the international community’s weak mechanism for enforcing commitments on both remedial climate financing from the economies that cause climate change and territorial compliance for those that cause armed conflicts. The truth is that our response to these four shackles leaves a lot to be desired and demands a radical resolve from all of us to supercharge the advancement of SDGs. And toward that end, Malawi strongly advocates for establishing a dedicated global green fund to exclusively finance clean energy projects in developing nations, doing so by offering concessional loans, grants, and guarantees to mitigate the financial risks associated with green energy investments effectively. Secondly, Malawi advocates for the incorporation of peace and security assessments into the lending criteria of international financial institutions, thus ensuring that those that wage wars on other nations or refuse to silence their guns are not rewarded with funding at the expense of those that live in peace. Thirdly, Malawi strongly advocates for digital inclusion through digital skills training and digital infrastructure development as well as the development of a global policy and regulatory framework for the safe utilization of emerging technologies, including artificial intelligence.

Chair: I thank the President of the Republic of Malawi. And now I give the floor to the Minister of Heritage, Estate, Portfolio and Public Enterprises of Côte d’Ivoire.

Côte d’Ivoire: Thank you. Ladies and gentlemen, we hail the United Nations for everything they have made available to us and the warm welcome and encouraging states to achieve the SDGs. In order to do this, the government of Côte d’Ivoire has adapted these two realities in the country with a plan for full implementation. We have three key axes for this implementation. Firstly, the important and favorable changes in reduction of poverty, access to health, reducing inequalities, access to drinking water, sanitation and access to sustainable solutions. The fight against inequality and the fight against climate change and access to marine resources are also important. I’ll also mention strengthening of our efforts in order to ensure equal access, the empowerment of women and girls and full productive employment and the creation of decent jobs for all. We can see that the level of poverty has been cut by half between 2011 and 2021. The rate of primary schooling has also almost doubled between 2014 and 2020, and access to drinking water has increased by 25 percentage points between 2011 and 2023, and the level of access to electricity has also increased significantly, achieving 86% in the country. Between 30 to 60 percent of the SDG targets have been met, and so we need considerable further efforts to achieve the remaining ones. For the last category of these, we have significant structures in place, but we would welcome further support. We have initiated social programs to improve living conditions in households in the area of health, education, drinking water, and access to electricity, and also to support young people and women in order to improve access to employment. This is the situation in Côte d’Ivoire, ladies and gentlemen, in terms of implementation of the SDGs, and we need further support for solidarity and multilateral mechanisms in order to facilitate achievement of the SDGs for the most vulnerable countries. I thank you.

Chair: Thank you, Minister for Heritage, State Portfolio and Public Enterprises of Côte d’Ivoire. Now I give the floor to Minister of Foreign Affairs of Malaysia.

Malaysia: Mr. Chairman, Excellencies, Distinguished Delegates, The multifaceted challenges that we face today, from climate change and economic inequality to geopolitical tensions and humanitarian crisis, requires more than a one-size-fits-all solution. Rising temperatures, extreme weather events, and sea level rise significantly challenge our global resilience. Concurrently, economic inequalities persist, particularly in developing nations that struggle to access affordable finance. The widening gap between developed and developing countries undermines social reforms and obstructs progress towards sustainable development. Geopolitical tensions exacerbate these issues leading to migration, displacement, and further humanitarian challenges. Addressing these interconnected problems demands a coordinated and multidimensional approach fostering comprehensive solutions. At the heart of our response must be the reform of international finance architecture to better support and aspiration of all nations, especially those in the developing world. Excellencies, we must collectively rethink the criteria for assessing international finance, ensuring they reflect the diverse realities of all countries and create pathways for meaningful developments. Malaysia calls for financial systems that prioritises inclusivity and sustainability, providing enhanced support for regional development banks and the adoption of new financial instruments tailored to the needs of the developing and least developed countries. Enhancing for sustainable development, financing for sustainable development, particularly in critical areas such as climate action, healthcare, and green infrastructure must be prioritised to achieve the 2030 Agenda and Sustainable Development Goals. Transparency and inclusivity in the governance of international financial institutions are essential. Malaysia advocates for broader civil society involvement and capacity building initiatives to strengthen monitoring and evaluation mechanisms, ensuring efficient use of funds, accurate outcome measurements and the application of lessons learned to future projects. Excellencies, Malaysia reaffirms its commitment to multilateralism as the cornerstone of our collective efforts to build a better future. We stand ready to work with all nations to reform the international financial system to ensure that it serves as a catalyst for sustainable, inclusive, and equitable development. Mr President, I thank you.

Chair: Thank you very much, Minister for Foreign Affairs of Malaysia. Now, I give the floor to Minister for Finance, National Planning and Trade of Seychelles.

Seychelles: Ladies and gentlemen, I am honored to speak today on an important matter of addressing the urgent need for transforming global governance and accelerating the implementation of the 2030 Agenda for Sustainable Development. We are at a critical juncture. Progress on the sustainable development goals is faltering, with many countries particularly the most vulnerable at risk of being left behind. One of the central obstacles is the inequitable and outdated international financial architecture, which exacerbates existing vulnerabilities and perpetuates inequality. The 2024 Sustainable Development Report reminds us that we are currently off track to achieve the sustainable development goals by 2030. Small island developing states in particular face significant disadvantages due to the extreme exposure to external shocks such as climate change, pandemics, and geopolitical tensions. The SEADS4 conference earlier this year highlighted the need to evolve the international financial architecture to fully address the unique development circumstances of SEADS. This includes making concessional finance more accessible to reduce fiscal constraints and the risk of indebtedness. Reforming the current system is crucial to create fiscal space for investment in economic and physical resilience, which can serve as a buffer against any future shocks. In our case, despite being classified as a high-income country, SEADS has a limited scope to mobilize funding and high borrowing costs further restricts our capacity. to raise funds. For 2024, an expected 36% of government’s revenue is being channeled towards debt repayment, which could otherwise be invested in critical infrastructure and social progress. This underscores the need for a more effective financial system that supports its development. It is only through accessing, access to affordable and reliable financing that the implementation of the SDGs can be accelerated. Therefore, we continue to advocate for the integration of country-specific risk into developing financing. The Multidimensional Vulnerability Index is a crucial tool in this regard, offering a more accurate measure of a country’s ability to manage external shocks. The reform also requires the adoption of a holistic approach, ensuring that the Antigua and Barbuda Agenda for Seeds is integrated into all support and policy pathways for our islands. All the progress is being made. More innovative mechanisms similar to the Resilience and Sustainability Fund are essential to support climate action and resilient development in seeds. In conclusion, transforming global governance and the international financial system is key to turbocharging the implementation of the 2030 Agenda. We must ensure that all countries, especially those facing the greatest challenges,

Chair: Thank you, Minister of Finance, National Planning and Trade of Seychelles. Now I give the floor to Minister of National Planning and Development Coordination of Solomon Islands.

Solomon Islands: Thank you, Chair, Excellency. The international financial architecture has several vulnerability and inequality that can be undermine financial stability and equitable economic growth, including financial imbalance between countries with large current account and those. like my own country with persistent deficit. Debt vulnerability of developing countries and inadequate integration of climate change into global financial system, this among other factors point to the need to reform the international financial architecture. Debt relief and restructure is pertinent and urgent. Countries need to extend and improve initiative like debt servicing suspension initiative and the common framework for debt treatment to provide more comprehensive debt relief. Bringing forward innovative debt relief solutions such as debt for sustainable development goals show up. Current financial flow insufficient to meet the estimated annual 4 trillion funding gap to achieve sustainable development goals. There is need to strengthen sustainable development goals linked to financial instrument. Global institutions like the World Bank and IFM should be intensive in incentivize sustainable development goals related investment through highly concessional financing and risk mitigation mechanism. The need to enhance the voice and representative of developing countries within the international financial institution and focus more dialogue between the UN agencies and system with the financial institution to enhance financial flow to sustainable development implementation. I thank you Mr. Chair and Excellency. Thank you.

Chair: I thank Minister of National Planning and Development, Coordination of Solomon Islands. I give the floor to the next speaker, Minister for Foreign Affairs and International Cooperation of Zambia.

Zambia: Thank you. Thank you very much. Your Excellencies, distinguished delegates, ladies and gentlemen, Zambia is fully committed to our shared vision of a just, equitable, and sustainable world. However, with the slow pace of progress in the attainment of SDGs, reforms to the global financial architecture to make it more responsive to current global challenges, such as endemic poverty, inequality, as well as health and climate crises, this cannot be overemphasized, that it cannot be overemphasized, beg pardon, that there is need to bring equity in the manner in which these crucial aspects of the global financial architecture are dealt with. It is clear that to achieve the ambitions of the 2030 Agenda, we must not only commit ourselves to these noble goals, but also transform the structures that govern our international cooperation, including the global financial architecture. However, the global financial architecture in its present form is laden with structural flaws that impede its capacity to mobilize adequate long-term financing to support the implementation of the SDGs. Developing countries are unable to adequately leverage international financial markets on account of unreasonably high-risk perceptions that invariably factor into the high cost of borrowing. This is further worsened by the fact that the international financial institutions and the multilateral development banks that offer more concessionary financing lack sufficient scale to provide adequate financing to development needs of LDCs. There is therefore need to scale up international mechanisms for de-risking private investment in order to. promote FDI and other capital flows into developing countries. Your excellencies, furthermore, there’s need for enhanced international support in strengthening domestic resource mobilization among developing countries. This could be done through institutional capacity building to enable tax administrations combat illicit financial flows, tax evasion and profit shifting, as well as the speedy implementation of the UN Framework Convention on International Tax Cooperation Initiative. Chairperson, noting that current levels of ODA are inadequate to achieve the SDGs, especially in Africa, we call on developed countries to fulfill their existing commitments of contributing 0.7% of GDP. Thank you.

Chair: I thank Minister for Foreign Affairs and International Cooperation of Zambia. Now I give the floor to Minister of Foreign Affairs and International Cooperation of Mali.

Mali: Merci. Thank you, Chairman. Mali would like to reaffirm its commitment to multilateralism, which is embodied by our organization, the United Nations, but also to the respect of the principles we have in Article 2 of the Charter, namely sovereign equality of all states and non-interference in the domestic affairs of states, and also the non-use of geopolitical considerations when it comes to populations. We have moved on to specific actions. So as truly transform global governance and undertake major reforms, which our people have been asking for a long time, in particular within the Security Council and the multilateral institutions, the United Nations have to stop continuously perpetuating the old order and the hegemony of certain groups over the world, and stop with the remnants of neocolonialism. The world needs collective leadership which can work together so as to forge a consensus which we need so as to tackle the challenges and do this in solidarity and equity. And this is a way we will be promoting the world of peace and justice and leave no one behind. one behind such reforms will help us promote sustainable development in our countries, all the while contributing towards ending crying inequalities in our countries. Now, given the scope of SDGs, we plan that absolute priority be given to creating a robust mechanism for innovative funding. So as to truly implement Agenda 2023, we call for strengthened partnerships between South-South, private-public partnership, or even investment in our countries of funding by diaspora. And especially, we call for growing mobilization of domestic resources. It’s important to accelerate them so as to implement our 2030 Agenda. To conclude, I would like to say that Mali sees that our challenges as something that we can tackle, provided we show courage and imagination. And we can collectively show true will for global governance, which serves all the peoples. I thank you.

Chair: Thank you. Thank you, Minister for Foreign Affairs and International Cooperation of Mali. Now, I give the floor to Minister of Foreign Affairs Foreign and Caricom Affairs of Trinidad and Tobago.

Trinidad and Tobago: Excellencies, Trinidad and Tobago is grateful for the opportunity to discuss the imperative transformation of global governance. This is not merely a call to action. It is a pivotal moment in our shared journey toward the 2030 Agenda for sustainable development. The challenges we face demand innovative approaches and collaborative solutions that reflect the diverse voices and aspirations of all nations. In an increasingly complex world marked by geopolitical tension, climate emergencies, and socio-economic disparities, we must rethink our governance approaches at both national and international levels. Our vision for sustainable development cannot thrive in isolation. It needs a collaborative framework that transcends borders and fosters trust among nations. The 2030 Agenda calls for bold commitments to eradicate poverty, protect our planet, and promote peace and prosperity for all, but we must acknowledge the gaps that persist. The COVID-19 pandemic has highlighted existing inequalities disproportionately affecting the most vulnerable. To turbocharge the implementation of the 2030 Agenda, we must prioritize the reforming of global governance structures. We need inclusive platforms that amplify the voices of small island developing states and marginalized nations. Trinidad and Tobago advocates for a governance model that embodies transparency, accountability, and the active participation of all stakeholders, governments, civil society, and the private sector. Furthermore, investment in technology and innovation is crucial. We must leverage digital solutions to enhance data sharing, collaboration, and monitoring of the SDGs. Knowledge exchange should be central to our efforts, ensuring that best practices and lessons learned are accessible to all. Let us recommit to a future where governance is the key. global governance is more equitable and responsive. None must be left behind. The time for action is now. Together we can transform our aspirations into reality, ensuring that we embark on this journey together toward sustainable development.

Chair: Thank you Minister for Foreign and Curriculum Affairs of Trinidad and Tobago. Now I give the floor to Minister of Foreign Affairs, Migration and Tunisians Abroad of Tunisia.

Tunisia: Mr. Chairman, an objective review of the current shape of our organization stresses the need of a deep reform, since it has been unable to shoulder its main responsibility, specifically providing a financial safety net for states in need. Accessing sufficient and long-term financing to help developing countries in their recovery and in achieving sustainable development has been bound by a purely profit logic based on short-term gains, which usually give preference to rich states’ interests. This is specifically what the Secretary General meant when he stressed that the system is morally bankrupt. At a time when developing states go through a severe financial crisis and need liquidity more than ever, after their resources were depleted, by the COVID-19 pandemic, they find themselves compelled to either succumb to the IMF’s conditions, even at the expense of their peace and social stability, or borrow from financial markets at exorbitant interest rates, sometimes double the rates given to developed states, especially in light of the excessive reliance on the ratings of credit rating agencies. These agencies give access to concessional financing based on the ability to pay and not based on the state and its priorities, without any supervision. As a result, to pay their debt, developing countries have to spend more than what they spend on basic services and human development, such as education, health, and social protection. Sometimes they even have to borrow to pay their debt. Hence, the urgent need for structural reforms leading to a just and transparent financial system that takes into account the needs and priorities of developing states based on the principles of global good governance. Mr. Chairman, ladies and gentlemen, the socio-economic conditions caused by this outdated system and its successive crises require new and urgent measures that bring back trust into international institutions based on the pillars of multilateral work.

Chair: Foreign affairs, migration, and Tunisians abroad of Tunisia. Now, I gave the floor to Minister of Finance and Developmental Planning of Lesotho.

Lesotho: Thank you. Thank you, Mr. Chairman. The summit. the future provides us all with an opportunity to forge a new global consensus. This consensus aims not only to accelerate the achievement of the SDGs, but also to shape the kind of international system that we desire, and that will suit the current and future circumstances benefiting both the current and future generations. The world has significantly advanced in leveraging technology and innovation to enhance the socio-economic landscape. Digital pathways have revolutionized access to information and technology. The rapid and widespread use of technology and artificial intelligence is transforming societies and nations at an unprecedented pace. While these developments are positive, they also highlight the stark disparities in technological levels between the global south and the global north, as well as the digital divide within our countries. Bridging this gap can unlock economies and fully harness the global digital economy. As the Pact for the Future correctly notes, advance in knowledge, science, technology and innovation could deliver a breakthrough to a better and more sustainable future for all. In reviewing the SDG progress, many countries have recognized that financing for development is not only crucial, but also a key determinant to SDG attainment. Global economic shocks from the COVID-19 pandemic, climate change and ongoing geopolitical tensions and conflicts have impacted financing as initially envisioned. A new approach to financing for development is therefore necessary. The upcoming Fourth International Conference on Financing for Development in Spain in 2025 and the Pact for the Future from the Summit of the Future are positive steps towards a solution in this regard. However, governments must continue to implement strategies to enhance domestic resource mobilization. We acknowledge the potential of the youth as a catalyst for future growth, enhancing youth participation in governance, entrepreneurship, and decision-making is a necessity. By fostering innovation, securing sustainable financing, promoting peace, and empowering youth, we can address global challenges in a better way. Thank you, Mr. Chairman, Excellencies.

Georgia: The vision put forth by the UN Secretary-General for this Summit emphasized the importance of forging multilateral solutions that could lead us towards a more promising future. I am honored to participate on behalf of the Delegation of Georgia and this exceptional opportunity at such a critical juncture. It is my sincere hope that this Summit will give an impetus to a renewed effort to implement evolving changes for peace, stability, and sustainable development. Ladies and gentlemen, we are witnessing a number of transformations to reimagine the global financial architecture, enabling it to more effectively tackle the urgent contemporary challenges. These challenges encompass still lingering impacts of the pandemic, persistent conflicts and wars, including Russia’s war of aggression against Ukraine, escalating socioeconomic inequalities, humanitarian emergencies, food insecurity, and the pressing issue of climate change, all of which impede the implementation of the 2030 Agenda. In this regard, approaches taken by the international financial institutions are extremely crucial. Countries that have struggled, and many that continue to struggle, with high debt-to-GDP ratio need to benefit from the instruments provided by the IFC. These instruments need to be more flexible and adaptable to individual needs. For many countries, including Georgia, fiscal parameters were breached during the pandemic. Debt-to-GDP ratio reached up to 61%, and fiscal deficit 9.3% of GDP. Since then, Georgia has experienced a very strong recovery, resulting in double-digit economic growth expected to range between 7% and 9% in 2023-2024. We are pleased to note that a sustainable and strong public finance management system was achieved as a result of deep and comprehensive reforms supported by IFIS. Looking ahead, we believe that Georgia is poised to sustain its economic growth by developing transformative infrastructure across key sectors, such as transportation, energy, and developing human capital. We trust that IFIS and MDBs will continue to innovate and unlock new financing instruments to further strengthen our partnerships. As we continue our efforts to reverse the key drivers of backsliding on economic and development progress, let me reiterate Georgia’s commitment to renewed impetus and accelerated actions to achieve the SDGs and foster financial stability and economic growth. Together, we have to find tangible ways to trigger transformative actions and deliver on the promises of this Summit. I thank you.

Chair: Thank you, Minister for Foreign Affairs of Georgia. Now, next speaker is State Minister for Environment and Sustainable Development of the Democratic Republic of Congo. I give the floor.

Congo: Merci. Thank you very much, Chairman, for giving me the floor. The Democratic Republic of the Congo welcomes this dialogue and appreciates the concerns that were presented in the form of questions with a view to discussing and ensuring reform of the international financial architecture. At the time of their creation, the World Bank and the IMF, the situation has evolved. since then, and the situation now. At the time of their creation, certain countries were colonies, but today they are sovereign states, and these countries must see their own priorities reflected. This has been recognized by the Secretary General. Our countries cannot develop when we are saddled with debt. We must focus on achievement of goal number 17 in a way that is beneficial to all. Our priorities and our potential must be taken into account. We are poor countries, and we have suffered from climate change, but we also represent the solutions for saving humanity thanks to our forest resources. They absorb the pollution that we are not responsible for. We also have water resources that can produce energy for the world, energy that is clean in order to support the energy transition. We also have biodiversity and strategic minerals that can help the planet move towards this energy transition. In order to make this a reality, the DRC has taken the option not only of using our local resources but transforming them to allow us also within the Congo Basin to have access to this energy transition. Ladies and gentlemen, the reform of international financial architecture is currently a priority. It must allow the countries of the world to develop on an equal footing. And this is why we must leave behind ODA in order to move towards true partnership and cooperation. carbon credits that we are hoping will help to finance our own projects and achieving the SDGs for ourselves. Thank you.

Chair: Thank you, State Minister for Environment and Sustainable Development of the Democratic Republic of Congo. Now I give the floor to Minister for Foreign Affairs, Immigration and Egyptian Expatriates of Egypt.

Egypt: Thank you so much, Chairman. Even before the current cascading crisis, developing countries have been facing enormous challenges in the implementation of the 2030 Agenda. Following the devastating impacts of COVID-19, the repercussions of geopolitical tension and the adverse effects of climate change, the current global context could not be more pressing. Current crises have rolled back many years of the hard-won progress in developing countries. An urgent reform of the international financial architecture is required to enable the developing countries to better respond to the multiple overlapping global crises and build resilience for the future. We need to boast the voice of representation of developing countries on the boards of the international financial institutions. The UN should play a leading role in this reform. It is of paramount importance to establish a new impactful financial mechanism and to enhance the efficiency of the existing ones. A reform of the global debt architecture is needed to make it fit for purpose, to promote the economic recovery, to create the opportunity for the development of the future, and to ensure the stability of the region. The UN should play a leading role in the implementation of the 2030 Agenda. It is of paramount importance to establish a new impactful financial mechanism and to enhance the efficiency of the existing ones. more inclusive growth through establishing comprehensive and efficient mechanisms to manage debt crisis in both low-income and medium-income countries in a suitable, predictable, and timely manner. It is also vital to improve debt sustainability analysis and credit rating methodologies. It is also important to reform the multilateral development banks and international financial institutions in order to increase lending capacities to help developing countries. Due consideration should be given also to reallocating special drawing rights to developing countries to enhancing global liquidity. In addition to exploring ways to expedite and automate SDR issues, especially in response to shocks, promoting inclusive and effective international tax cooperation remains a critical prerequisite to the achievement of the SDGs. Mr. Chairman, we look forward to the establishment of a Framework Convention on International Tax Cooperation, and I thank you.

Chair: Thank you, Minister for Foreign Affairs, Immigration and Egyptian Expatriates of Egypt. Now I give the floor to Commissioner for International Partnership of the European Union.

European Union: Honourable Chair, Your Excellencies, A series of crises have dealt a serious blow to our collective efforts to reach the Sustainable Development Goals. To get us back on track, we need to mobilise a wide range of partners and partners, including range of financial resources. Throughout the crisis, the European Union and its member states have remained the world’s largest provider of official development assistance. The EU’s Global Gateway Investment Strategy is helping to achieve these duties by investing in clean energy, transport and digital infrastructure, as well as in human and social development. But we need collectively to do more. The international finance system must deliver much more financing to help developing and emerging economies fight poverty and tackle global challenges to avoid deepening inequalities. This is a priority for us, but also for many of our partners, and I am pleased that we could deliver together on this with high ambitions in the Pact of the Future adopted today. We have already made some progress. In the G20, we are supporting multilateral development banks to unlock up to 357 billion US dollars in additional lending in the coming decade. This is inspiration for further steps towards more effective NDBs. Another priority is to enable investments into sustainable activities. Private capital needs to be mobilised at scale, and here green bonds are part of the solution. We know that emerging economies can face hurdles to access capital markets, but we can change that, and this is why the EU established the Global Green Bond Initiative. Europe has the biggest and most advanced green bond market in the world, and we are ready to share our expertise on how to develop our own green bond markets. Let me highlight the European Green Bond Standard. This is the new voluntary standard that will apply… from December 2024 is designed to be a gold standard for green bonds and our sustainable finance framework is not just for companies that are already green, it also supports those on their journey there. To achieve progress, dear friends, we need a global recommitment to the 2030 agenda and its SDGs. And I can tell you that the European Union is ready to play its part. So let’s do it.

Chair: Thank you Commissioner for international partnerships of the European Union. Now I give the floor to Minister of Pre-University Education and Literacy of Guinea.

Guinea: Mesdames et messieurs, ladies and gentlemen, my delegation has aligned itself with a statement made by Uganda on behalf of G77 in China and we would like to make the following statement in our national capacity. The Republic of Guinea sees the growing inequality be developing in developed countries. This situation is an obstacle towards the effective implementation of the 2030 agenda and the sustainable development goals. It is therefore more than necessary now to restore the confidence between states and other actors international community the UN and the international financial institutions if we want to move the SDGs forward. However, my delegation is convinced that the United Nations are the ideal place for international cooperation for nations to come together and face challenges together such as poverty, food insecurity, international peace and security and the imbalance in global governance. Attaining sustainable development goals is being severely tested. Developing countries are facing a growing lack of funding. nations are amassing funding, and this impacts our educational system and our health system, peace and security negatively. This deficit makes it very difficult to implement SDGs by 2030, and we need to be thinking about how we can cover this gap. My country will continue pooling its efforts with others in the international community to make sure that the sustainable development goals are attained. We will continue investing increasingly in health, children’s education, in the most inclusive way possible. I thank you.

Chair: Thank you, Minister of University Education and Literacy of Guinea. Now, I give the floor to Undersecretary of State and the Chancellery of the President of Poland is speaking on behalf of the Group of Friends of UN Habitat Sustainable Urbanization and the New Urban Agenda.

Poland: Thank you. Mr. Chair, Your Excellencies, I have the honor to deliver this statement on behalf of the Group of Friends of UN Habitat Sustainable Urbanization and the New Urban Agenda, a group of 50 member states representing all regions. We would like to draw your attention to two pivotal aspects where the implementation of the 2030 agenda can be accelerated. Ladies and gentlemen, firstly, the future is undeniably urban. Statistics show that more than half of the world’s population already lives in urban areas and by 2050 is set to rise to nearly 70 percent. This trend underscores a fundamental truth. The Sustainable Development Goals, the SDGs, can only be achieved if our cities… become just, safe, healthy, accessible, resilient, and sustainable. Our group is pleased that the Just Adopted Pact for the Future commits the international community to act towards urban transformation. This commitment must now translate into measurable actions on climate, infrastructure, and inclusive social policies. Urban transformation is impossible without partnerships and the mobilization of sufficient development finance. Similarly, the goal of building just and resilient cities is unattainable without ensuring universal access to adequate, safe, and affordable housing, which the pact recognizes. Adequate housing is a direct, practical pathway to reducing poverty and inequality in the society. Excellencies, secondly, the localization of the SDGs is one of the most effective strategies for their successful implementation. Localization brings the goals into the heart of communities, embedding them in the delivery of essential public services that reflect the real needs and aspirations of citizens, thus achieving social equity and stability. In this context, cooperation with local and regional governments can be instrumental in the process of shaping the UN agenda by member states. We urge all member states to actively empower local governments to participate more meaningfully in intergovernmental decision-making processes. Ladies and gentlemen, in conclusion, the Group of Friends looks to the future with the hope that by strengthening our cities and prioritizing the localization of the SDGs, we will not only transform urban environments, but also, through this, ensure that no one is left behind in the journey toward a more sustainable and inclusive future. I thank you.

Chair: Lord Collins of Highbury of the United Kingdom of Great Britain and Northern Ireland.

United Kingdom: Thank you Mr Chair and Excellencies. The challenge we face and we cannot be met without collaboration and partnership and the United Kingdom is dedicated to helping the UN’s mission not only because its founding principles are right and just but because it’s vital in meeting the challenges facing our world and it is precisely because the United Nations is so important that we need it to be more effective. A reinvigorated and dynamic United Nations is needed to tackle the world’s complex challenges. So allow me to highlight what we can do together to keep us on track to achieve the 2030 agenda for sustainable development. First as this session highlights we must strengthen the global financial system. While it has provided stability and growth over decades it needs to adapt to today’s world and be more responsive to developing country needs. That means developing countries need to be better represented and decisions need to be driven by their priorities. Secondly we must promote deeper trade and cooperation through the WTO including through an effective dispute settlement system. This will ensure stability for our businesses and consumers. Finally we must strengthen leadership in areas that serve as barriers to achieving the SDGs such as conflicts. That means more investment in the UN Peacebuilding Fund and a sustainable resident coordinator system improving coordination and delivery within countries. That’s why we must be ambitious when renewing the four-year mandate of the United Nations Development System later this autumn. Finally we need more permanent seats on the Security Council for African countries and for India, Germany, Japan, and Brazil, as well as an expansion of non-permanent membership. By working together and building consensus, these changes can strengthen the system to resolve rising conflicts, get the SDGs back on track, and create a world free from poverty on a livable planet. Thank you, Chair.

Chair: Thank you, Representative of the United Kingdom of Great Britain and Northern Ireland. Now I give the floor to President of the National Institute of Statistics and Geography of Mexico.

Mexico: Thank you, Chair. Greetings on behalf of the INEGE, the National Institute for Statistics and Geography. And I am grateful for this excellent opportunity to address you at this summit of the future. In order for processes and initiatives that are agreed here to be viable and relevant and ambitious and transformative, the aspirations must be backed by reality. The focus of our collective efforts and necessary solutions and possibilities, the when, where, how, is important. This is why our proposal is first to measure together. Experience shows us that complex issues can be resolved through dialogue. First, we recognize their dimension and scale. The opportunity to find solutions to real situations through diplomacy, cooperation, and capacity building is real. This is what happened in October last year with the resolution. on statistics facilitated by Mexico and supported by the Trump-Hite organization of the ILO. Together with systems to assess nature and the contributions of ecosystems to biodiversity and other economies. There’s one example, there are other examples from the Statistics Commission. In order to understand through data the reality of LGBT plus communities and gender equality, just to get a picture of the information, our call is therefore to ensure that all efforts under this new multilateral pact for the future include at each stage measurement and evidence-based measurement as the baseline. Let us measure together. This is why we support action 56 of the pact for the future that captures the essence of measuring first and measuring together in order to decide together so that our decisions are better and to guarantee the viability of any new drive. We also feel it’s important to learn from experience with clear and decisive routes for their implementation. We support effective implementation of the United Nations systems and multilateral mechanisms so that through cooperation, capacity building and mobilization of resources, member states can achieve the ideals of well-being and sustainable development. I thank you.

Chair: Thank you, representative of Mexico. Now I give the floor to the permanent representative of Sri Lanka.

Sri Lanka: Thank you, Mr. Chair and excellencies. The multiple crises that we face today and our responses to them will largely hinder on the nature of global governance and how united, responsive, accountable and transparent it is both in policy and in implementation. Therefore today’s theme requires a multifaceted approach that addresses systemic challenges while fostering collaboration among stakeholders. This theme is deeply important to the Sri Lankan delegation as it also reflects the challenges we have faced in post-pandemic era. Mr. Chairman, the world is truly at crossroads in consequence of a convergence of significant challenges. and opportunities that can shape its future trajectory. We are grappling with multiple conflicts, heightened geopolitical tensions, rising inequality and mistrust, stalled progress on the SDGs, death interests, and the triple-pandemic crisis of climate change, biodiversity, loss and pollution, economic disparities, technological disruptions, public health crises, social movement and activism, migration and displacement, and the dynamics of a changing working environment due to technology and shifting economic models straddling through the tapestry of governance. We are surely at crossroads when choices made today will have profound implications for future generations. Mr. Chair, in response to these myriad challenges, member states agreed to an action-oriented outcome document titled A Pact for the Future, which is the culmination of the action envisaged by the GA resolution. This is a pivotal moment, Mr. Chairman. We believe that this document is a critical guide that will help shape the future of our planet and our people, which seeks to address the strengthening of multilateralism, promote inclusive participation, encourage innovative financing, improve data collection and analysis to track progress towards SDGs, support capacity building, promote the integration of the international and local development plans, utilize technology and innovation to progress in areas such as education, health, environmental sustainability, build partnerships amongst governments, businesses, and society, focus on building resilience against global challenges, and raise, I say, the importance of sustainable development through education and outreach initiatives. Mr. Chairman, the need for reform of the global financial architecture is more than urgent than ever. It is said there’s only one way to learn. It is through action. Everything you need to know, you have learned through this journey. So while remaining positive and hopeful about the outcome of the document, I must say that the success of multilateral agreements is dependent upon the intention of its members and states to implement the undertakings in both letter and spirit. The choice before us is whether we continue along the current path or whether we are genuine in charting a new path. Let us walk away from these deliberations with the will to make that difference.

Chair: Thank you, representative of Sri Lanka. Now I give the floor to permanent representative of Morocco.

Morocco: Merci, Monsieur le Président. Thank you, Mr. Chair. Your Excellencies, ladies and gentlemen, this interactive dialogue is essential, and not just for us to exchange ideas, our visions that we may have of the world that will live for future generations, but also when it comes to the prospects for states, for us to work out a common future based on the principles of justice, equity, and solidarity, and to do this in the light of the pact of the future that we have just adopted this morning. The implementation of Agenda 2030 demands a renewed political will, but it also depends on putting together a imparting new dynamism to global governance in line with the actual realities and so as to meet the numerous challenges we’re facing. Therefore, more inclusive, representative, and more effective global governance working for sustainable development will be built on the basis of the three following pillars. The first pillar has to do with putting together a renewed and inclusive multilateralism and to do it through the reform of global governance institutions. We need to make sure that global governance bodies, in particular the U.N., and especially the Security Council, are not limited to simply managing the crises which happened but that they prevent conflicts, that they anticipate shocks, and that protect human rights, promote cooperation internationally, help with the coexistence of religions and cultures, and build bridges between states and nations. The second pillar has to do with the reform of international financial architecture. This architecture, whose initial foundations were laid in the wake of the Second World War, requires an in-depth overhaul. And this is not a luxury, but this is needed to become truly inclusive, equitable, and representative. It is imperative to make sure that it meets of the most vulnerable countries who are frequently most affected by the economic and environmental crises in the world, and do this through a financial system which guarantees access to funding for everyone, including concessional financing. And the third pillar has to do with transforming the framework for measuring development and progress. It is obvious that we can only progress with the SDGs, sustainability of the planet, or the well-being of everyone in the long term, only if there is a fund. fundamental change in the way we measure progress economically and the development of countries. We therefore need to work out measures which are complementary to the GDP criteria. We support the development of a conceptual framework which would allow us to give accurate value to things which count for people, for the planet, and for the future. Similarly, for special attention.

Chair: Thank you, Representative of Morocco. Now I give the floor to the representative of the Inter-Parliamentary Union.

Inter Parliamentary Union: Thank you so much, Mr. President. Turbocharging the Sustainable Development Goals requires a much stronger commitment to implementation through laws and budgets, which is where parliaments come in. With 180 member parliaments, the IPU is fully supportive of the reforms of the global financial architecture that are mentioned in the pact for the future. In this brief intervention, I want to add my own spin to what is a complex wave of interconnected issues. With global GDP of over $100 trillion, our problem is not so much about the total volume of resources for development, but of their distribution. While we need to help developing countries grow their economies so that they can provide for themselves, we must also put greater emphasis on redistributing resources that are being concentrated in fewer and fewer hands, both globally and nationally. First and foremost, we need to improve tax collection so that it is more progressive, taking more from those who can afford to pay more. In this regard, I am pleased that a deep reform of international tax system is beginning here at the United Nations with the start of the negotiations on a tax convention. A key priority of that convention must be to put pressure on international corporations that keep finding creative ways to pay little to no taxes. Bringing in more revenue in developing countries will free up more capital for multilateral financial institutions for badly needed debt relief and for more aid to help Global South and the SDGs in general. Cutting harmful fossil fuel subsidies will by itself free up hundreds of billions of dollars each year. It will also lead to trillions of dollars in indirect savings by reducing the cost of healthcare and environmental remediation linked to pollution. In developing countries, revenue collection has improved in recent years, but there is still some way to go to combat tax aversion, corruption, and illicit flows. Aid in all its forms must be made way more effective. We must stop the practice of diverting aid from social spending and infrastructure to climate projects or humanitarian support for which additional resources need to be found. Scaling up aid to the commitment of 1.7% of GDP will double current flows and make a significant difference all by itself. Last but not least, exploding military budgets need to be brought into line. The expenditure of over $2 trillion in the war machine is not just disproportionate to our security needs, but a clear signal that we have our priorities wrong. Thank you, Mr. Chair.

Chair: Thank you, representative of the Inter-Parliamentary Union. Now I give the floor to Minister of International Relations and Cooperation of South Africa.

South Africa: Thank you very much. Excellencies, ladies and gentlemen, advancing the 2030 Agenda for sustainable. development, including the Sustainable Development Goals and the Addis Ababa Agenda, and fundamental for the future of humanity is quite important. The Sustainable Development Goals align with South Africa’s National Development Plan and are the blueprint to achieve a better and more sustainable future for all. They address the global challenges we face, including those related to poverty, inequality, climate, environmental degradation, and promote global prosperity, peace, and justice. As African and other developing countries take difficult decisions on the development pathways and grapple with the multitude of issues, such as the overarching priority of poverty, eradication, and food and energy security, we realize the value of human solidarity. We believe in working together on shared opportunities and challenges, leaving no one and no place behind. The sense of human solidarity is needed now more than ever, at a time of great tension between the major powers, conflict situations, and unconstitutional changes to government in some countries, including in Africa. We need transformational change. South Africa has a leadership role in the global conversation on the agent need to transform the global political and security structures, including the United Nations. We need African and other developing countries to take their rightful place in global governance and respect for the UN Charter and its principles of non-interference in internal affairs of countries and respect for the sovereignty and territorial dignity of all nations. South Africa is also leading the call for a fundamental transformation of the global financial architecture to make it fit for purpose in supporting the Sustainable Development Goals. There is also a need to realize dedicated financial resources to implement international agreements inter alia the multilateral environment. agreements and the Climate Change Convention and its Paris agreement, which includes how the just transition pathways selected by countries based on their national circumstances are supported to mitigate the negative impact, and it could have a developing country’s economies. It could help the developing countries’ economies. Furthermore, the need is dire to scale up and accelerate concrete, innovative, transformative, accessible, and ambitious financing resources and the means of implementation, including the fulfillment of the ODA and climate finance commitment, as well as support for the transfer of technology and capacity building. Your Excellencies, ladies and gentlemen, in conclusion, South Africa supports the construct of more concise, frequent, and policy-relevant work on sustainable development, especially given that the world has passed.

Chair: Thank you, Minister of International Relations and Cooperation of South Africa. Now I give the floor to South Asian Association for Regional Cooperation.

SAARC: In the context of South Asian Association for Regional Cooperation, CERC, comprises of the countries Afghanistan, Bangladesh, Bhutan, India, Pakistan, Nepal, Sri Lanka, the accelerating of implementation of 2030 agenda for sustainable development has been a regional priority. Achieving the post 2015 development agenda, including all sustainable development goals, in the remaining period of 2030 timeline will require an ambitious, comprehensive, holistic, and transformative approach with respect to the means of implementation and synergizing different means of implementation. It will require enhanced and revitalized global partnership in addressing the shared resources and investment gap. Our development partners must meet the of 0.7% of GNI and official development assistance, and while doing that, must avoid double counting of the resources as both climate and development financing. In the meantime, there is a strong need to recognize the importance of addressing the diverse need and challenges faced by the countries in special situation, in particular, the least developed countries and the countries in transition to middle income. These group of countries are the most vulnerable and resource-constrained group of countries, need enhanced global support to overcome the structural challenges they face in achieving the sustainable development goals. Such support should be provided on multiple fronts in a synergic manner, including the development assistance, market access, technology transfer, technology transfer FDI, and debt relief. CERC today persuades that the vision of South Asian Economic Union is a phased and planned manner to the creating of the free trade area, a customs union, a common market, and a common economic and monetary union. A consensus has been reached to develop the shared vision to undertake the joint initiative for implementing the post-25 education development agenda. To this end, CERC action plan for the implementation of the new daily declaration on education has been adopted, which is aimed at ensuring the education for all, which is also aligned with the SDG target for the quality education. CERC attaches the high importance in fighting the climate changes, and to this end, the Thimphu Statement of Climate Change adopted at the 16th CERC Summit in Thimphu 2010 is also currently under implementation. In the improved connectivity is also a center stone for the successful realization of 2030 agenda for sustainable development. Recognizing the pivotal role of the connectivity in South Asia, the member state have been working to improve the regional connectivity through the agreements of the motor vehicles, railway, and air services. By investing the connectivity infrastructure and roads, railway, and ports digital networks, member countries can achieve the progress on sustainable development. goals related to the economic growth. Industrial innovation and infrastructure, enhanced regional connectivity, also support environmental sustainability by optimizing the transport routes, promoting the efficient energy uses. In conclusion… Got you? Okay. Thank you.

Chair: Thank you, South ASEAN Association for Regional Cooperation, representative, Secretary General. And now I give the floor to international level organization.

ILO: Thank you so much, Mr. President, ladies and gentlemen. The ILO welcomes all efforts thus far deployed by multilateral and bilateral systems in responding to the challenges faced by the world as regard to the global governance coupled with the absolutely need to step up efforts in attaining SDGs. The ILO particularly wishes to acknowledge the significant positive steps that have been taken in recent years on reforming the international financial system, including the various initiatives presented earlier by the Director General of the World Trade Organization, the President of the World Bank, and the Executive Director of the IMF. The ILO wishes to reiterate that clearly more needed to be done in global governance and the financial architecture for an enhanced social justice. In this regard, keeping jobs, I meant decent jobs and protection at the center of our collective and individual effort in reshaping global governance and addressing the international financial architecture challenges remain a must. Finally, the ILO wishes to encourage an increased involvement of social partners, including workers and employers organizations in reshaping the global governance for better inclusivity. Thank you.

Chair: Thank you, Representative of the International Labour Organization. Now I give the floor to Representative of the United Nations Office for Project Services.

UNOPS: Thank you, Mr. President, Excellencies. To deliver on the 2030 Agenda, we clearly need reformed global financial structures that can support developing countries as they deliver for their populations in the face of rising crises. Difficulties in accessing adequate finance are clearly a barrier to speeding up climate action and sustainable development. But to deliver on the promise of leaving no one behind, we also need reforms to our broader development governance structures. And this goes beyond finance. To quote the Secretary General, we can’t create a future fit for our grandchildren with systems built for our grandparents. We all have a responsibility to make our systems more inclusive, accountable and transparent, to increase representation and decision-making at all levels from developing countries, to decentralize and to shift the focus away from a donor-recipient focus to true partnerships. We need to collaborate better to strengthen our global public goods. Our focus on finance and policy gaps, addressing the implementation of the climate goals and SDGs is important. But let’s make no mistake, there is also an implementation gap that requires strong commitment to turn development and climate ambitions into actions that improve the lives of millions. We need to redouble our efforts to provide technical assistance and to support on implementation. The development landscape has changed significantly in the last two decades. New sources of finance, new actors, new strategies, new frameworks, new norms and new measurement tools. Now it’s time for a change. the time to mobilize more resources and to align them with the SEGs and climate goals, but also to find new institutional arrangements that overcome fragmentation and inconsistency and can simultaneously bring together all sources of finance, ODA, South-South, triangular, remittances, foreign direct investment, domestic resource mobilization, blended finance, impact investing, philanthropic finance, debt, and all public, private, and civil society actors, and address in a holistic manner all key elements of the development cooperation architecture, from decision-making and rule-setting to accountability, enforcement, and learning. I commend the colleagues here in the panel for the efforts already made to drive these reforms, but we need to do more. UNOPS is committed to supporting these efforts, particularly through our focus on implementation and operations. Thank you.

Chair: Thank you, representative of the United Nations Office for Project Services. Now I give the floor to representative of St. Louis University, Madrid.

Civil Society 1 St. Louis University Madrid: Your excellencies, ladies and gentlemen, all protocols observed, good morning. We live in a time when it is not an option to do business as usual. The world is facing severe sustainability challenges that must be addressed urgently, such as climate change, population growth, and inequality, dwindling clean energy supplies and fresh water availability, among others. There is a need for cooperation between governments, businesses, and the financial sector in order to reach the United Nations Sustainable Development Goals. Almost two-thirds of historic carbon dioxide and methane emissions from 1854 to 2010 are attributed to fossil fuels and cement producers. Businesses are very responsible for the actual situation of environmental degradation that attains to our planet, but can be also part of the solution by offering innovative solutions for the decarbonization of our world. Adopting a holistic stakeholder theory is necessary to integrate among the goals of the businesses, not only the maximization of the profit, but a shared value approach. To this end, multi-stakeholder engagement is essential. A recent example are the impact coalitions created alongside the 2024 United Nations Civil Society Conference that took place in Nairobi last May, and which were created to foster collaboration across sectors to successfully implement the recommendations of the Pact of the Future. It is necessary a call for the development of regulations that will require corporations to report not only their financial statements, but also the environmental impacts. The European Union has taken the lead on this respect with a corporate sustainability reporting directive that drives accountability and transparency, promotes sustainable practices and investments, enhances decision making, and supports the transition to a sustainable economy. Not only European Union corporations should be mandated to disclose this information, but the global community for transparency. To achieve this, a unified global framework for environmental reporting should be implemented. This framework should be overseen by an international body like the United Nations Environment Program and the IFRS Foundation. To ensure transparency, accountability, and the prevention of greenwashing, sustainability reporting should be mandatory for businesses and subject to oversight by independent, third-party auditing organizations that are part of a robust international governance system. Thank you very much.

Chair: Thank you, Representative of Sri Lanka. Louis University, Madrid. Now I give the floor to representative of the Egyptian Food Bank.

Civil Society 2 Egyptian Food Bank: Your Excellencies, distinguished delegates, and of course the fellow changemakers, it was deep respect and sense of urgency that I stand before you today, not just as a representative of the Egyptian Food Bank and the 2.4 million beneficiaries that we serve every year, but also as a voice of millions of youth, families, and communities across Egypt and the global south. These are voices of hope, resilience, and determination, voices that demand a future that’s fair, sustainable, and inclusive. In a world where inequalities are widening and economic shocks are felt the most acutely by developmental nations, we cannot continue with business as usual. The time has come to reform global governance in a way that truly empowers the vulnerable and tapes into the energy, innovation, and resilience of youth. At the Egyptian Food Bank, we have seen firsthand how youth can lead impact-driven initiatives that go beyond the food distribution and create lasting solutions for poverty, elevation, social protection, economic development, and climate resilience through programs that integrate sustainable agriculture, digital innovation, malnutrition prevention, and entrepreneurship. Young people in Egypt are not just feeding their communities, they are shaping the future of food systems. These efforts, however, can only be scaled and sustainable if we rethink how the global financial system operates. The current global financial architecture is failing out youth, stagnant development countries’ growth, and that put the burden by debt and limited our abilities to invest in critical areas like food security, health, education, and climate action. If we are serious about turbocharging the 2030 agenda, we must move beyond the traditional approaches to financing. We need innovative solutions, debt relief initiatives, youth-focused funding mechanisms, and global partnerships that directly support local solutions and youth-led enterprises. Imagine a world where every young person, regardless of their geography, can access the resources, education, health care settings, and financial banking they need to create a change in their communities. In Egypt, the Egyptian Food Bank has launched youth-driven programs that empower young leaders to develop local food systems, reduce waste, put pressure on humanitarian aid intervention, and implement climate-smart agriculture. But to achieve the scale we envision, we need a global system that’s truly inclusive.

Chair: Thank you, representative of Egyptian Food Bank. Now I give the floor to representative of the Global Fund to fight AIDS, tuberculosis, and malaria.

Global Fund to fight AIDS tuberculosis and malaria: Thank you, Mr. Chair, distinguished delegates. As a worldwide partnership to defeat HIV, tuberculosis, and malaria, the Global Fund welcomes the Pact for the Future that shines a spotlight on the urgency of increasing efforts to achieve the 2030 agenda and to accelerate progress towards better health for all. We applaud the leadership of Namibia and Germany in co-facilitating the pact. including engaging with civil society and communities. Only a pact that champions multilateralism and empowers communities and civil society to be meaningfully involved in global governance can we safeguard our collective future. In a world where about 4.5 billion people are not fully covered by essential health services, we know that health is fundamental to eradicate poverty, achieve gender equality, economic growth, and to ensure peaceful societies. Now is not the time to shy away from our commitments, but to take advantage of every opportunity to bolster progress towards universal health coverage. Now more than ever, we need to ensure that global health stays at the center of the international agenda. We hope that the pact can help elevate our common aspirations for better health and well-being of present and future generations. Mr. Chair, we applaud the pact’s focus on climate change, which poses the biggest global health challenges of our time. The phenomena is destabilizing the foundations of human health, deepening inequalities, threat to peace and security, and leading to the emergence and spread of infectious diseases. Therefore, we need to ramp up our collective responses as an urgent imperative in today’s challenging context. The Global Fund is an example of the transformative power of communities and civil society. It’s a partnership powered by equity, and as we come together to… To upload the pack for the future, we call on the international community to ensure that this leadership is recognized and upheld. As a global community, we need to find a new cause, one that can broaden and deepen multilateralism to create a more healthy, fair, just, and peaceful world for today and for all future generations. I thank you.

Chair: Thank you, representative of the Global Fund to Fight AIDS, Tuberculosis, and Malaria. Now I give the floor to Permanent Representative of Pakistan.

Pakistan: Thank you. Thank you, Prime Minister. And I thank all the panelists. We have all heard the aspirations of the developing countries in this interactive dialogue. The pact we have adopted is not perfect. There are many provisions in which we have stepped back from the commitments which were made in the SDG political declaration and even in Agenda 2030. But the transformation which we seek will be achieved through implementation. We have to implement the financial architectural agenda, implement the SDG stimulus, rechannel 50% of the 2021 SDG allocations to developing countries, increase the voice and representation of developing countries and financial institutions, improve access to concessional lending, review the sovereign debt architecture. adopt an equitable U.N. framework convention on international tax cooperation. On trade, the provisions of the Pact remain unsatisfactory. Trade must become, once again, an engine of growth and development. We must resist the new environmental protectionism, expand preferential treatment for developing countries, and pursue a robust revival of the WTO dispute settlement system. Lastly, on technology, the digital divide, bridging the digital divide, is the key to future development. We must avoid the north-south fragmentation as well as an east-west fragmentation. We must improve data governance. We must capture the power of artificial intelligence, including through a scientific panel, governance, as well as funding through a fund. Finally, the key will be the computing power for developing countries. To achieve computing power, we need to access the latest technologies and designs, and to invest in achieving these goals. I thank you, Mr. Prime Minister.

Chair: Okay. Thank you, representative of Pakistan. Now, I give the floor to representative of the Indian Development Cooperation.

CAF: Very good afternoon to you all. Excellencies, distinguished colleagues. I am honored to be here representing the Latin American and Caribbean Development Bank at this crucial time in the history of humanity. We are an institution that was created 56 years ago by Andean countries, and that today has 26 members in Latin America, also Spain. and Portugal. Just a few moments ago, the President of Brazil said in the General Assembly that the SDGs had been amongst the greatest diplomatic successes in our era. But if we don’t make significant progress swiftly, it could become our greatest failure. He also said that very often it’s very difficult to agree on questions of the past, but this is not the case for the present and for the future. Today, the countries of the world have affirmed that we have the intention to agree on the future of humanity at a time when, clearly, we must choose between two paths. Either we can continue with the same patterns of consumption, failing to look after the planet and failing to secure the future for generations to come, or, as Pope Francis has said, we can look after our common home in the certitude that on this path no one can save themselves because we are all in the same boat. It is clear that we, as international organizations, must reform our institutions in order to make them true tools for the change that our peoples need. Secondly, we must work to coordinate action and efforts from all international institutions so that we do not duplicate our efforts and to ensure that the impact is real. We are standing before a historic opportunity, and we are grasping this opportunity, making progress in the projects and programs that we develop and that we finance in Latin America and the Caribbean, and we are standing up to this challenge of the future, ensuring that our actions look to future generations. We want to be. be a responsible generation. It is down to us to make this change. We heard from the youth of Qatar and Namibia who are addressing the leaders of the world, and they will find our organization on this path in order to fulfill the pact for the future. And we believe that a better world is possible, and it is down to us to take action, collective action. Here we are playing our part. Thank you very much.

Chair: Thank you, Representative of the Indian Development Cooperation. Now I give the floor to the representative of the United Nations Economic Commission for Africa.

UNECA: Thank you very much, Prime Minister. Excellencies, today I address a pressing challenge, the urgent need to reform global governance to meet the financing needs of African nations as we pursue the Sustainable Development Goals. Africa’s public debt has surged beyond 60% of GDP, putting us in a precarious position. While stabilization is projected for 2024, interest payments now exceed 10% of government revenues in over 20 African countries, undermining our ability to invest in vital development initiatives. Moreover, multilateral financing remains inadequate. The current international tax system allows multinational companies to shift profits to tax havens, depriving developing nations of essential resources. This injustice complicates our efforts to fund development. As emphasized by the Secretary General, the global financial architecture has failed Africa. We lack the necessary funds for the SDGs and the structural transformation our continent requires. Therefore, a new global deal is imperative, one that overhauls the financial framework to create a fairer, more equitable system. African nations and the global south advocate for reforms in three critical areas. One, the rules of governance of international financial institutions were established before many African countries gained independence, leading to misaligned decisions. We must increase representation of developing countries on FI boards, enhance transparency, and update IMF quota formulas. Strengthening regional multilateral development banks is also essential for localized support. The dominance of developed nations in global tax governance must be addressed. A fairer distribution of tax revenue from multilateral corporations to Africa could significantly boost our domestic resource mobilization. The recent U.N. resolution aimed at creating an inclusive international tax cooperation framework is a vital step forward, but we need partnerships that promote stability, inclusivity, and equity. Three, we must reform the global debt architecture, and in particular, address the high cost of sovereign borrowing that contribute to debt distress in Africa. A well-governed IFI system can facilitate access to long-term affordable financing for SDGs and climate actions. We need to enhance the G20 common framework for debt treatments and tackle the biased global credit rating system that limits our access to capital markets. In conclusion, the time for action is now. By advocating for these essential reforms, we can reshape the financial landscape to better serve Africa and the global south. Together, let us work towards a more equitable and sustainable future for all. I thank you.

Chair: Thank you very much, Representative of the United Nations Economic Commission for Africa. Now I give the floor to the Representative of the United Nations, Entity for Gender Equality and the Empowerment of Women.

UN Women: Thank you, Excellency Chair. The challenges we face today, debt crisis, climate crisis, and rising inequality, demand a system that works for everyone, especially women and girls. The data in UN Women’s latest SDG 5 snapshot report tell us that extreme poverty rates for women and girls are finally reducing, but yet, across the world, poverty continues to have a woman’s face. The current system is deeply inequitable and significantly costly. The cycle of debt and crisis forces regressive taxation and cuts to essential services like health care and education, which women and girls rely on most. Let us rethink the international financial architecture with social justice in mind, addressing pervasive inequalities and rebalancing economies towards the rights and needs of the majority. I would like to share three key areas of reform. First, easing the debt burdens on developing countries can free up public budgets to invest in essential services that directly benefit women. Countries should have fiscal space to prioritize jobs and care. Almost 300 million jobs can be created by 2035 through investments in care services, including childcare and elderly care. But debt service payments claim high shares of public revenue in a growing number of developing countries. Second, international financial institutions and government budgets and tax policies should be informed by gender analysis. Currently, one in four countries has financial systems that track allocations for gender equality. Stronger investments in systems, capacities, and data are urgently needed to avoid deepening inequalities. Third, mobilizing innovative sources of financing is essential to close the 360 billion annual global financing gap for gender equality. Instruments like thematic bonds and swaps can be effective for countries with sustainable debt burdens. We can transform economies if our professed commitments to equality are matched by our budgets as they should be. More importantly, these reforms should take into account the importance of gendered, just transition to blue and green economies. We know what is needed to reform the governance of finance across the world. It’s a matter of choosing to do it. I thank you.

Chair: Thank you very much, representative of the United Nations. for gender equality and empowerment of women. Now I give the floor to representative of Morningstar Sustainalistics.

Civil Society 3 Morningstar Sustainalytics: Excellencies, private sector and CSOs sitting behind me, and these United Nations, I think it’s important for everybody to just have an idea who Morningstar is. If you’re not aware, most of you know the Financial Times. If you open up the Financial Times and you look at the last several pages, at the very end you’ll find all of the financial data that you need. All of that is provided by Morningstar. We provide financial data, we provide financial intelligence, and we also provide stewardship, and that’s why we’re here. We’re here to be a steward between public institutions and also more private institutions and investors. To have a firm like ours here today is truly a testament to the progress of the United Nations and also to this summit. We’ve been looking at the pact of the future, and that’s something that we support. And we consider that there’s three areas of expertise that could further support it. The first is ESG or is data and data integrity. And then this is an issue of language, and I think this is appropriate speaking here at the United Nations. It’s an issue of language not between English and French or Russian and Arabic, but this is between ESG and SDGs. Many, many governments right now are still struggling through the UN SDCF in order to meet the SDGs, to fulfill all of the indicators that are in there, or to even report on them. And I can assure you that from investors in the company’s side, they don’t necessarily know how to navigate the SDGs, so they’re using ESG. And even then, ESG is quite challenging. So it’s as though there’s two different languages that are at play here, and that bridge is very important to overcome. One way is through beyond GDP. And then also, as many of your countries are already looking at ESG regulations, and you’re quite progressive on that, so there are some entry points there. A second thing that we think is important of the capacity is bringing the investor perspective and investor engagement. Investors do want to be more involved through FFD4, engaging with the MDBs. perspective of companies, especially those from emerging markets and the Global South. There is an active sustainable bond market already at play, which we should be playing more into. And then from companies of the Global South, these emerging markets, there’s a lot of innovations that are happening, which need to be presented here as well. Now, to summarize, we are here with data, investor voices, and stewardship to support the PAC’s commitment to financial reform for more social inclusiveness. And in the words of Kofi Annan, whom I met on my birthday, 21 years ago, before a Habs game, knowledge is power and information…

Chair: Thank you. Thank you, Representative of Morningstar, Sustainalistic. Now I give the floor to representative of the Global Network of Civil Society Organized… …

Civil Society 4 GNRD: Investing in disaster risk saves lives and money in the long term. But too little financing goes to disaster risk reduction. Furthermore, local actors understand their needs best and know how to build inclusive resilience. But too little finance is accessible to the local communities that are on the front lines of disasters and climate change. As we look to the Financing for Development Conference next year, and to close the finance gap, and to the much-needed reform of the international financial architecture, we need to make sure that our investments are future-proofed, that they drive risk-informed development, and that they are accessible to local communities and marginalized groups, including to people of all genders, to indigenous peoples, and to people with disabilities. Investing in risk-informed development requires analyzing the complex threats that people face, and understanding vulnerabilities and capacities. And this needs to be understood also from the perspective of local communities. In addition, development funds need to be made accessible to the marginalized groups within, and to be earmarked for local actors through direct access windows, and funding application processes also need to be streamlined. Communities and local organizations need to be trusted and enabled to lead their own development. This is a matter of justice, but is also a matter of effectiveness and impact. This applies to development finance, but also to climate finance, where we are seeing a devastating gap between what is needed and what is available. As we look to COP29, we so urgently need a step change in the negotiations. We need to stop what we are doing, and to remember our humanity. We all know that if we do not deliver the financing for a just transition now, we will dig an irreversible grave for ourselves and for our children. Achieving the 2030 Agenda and enabling localization requires more than words, or even political intention. It requires action. It requires finance. And this finance needs to flow to women-led groups, indigenous peoples, people with disabilities, and other key groups. Only then will development and climate funding truly work for all and build resilience. I thank you.

UN HABITAT: Dear Chair, at UNHCR, we are deeply encouraged by the adoption of the Pact for the Future. which includes a commitment by Member States to ensure access for all to adequate, safe and affordable housing and support developing countries to plan and implement just, safe, healthy, accessible, resilient and sustainable cities, PARA25. We believe that the recommendations sought from the Secretary General on engagement of local and regional governments to advance the 2030 Agenda can help strengthen policy coherence and multi-level governance, sectorial integration and multi-stakeholder partnerships towards the achievement of the SDGs. We also welcome the decisions related to reform of the international financial architecture and encourage that the subject of subnational or local financing be given due consideration in future deliberations. The Local 2030 Coalition and its Member UN Entities are committed to localizing the Pact for the Future and making it real for the local communities. The themes of the Summit’s Action Days are deeply interconnected with the future of our cities, communities and local economies. Cities will house 70% of the urban population in 2050. They offer significant opportunities for integrated, transformative investments that can accelerate SDGs. Adequate housing is the roof of the SDGs. Urban planning, the connection between cities, communities and local communities, is the key. for sustainable investments. We have a crucial opportunity before us today at the Summit of the Future, as well as in the fourth Financing for Development Conference and the second World Summit on Social Development via a road that passes through the 12th session of the World Urban Forum, COP 29 and COP 30, to reaffirm and reinvigorate our global commitment to sustainable urban development, transform the current development paradigm and push for towards a new multilateral system that is inclusive, just and responsive to the needs of the most vulnerable and the most marginalized. UN Habitat is ready to support stakeholders locally and globally so that finance lands well. Thank you.

Chair: Thank you representative of UN Habitat. Now I give the floor to representative of the Millennials Movement.

Civil Society 5 Millennials Movement : Thank you chair. I will deliver my speech in Spanish. Muchas gracias. Thank you very much excellencies. The Pact for the Future is a turning point for the global community to set up a tangible plan to secure present and future generations that will allow us to thrive and enjoy our human rights without any type of distinction. This is a time that can ensure that the global community can keep its promise made in Agenda 2030 for sustainable development, which is to leave no one behind. The future requires a solid foundation in implementation of Agenda 2030 for sustainable development. This is the solution that includes historically marginalized group. This should be a priority for laying the foundations for the future that we need. Last year during the SDG summit, we learned from the global report on sustainable development that we had only made progress towards 15% of the total SDGs. Today we join the call to secure our rights. to development and the right to the future and working on innovative transformations to ensure that there are real actions so that the pledges made in Chapter 1 are realized and thus make progress with Agenda 2030 with an intercultural and intergenerational approach to make it accessible for all. From the Millennials Movement and from Latin America, we call on you to fulfill your commitments and to mobilize the resources to ensure that the next six years really take us to a sustainable, peaceful, accessible and inclusive world that is prosperous and inclusive amongst all regions. We must have a follow-up mechanism for this on implementation of the Pact for the Future at all levels. We must also work collaboratively with the regional economic commissions of the United Nations. The future of the region of Latin America and the Caribbean must be free of corruption and organized crime, must be free of any type of discrimination, racial or otherwise, must be a future where all people, especially the youth, can define their own future and thrive. Ten years ago, when I was younger and I joined the efforts to try and define the SDGs, through the 2015 survey, I remember this promise that you made for a better world in 2030. And…

Chair: Thank you, representative of Millennials Movement. Now I give the floor to representative of the Confederation of NGOs of Rural India.

Civil Society 6 Rural India: Thank you very much, Excellency. A big pranam from India. I represent Confederation of NGOs of Rural India, which is 7,000 NGOs network in India. And I appeal to create an interdisciplinary and multi-sectoral approach which can reorient the global governance policies, especially the global financial architecture, which can be administratively implementable, producer-centric, environmentally sustainable, and economically viable. The collectives, this could be politically acceptable either. In fact, the kind of civil society structure which we are having globally is not farmer-centric, is not democratic. And the Bretton Woods Institution, even after the creation of, say, 80th year, we are going to be, it’s not for the cooperative, it’s not for the collectives. And therefore, I propose to create a network of commodity exchanges globally in the nation and states in a different part of the world, especially the southern part of the globe, which could be in the cooperative economic framework. We require more cooperative economic zone to dismantle the regional inequality. And in the 170 countries, commodities are being traded. But I don’t know where the money is going. So the financial sector, especially the academic and other international and regional organization must reorient and think about these things, that what kind of conducive and agile regulatory framework is required to create such kind of framework where everybody will have realized the SDG goals by 2030. So to enable that environment, I propose to create a cooperative economic framework, which we already have created in India, that’s World Cooperation Economic Forum, and to digitize and innovate with the kind of all stakeholders and all civil society members. This is a time also for the, where the globe is having the real trust deficit, where people are not having faith over each other, forget the countries and nations. So in this geoeconomic order to reorient the things, the cooperative economic framework is much, much necessary. And that’s why in the next year, when the United Nations is going to celebrate the International Year of Cooperation. we need to rethink that how equality can be addressed. Because the biggest challenge that the globe is facing is the regional inequality and the poverty. And that’s how, after five years down the lane, how we will achieve all SDG target in this way. So I have another proposal that we come from the nation where never expansionism has taken place. So the Buddha’s teaching which the globe can learn to emphasize the compassion, understanding, and nonviolence and it’s essential for the cooperative sector and to make the globe happy. That’s why this cooperative economic framework which I am proposing here as a part of the pact of the future can recreate and read on the things and revitalize the humanity and keep the world happy. Thank you very much, His Excellency.

Chair: Thank you, representative of the Confederation of NGOs of rural India. Now, the speakers from the floor is, the list is over. Excellencies, distinguished delegates, we have heard the last speaker in the list of speakers. I now give the floor to Ms Rebecca Grynspan, Secretary General of the United Nations, Trade and Development to deliver closing remarks.

Rebecca Grynspan: Thank you very much, Mr. Prime Minister, Excellencies. I won’t pretend to summarize this very rich discussion, but really we have heard today the legitimate aspirations of the countries of the South to be able to realize the 2030 agenda, fight poverty and inequality, universal access to basic services, health and education. investment in infrastructure, creation of decent jobs for the young, and economic transformation and opportunities for women through the economic transformation, taking advantage of the new technologies and the energy transition. But what we also have heard is that the enablers to do that are not there. First, finance. The call for the international financial architecture to provide critical resources, the very costly cost of finance for the developing countries, interest rates were mentioned widely. The RCAs were mentioned also in the discussion. The debt burdens that are creating a development crisis with too many countries facing impossible choices between servicing the debt or servicing their people. The issue of technology transfer that is weak and the digital AI and data divides where technology transfer can play such an important role. Trade opportunities for more inclusive development and the worries for rising protectionism, the devastating impact of climate change on the most vulnerable, and the need for a universal global safety net to protect countries from the systemic shocks. What we heard is a call for a better debt restructuring mechanism for more long-term and affordable development financing that will crowd in private investment and the risk for indirect investment, the recapitalization of the MDBs, the tax convention at the UN that will fight evasion and illicit financial flows, a more intensive use of the SDRs, the removal of surcharges, an innovative development finance for mitigation and adaptation, and a wide call and demand for more representation. We also heard a strong call from the Global North in their commitment to change and partnerships and solidarity. We heard the Bretton Woods institutions and the efforts being made for the World Bank in their road to be better and bigger, the climate financing, especially including adaptation, for trade to be more inclusive and the WTO reform that we heard from our sister Ngozi, the scale up of the financing for the PRGTs and RSTs in the IMF, and the new chair for the Sub-Saharan Africa in the board. All these are very welcome and a result of intense dialogue, so we heard also a call for more dialogue, more intense dialogue between the Bretton Woods institutions and the UN institutions, and a multi-stakeholder dialogue going forward. But as was also said, growth is weak because trade and investment and financial flows are weak. Actually, in 2023, financial flows were negative for the developing countries, not positive, negative. So, and despite the decrease on interest rates by the Federal Reserve last week, the developing countries face in 2024 probably the worst worst year in terms of debt payments. They are facing a debt wall and a very damaging debt burden. So given this panorama, no invisible hand will be able to fix it. We need you. We need a deliberate political will to scale up the efforts to embrace the pact of the future. We need all member states to strengthen multilateral solutions, to avoid fragmentation, and to rebuild trust. The world is in need of this transformation. This session and the pact of the future at large is about making the right choices, about defending multilateralism in the new age, but a renewed form of multilateralism with greater representation in governance, with fairer rules in trade and the environment, with much less inequity in how and under what conditions and interest rates international finance is allocated. Today we have chosen reform. Today we have chosen transformation. Today we have chosen renewal, renewal in acceleration and sustainable development. And that is something worth celebrating. I thank you.

Chair: I thank the Secretary General of the United Nations, Trade and Development, Excellencies, Distinguished Delegates. We have come to the end of Interactive Dialogue One of the Summit of the Future. I sincerely thank all the speakers and special invitees for their active participation and insightful contributions to our discussion of the thought-provoking theme of this dialogue. Before we adjourn, done, I would also like to inform participants that Interactive Dialogue 2 of the Summit of the Future will begin in this chamber at 3 p.m. this afternoon. Interactive Dialogue 1 on the theme, Transforming Global Governance and Turbocharging the Implementation of the 2030 Agenda for Sustainable Development is now concluded. The meeting is adjourned.

Agreement Points

Reform international financial institutions

Speakers

Chair

Liberia

Kenya

Solomon Islands

Zambia

Uganda

UNECA

Arguments

Reform IFIs to give developing countries stronger voice

Improve access to concessional financing for developing countries

Reform credit rating systems that disadvantage developing countries

Increase voice of developing countries in IFIs and MDBs

Summary

Multiple speakers emphasized the need to reform international financial institutions to increase representation and influence of developing countries, improve access to concessional financing, and address unfair credit rating systems.

Address debt burdens of developing countries

Speakers

Kenya

Zambia

Egypt

Arguments

Restructure sovereign debt and provide debt relief

Reallocate Special Drawing Rights to developing countries

Summary

Several speakers called for measures to alleviate the debt burdens of developing countries, including debt restructuring, relief initiatives, and reallocation of Special Drawing Rights.

Increase climate financing

Speakers

World Bank

WTO

European Union

UN Women

Global Network of Civil Society

Arguments

Increase climate financing, especially for adaptation

Reform harmful subsidies to free up funds for SDGs

Develop global carbon pricing approach

Invest in clean energy and green infrastructure

Support just transition to green economy

Strengthen resilience against climate impacts

Summary

Multiple speakers emphasized the need for increased climate financing, particularly for adaptation, and proposed various measures to generate and allocate funds for climate action and sustainable development.

Similar Viewpoints

Both Kenya and the European Union emphasized the importance of bridging the digital divide and promoting digital inclusion through technology transfer and skills development.

Speakers

Kenya

European Union

Arguments

Close the digital divide

Transfer new technologies to developing countries

Promote digital inclusion and skills development

Zambia and Pakistan both advocated for measures to improve domestic resource mobilization and international tax cooperation, with a focus on combating illicit financial flows and ensuring fair distribution of tax revenues.

Speakers

Zambia

Pakistan

Arguments

Improve domestic resource mobilization

Establish UN framework for international tax cooperation

Unexpected Consensus

Empowering local and regional governments in global governance

Speakers

UN Habitat

UNECA

Arguments

Empower local and regional governments in global governance

Strengthen regional development banks

Explanation

There was an unexpected consensus between UN Habitat and UNECA on the importance of empowering local and regional entities in global governance structures. This consensus highlights a growing recognition of the role of subnational actors in addressing global challenges.

Overall Assessment

Summary

The main areas of agreement centered around reforming international financial institutions, addressing debt burdens of developing countries, increasing climate financing, bridging the digital divide, and improving domestic resource mobilization and international tax cooperation.

Consensus level

There was a moderate to high level of consensus among speakers on the need for significant reforms in global financial architecture and governance to better support developing countries and address climate change. This consensus suggests a growing momentum for transformative changes in international systems to achieve sustainable development goals.

Disagreement Points

Approach to reforming international financial institutions

Speakers

Uganda

UNECA

World Bank

Arguments

Increase voice of developing countries in IFIs and MDBs

Strengthen regional development banks

Increase climate financing, especially for adaptation

Summary

While Uganda and UNECA emphasized increasing representation of developing countries and strengthening regional banks, the World Bank focused more on increasing climate financing without directly addressing governance reforms.

Priorities for mobilizing development finance

Speakers

Kenya

Luxembourg

WTO

Arguments

Fulfill ODA commitments

Leverage private finance for SDGs

Reform harmful subsidies to free up funds for SDGs

Summary

Kenya emphasized fulfilling ODA commitments, Luxembourg focused on leveraging private finance, while the WTO proposed reforming harmful subsidies to free up funds for SDGs, showing different priorities for mobilizing development finance.

Overall Assessment

Summary

The main areas of disagreement centered around the specific approaches to reforming international financial institutions, priorities for mobilizing development finance, and the focus of technological initiatives for development.

Disagreement level

The level of disagreement was moderate. While there was broad consensus on the need for reform and increased support for developing countries, speakers differed on the specific mechanisms and priorities. These disagreements reflect the complex nature of global economic governance and the diverse needs of different countries and regions. The implications of these disagreements suggest that achieving a unified approach to reforming global governance and implementing the 2030 Agenda may require further negotiation and compromise among various stakeholders.

Partial Agreements

These speakers agreed on the need to address debt burdens and improve financial access for developing countries, but proposed different specific mechanisms to achieve this goal.

Speakers

Kenya

Zambia

Egypt

Arguments

Restructure sovereign debt and provide debt relief

Reform credit rating systems that disadvantage developing countries

Reallocate Special Drawing Rights to developing countries

These speakers agreed on the importance of leveraging technology for development, but focused on different aspects: closing the digital divide, enhancing SDG monitoring, and developing policy frameworks for emerging technologies.

Speakers

Kenya

Trinidad and Tobago

Malawi

Arguments

Close the digital divide

Leverage digital solutions to enhance SDG monitoring

Develop policy framework for emerging technologies like AI

Similar Viewpoints

Both Kenya and the European Union emphasized the importance of bridging the digital divide and promoting digital inclusion through technology transfer and skills development.

Speakers

Kenya

European Union

Arguments

Close the digital divide

Transfer new technologies to developing countries

Promote digital inclusion and skills development

Zambia and Pakistan both advocated for measures to improve domestic resource mobilization and international tax cooperation, with a focus on combating illicit financial flows and ensuring fair distribution of tax revenues.

Speakers

Zambia

Pakistan

Arguments

Improve domestic resource mobilization

Establish UN framework for international tax cooperation

Key Takeaways

There is an urgent need to reform the international financial architecture to better support developing countries

Addressing climate change and achieving sustainable development requires increased financing and support for developing nations

Enhancing representation of developing countries in global governance institutions is crucial

Mobilizing additional finance for development from various sources is necessary to achieve the SDGs

Harnessing technology and innovation, while bridging digital divides, is important for development

Resolutions and Action Items

Adopt the Pact for the Future to guide reforms and accelerate SDG implementation

Convene the Fourth International Conference on Financing for Development in 2025

Establish a UN Framework Convention on International Tax Cooperation

Reform multilateral development banks to increase lending capacity

Develop a global approach to carbon pricing and taxation

Create more inclusive mechanisms for developing country participation in global economic governance

Unresolved Issues

Specific mechanisms for debt relief and restructuring for developing countries

Details of reforms to voting power and representation at IFIs and MDBs

Concrete commitments on climate finance amounts and allocation

Pathways to bridge technology and digital divides between developed and developing nations

Measures to address rising inequality within and between countries

Suggested Compromises

Reallocate a portion of Special Drawing Rights from developed to developing countries

Blend concessional and non-concessional financing to expand resources for developing countries

Balance climate mitigation and adaptation financing

Combine ODA with innovative financing mechanisms to increase overall development resources

Pursue both UN-led and Bretton Woods institution reforms in parallel

Without the boost to economic growth from deeper global trade ties over the past 30 years, the world could not have lifted 1.5 billion people out of extreme poverty. To lift the 700 million people who still subsist on less than $2.15 a day, we will need more trade, not less trade, but we need better trade, trade that includes more people, especially those left behind.

Speaker

Ngozi Okonjo-Iweala, Director General of the World Trade Organization

Reason

This comment provides a powerful perspective on the role of trade in poverty reduction, while also acknowledging the need for more inclusive trade practices.

Impact

It shifted the conversation to focus on how to make trade more inclusive and beneficial for developing countries, rather than simply increasing trade volume.

We are on a path to deliver greater scale and greater impact. Let me give you a few examples. Working with partners to bring electricity to 300 million Africans by 2030. Committed to deploy 45% of our funds towards climate by 2025, half for mitigation, half for adaptation.

Speaker

Ajay Banga, President of the World Bank

Reason

This comment outlines specific, ambitious goals that demonstrate a commitment to addressing key development challenges.

Impact

It set a tone of action and concrete commitments, encouraging other participants to discuss specific plans and targets rather than just general principles.

We expect global growth of around 3% over the next five years. This is almost a percentage point less than in the decades before COVID. And this is most dramatic for low-income countries. Low-income countries are still 7.5% sent below their growth trajectory before COVID. With elevated debt pressures in many countries, the world is at risk of falling into a low-growth, high-debt trap.

Speaker

Kristalina Georgieva, Managing Director of the International Monetary Fund

Reason

This comment provides a sobering assessment of the global economic outlook, highlighting the particular challenges faced by low-income countries.

Impact

It focused the discussion on the urgent need for debt relief and financial support for developing countries, leading to more detailed discussions of financial architecture reform.

To respond effectively to our challenges, institutions of global governance must prioritise the voice of all nations, regardless of size or economic standing. This includes reforming the United Nations, international financial institutions and multilateral bodies.

Speaker

Nangolo Mbumba, President of the Republic of Namibia

Reason

This comment directly addresses the need for reform in global governance structures to ensure more equitable representation.

Impact

It sparked further discussion on specific reforms needed in international institutions, particularly to increase the voice of developing countries.

The current global financial architecture is dysfunctional, or at least highly ineffective, and cannot be relied upon to provide the solutions for the world that we all urgently need. This is why countries are increasingly turning to innovative, homegrown approaches to solve their most pressing problems.

Speaker

William Samoei Ruto, President of the Republic of Kenya

Reason

This comment provides a critical perspective on the current financial system and highlights the need for alternative approaches.

Impact

It encouraged discussion of innovative financial solutions and the need for systemic reform, rather than just incremental changes to existing structures.

Overall Assessment

These key comments shaped the discussion by focusing it on several critical themes: the need for more inclusive trade practices, the importance of concrete commitments and targets, the urgent challenges facing developing countries (particularly around debt and economic growth), the need for reform in global governance structures to increase representation of developing countries, and the inadequacy of the current global financial architecture. The discussion moved from general principles to more specific proposals for reform and action, with a particular emphasis on the needs and perspectives of developing countries.

How can we reform the governance structures of international financial institutions to ensure more inclusive, transparent and accountable decision-making?

Speaker

Chair (summarizing multiple speakers)

Explanation

This is crucial for ensuring developing countries have a stronger voice in global financial decisions that affect them.

What specific measures can be implemented to provide comprehensive debt relief for developing countries, particularly least-developed countries?

Speaker

Chair (summarizing multiple speakers)

Explanation

Addressing the debt burden is essential for freeing up resources for sustainable development in these countries.

How can we develop and implement a global approach to carbon pricing and taxation that channels resources to those who need it most for a just transition?

Speaker

Ngozi Okonjo-Iweala

Explanation

This could generate significant additional financing for the SDGs while addressing climate change.

What strategies can be employed to generate jobs for the nearly 800 million young people in emerging markets who are projected to lack clear paths to prosperity and dignity?

Speaker

Ajay Banga

Explanation

Addressing youth unemployment is critical for economic development and social stability in emerging markets.

How can we improve debt sustainability analysis and credit rating methodologies to better reflect the realities of developing countries?

Speaker

Minister for Foreign Affairs, Immigration and Egyptian Expatriates of Egypt

Explanation

This is important for ensuring fairer access to finance for developing countries.

What mechanisms can be developed to ensure more equitable distribution of tax revenue from multinational corporations to African countries?

Speaker

Representative of the United Nations Economic Commission for Africa

Explanation

This could significantly boost domestic resource mobilization in African countries.

How can we create a robust mechanism for innovative funding to implement the 2030 Agenda?

Speaker

Minister of Foreign Affairs and International Cooperation of Mali

Explanation

This is crucial for accelerating progress towards the SDGs, especially in developing countries.

What steps can be taken to bridge the gap between ESG (Environmental, Social, and Governance) metrics used by investors and the SDG indicators used by governments?

Speaker

Representative of Morningstar Sustainalistics

Explanation

Aligning these frameworks could help channel more private investment towards sustainable development goals.

How can we ensure that disaster risk reduction financing is more accessible to local communities and marginalized groups?

Speaker

Representative of the Global Network of Civil Society Organizations

Explanation

This is crucial for building resilience at the local level and ensuring no one is left behind in disaster preparedness.

What mechanisms can be established to follow up on the implementation of the Pact for the Future at all levels?

Speaker

Representative of the Millennials Movement

Explanation

Effective follow-up is essential to ensure that commitments made in the Pact are translated into concrete actions.