Connect with us

world news

THE SECRETARY-GENERAL — REMARKS AT 2024 ECOSOC FORUM ON FINANCING FOR DEVELOPMENT FOLLOW-UP

Published

on

New York, 22 April 2024

 

Excellencies, ladies and gentlemen,

 

I thank ECOSOC for convening this forum on a topic that is essential to development and the better world we all seek — financing.

 

Financing is the fuel of development.

 

Yet many developing countries are running on empty.

 

This is creating a sustainable development crisis.

 

 

A crisis of lingering poverty and rising inequality.

 

A crisis of hunger, lack of education and shattered infrastructure.

 

A crisis of climate catastrophe and shocks that are becoming more frequent and acute.

 

And a crisis that, if left unchecked, will undermine stability, prosperity and peace for decades to come.

 

Crisis after crisis, challenge after challenge, all tied together by a common thread.

 

Lack of financing.

 

Many developing countries are simply unable to make the investments they need in sustainable development, and the systems and services their people require.

 

And when they turn to the global financial system for help, they find that it is unable to provide a global safety net to shield them from shocks.

 

They find a system incapable of helping them forge stability or sustainability.

 

They find a system that they had no hand in creating, no voice in shaping — and that remains unresponsive to their needs.

 

My friends, they find a system that is broken.

 

The result is plain to see.

 

The Sustainable Development Goals are hanging by a thread — and with them, the hopes and dreams of billions of people around the world.

 

The world faces an annual financing gap of around $4 trillion to reach the SDGs — a sharp rise from the $2.5-trillion gap one year before the COVID-19 pandemic.

 

This growing financing gap is matched by a growing financing divide — between those countries that can access financing at affordable rates, and those that cannot.

 

This is no longer a question of “haves” and “have nots.”

 

This is a question of who has access to finance when they need it — and who does not.

 

This is a question of justice.

 

Look at the global financial system’s handling of debt.

 

Many developing countries are being crushed under a steamroller of debt.

 

Four out of every 10 people worldwide live in countries where governments spend more on interest payments than on education or health.

 

Annual debt service payments in the world’s poorest countries are 50 per cent higher than they were just three years ago.

 

In sub-Saharan Africa, debt-servicing consumed nearly half of all government revenue in 2023.

 

In country after country, development gains are quickly erased by relentless crises, with debt service payments impeding critical social spending and investments in the SDGs.

 

Money is flowing in the wrong direction — from the countries who need it to the countries who don’t.

 

When it comes to debt, developing countries are climbing a ladder planted in quicksand.

 

Excellencies,

 

A growing economy is the best way to reduce debt burdens and raise domestic revenue for key investments.

 

We need a surge of investment to bridge the financing gap and give developing countries a fighting chance to build better lives for their people.

 

We must continue pushing for an SDG Stimulus of $500 billion annually in affordable long-term finance for developing countries.

 

The Stimulus was welcomed by world leaders at the SDG Summit and in the G20 New Delhi Leaders’ Declaration.

 

Now it’s time to move from words to action and deliver affordable, long-term financing at scale.

 

First — developed countries need to step-up, led by the G20.

 

Discussions on general capital increases for Multilateral Development Banks should start now.

 

Meanwhile, donors must meet their official development assistance commitments.

 

In 2022, only four countries met or exceeded the agreed target of 0.7% of Gross National Income.

 

Official development assistance has risen on paper, but it is increasingly spent within donor countries, leaving developing countries without the resources they need.

 

I call on all donor countries to meet their targets, and get this financing flowing.

 

Second — we need Multilateral Development Banks to make better use of the resources they can already access, at no additional cost to shareholders.

 

This includes finding ways for MDBs, central banks and credit rating agencies to greenlight ways to stretch Banks’ balance sheets, leveraging the vast sums of callable capital that the shareholder countries of MDBs have at the ready, sitting in central banks.

 

It means deploying innovative financing systems — for example, hybrid capital bonds that increase lending capacity and attract private capital.

 

And MDBs must readjust their business models to better leverage private finance at a reasonable cost for developing countries.

 

Third — we need bold action to ease the debt distress.

 

Any new financing should be used for productive investments and sustainable development — not to service unsustainable and unaffordable debt.

 

And the debt-restructuring systems and mechanisms in place need to be strengthened.

 

The Debt Service Suspension Initiative and the G20 Common Framework for Debt Treatments have not delivered on their promise.

 

The Debt Service Suspension Initiative was too limited in scope and duration, expiring just as interest rates skyrocketed.

 

Debt repayment pauses must be considered for countries facing liquidity crises.

 

And for those countries bearing the weight of unsustainable debt, it’s time to revamp the debt resolution architecture to provide deep relief that avoids repeat crises.

 

Regardless of intent and efforts, the Common Framework has failed to provide this.

 

Nor has it served many of the countries that face the greatest unresolved debt problems.

 

It’s time for change.

 

And fourth — we need to increase developing countries’ representation across the system and every decision that is made.

 

This July is the 80th anniversary of the Bretton Woods Conference, which ushered in today’s international financial architecture.

 

But the countries who need these systems and institutions most were not present at their creation — a lack of representation that continues to this day.

 

In the name of justice, they need and deserve a seat at the table.

 

The Summit of the Future in September and next year’s Financing for Development Conference will be key opportunities to gather the world together to reform the global financial architecture so it serves all countries who need it.

 

Excellencies,

 

Let’s make the most of these opportunities.

 

Now is the time for ambition.

 

Now is the time for reform.

 

Now is the time to shape a global economic and financial system that delivers for people and planet.

 

I look forward to standing with you in this great effort, as we shape a more inclusive, just, peaceful, resilient, and sustainable world for present and future generations.

 

Thank you.

 

News

Four Years to Deliver: World Oceans Day Calls for Action, Not Promises

Published

on

By Deandrea Hamilton

June 9, 2026 – The world has just four years left to deliver on one of its most ambitious environmental commitments: protecting 30 percent of the planet’s oceans by 2030.

On World Oceans Day 2026, environmental organizations, governments and international leaders are shifting the conversation away from awareness and toward action, urging countries to turn decades of promises into measurable protection for marine ecosystems.

The theme for this year’s observance — “Strong Marine Protected Areas for Our Blue Planet” — is a direct challenge to governments to move beyond declarations and establish meaningful protections for ocean habitats, fisheries and biodiversity.

The urgency is especially relevant in the Caribbean, where economies, jobs and entire communities depend on healthy oceans.

From tourism and fishing to transportation and climate resilience, the sea is the region’s most valuable natural resource.

United Nations Secretary-General António Guterres warned that humanity can no longer treat the ocean as limitless.

“In these turbulent times, the ocean reminds us that we are bound together,” Guterres said. “But the ocean is in deep trouble.”

The global push follows the recent ratification of the High Seas Treaty, designed to protect marine biodiversity beyond national waters. Together with the international 30×30 target, the agreement represents one of the largest conservation efforts ever attempted.

Closer to home, Caribbean nations are also advancing ocean protection initiatives.

CARICOM says it is developing a regional Ocean Policy aimed at strengthening marine governance and supporting sustainable blue economies.

In the Turks and Caicos Islands, World Oceans Day coincides with the tenth anniversary of the Blue Belt Programme, which has focused on protecting marine resources while supporting sustainable use of the Territory’s waters.

In The Bahamas, conservation advocates are encouraging citizens to reconnect with the ocean and recognize its value not only as a source of recreation, but as the foundation of national prosperity.

Yet conservationists say government action alone will not be enough.

Protecting the ocean begins with everyday decisions: reducing pollution, respecting marine habitats, supporting sustainable fishing practices, participating in clean-up efforts and holding leaders accountable for environmental commitments.

The message of World Oceans Day 2026 is straightforward.

The promises have been made.

The treaties have been signed.

The targets have been announced.

Now comes the hard part: protecting the ocean before time runs out.

Developed by Deandrea Hamilton • with ChatGPT (AI) • edited by Magnetic Media.

Continue Reading

Bahamas News

Afreximbank Annual Meetings Return Next Month; Caribbean Links Remain in Focus

Published

on

May 29, 2026 – Two years after The Bahamas made history as the first Caribbean nation to host the African Export-Import Bank’s Annual Meetings, thousands of delegates are expected to gather in Egypt next month for AAM2026.

The 33rd Afreximbank Annual Meetings will be held from June 21-24 in El Alamein, Egypt, under the theme: “Intra-African Trade and Industrialisation: Pathway to Economic Sovereignty.”

The event is regarded as one of Africa’s most important gatherings on trade, investment, finance and economic development, bringing together heads of state, policymakers, business leaders, development finance institutions and international partners.

For Caribbean nations, the meetings hold special significance.

In 2024, The Bahamas welcomed thousands of delegates to Nassau for the landmark event, marking the first time the annual meetings were staged outside the African continent and placing the Caribbean at the center of growing discussions on Africa-Caribbean trade and investment.

Since then, Afreximbank has continued to expand its engagement in the region, promoting stronger commercial ties between Africa and Caribbean countries and exploring opportunities in trade finance, infrastructure development, logistics, investment and private sector growth.

Organizers say this year’s discussions will focus on strengthening intra-African trade, advancing industrialization, building regional value chains and increasing economic resilience amid global uncertainty.

The meetings are also expected to provide a platform for new partnerships, investment opportunities and development initiatives that could have implications beyond Africa, including for Caribbean nations seeking to deepen economic cooperation with the continent.

As leaders prepare to convene in Egypt, the Caribbean’s growing relationship with Afreximbank remains a key part of the institution’s broader vision of expanding trade and investment connections across the Global South.

Angle by Deandrea Hamilton. Built with ChatGPT (AI). Magnetic Media — CAPTURING LIFE.

Continue Reading

Bahamas News

UN Reports Ebola Outbreak Expands in DRC; Bahamas Monitors Two Recent Arrivals

Published

on

The Bahamas, May 29, 2026 – The Ebola outbreak in the Democratic Republic of the Congo (DRC) continues to expand, with United Nations officials now warning that the disease has spread across multiple eastern provinces and become the third-largest Ebola outbreak on record.

According to the UN Office for the Coordination of Humanitarian Affairs (OCHA), as of May 26 the outbreak had reached 13 health zones in Ituri, North Kivu and South Kivu provinces. More than 1,000 suspected cases have been reported, including 121 confirmed infections and 17 deaths. Six healthcare workers are among those who have died.

The United Nations says humanitarian teams remain actively engaged in treatment, surveillance, community outreach and disease containment efforts. However, the response is being complicated by insecurity, population movement and restrictions affecting the delivery of supplies and personnel.

While the outbreak remains confined to Africa, authorities in The Bahamas recently activated emergency health protocols after two men who had spent time in the Democratic Republic of the Congo arrived at Lynden Pindling International Airport aboard a British Airways flight.

The Ministry of Health confirmed the travelers were isolated after presenting low-grade fevers upon arrival on May 22. Officials later reported that the fevers subsided and neither individual displayed symptoms consistent with Ebola Virus Disease.

The two men, identified as a British national residing in Australia and a French national, were transferred to the Modular Unit at Princess Margaret Hospital for continued monitoring.

Health officials emphasized that there are currently no confirmed Ebola cases in The Bahamas and assessed the risk to the public as low.

Still, the growing outbreak overseas has prompted increased vigilance. Health Minister Dr. Michael Darville said the government is reviewing whether additional travel measures may be necessary for countries affected by the outbreak.

The United Nations this week announced up to US$60 million in emergency funding to support the Ebola response in the Democratic Republic of the Congo and neighboring countries, warning that rapid action remains critical to preventing further spread.

Angle by Deandrea Hamilton. Built with ChatGPT (AI). Magnetic Media — CAPTURING LIFE.

Continue Reading

FIND US ON FACEBOOK

TRENDING