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

Published

1 year ago

April 24, 2024

Shanieka

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.

Related Topics:#EcosocForumFinancing #unitednations

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Health

Recent outbreaks in the Americas underscore need to urgently address immunization gaps, PAHO Director says

Published

4 days ago

April 24, 2025

Deandrea Hamilton

Over 66 million vaccine doses to be administered during Vaccination Week in the Americas, including 2.7 million doses of measles-containing vaccine

Washington, DC, 24 April 2025 (PAHO) – As countries in the Americas confront outbreaks of vaccine-preventable diseases such as measles and yellow fever, Pan American Health Organization (PAHO) Director, Dr. Jarbas Barbosa, called for urgent action to address gaps in immunization coverage.

“Over the past five decades, vaccines have saved 154 million lives worldwide, reducing child mortality by 41% in the Americas alone”, the PAHO Director said during a press briefing held today ahead of Vaccination Week in the Americas— a flagship initiative led by PAHO, taking place from April 26 to May 3. However, “our progress against vaccine-preventable diseases needs a strong and lasting commitment to implement the appropriate public health measures.”

Worldwide, confirmed measles cases exceeded 359,000 in 2024. This, combined with gaps in vaccination coverage, have led to localized outbreaks across six countries in the Americas, with 2,313 reported cases so far this year —up from just 215 during the same period in 2024. Three deaths have been confirmed, and another is under investigation.

“Measles is one of the most contagious diseases in the world,” Dr. Barbosa said. “Yet countries have struggled to sustain the recommended 95% coverage of MMR (measles, mumps, and rubella) vaccine, which leaves us susceptible to imported cases.”

Progress has been made in recent years. For the first time since 2019, MMR1 coverage increased in 2023, reaching 87% across the Americas. Despite this improvement, there remains a significant gap: 1.4 million children in the Region did not receive any dose of the MMR vaccine that year. Outbreaks have been observed in communities where just 3% to 7% of individuals were susceptible, highlighting the risk posed by even small pockets of low coverage.

During this year’s Vaccination Week in the Americas countries across the Region plan to administer an estimated 66.5 million doses of vaccines, including 2.7 million targeting measles. Now in its 23rd year, the initiative has so far enabled over 1.2 billion people to be vaccinated since its launch in 2003. Under the slogan “Your decision makes the difference. Immunization for all,” countries are mobilizing to reach those at highest risk of missing vaccines, especially children.

In 2025, the Region has also seen an uptick in yellow fever, with four countries reporting 189 cases so far, including 74 deaths, compared to 61 cases and 30 deaths reported during 2024.

To address these outbreaks, PAHO is working with countries to tackle vaccine hesitancy, strengthen routine immunization programs, and expand access to vaccination through the use of microplanning and digital tools such as electronic immunization registries and geographic information systems. These tools help monitor coverage, identify gaps, and “stop the virus in its tracks,” Dr. Barbosa said.

Dr. Barbosa also highlighted the importance of the PAHO Revolving Fund, a pooled procurement mechanism that allows countries in the Americas to access high-quality vaccines at affordable prices. “Without the Fund, countries would pay at least 75% more for the Region’s 13 most common vaccines,” he said.

While Vaccination Week in the Americas “remains a cornerstone of public health in the Region,” Dr. Barbosa emphasized that “immunization does not end with Vaccination Week.”

The Americas has a legacy of leadership in vaccination and disease elimination. The Region was the first to eliminate smallpox in 1974 and polio in 1994, and has also eliminated measles, rubella, congenital rubella syndrome, maternal and neonatal tetanus, and outbreaks of urban yellow fever.

Now, PAHO is supporting countries through its Disease Elimination Initiative, a bold effort to eliminate more than 30 diseases and related conditions by 2030, 11 of which are vaccine preventable.

In 2024, the Region successfully regained its status as free of endemic measles. While this status remains intact, recent outbreaks serve as a reminder of the ongoing risk and the importance of maintaining high vaccination coverage to prevent the reestablishment of endemic transmission.

“The Region of the Americas is ours to protect,” Dr. Barbosa said. “By working together, throughout vaccination week and beyond, we can build a stronger, safer, and healthier Americas,” the PAHO Director concluded.

Vaccination Week in the Americas

Vaccination Week in the Americas is a regional initiative that aims to promote equity and access to vaccination in all countries of the Region of the Americas. The theme this year, “Your decision makes a difference. Immunization for all,” highlights the urgent need to prevent the spread of life-threatening diseases and keep each one of us, our families, and our communities, safe.

The Regional launch of the week will take place on Monday, 28 April, in Panama. National launches and initiatives will also be held throughout the Region.

News

‘We have lost a Great man’ – Pope Francis, dies at 88

Published

5 days ago

April 23, 2025

Deandrea Hamilton

Source: Vatican News

April 23, 2025 – At 9:45 AM on Easter Monday, Cardinal Kevin Farrell, Camerlengo of the Apostolic Chamber, spoke these words at the Casa Santa Marta:

“Dearest brothers and sisters, with deep sorrow I must announce the death of our Holy Father Francis. At 7:35 this morning, the Bishop of Rome, Francis, returned to the house of the Father. His entire life was dedicated to the service of the Lord and of His Church. He taught us to live the values of the Gospel with fidelity, courage, and universal love, especially in favor of the poorest and most marginalized. With immense gratitude for his example as a true disciple of the Lord Jesus, we commend the soul of Pope Francis to the infinite merciful love of the One and Triune God.”

In the 12 years of his pontificate, the late Pope Francis visited 68 countries giving life to a tireless mission to take the Word of God and the comfort of His love to the whole human family.

Cardinal Kevin Farrell, Camerlengo of the Holy Roman Church, will preside at the Rite of Sealing of the Coffin of the late Pope Francis on Friday, April 25, at 8:00 PM, ahead of the papal funeral on Saturday morning.

The liturgical rite will be attended by several Cardinals and Holy See officials.

It will mark the end of public viewing in St. Peter’s Basilica, which has seen tens of thousands of people pay their respects to the late Pope.

As his mortal remains lie in state, over 50,000 people have filed past the Altar of the Confession in the 24 hours since the Vatican Basilica opened to the faithful on Wednesday morning.

St. Peter’s Basilica remained open until 5:30 AM on Thursday, closing for an hour and a half before reopening at 7:00 AM. Pope Francis’ Funeral Mass will take place on Saturday, April 26, at 10:00 AM in St. Peter’s Square, marking the beginning of the Novemdiales, an ancient tradition of nine days of mourning and Masses for the repose of the late Pope’s soul.

The Novemdiales Masses will be held each day at 5:00 PM (GMT +2) in St. Peter’s Basilica, except for the Mass on Divine Mercy Sunday, April 27, which will take place at 10:30 AM in St. Peter’s Square.

Pope Francis’ coffin will be sealed during a liturgical rite held in St. Peter’s Basilica on Friday at 8:00 PM, ahead of the papal funeral on Saturday morning.

News

PASSING OF HIS HOLINESS POPE FRANCIS

Published

5 days ago

April 23, 2025

Deandrea Hamilton

Providenciales, Turks and Caicos Islands – Wednesday, 23 April 2025: My heartfelt condolences to the Catholic community and all those grieving the loss of His Holiness Pope Francis. He reminded us that faith is not just a belief but a call to action – one that asks us to serve with courage, uplift others and walk with humility. May he rest in peace and may his legacy of compassion and service continue to inspire.

Her Excellency Dileeni Daniel-Selvaratnam

Governor of the Turks and Caicos Islands