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

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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.

 

Caribbean News

From Pathways to Investment: Tackling the US $6 Billion Food Challenge for the Caribbean

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By Kenroy Roach

The Caribbean’s food systems challenge is fast evolving into a broader development challenge.

Despite decades of policy attention and investment, the region remains one of the most food import-dependent in the world, spending over US$6 billion annually. At the same time, countries continue to grapple with food insecurity, high rates of diet-related non-communicable diseases, climate vulnerability, and exposure to external shocks that can disrupt supply chains and drive up food prices almost overnight.

For Small Island Developing States (SIDS), food security has shifted from an agriculture focus alone, it’s about economic resilience, health, climate resilience and sustainable growth.

Recognizing this reality, Caribbean governments have elevated food systems transformation as a regional priority through the CARICOM 25 x 25 Plus Five Agenda, which seeks to reduce food import dependence while strengthening domestic production, regional trade, and resilience. Across Barbados and the Eastern Caribbean, governments have also developed National Food Systems Pathways that identify the investments, partnerships, and policy reforms needed to transform food systems and accelerate progress toward the Sustainable Development Goals (SDGs).

Yet one challenge has remained persistent: financing.

In the face of high levels of public debt and limited fiscal space, while public investment remains critical, Caribbean governments simply cannot shoulder the financing burden alone. Transforming food systems at scale requires mobilizing far greater private capital, alongside development finance and public resources.

This was the rationale behind the recent convened in Barbados.

The Forum brought together governments, investors, international financial institutions, private sector leaders, regional organizations, and the United Nations around a simple proposition: food systems should be viewed not only as a development priority, but also as an investable asset class.

A distinguishing feature of the innovative gathering was its focus on attracting private investment—particularly private equity, impact investment, and blended finance solutions capable of supporting businesses and infrastructure across food value chains. By helping enterprises access growth capital and connecting investors with scalable opportunities, the initiative sought to unlock financing that complements public investment rather than adding to already constrained public balance sheets.

A key outcome was the launch of a regional Deal Book comprising approximately US$320 million in investment opportunities across seven countries, spanning agriculture, fisheries, agro-processing, logistics, and strategic food systems infrastructure. The Deal Book created a practical bridge between capital seeking opportunities and opportunities seeking capital, while enabling direct engagement between governments, enterprises, and investors.

The results were encouraging.

Across four sector-focused deal rooms, participants explored investment-ready and near-investment-ready opportunities and discussed blended finance private equity, risk-sharing, and partnerships to advance projects toward implementation.

The Forum highlighted a shift in perspective: food systems are now seen as strategic drivers of economic diversification, resilience, competitiveness, and growth. Investments across production, processing, logistics, and distribution can strengthen regional supply chains, create new businesses, generate jobs, and reduce vulnerability to external shocks.

For the United Nations, this experience reinforced an important lesson.

Transforming food systems requires more than the technical expertise of individual agencies. It requires integrated solutions that connect agriculture, nutrition, health, climate resilience, trade, private sector development, and financing.

This is where the Resident Coordinator System plays a critical role.

Across Barbados and the Eastern Caribbean, the Resident Coordinator Office has united UN system capabilities around a common food systems agenda. Working with FAO, WFP, the UN Food Systems Coordination Hub, and other partners, the RCO has helped align policy support, technical expertise, partnerships, and financing with nationally identified priorities.

The Forum demonstrated this integrated approach by convening governments, investors, development finance institutions, private sector actors, and UN agencies around a common objective. It showcased the UN’s comparative advantage as a trusted broker capable of connecting development priorities with investment opportunities.

The Forum’s success will be measured not by dialogue generated, but by investments mobilized, businesses expanded, and progress made toward resilient, competitive Caribbean food systems across the Caribbean.

Its most important outcome may therefore be what comes next.

The work starts now.

Kenroy Roach is Head of the UN Resident Coordinator Office for Barbados and the Eastern Caribbean

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Saudi Arabia, UAE Among Global Partners Joining CARICOM Summit in Saint Lucia

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Deandrea Hamilton | Editor

 

GROS ISLET, Saint Lucia — The 51st Regular Meeting of the Conference of Heads of Government of the Caribbean Community (CARICOM) officially opened on Sunday, July 5, with Caribbean leaders joined by influential international partners including Saudi Arabia, the United Arab Emirates, Afreximbank and the Commonwealth Secretariat.

Hosted by Saint Lucia’s Prime Minister Philip J. Pierre, who assumed the rotating CARICOM Chairmanship on July 1, the Opening Ceremony at Sandals Grande St. Lucian brought together Heads of Government from The Bahamas, Barbados, Belize, Dominica, Grenada, Guyana, Haiti, Jamaica, Antigua and Barbuda, St. Kitts and Nevis, St. Vincent and the Grenadines, Suriname and host Saint Lucia.

Associate Members also participated in the opening, including the Turks and Caicos Islands, British Virgin Islands, Bermuda, the Cayman Islands and Martinique, which is attending as CARICOM’s newest Associate Member. Anguilla was represented by Premier Cora Richardson-Hodge, the territory’s first woman premier, underscoring the growing role of women in Caribbean leadership.

Among the distinguished international guests were His Excellency Adel al-Jubeir, Saudi Arabia’s Minister of State for Foreign Affairs; Her Excellency Noura bint Mohammed Al Kaabi, UAE Minister of State for Foreign Affairs; Dr. George Elombi, President and Chairman of Afreximbank; and Shirley Botchwey, Secretary-General of the Commonwealth.

Their participation reflects increasing international interest in the Caribbean as governments pursue partnerships in climate finance, trade, food security, investment, regional security and sustainable development.

The Opening Ceremony featured remarks from Prime Minister Pierre, outgoing CARICOM Chairman Terrance Drew and CARICOM Secretary-General Carla Barnett. Business sessions continue through July 8, with leaders expected to deliberate on climate resilience, the CARICOM Single Market and Economy, reparations, regional security, food and nutrition security, Community enlargement and foreign relations.

As deliberations begin, the presence of global powers alongside a full complement of Caribbean leadership reinforces CARICOM’s expanding influence—not only as the region’s principal integration movement, but increasingly as a respected voice on the international stage.

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Caribbean News

Migration Is No Longer Just About Borders

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What Caribbean migration dialogues reveal about the region’s future

 

By Patrice Quesada, Coordinator, IOM Caribbean

Migration has become one of the defining issues shaping the Caribbean’s future—not simply because people are moving, but because our economies, labour markets, populations and climate realities are changing.

Over the past several weeks, I have participated in migration discussions at the global, regional and national levels. While each conversation was different, they all pointed to the same conclusion: the Caribbean is beginning to recognize migration not only as a border issue, but as a development issue.

The challenge now is moving from dialogue to action.

From Global Commitments to Caribbean Solutions

That shift was evident during the International Migration Review Forum held at the United Nations in New York, where Caribbean participation was particularly strong. Delegations from ten Caribbean countries, including ministerial representatives from Barbados and Belize, reinforced the region’s growing commitment to shaping international migration policy.

Two messages emerged clearly.

First, migration governance must be grounded in each country’s realities and supported by concrete national commitments. Second, migration cannot be viewed in isolation. It is closely linked to labour markets, demographic change, climate vulnerability and long-term development planning.

Every Caribbean Country Has Its Own Story

Across the region, governments are approaching migration through different lenses.

In Saint Lucia, the launch of the country’s draft migration policy reflected concerns about declining birth rates, labour shortages and continued emigration. The discussions recognised that labour needs, diaspora engagement, remittances, return migration and protection must all work together within one national strategy.

Jamaica demonstrated how migration planning can begin at the local level, with Clarendon becoming the country’s first parish to integrate migration considerations into its long-term development strategy.

Guyana, meanwhile, is managing migration in the context of rapid economic growth, balancing increased labour demand with worker protections and orderly migration systems.

Barbados has also begun incorporating migration into broader population planning as it addresses demographic decline and an ageing population.

The Bahamas has focused on disaster preparedness, bringing together government agencies to strengthen national plans for managing inter-island and cross-border movement during emergencies while safeguarding the rights and dignity of displaced people.

Different countries face different challenges—but all are recognising migration as an essential part of national planning.

The Caribbean’s Greatest Untapped Asset

One message resurfaced repeatedly throughout these discussions.

The Caribbean diaspora should no longer be viewed simply as a source of remittances.

Across the region, citizens living abroad continue to contribute through investment, entrepreneurship, professional expertise, advocacy and, in many cases, by returning home with new skills and experience.

The opportunity now is to engage the diaspora more deliberately as a strategic development partner.

Turning Dialogue into Action

Technical discussions held throughout May demonstrated that governments are beginning to move beyond policy conversations.

CARICOM, supported by the International Labour Organization and the Inter-American Development Bank, convened regional labour migration specialists to explore how migration can help address workforce shortages while ensuring fair recruitment and decent working conditions.

Together, these initiatives suggest the Caribbean is entering a new phase—one where migration is no longer viewed simply as movement across borders, but as a tool for economic resilience, demographic planning and sustainable development.

The conversations have begun.

The next challenge is ensuring they lead to meaningful action.

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