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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

Fighting the fungus foe of the beloved banana

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How Venezuelan farmers are learning to grow and live with a devastating plant disease

 

In the fields of Venezuela, where the banana has been for generations a symbol of sustenance and tradition, a shadow fell across the land. In 2023, Venezuela’s National Institute of Integral Agricultural Health (INSAI) declared a phytosanitary emergency: the fungus Fusarium Tropical Race 4 (TR4) (Fusarium oxysporum f. sp. cubense tropical race 4; syn. Fusarium odoratissimum) had arrived in producing areas in the states of Aragua, Carabobo and Cojedes.

This fungus, considered a devastating disease of banana and plantain (Musaceae) trees, can remain in the soil for more than two decades, threatening production and the lives of those who depend on it.

In the state of Aragua in the north of the country, the Renacer community had been growing bananas and plantains on 20 hectares since 2018. Then Fusarium arrived.

“When the disease hit, the entire plantation began to deteriorate. We refused to ‘die’ with the trees because that was our livelihood. The visits of INSAI confirmed that we had to chop down the banana trees. I cried a lot because I had worked with my banana trees for years,” recalls woman farmer, Lesbia Margarita García, with a broken voice.

In response, INSAI implemented measures to eliminate the affected plantations and improve the soil health by changing to other crops that allow agricultural production to recover. The Food and Agriculture Organization of the United Nations (FAO) offered assistance by providing corn seeds, tools, biosecurity inputs and training, with teams of experts helping farmers to start again.

“Planting corn, thanks to the INSAI-FAO programme, gave us a harvest that benefited everyone. We have been improving the soil,” says Lesbia Margarita with a smile. “Now we rotate crops, observe soil health and have learned how to use natural fertilizers. Expert assistance has been key.”

The pilot project works directly with affected producers in high-risk areas, promoting alternative crops such as cereals and vegetables, delivering inputs and tools to mitigate damage and applying biosecurity measures for safe and effective containment.

“Beyond the corn received, we have already planted cassava, chili peppers, beans and pumpkin. We hope that by the end of the year [2025] we will be diversified and that each season we will have something to sell. These lands do not give up,” says Lesbia Margarita with conviction.

The Renacer community is beginning to see fruits. Their products are reaching local markets, generating income and rebuilding their livelihoods.

Key actions to manage Fusarium TR4 are ongoing, including regular monitoring, continuous training, inter‑institutional coordination, updates to the national plan, information campaigns and producer impact assessments. INSAI is sustaining regulatory, surveillance measures and training —with FAO support—as part of a comprehensive long‑term strategy.

At the global level, FAO supports awareness raising, capacity building and international collaboration in the fight against Fusarium TR4 by facilitating the World Banana Forum and its Global Network on TR4.

“The objective is for countries to strengthen their operational and technical capacity, articulating actions between the public sector, the private sector and family farmers,” says Raixa Llauger, FAO Agriculture Officer in Mesoamerica. “FAO and local partners have promoted this approach in Venezuela.”

As an essential part of the activities, a comprehensive training programme was developed with activities that taught farmers how to identify the disease contain it and protect crops. In addition, FAO has distributed laboratory equipment, biosecurity tools and a multispectral drone to INSAI. Drones are an efficient and cost‑effective tool for phytosanitary surveillance, offering rapid, high‑resolution monitoring and early detection of plant pests and diseases.

Overall, the project strengthened biosecurity measures against the Fusarium fungus through the adoption of the National Action Plan and the establishment of partnerships with national and international institutions. In addition, the pilot initiative supporting smallholder farmers in key production areas and a nationwide awareness campaign with broad outreach improved surveillance, diagnosis and phytosanitary response capacities across the country.

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UN Warns 20-Day Middle East Escalation No Longer Contained as Death Toll Rises  

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March 18, 2026 – Twenty days after the latest Middle East conflict erupted, the United Nations is warning the war may no longer be contained, as fighting involving the United States, Israel, Iran and armed groups across Iraq, Lebanon and the Gulf continues to spread.

In a statement issued March 17, the spokesperson for the UN Secretary-General said the war must stop and urged all parties to respect Security Council Resolution 2817, which condemned attacks on Gulf countries and warned the escalation poses a serious threat to international peace and security.

The current round of fighting began on February 28 with joint U.S. and Israeli strikes on Iranian targets, followed by missile, drone and proxy attacks across the region, including strikes on Gulf states, shipping routes and military bases.

Death toll climbing across multiple fronts

Casualty figures remain incomplete, but international monitoring groups say the conflict has already killed more than 1,300 people in Iran alone, with some estimates placing the total regional death toll much higher.

U.S. officials confirm at least 13 American service members have been killed since the fighting began, while Israeli casualties have also been reported following missile and drone attacks, though no final number has been released.

Hundreds have also been killed in Lebanon during Israeli strikes linked to the widening conflict, and casualties have been reported in Gulf states after Iranian retaliation targeted military facilities and energy infrastructure.

In the latest escalation, Israeli strikes reportedly killed additional senior Iranian military leaders, signalling the conflict is moving deeper into direct confrontation rather than proxy fighting alone.

NATO allies staying out of the fight

While the United States continues military operations, several NATO countries including the United Kingdom, France, Germany, Canada and Italy have warned against further escalation and are not joining offensive action, instead calling for negotiations and de-escalation.

The lack of a unified Western coalition has raised concerns the war could become more unpredictable, with multiple actors involved but no clear diplomatic path to stop the fighting.

UN warns conflict spreading beyond original battlefield

The United Nations says the continued targeting of Gulf countries shows the crisis is no longer limited to one conflict zone and risks becoming a wider regional war if diplomacy fails.

The Secretary-General’s office again called for an immediate halt to hostilities, saying the situation is becoming increasingly dangerous as attacks continue across several countries at once.

For now, the warning from the UN is clear — the war has entered its third week, the death toll is rising, and the conflict may no longer be under control.

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

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Commonwealth Day: King calls for “Restored Harmony” as World Marks 80 Years Since WWII

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The world must work to restore harmony in a time of growing division, according to His Majesty King Charles III, who used his Commonwealth Day message to reflect on global conflict, shared sacrifice, and the enduring role of the Commonwealth in bringing nations together.

In his address as Head of the Commonwealth, the King said the association of nations remains one of the few places where countries of different sizes, cultures and histories can meet as equals.

“In these uncertain times, where it is all too easy to believe that our differences are problems instead of a source of strength… the Commonwealth’s remarkable collection of nations and peoples come together in the spirit of support and, crucially, friendship,” the King said.

This year’s observance carries special significance, marking the 80th anniversary of the end of World War II, a conflict in which more than one-and-a-half million men and women from across the Commonwealth served alongside the United Kingdom and its allies.

“On this special anniversary, we remember with particular pride and everlasting gratitude the untold sacrifice and selflessness of so many from around our Family of Nations who gave their lives in that dreadful conflict,” the King said.

Among those who served were thousands from the Caribbean, including volunteers from The Bahamas, Jamaica, Trinidad and Tobago, Barbados and other British West Indian territories. Historians estimate that around 20,000 Caribbean men and women joined the war effort, serving in the Royal Air Force, the Caribbean Regiment, the Merchant Navy and support units across Europe, Africa and the Middle East.

Their contribution, often overlooked in the wider history of the war, formed part of the Commonwealth effort that helped secure victory in 1945.

The King said the shared history of sacrifice remains a reminder of what can be achieved when nations work together, and warned that the same spirit is needed today as the world faces new pressures.

Leaders of Commonwealth countries, he noted, recently reaffirmed their commitment to cooperation on peace, human rights and the protection of the natural world, issues he said are critical to the future of younger generations.

“As we mark this Commonwealth Day together, there is no more important task than to restore the disrupted harmony of our entire planet,” the King said.

He added that the Commonwealth’s continued work toward cooperation and understanding will be essential in protecting the future of its people, particularly at a time when global tensions, environmental threats and economic uncertainty are again testing international unity.

For many across the Caribbean, the message also serves as a reminder that the region’s history is closely tied to that wider Commonwealth story — from the battlefields of World War II to the modern challenges of building peace, stability and opportunity in an uncertain world.

 

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