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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.

 

Health

47,459 MEASLES CASES, 44 DEATHS ACROSS AMERICAS  

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WASHINGTON, D.C. — The Americas has recorded 47,459 confirmed measles cases and 44 deaths in 2026, the region’s highest case count in 22 years, prompting the Pan American Health Organization (PAHO) to urge stronger vaccination, surveillance and rapid outbreak response.

As of July 18, cases were already more than triple the 15,011 recorded during all of 2025. Guatemala, Mexico, the United States and Peru account for 95% of confirmed cases. Guatemala leads with 30,371 cases and 26 deaths, followed by Mexico with 12,255 cases and 17 deaths.

PAHO classifies the regional public health risk as very high, citing active outbreaks, immunity gaps, international travel and populations with inadequate vaccination coverage.

The organization says prevention starts with vaccination. Countries are being urged to achieve and maintain at least 95% coverage with two doses of measles-containing vaccine, particularly protecting children and under-vaccinated communities.

Measles spreads through the air when an infected person breathes, coughs or sneezes. Symptoms can include fever, cough, runny nose, red eyes and a rash.

PAHO is urging health authorities to detect suspected cases early and respond rapidly to stop transmission. Unvaccinated and under-vaccinated people, young children and communities with limited healthcare access face increased risk of severe illness and death.

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News

ANDY BURNHAM, NEW UK PM’S FIRST ORDER: LOWER THE COST OF LIVING

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Britain’s new Prime Minister launches his administration with tax relief aimed at easing pressure on household budgets as affordability becomes a defining issue for governments worldwide.

 

By Deandrea Hamilton | Magnetic Media

 LONDON, England — Andy Burnham has wasted little time signaling a new direction for the United Kingdom, making the cost of living the first priority of his administration with a plan to reduce household electricity bills through tax relief.

The newly elected Prime Minister announced that Value Added Tax (VAT) will be removed from domestic electricity bills beginning October 1, describing the measure as part of a broader effort to make everyday life more affordable for working families. The move fulfills a key campaign promise and marks an early shift in the government’s economic agenda.

Burnham inherits a nation still grappling with stubborn inflation, rising household expenses and years of political turnover. His opening policy signals an intention to focus on practical measures that deliver immediate financial relief while restoring confidence in government.

The announcement also resonates across the Caribbean, where affordability remains a pressing concern. In the Turks and Caicos Islands, the Government has just concluded its one-time cost-of-living assistance programme for qualifying residents. While the approaches differ, both reflect a growing recognition that easing financial pressure on households has become one of the defining challenges facing governments today.

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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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