UN Sustainable Development Goals faced with financing challenge: official

Source: Xinhua| 2019-04-19 11:21:46|Editor: xuxin
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WASHINGTON, April 18 (Xinhua) -- The Sustainable Development Goals (SDGs) set by the United Nations (UN) would "remain beyond reach" without adequate financing, an International Monetary Fund (IMF) official said.

Christopher Lane, the Special Representative of the IMF to the UN, wrote an article on IMF's blog on Thursday, citing a new UN study that discussed how countries and the international community are faring in mobilizing the needed financing for SDGs.

The SDGs are a collection of 17 global goals set by the UN that should be reached by 2030. These goals address the global challenges including those related to poverty, inequality, climate, environmental degradation, prosperity, and peace and justice.

Citing another study conducted by the IMF earlier this year, Lane also noted that the additional annual spending needs by 2030 would be 2.6 trillion U.S. dollars in low-income and emerging markets.

"The financing challenge is particularly large in low-income and fragile states given their low starting point, rapid population growth, and often weak growth trajectory accounting for one-fifth of the total financing needs," Lane wrote in the blog.

"Harnessing the necessary resources could be achieved through a combination of revenue mobilization, attracting private finance, and supporting financial sector development. Policy makers will need to engage in collective action and practice a new multilateralism in support of global goals." Lane also wrote.

Lane pointed that four proposals merit particular attention, namely, developing a financing framework, developing medium-term revenue strategies, taking actions to support debt sustainability, and preparing for future crises.

"Particularly strong efforts will be needed to move the needle in Africa and parts of the Middle East, with national policies to support SDG investments, and international cooperation to find solutions to new and emerging challenges," Lane added.