Guterres calls for G20 to agree $500 billion annual stimulus for sustainable development

(United Nations News) The UN on Friday called for a significant increase to the tune of $500 billion each year in extra financing from the world’s most developed nations, to meet the crucial 2030 Agenda for Sustainable Development.

So far, the global financial system has failed to effectively cushion the impacts of current crises impacting the Global South the most: the COVID-19 pandemic, the war in Ukraine and the ongoing climate emergency.

“Today’s poly-crises are compounding shocks on developing countries – in large part because of an unfair global financial system that is short-term, crisis-prone, and that further exacerbates inequalities,” warned UN Secretary-General António Guterres, marking the launch of the SDG Stimulus.

Massive scaling up

“We need to massively scale up affordable long-term financing by aligning all financing flows to the SDGs and improving the terms of lending of multilateral development banks,” stressed the Secretary-General.

“The high cost of debt and increasing risks of debt distress demand decisive action to make at least $500 billion dollars available annually to developing countries and convert short term lending into long term debt at lower interest rates.”

Read more at: United Nations News

Source: CARICOM TODAY