He stressed “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.”
Developing countries do not have the resources they urgently need to invest in recovery, climate action and the SDGs, making them poised to fall even further behind when the next crisis strikes – and even less likely to benefit from future transitions, including the green transition. However, as underscored by the UN Secretary-General, the SDG Stimulus, while ambitious, is achievable. He said, “Investing in the SDGs is both sensible and feasible: it is a win-win for the world, as the social and economic rates of return on sustainable development in developing countries is very high.
“Urgent political will to take concerted and coordinated steps to implement this package of interconnected proposals in a timely manner is critical.”All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from PUNCH.
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