General Assembly General Assembly

HLPF Panel: SDGs in focus: SDG 17 and interlinkages with other SDGs – Partnerships for the Goals

8 July 2024, Conference Room 4


 

Statement delivered by Ms Petal Gahlot, First Secretary


 

Thank you Chair,

 

SDG 17 is possibly the most critical one in order to implement the Agenda itself and therefore India has laid strong emphasis on strengthening partnerships to facilitate the access to adequate financing, technology and capacity building for the Global South.

 

Under India’s presidency of the G20 last year, the group adopted the G20 2023 Action Plan for Accelerating the SDGs, thus launching an important partnership to elevate development outcomes and impacts.

 

At last year’s G20 Summit held in New Delhi, the need for transforming the MDBs was endorsed, with the goal of aligning them with the requirements of the planet and ensuring the welfare of the most vulnerable countries and communities over the next quarter of the century.

 

India also paid particular attention to reform of MDBs through the commissioning of an independent Expert Group, co-chaired by Mr N K Singh and Prof. Larry Summers. The recommendations of this Expert Group serve as a concrete road map for the much needed reform of MDBs. The report makes a powerful case for shareholders to consider enhancing capital over and above balance sheet optimization, and we hope for this to find continued consideration, particularly at the Fourth International Conference on Financing for Development in 2025.

 

The SDG Financing gap at $4.2 trillion per year for developing countries warrants a sustainable international development finance system, which can bridge the finance gap. MDBs must also be restructured to focus on goals pertaining to issues of climate and energy, and must be supported by enhanced incentive structures, operational approaches, and financial capacities, and particularly, ways of crowding in private finance.

 

India itself is working to become a USD 5 trillion economy and a developed country by 2047, and the optimal use of public finance is essential to this goal.

 

I thank you.

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