Permanent Mission of India
New York
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2026 ECOSOC Forum on Financing for Development follow-up

Statement by H.E. Sibi George, Secretary (West)
20 April 2026

Mr. President,

All protocols observed.

We meet nine months after the adoption of the Sevilla Commitment, at a moment of profound uncertainty for the global economy. Amid tightening financial conditions, rising debt vulnerabilities, and uneven recovery trajectories, India underscores that stronger multilateral cooperation is critical to achieving the Sustainable Development Goals.

However, in order to bridge the USD 4 trillion SDG financing gap, a fair, inclusive, and development-oriented global financial system is essential. Member States and international institutions must expand access to concessional and blended finance, while preserving the policy space of developing countries to define and pursue their national priorities.

Mr. President,

Reforming multilateral institutions is essential to make them more representative, legitimate, and effective in responding to today’s complex global challenges. These reforms must enhance the voice and participation of the Global South in the governance structures of the IMF, the Multilateral Development Banks, and other international financial institutions.

At the same time, regional platforms play a critical role in translating global financing frameworks into diverse national development pathways, particularly across Asia and the Pacific. India has operationalised its Integrated National Financing Framework not as a rigid template, but through a model of cooperative and competitive federalism. As reflected in the SDG India Index 2023–24 by NITI Aayog, fiscal allocations are increasingly linked to development outcomes at the sub-national level.

India has also leveraged digital public infrastructure to enhance domestic resource mobilisation, improve targeting of subsidies, and increase efficiency in public spending, thereby strengthening the effectiveness of national financing strategies.

Mr. President,

Private business and finance have a key role to play in supporting sustainable development, yet their full potential remains far from realised. Streamlining regulatory processes, strengthening legal protections for investors, ensuring fair competition, and providing fiscal incentives for sustainable projects, are some strategies that can strengthen an enabling environment at the national level, as we have done in India.

We also highlight that sovereign credit ratings continue to constrain access to affordable market finance for developing countries. Greater transparency and improved methodologies are needed to better reflect country realities and support increased private capital flows.

With only four years remaining until 2030, India looks forward to continued engagement with all relevant stakeholders to ensure the timely and effective implementation of the Sevilla Commitment, so that no one is left behind.

I thank you.

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