UN Secretary-General António Guterres convened Heads of State and Government in New York on Wednesday to advance efforts to get countries back on course to achieving the Sustainable Development Goals (SDGs) by the 2030 deadline.
The inaugural meeting of his 10-member SDG Stimulus Leaders Group, took place as many developing countries are still reeling from repeated economic shocks and debt burdens that far outstrip their ability to pay.
The Group advocates at the highest level for equipping developing countries with the financial resources to invest in the 17 SDGs, which provide the blueprint for a more just and equitable future for all people and the planet by 2030.
Mr. Guterres underlined the need for “a surge in action now” for the SDGs.
“Developing countries – and billions of people – are facing the worst economic outlook in more than a generation,” he said. “Financing is the fuel of development and we must ensure that countries are not forced to run on empty.”
Leaders attending the meeting discussed the Secretary-General’s call for an SDG Stimulus.
The wide-ranging proposal calls for near-term actions to provide developing countries with the financial resources to alleviate their immediate constraints and put countries back on an accelerated development path.
The SDG Stimulus identifies three areas of action: tackling the high cost of debt and rising risks of debt distress; massively scaling up affordable long-term financing, especially through multilateral development banks (MDBs), by at least $500 billion per year; and expanding contingency financing to countries facing liquidity constraints.