STORY: UN chief urges bold solutions to tackle great finance divide to deliver SDGs
DATELINE: Sept. 21, 2023
LENGTH: 00:03:13
LOCATION: UN Headquarters
CATEGORY: ECONOMY

SHOTLIST:
1. SOUNDBITE 1 (French/English interpretation): ANTONIO GUTERRES, UN Secretary-General
2. SOUNDBITE 2 (English): ANTONIO GUTERRES, UN Secretary-General
3. various of the dialogue
4. various of the UN Headquarters

STORYLINE:

UN Secretary-General Antonio Guterres on Wednesday urged global policymakers to unlock better financing and tackle the great finance divide, as progress on some of the Sustainable Development Goals (SDGs) has gone into reverse for the first time in decades.

The UN chief made the remarks at the UN High-level Dialogue on Financing for Development, during the 78th session of the UN General Assembly.

SOUNDBITE 1 (French/English interpretation): ANTONIO GUTERRES, UN Secretary-General
"There is a stark and growing divide between countries that can access financing at reasonable terms - and those that cannot, and are being left even further behind. The SDG financing gap has become a chasm - estimated at 3.9 trillion U.S. dollars a year. Developing countries face borrowing costs up to eight times higher than developed countries, a debt trap."

The dialogue has been held every four years since 2015, following the adoption of the Addis Ababa Action Agenda - the roadmap for financing the SDGs.

This year's event featured creative, ambitious and politically feasible solutions by world leaders, heads of international financial institutions and multilateral development banks (MDBs), representatives of the private sector and civil society to mobilize resources, generate action and restore momentum to achieve the SDGs.

It took place at a critical moment when only around 15 percent of SDG targets were on track.

SOUNDBITE 2 (English): ANTONIO GUTERRES, UN Secretary-General
"It is clear that the systemic problems of financing for sustainable development require a systemic solution: reforms of the global financial architecture. That architecture was created at a time when many of today's developing countries were still under colonial rule. It is deeply skewed in favor of the developed world. And it has not kept pace with the growth of the global economy. The paid-in capital of the World Bank, for example, as a percentage of global GDP is one-fifth what it was in 1960. I reiterate my call for a new Bretton Woods moment when countries come together to agree on a global financial architecture that reflects today's economic realities and power relations. A two-track world of haves and have-nots is already driving a crisis in global trust. I urge you to use this High-level Dialogue as a platform for constructive engagement, with a focus on creative and practical financing solutions that can be taken forward in the next months and years. Together, we must turn this moment of crisis into a moment of opportunity, find joint financing solutions to rebuild global solidarity, and create new momentum for sustainable development and climate action."

Xinhua News Agency correspondents reporting from UN Headquarters.
(XHTV)