New and innovative sources of financing needed to supplement traditional Overseas Development Assistance: PGA

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John Ashe

Implementing the post 2015 development agenda will require significant resource mobilization, President of the 68th session of the UN General Assembly   Dr. John Ashe told the opening of the Sixth High-level Dialogue on Financing on Monday.

He said while the fulfillment of all Overseas Development Assistance (ODA) commitments remains critical, it is clear that the financing needs will outpace public sector resources in many countries.

Ambassador Ashe noted that the good news is that estimated financing needs represent only a relatively small portion of global savings. However, the broader challenge, though, lies in promoting a financial system that can stimulate the reallocation of a small percentage of global savings toward sustainable development.

“New and innovative sources of financing will be needed to supplement traditional ODA, and South-South cooperation will need to be further enhanced as a complement to North-South and Triangular Cooperation, in order to provide greater opportunities for sustained economic growth. Financing for development is critical for the expeditious achievement of the MDGs and to lay the groundwork for a strong post-2015 UN development agenda with sustainable development goals at its core.”

General Assembly President Dr. John Ashe said this unified agenda will require one financing strategy that builds on the agreements enshrined in the Monterrey Consensus and the Doha Declaration, and creates an enabling environment for delivering the relevant means of implementation, particularly finance, technology and capacity building.

Donn Bobb, United Nations.

Duration: 1’36″

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