High-Level Event on Financing for Development in Era of COVID-19 and Beyond - Part 1

Preview Language:   English
28-May-2020 03:29:50
The High-Level Meeting tackles critical finance issue to address economic devastation caused by COVID-19.

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The Prime Ministers of Canada and Jamaica and UN Secretary-General António Guterres convened this special high-level meeting to advance concrete solutions to the development emergency caused by the COVID-19 pandemic.

The Meeting, which was virtual, opened with a High-Level Segment in which Heads of State and Government expressed their commitment to decisively facilitate global solutions to address the global economic crisis and its effects on the most vulnerable.

A High-Level Panel of leaders from international institutions discussed the challenges and opportunities to act quickly on the six issues:

1. The need to expand liquidity in the global economy and maintain financial stability to safeguard development gains.

2. The need to address debt vulnerabilities for all developing countries to save lives and livelihoods for billions of people around the world.

3. The need to create a space in which private sector creditors can proactively engage in effective and timely solutions.

4. Prerequisites for enhancing external finance for inclusive growth and creating jobs, including lowering the transactions costs of remittances.

5. Measures to expand fiscal space and foster domestic resource mobilization by preventing illicit financial flows.

6. Ensuring a sustainable and inclusive recovery by aligning recovery policies with the Sustainable Development Goals.

The Panel was followed by a High-Level Response Segment among Heads of State and Government and partners.

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