Meeting of Finance Minister on Financing 2030 Agenda for Sustainable Development in Era of COVID-19 and Beyond - Part 1

Preview Language:   English
08-Sep-2020 03:39:06
UN Deputy Secretary-General Amina Mohammed and the Finance Ministers of Canada and Jamaica convene a virtual meeting to solidify a “menu” of policy options for post-pandemic recovery and beyond, which will be presented to world leaders later this month.

Available Language: Original
Other Formats
The UN Deputy Secretary-General has reminded Finance Ministers from across the world of their duty to help countries emerge from the social and economic chaos brought on by the COVID-19 pandemic.

Although the crisis has affected everyone, Ms. Mohammed said the consequences will be worse for the world’s most vulnerable citizens.

“Between 70 to 100 million people could be pushed into extreme poverty; an additional 265 million people could face acute food shortages by the end of this year, and an estimated 400 million jobs have been lost: disproportionately, of course, affecting women”, she said.

The meeting on Financing for Development in the Era of COVID-19 and Beyond was the initiative of the UN Secretary-General and the Prime Ministers of Jamaica and Canada, launched in May.

The aim is to present what the organizers described as “a single ambitious menu of policy options” to address recovery in the short term, but also to mobilize the resources needed to achieve the Sustainable Development Goals (SDGs) by 2030, and to create a resilient global financial system over the long term.

As Chrystia Freeland, Canada’s Deputy Prime Minister and Minister for Finance, pointed out, “this crisis has hit women and young people particularly hard and our response must take that into account”.

The head of the International Monetary Fund (IMF) reported that although some advanced economies are doing “somewhat less bad” at the moment due to strong policy response by their finance authorities and Central Banks, most emerging markets are still in trouble, including those which rely on tourism revenues or that have high debt levels.

IMF Managing Director Kristalina Georgieva emphasized the need for greater social investment as an important lesson from the pandemic.

The discussions sought to further refine policy that will be presented to Heads of State and Government at a UN meeting on 29 September.

For Nigel Clarke, Jamaica’s Minister of Finance and the Public Service, the event was an opportunity to “act with dispatch" and "to scale up measures that have already been implemented".

Noting that “the world is yet to show the unity and solidarity required for a global response to a crisis unparalleled in recent history,” Ms. Mohammed urged Finance Ministers to take action amid the current uncertainties.

For further details please see SOURCE below.
Parent ID
Asset ID