UN / FINANCING FOR DEVELOPMENT

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29-Mar-2021 00:02:08
With many countries continuing to struggle to overcome the human and economic devastation from COVID-19, UN Secretary-General António Guterres noted that “many developing countries cannot invest in recovery and resilience, because of financing constraints,” and stressed that “the global community must urgently provide the necessary support to all developing countries in need.” UNIFEED

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STORY: UN / FINANCING FOR DEVELOPMENT
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DATELINE: 29 MARCH 2021, NEW YORK CITY / FILE

SHOTLIST:

RECENT – NEW YORK CITY

1. Wide shot, exterior, United Nations Headquarters

29 MARCH 2021, NEW YORK CITY

2. Wide shot, dais with Secretary-General António Guterres on screen
3. SOUNDBITE (English) António Guterres, Secretary-General, United Nations:
“We are in the worst recession since the Great Depression. Richer countries have benefited from an unprecedented $16 trillion of emergency support measures, preventing a downward spiral, and setting the stage for recovery. But many developing countries cannot invest in recovery and resilience, because of financing constraints. The least developed countries have spent 580 times less in per capita terms on their COVID-19 response than advanced economies.”
4. Wide shot, dais
5. SOUNDBITE (English) António Guterres, Secretary-General, United Nations:
“Six countries have already defaulted. One-third of emerging market economies are at high risk of fiscal crisis. And the situation is even worse for least developed and low-income countries. They face a painfully slow recovery that will put the 2030 Agenda for Sustainable Development and the Paris Agreement completely out of reach. Developing countries need access to additional liquidity to respond to the pandemic, and to invest in recovery. The global community must urgently provide the necessary support to all developing countries in need.”
6. Wide shot, dais with IMF Managing Director Kristalina Georgieva on screen
7. SOUNDBITE (English) Kristalina Georgieva, Managing Director, International Monetary Fund (IMF):
“We need a comprehensive approach to support vulnerable countries and people. And it must include measures at home, to improve revenue collection, spending efficiency, the business environment, as well as very substantial international support, grants and concessional lending.”
8. Wide shot, dais with WTO Director-General Ngozi Okonjo-Iweala on screen
9. SOUNDBITE (English) Ngozi Okonjo-Iweala Director-General of the World Trade Organization (WTO):
“Twenty years ago, multilateral debt relief paved the way for faster growth and human development. It’s time to act again. Lost decades are a policy choice. We can and we must do better.”
10. Wide shot, dais

STORYLINE:

With many countries continuing to struggle to overcome the human and economic devastation from COVID-19, UN Secretary-General António Guterres today (29 Mar) noted that “many developing countries cannot invest in recovery and resilience, because of financing constraints,” and stressed that “the global community must urgently provide the necessary support to all developing countries in need.”

Addressing a high-level virtual meeting organized together with the Prime Minister of Canada Justin Trudeau and the Prime Minister of Jamaica Andrew Holness, the Secretary-General said, “we are in the worst recession since the Great Depression” and while “richer countries have benefited from an unprecedented $16 trillion of emergency support measures, preventing a downward spiral, and setting the stage for recovery,” the least developed countries (LDCs) “have spent 580 times less in per capita terms on their COVID-19 response than advanced economies.”

Guterres pointed out that “six countries have already defaulted” and “one-third of emerging market economies are at high risk of fiscal crisis.”

LDCs and low-income countries, he said, “face a painfully slow recovery that will put the 2030 Agenda for Sustainable Development and the Paris Agreement completely out of reach.”

The Secretary-General stressed that LDCs and developing countries “need access to additional liquidity to respond to the pandemic, and to invest in recovery” calling on the global community to “urgently provide the necessary support to all developing countries in need.”

In her briefing to the High-level meeting, IMF Managing Director Kristalina Georgieva said, “we need a comprehensive approach to support vulnerable countries and people. And it must include measures at home, to improve revenue collection, spending efficiency, the business environment, as well as very substantial international support, grants and concessional lending.”

For her part, World Trade Organization (WTO) Director-General Ngozi Okonjo-Iweala said, “twenty years ago, multilateral debt relief paved the way for faster growth and human development. It’s time to act again. Lost decades are a policy choice. We can and we must do better.”

Today’s meeting follow-ups on a series of meetings and roundtables held last year to mobilize action to assist the economic recovery from the pandemic that resulted in a series of measures by the international community, but still not sufficient to meet the continuing and deepening crisis that many countries face.

The Secretary-General, in the new UN policy brief, calls on governments to provide fresh concessional financing for developing countries, especially LDCs and SIDS, recapitalize multilateral development banks and accelerate the timetable for replenishing the funds, meet ODA commitments and provide long-term financing to developing countries for investment in long-term growth and development.
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