UN / FINANCING FOR DEVELOPMENT
20-Sep-2023
00:04:28
World leaders gathered at the UN High-level Dialogue on Financing for Development in New York to present solutions to unlock better financing and tackle the divide that has emerged between developed and developing countries. UNIFEED
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STORY: UN / FINANCING FOR DEVELOPMENT
TRT: 04:28
SOURCE: UNIFEED
RESTRICTIONS: NONE
LANGUAGES: ENGLISH / NATS
DATELINE: 20 SEPTEMBER 2023, NEW YORK CITY
TRT: 04:28
SOURCE: UNIFEED
RESTRICTIONS: NONE
LANGUAGES: ENGLISH / NATS
DATELINE: 20 SEPTEMBER 2023, NEW YORK CITY
SHOTLIST
1. Wide shot, exterior UN Headquarters
2. Wide shot, Trusteeship Council
3.SOUNDBITE (French) António Guterres, United Nations Secretary-General:
“Of all the issues we will discuss this week, finance may be the most crucial. Because financing for development is the fuel that drives progress on the 2030 Agenda and the Paris Agreement. Today, that fuel is running out – and the sustainable development engine is stuttering, stalling, and backfiring.”
4. Wide shot, Trusteeship Council
5. SOUNDBITE (French) António Guterres, United Nations Secretary-General:
“The SDG financing gap has become a chasm, estimated at $3.9 trillion US dollars a year. Developing countries face borrowing costs up to eight times higher than developed countries – a debt trap. And one in three countries around the world is now at high risk of a fiscal crisis. Over 40 per cent of people living in extreme poverty are in countries with severe debt challenges.”
6. Close up, President of the General Assembly
7.SOUNDBITE (English) António Guterres, United Nations Secretary-General:
“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. I count on your support for these proposed reforms, through the Summit of the Future and beyond. But while these structural reforms are essential, they will take time – and time is short.”
8. Wide shot, Trusteeship Council
9. SOUNDBITE (English) Dennis Francis, President, General Assembly, United Nations:
“To date, only 15 per cent of the SDG targets are on track. And nearly 1/3 have stalled or gone into reverse. about 3.3 billion people, half of humanity live in countries that spend more on debt servicing than they do on health, education or social protection.”
10. Wide shot, Trusteeship Council
11. SOUNDBITE (English) Cyril Ramaphosa, President of South Africa:
“For decades since the right to development was established by the United Nations as a human right, the failure to act on commitment to support development is deepening the drive between the global north and global south and is eroding trust.”
12. Close up, President of the General Assembly
13. SOUNDBITE (English) Kristalina Georgieva, Managing Director, International Monetary Fund (IMF):
“Fiscal space and reserves shrank after years of shocks, debt has gone up and servicing it is tougher because of tighter financial conditions. International Support has fallen short against the growing needs.”
14. Close up, President of the General Assembly
15. SOUNDBITE (English)Ajay Banga, President, World Bank Group:
“The Global South frustration is understandable. In many ways, they are paying the price for the prosperity of others. But the truth is, we cannot endure another period of emission intensive growth. We have to find a way to finance a different world, one where climate is resilient, pandemics are managed, food is abundant, and poverty is defeated.”
16. Close up, President of the General Assembly
17. SOUNDBITE (English) Ngozi Okonjo-Iweala, Director-General, World Trade Organization:
“We have negotiated an agreement to do away with $22 billion in harmful fishery subsidies that were leading to illegal, unreported and unregulated fishing of our high seas. We can redirect that 22 billion to financing climate development. We've done it. Once we get this agreement ratified, I hope by February next year, 22 billion will be available. So we are not sitting on our hands, we’re acting. We have another 600 plus billion in agricultural subsidies that are trade distorting which we could also repurpose or redirect to financing.”
18. Wide shot, Trusteeship Council
2. Wide shot, Trusteeship Council
3.SOUNDBITE (French) António Guterres, United Nations Secretary-General:
“Of all the issues we will discuss this week, finance may be the most crucial. Because financing for development is the fuel that drives progress on the 2030 Agenda and the Paris Agreement. Today, that fuel is running out – and the sustainable development engine is stuttering, stalling, and backfiring.”
4. Wide shot, Trusteeship Council
5. SOUNDBITE (French) António Guterres, United Nations Secretary-General:
“The SDG financing gap has become a chasm, estimated at $3.9 trillion US dollars a year. Developing countries face borrowing costs up to eight times higher than developed countries – a debt trap. And one in three countries around the world is now at high risk of a fiscal crisis. Over 40 per cent of people living in extreme poverty are in countries with severe debt challenges.”
6. Close up, President of the General Assembly
7.SOUNDBITE (English) António Guterres, United Nations Secretary-General:
“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. I count on your support for these proposed reforms, through the Summit of the Future and beyond. But while these structural reforms are essential, they will take time – and time is short.”
8. Wide shot, Trusteeship Council
9. SOUNDBITE (English) Dennis Francis, President, General Assembly, United Nations:
“To date, only 15 per cent of the SDG targets are on track. And nearly 1/3 have stalled or gone into reverse. about 3.3 billion people, half of humanity live in countries that spend more on debt servicing than they do on health, education or social protection.”
10. Wide shot, Trusteeship Council
11. SOUNDBITE (English) Cyril Ramaphosa, President of South Africa:
“For decades since the right to development was established by the United Nations as a human right, the failure to act on commitment to support development is deepening the drive between the global north and global south and is eroding trust.”
12. Close up, President of the General Assembly
13. SOUNDBITE (English) Kristalina Georgieva, Managing Director, International Monetary Fund (IMF):
“Fiscal space and reserves shrank after years of shocks, debt has gone up and servicing it is tougher because of tighter financial conditions. International Support has fallen short against the growing needs.”
14. Close up, President of the General Assembly
15. SOUNDBITE (English)Ajay Banga, President, World Bank Group:
“The Global South frustration is understandable. In many ways, they are paying the price for the prosperity of others. But the truth is, we cannot endure another period of emission intensive growth. We have to find a way to finance a different world, one where climate is resilient, pandemics are managed, food is abundant, and poverty is defeated.”
16. Close up, President of the General Assembly
17. SOUNDBITE (English) Ngozi Okonjo-Iweala, Director-General, World Trade Organization:
“We have negotiated an agreement to do away with $22 billion in harmful fishery subsidies that were leading to illegal, unreported and unregulated fishing of our high seas. We can redirect that 22 billion to financing climate development. We've done it. Once we get this agreement ratified, I hope by February next year, 22 billion will be available. So we are not sitting on our hands, we’re acting. We have another 600 plus billion in agricultural subsidies that are trade distorting which we could also repurpose or redirect to financing.”
18. Wide shot, Trusteeship Council
STORYLINE
World leaders gathered at the UN High-level Dialogue on Financing for Development in New York to present solutions to unlock better financing and tackle the divide that has emerged between developed and developing countries.
The UN Secretary-General, António Guterres, said, “Of all the issues we will discuss this week, finance may be the most crucial. Because financing for development is the fuel that drives progress on the 2030 Agenda and the Paris Agreement. Today, that fuel is running out – and the sustainable development engine is stuttering, stalling, and backfiring.”
According to the UN chief, “the SDG financing gap has become a chasm, estimated at $3.9 trillion US dollars a year”, with “developing countries face borrowing costs up to eight times higher than developed countries – a debt trap.”
The Secretary-General also noted that one in three countries around the world is now at high risk of a fiscal crisis and “over 40 per cent of people living in extreme poverty are in countries with severe debt challenges.”
Guterres concluded, “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. I count on your support for these proposed reforms, through the Summit of the Future and beyond. But while these structural reforms are essential, they will take time – and time is short.”
The President of the General Assembly, Dennis Francis, said, “To date, only 15 per cent of the SDG targets are on track. And nearly 1/3 have stalled or gone into reverse. about 3.3 billion people, half of humanity live in countries that spend more on debt servicing than they do on health, education or social protection.”
The President of South Africa, Cyril Ramaphosa, also participated in the meeting, saying, “For decades since the right to development was established by the United Nations as a human right, the failure to act on commitment to support development is deepening the drive between the global north and global south and is eroding trust.”
The Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva, said, “Fiscal space and reserves shrank after years of shocks, debt has gone up and servicing it is tougher because of tighter financial conditions. International Support has fallen short against the growing needs.”
Ajay Banga, the President of the World Bank Group, told the audience that the Global South frustration is "understandable.”
“In many ways, they are paying the price for the prosperity of others. But the truth is, we cannot endure another period of emission intensive growth. We have to find a way to finance a different world, one where climate is resilient, pandemics are managed, food is abundant, and poverty is defeated,” Banga explained.
The Director-General of the World Trade Organization (WTO), Ngozi Okonjo-Iweala, said that immediate action was possible, noting that her organization had “negotiated an agreement to do away with $22 billion in harmful fishery subsidies that were leading to illegal, unreported and unregulated fishing of our high seas.”
Okonjo-Iweala continued, “We can redirect that 22 billion to financing climate development. We've done it. Once we get this agreement ratified, I hope by February next year, 22 billion will be available. So we are not sitting on our hands, we’re acting. We have another 600 plus billion in agricultural subsidies that are trade distorting which we could also repurpose or redirect to financing.”
Held every four years since 2015, following the adoption of the Addis Ababa Action Agenda — the roadmap for financing the SDGs — the 2023 High-level Dialogue on Financing for Development takes place at a critical moment, when only around 15 per cent of SDG targets are on track.
The UN Secretary-General, António Guterres, said, “Of all the issues we will discuss this week, finance may be the most crucial. Because financing for development is the fuel that drives progress on the 2030 Agenda and the Paris Agreement. Today, that fuel is running out – and the sustainable development engine is stuttering, stalling, and backfiring.”
According to the UN chief, “the SDG financing gap has become a chasm, estimated at $3.9 trillion US dollars a year”, with “developing countries face borrowing costs up to eight times higher than developed countries – a debt trap.”
The Secretary-General also noted that one in three countries around the world is now at high risk of a fiscal crisis and “over 40 per cent of people living in extreme poverty are in countries with severe debt challenges.”
Guterres concluded, “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. I count on your support for these proposed reforms, through the Summit of the Future and beyond. But while these structural reforms are essential, they will take time – and time is short.”
The President of the General Assembly, Dennis Francis, said, “To date, only 15 per cent of the SDG targets are on track. And nearly 1/3 have stalled or gone into reverse. about 3.3 billion people, half of humanity live in countries that spend more on debt servicing than they do on health, education or social protection.”
The President of South Africa, Cyril Ramaphosa, also participated in the meeting, saying, “For decades since the right to development was established by the United Nations as a human right, the failure to act on commitment to support development is deepening the drive between the global north and global south and is eroding trust.”
The Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva, said, “Fiscal space and reserves shrank after years of shocks, debt has gone up and servicing it is tougher because of tighter financial conditions. International Support has fallen short against the growing needs.”
Ajay Banga, the President of the World Bank Group, told the audience that the Global South frustration is "understandable.”
“In many ways, they are paying the price for the prosperity of others. But the truth is, we cannot endure another period of emission intensive growth. We have to find a way to finance a different world, one where climate is resilient, pandemics are managed, food is abundant, and poverty is defeated,” Banga explained.
The Director-General of the World Trade Organization (WTO), Ngozi Okonjo-Iweala, said that immediate action was possible, noting that her organization had “negotiated an agreement to do away with $22 billion in harmful fishery subsidies that were leading to illegal, unreported and unregulated fishing of our high seas.”
Okonjo-Iweala continued, “We can redirect that 22 billion to financing climate development. We've done it. Once we get this agreement ratified, I hope by February next year, 22 billion will be available. So we are not sitting on our hands, we’re acting. We have another 600 plus billion in agricultural subsidies that are trade distorting which we could also repurpose or redirect to financing.”
Held every four years since 2015, following the adoption of the Addis Ababa Action Agenda — the roadmap for financing the SDGs — the 2023 High-level Dialogue on Financing for Development takes place at a critical moment, when only around 15 per cent of SDG targets are on track.
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