Statement by H.E. Mrs. Mar\u00eda Fernanda Espinosa Garc\u00e9s, President of the 73rd<\/sup> Session of the UN General Assembly<\/h3>\n15 April 2019<\/span><\/strong><\/p>\n![\"\"](\"https:\/\/www.un.org\/pga\/73\/wp-content\/uploads\/sites\/53\/2019\/04\/Capture-5-300x224.png\")
<\/p>\n
Your Excellency, Ambassador Inga Rhonda King, President of the Economic and Social Council,<\/p>\n
Esteemed Ant\u00f3nio Guterres, Secretary General,<\/p>\n
Mister Tao Zhang, Deputy Managing Director of the International Monetary Fund,<\/p>\n
Mister Mahmoud Mohieldin, World Bank Group Senior Vice President for the 2030 Development Agenda,<\/p>\n
Mister Tim Yeend, Chef de Cabinet and Principal Advisor to the World Trade Organization Director-General,<\/p>\n
Excellencies, Ladies and Gentlemen:<\/p>\n
It is truly a pleasure to participate in this Forum.<\/p>\n
I believe that a difficult task brings us together today, but it is absolutely necessary if we want to transcend words and turn the commitments we have acquired to favor our peoples into a reality.<\/p>\n
The current economic global context, contained in the 2019 Sustainable Financing for Development Report, I must say it, is not every encouraging insofar meeting the aspirations captured in the 2030 Agenda that require the annual mobilization of approximately 6 trillion USD.<\/p>\n
Although the global economic growth has continued to be stable, its rhythm is barely 3% per year and continues to be uneven in all regions and countries. On the other hand, financial markets are very volatile. 30 developing countries are at high risk or have financial difficulties. The rate of business transactions went from 5,3% in 2017 to 3,8% in 2018 and the deficit in climate financing of between 2,5 and 4,5 trillion USD continues to be one of the most pressing challenges for the international community.<\/p>\n
But there are also positive signs, according to the Report itself. In some African countries and eastern and southern Asia, the investment has been sustained by major infrastructure projects, mainly financed with public funds.<\/p>\n
[\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row][et_pb_column type=”1_2″][et_pb_text _builder_version=”3.19.7″]<\/p>\n
Excellencies,<\/p>\n
Four years after starting the path to development sustainability, the obvious question is: are we doing enough to generate and assign resources that correspond to the level of ambition of our goals?<\/p>\n
Clearly, the answer is no, since financing gaps<\/u> still exist.<\/p>\n
However, we still have time to close those gaps and the formula is clear: we need developed countries to deliver on the commitments they acquired in the Addis Ababa Action Agenda and the Official Development Assistance; we need both the private and public sector to make additional investments aligned with the SDGs; we need the financial systems to provide real support; and we need to generate favorable political environments at all levels.<\/p>\n
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<\/p>\n
Your Excellency, Ambassador Inga Rhonda King, President of the Economic and Social Council,<\/p>\n
Esteemed Ant\u00f3nio Guterres, Secretary General,<\/p>\n
Mister Tao Zhang, Deputy Managing Director of the International Monetary Fund,<\/p>\n
Mister Mahmoud Mohieldin, World Bank Group Senior Vice President for the 2030 Development Agenda,<\/p>\n
Mister Tim Yeend, Chef de Cabinet and Principal Advisor to the World Trade Organization Director-General,<\/p>\n
Excellencies, Ladies and Gentlemen:<\/p>\n
It is truly a pleasure to participate in this Forum.<\/p>\n
I believe that a difficult task brings us together today, but it is absolutely necessary if we want to transcend words and turn the commitments we have acquired to favor our peoples into a reality.<\/p>\n
The current economic global context, contained in the 2019 Sustainable Financing for Development Report, I must say it, is not every encouraging insofar meeting the aspirations captured in the 2030 Agenda that require the annual mobilization of approximately 6 trillion USD.<\/p>\n
Although the global economic growth has continued to be stable, its rhythm is barely 3% per year and continues to be uneven in all regions and countries. On the other hand, financial markets are very volatile. 30 developing countries are at high risk or have financial difficulties. The rate of business transactions went from 5,3% in 2017 to 3,8% in 2018 and the deficit in climate financing of between 2,5 and 4,5 trillion USD continues to be one of the most pressing challenges for the international community.<\/p>\n
But there are also positive signs, according to the Report itself. In some African countries and eastern and southern Asia, the investment has been sustained by major infrastructure projects, mainly financed with public funds.<\/p>\n
[\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row][et_pb_column type=”1_2″][et_pb_text _builder_version=”3.19.7″]<\/p>\n
Excellencies,<\/p>\n
Four years after starting the path to development sustainability, the obvious question is: are we doing enough to generate and assign resources that correspond to the level of ambition of our goals?<\/p>\n
Clearly, the answer is no, since financing gaps<\/u> still exist.<\/p>\n
However, we still have time to close those gaps and the formula is clear: we need developed countries to deliver on the commitments they acquired in the Addis Ababa Action Agenda and the Official Development Assistance; we need both the private and public sector to make additional investments aligned with the SDGs; we need the financial systems to provide real support; and we need to generate favorable political environments at all levels.<\/p>\n
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