Closing Development Finance Gap: Urgent Steps Needed | Amina Mohammed Briefing

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Published Jun 22, 2024

According to a new UN report, financing challenges are at the heart of the world’s sustainable development crisis – as staggering debt burdens and sky-high borrowing costs prevent developing countries from responding to the confluence of crises they face.

Amina Mohammed, UN Deputy Secretary-General, briefed journalists today (9 Apr) on the ‘Financing for Sustainable Development Report 2024: Financing for Development at a Crossroads.’

The report shows that only a massive surge of financing and a reform of the international financial architecture can rescue the Sustainable Development Goals (SDGs).

The report says that urgent steps are needed to mobilize financing at scale to close the development financing gap, now estimated at USD 4.2 trillion annually, up from USD 2.5 trillion before the COVID-19 pandemic.

Meanwhile, rising geopolitical tensions, climate disasters, and a global cost-of-living crisis have hit billions of people, battering progress on healthcare, education, and other development targets.

With only six years remaining to achieve the SDGs, hard-won development gains are being reversed, particularly in the poorest countries.

If current trends continue, the UN estimates that almost 600 million people will continue to live in extreme poverty in 2030 and beyond, more than half of them women.