On April 8th, at the General Assembly’s Informal Interactive Hearing for the Third International Conference on Financing for Development, the UN’s Secretary General stressed the need for a financial framework which will enable the world to overcome the multifaceted crises we are faced with today, and so live up to the challenges of the post-2015 sustainable development agenda.
“All sources of funding must be tapped - public and private, national and international. Domestic resource mobilisation will be crucial”, Ban Ki-moon declared to delegates and private sector professionals gathered at the Interactive Hearing.
He further referred to the many obstacles which continue to hinder effective finance facilitation, among them taxation loopholes, tax avoidance and tax evasion, and the volatility of private international capital flows. The global financial crisis, according to the Secretary General, has also exposed the risks and vulnerabilities in the international financial system, causing increased inequality and environmental challenges, and leaving countries more susceptible to external shocks, such as for example the recent Ebola outbreak.
“The world needs an international financial framework that is predictable and effective in meeting these challenges and achieving sustainable and inclusive development. We invite the private sector to be our partners in supporting and financing this agenda, including through partnerships and collaboration,” said Ban Ki-moon.
Member States and all stakeholders were also called on to ensure effective and efficient use of accessed resources. “Mobilising financing for critical infrastructure such as energy, transport, water and sanitation, as well as for [small and medium enterprises], is instrumental for structural transformation, economic growth, social inclusion and environmental sustainability,” said Mr. Emiliou, the Acting President of the UN General Assembly.