Summary
The event will focus on the IFI reform and de-risking modalities in response to challenges towards increasing macroeconomic stability and restoring debt sustainability to accelerate the SDGs and attainment of developmental priorities.
Description
The side event will bring policy makers, global leaders, multilateral development banks, climate and green funds, private sector, civil society, academia and research houses together to share their economic, social and environmental vision towards the future of the SDGs within the current multiple development challenges.
The global development scheme has changed dramatically over the past decades. Multiple challenges, including climate change, the recent global pandemic, and geo-strategic tensions have all threatened the capacity of national systems to achieve SDGs and preserve their development gains. These challenges have resulted in disruptions in global trade, a significant increase in the cost of strategic goods such as energy-products and grain, and a gradual decline of FDI in developing nations. Additionally, many low and middle income countries have been forced to concentrate their public spending to mitigate the impact of such challenges, which came at the expense of public spending in human capital, particularly education, healthcare, and employment.
Despite such challenges, developing countries cannot afford to pause their development plans, and the international community must collectively aspire to create an environment that would allow all stakeholders to increase their resilience and protect their development gains in the face of mounting pressures. The increased access to innovative financial solutions, such as blended finance, green bonds, and debt-swaps and the introduction of country-led platforms that bring national developmental objectives to the forefront of implementable solutions is a key in doing so. Doing so will contribute to derisking the investment environment in developing countries and subsequently attract private capital, resulting in not just increased financing in prioritized economic sectors but would also allow for the concentration of public spending on human capital.
Side Event organized by: Egypt, EU, UNDP, Climate Policy Initiative, Climate Bonds Initiative
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To generate additional opportunities for the engagement of all actors, the Secretary-General of the United Nations is convening the Summit of the Future Action Days on 20 and 21 September 2024 at United Nations Headquarters in New York.
Bringing together representatives from Member States, civil society, private sector, academia, local and regional authorities, youth, and many more, the Action Days will provide an opportunity for broad engagement and inclusion. These stakeholders have all played a key role in shaping the Pact for the Future and will be critical to its implementation.
Side events provide further insights and opportunities for multi-stakeholder collaboration.