Semasingha urges action on Sustainable Development Financing

COLOMBO (News 1st) - The global economic outlook remains fragile as countries continue to face difficult economic policy trade-offs amid multiple overlapping crises, threatening progress towards the 2030 Agenda for Sustainable Development. 

In response, the 2023 ECOSOC Financing for Development (FfD) Forum is being held from 17 to 20 April in New York. 

The Forum brought together stakeholders to address global challenges and advance policies for financing long-term sustainable development priorities.

State Minister of Finance Shehan Semasingha highlighted the urgency of the need for action and the clear recommendations provided in the report on "Financing for Sustainable Development." 

He emphasized the lack of adequate and sustainable financing as the primary challenge faced by many states in meeting the targets of the 2030 Agenda. 

He also expressed hope that the SDG Stimulus proposed by the Secretary-General and the deliberations at the Forum would provide the necessary stimulus to ensure that the Agenda 2030 regains its traction.

The State Minister also shared Sri Lanka's experience in facing the devastating effects of the poly-crises, including the challenges of the existing system of the debt architecture, particularly for developing economies.

He highlighted the need for political will and action to ensure that the global sustainable development prospects do not backslide further.

The Forum provided a platform for inclusive, multi-stakeholder dialogue and was livestreamed on UN Web TV. The urgent need for both immediate and longer-term measures to finance responses to the crises and scale up essential investments in the SDGs was reiterated. 

The 2023 FfD Forum demonstrated the commitment of stakeholders to work together towards achieving sustainable development goals despite the challenges posed by the current global environment.