Dear Co-facilitators,
Excellencies and colleagues,

It is my honor to deliver this statement on behalf of the G77 and China.

At the outset allow me to congratulate you, Excellencies, for your appointment as co-facilitators to consult with States on the preparatory process for the High-level Dialogue on Financing for Development of the General Assembly.

The High Level Dialogue which takes place only every four years is a special opportunity to assess the implementation of the Addis Ababa Action Agenda. Especially this year, the High Level Dialogue will be hosted at a particular critical juncture where the geopolitical context and the most recent trends in international development cooperation are pushing developing countries to face unprecedented challenges to their development and economic progress. Besides fighting the multiple consequences of a long period of global pandemic, the members of the Group are also struggling against interlinked crises exacerbated by an international economic order that perpetuates inequalities and poverty.

We need to build upon this momentum and take transformative measures to allow our countries overcome the growing financing gap, the ever increasing risk of debt distress, barriers of technology transfer, the climate emergency, unilateral coercive measures, increasing food insecurity and the negative consequences of arbitrary and unjustified trade restrictive measures that affect the wellbeing of present and future generations.

The Group convey to you our full support and willingness to work together to have this year a meaningful and ambitious High Level Dialogue. We appreciate having received the roadmap for the consultations on the process which provides the opportunity for States to engage in determining the scope, format and programme to make this event more impactful.

We believe that the High-level Dialogue on FFD should be an opportunity to take stock of the progress and identify the gaps on the implementation of the Addis Ababa Action Agenda. The Group expects to have a HLD committed to providing guidance and to discussing where we stand and what needs to be done to address the challenge of financing for development and create a favorable external environment for developing countries to achieve common development, ensuring no country and no one is left behind.

For the G77 and China it is key to have a Dialogue to identify direct actions to bridge the gap in the seven action areas of the AAAA and accelerate the pace of implementation needed to fulfil our commitments in the 2030 Agenda for Sustainable Development. We also have to address key priority topics such as the urgent need to reform the international financial architecture, including the reforms in the IFIs, especially the IMF and World Bank, with the overarching aim to strengthen the voice of developing countries in the international economic decision making process towards a more equitable and inclusive international governance architecture.

There is a need to implement and follow-up on the UN Secretary-General’s proposal for “SDG Stimulus” as a critical initiative to mobilize additional financial resources for all developing countries to support the implementation of the SGDs, including through an early and sizeable recapitalization of the Multilateral Development Banks to meet the significant financial needs of the developing countries.

The provision of urgent technical and financial support to the developing countries by developed countries and multilateral development banks, increase in Official Development Assistance (ODA) and concessional finance are also essential. It is also important to urgently mobilize significant investment annually in sustainable infrastructure in developing countries to boost the achievement of the SDGs in the remaining decade of action.

Other related priorities are the need to reform the global sovereign debt architecture for long term sustainable management of sovereign debt; the reallocation of unutilized Special Drawing Rights (SDRs) to developing countries as well as allocation of SDRs on the basis of new criteria; combating illicit financial flows; the promotion of inclusive and effective international tax cooperation and to ensure preferential trade access for developing countries and promote export led growth as an effective way to achieve the SDGs; the establishment of a set of measures of progress on sustainable development that complement or go beyond gross domestic product to inform access to concessional finance and technical cooperation by developing countries; the provision of fiscal space as well as the necessity to address the constraints on technology transfer and capacity building, just to highlight some elements that needs to be discussed if we are really willing to have a significant Dialogue.

This Dialogue can also be an opportunity to discuss and decide on the convening of the follow up Conference on Financing for Development.

As it is an intergovernmental event on the margins of the High-level week and the SDG Summit, we call on all States to be represented at the highest level. We also request the Secretariat when planning the high level week to provide the logistics to ensure the widest participation of States, including the smaller delegations.

Distinguished Co-facilitators,

Finally, the G77 and China reiterates its commitment to engage actively throughout the upcoming process with the aim to have a successful High Level Dialogue on Financing for Development.

I thank you.