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UN Calls for Significant Increase of Finance for SDGs

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UN Calls for Significant Increase of Finance for SDGs


… Canvasses $500 billion Annually Be Made Available to Developing Countries

By: Michael Mike

The United Nations has called for the urgent need for a significant increase of finance for sustainable development.

This call, according to a statement on Monday, followed the failure of the global financial system to effectively cushion the impacts of current global crises on the Global South — the COVID-19 pandemic, the war in Ukraine and the ongoing climate emergency.

The statement quoted the UN Secretary-General António Guterres to have warned on the occasion of the launch of the SDG Stimulus released, that: “Today’s poly-crises are compounding shocks on developing countries – in large part because of an unfair global financial system that is short-term, crisis-prone, and that further exacerbates inequalities.”

The UN Secretary-General stressed that:
“We need to massively scale up affordable long-term financing by aligning all financing flows to the SDGs and improving the terms of lending of multilateral development banks,” adding that: “The high cost of debt and increasing risks of debt distress demand decisive action to make at least $500 billion available annually to developing countries and convert short term lending into long term debt at lower interest rates.”

According to the statement; Halfway to the 2030 Agenda deadline, progress on the Sustainable Development Goals (SDGs) – our roadmap out of crises – is not where it needs to be. To reverse course and make steady progress on the Goals, the SDG Stimulus outlines the need for the international community to come together to mobilize investments for the SDGs – but, in so doing, create a new international financial architecture that would ensure that finance is automatically invested to support just, inclusive and equitable transitions for all countries.

It added that the current global financial system – originally created to provide a global safety net during shocks – is one in which most of the world’s poorest countries saw their debt service payments skyrocket by 35% in 2022. The “great finance divide” continues to proliferate, leaving the Global South more susceptible to shocks. Developing countries don’t have the resources they urgently need to invest in recovery, climate action and the SDGs, making them poised to fall even further behind when the next crisis strikes – and even less likely to benefit from future transitions, including the green transition.

As of November 2022, 37 out of 69 of the world’s poorest countries were either at high risk or already in debt distress, while one in four middle-income countries, which host the majority of the extreme poor, were at high risk of fiscal crisis. Accordingly, the number of additional people falling into extreme poverty in countries in or at high risk of entering debt distress is estimated to be 175 million by 2030, including 89 million women and girls.

Even prior to the recent rise in interest rates, least developed countries that borrowed from international capital markets often paid rates of 5 to 8 per cent, compared to 1 per cent for many developed countries.

The statement explained that theSDG Stimulus aims to offset unfavourable market conditions faced by developing countries through investments in renewable energy, universal social protection, decent job creation, healthcare, quality education, sustainable food systems, urban infrastructure and the digital transformation, noting that increasing financing by $500 billion per year is possible through a combination of concessional and non-concessional finance in a mutually reinforcing way.

It pointed out that reforms to the international financial architecture are integral to the SDG Stimulus. As highlighted in the Addis Ababa Action Agenda, financing sustainable development is about more than the availability of financial resources. National and global policy frameworks influence risks, shape incentives, impact financing needs, and affect the cost of financing.

The SDG Stimulus outlines three areas for immediate action:
First, tackle the high cost of debt and rising risks of debt distress, including by converting short-term high interest borrowing into long-term (more than 30 year) debt at lower interest rates.

Second, massively scale up affordable long-term financing for development, especially through strengthening the multilateral development banks (MDB) capital base, improving the terms of their lending, and by aligning all financing flows with the SDGs.

Third, expand contingency financing to countries in need, including by integrating disaster and pandemic clauses into all sovereign lending, and more automatically issue SDRs in times of crisis.

UN Calls for Significant Increase of Finance for SDGs

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SGBV Centre to be Established in All Wards in Kuje LGA

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SGBV Centre to be Established in All Wards in Kuje LGA

By: Michael Mike

Kuje local council of the Federal Capital Territory is set to establish Sexual and Gender Based Violence Centre in all its ten political wards to clampdown on the growing menace.

Delivering a speech at a one-day community advocacy/dialogue on issues of SGBV organised by the National Agency for the Prohibition of Trafficking in Persons (NAPTIP) for stakeholders in Kuje, the Council Chairman, Alhaji Abdullahi Sabo who noted that: “Violence against women and girls in any form is the manifestation of profound lack of respect and a failure by men to recognize the inherent equality and dignity of women,” said that the council would set up response centres across the 10 political wards in Kuje Area Council to support the fight against SGBV.

The Chairman who was represented by his Chief of Staff, Abdullahi Sabo (Snr), said: “The time for complacency has long gone, it is time for action, we can no longer watch over 70 per cent of women in our communities face physical or sexual violence in their lifetime.

” Therefore, for an effective response to this menace, the need for different sectors in the society to collaborate and work together cannot be overemphasised.

“We indeed pledge to do better for survivors of SGBV. As an institution, we need to do more to support victims and hold the perpetrators accountable.

“We have to do more to respond to the cry for justice for women and children who have suffered violence.”

On her part, the NAPTIP Director-General, Prof Fatima Waziri-Azi, said that the aim of the dialogue was to discuss the unique roles of all community stakeholders towards reducing SGBV in the FCT.

She said that it was also aim at empowering community members to recognize early signs of abuse, intervene effectively create a culture that does not tolerate violence.

“We must collectively continue to create a supportive environment where victims feel empowered to report cases of SGBV, this lies in the hands of the communities.

She said that parents are been complacent by failing to protect their children in abusive and exploitative situations.

The DG encouraged Nigerians to report cases of SGBV to NAPTIP, while also stressing the need to preserve evidence especially in cases of rape.

SGBV Centre to be Established in All Wards in Kuje LGA

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President Tinubu flags off inaugural airlift of 2024 Hajj in Kebbi

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President Tinubu flags off inaugural airlift of 2024 Hajj in Kebbi

By: Our Reporter

President Bola Ahmed Tinubu (CFR) has flagged-off the inaugural airlift of 2024 Hajji exercise from Nigeria to the Kingdom of Saudi Arabia.

The grand ceremony took place at Sir Ahmadu Bello International Airport Birnin Kebbi on Wednesday with distinguished personalities in attendance.

The President, who was represented by the Vice President, Sen. Kashim Shettima, urged the intending pilgrims to pray for peace, unity and progress of the country.

He charged the intending pilgrims to abide by all rules and regulations of the Kingdom of Saudi Arabia and urged them to avoid any illicit act capable of affecting the integrity of their Hajj.

“Mr president has been committed to this year’s Hajji due to the economic situation, he has also contributed the sum of N90 billion Naira to subsidise this year’s Hajj exercise in order to have a smooth and successful exercise.
”You may recall that this year, we had a major challenge in announcing the final hajj fare for the 2024 Muslim pilgrimage due to fluctuation in foreign exchange rates.

”President Bola Tinubu also work round the clock to control the downwards spiral of our local currency to bring relief to our pilgrims and other Nigerians.

”A moved that eventually succeeded in lowering the fare. The President approved the released of N90 billion to subsidized the cost of pilgrimage for this year’s hajj.”

He said that the government of Renewed Hope led by Tinubu attaches immense importance to religious pilgrimage due to the role its plays in transforming behavioral and social vices of the believers beyond performing the pilgrimage.

Delivering his speech, the Kebbi State Governor, Comrade Dr Nasir Idris said this year’s Hajji signifies a sacred journey for thousands of devoted pilgrims who embarked on a spiritual voyage to the Holy land.

He explained further that Hajj is a time to honoured tradition that holds great significance for Muslims around the world.

“It is a journey of faith, devotion and unity where believers come together to fufill one of the five pillars of Islam, the pilgrimage to Mecca is a profound experience that fosters a sense of community, humility and spiritual renewal,” he said

The Governor urged the people that they should remember the significance of this sacred ritual, adding that Hajji remained a testament to the unity of Muslim Ummah, transcending geographical boundaries and cultural differences.

“It is a time for reflection, prayer and seeking forgiveness, as well as an opportunity for personal growth and self discovery,” he added.

He commended the Federal Government, National Hajji Commission and those that were involved for there commitments toward the successful exercise.

Gov. Idris noted with satisfaction that Kebbi was the first state to remit 2024 Hajj fare in Nigeria, adding the intending pilgrims from Kebbi were given special treatment by the present administration to confort them toward a successful Hajj exercise.

The governor said his administration had spent N900 for infrastrutural development of the Hajj Camp in Birnin Kebbi to make it more conducive for the intending pilgrims

In his remarks, the National Chairman, National Hajji Commission of Nigeria (NAHCON), Alhaji Jalai Ahmad Arabi thanked the President and Kebbi State Governor for their support and cooperation towards the success of this year’s Hajji exercise.

He described this year’s Hajji as the most innovative and special one, saying, “honestly, I am well over warm the way and manner the Kebbi State Goqqvernor committed all the resources for them to achieve.

President Tinubu flags off inaugural airlift of 2024 Hajj in Kebbi

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Nigeria Calls for Collaboration Among ECOWAS States to Develop Tourism Sector in West Africa

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Nigeria Calls for Collaboration Among ECOWAS States to Develop Tourism Sector in West Africa

By: Michael Mike

Nigeria government has called for the collaboration among the counties of Economic Community of West African States (ECOWAS) to develop the tourism potential of the subregion and place West Africa in prime position to compete with other regions.

The Director General of the Nigerian Tourism Development Corporation, Folorunsho Coker, also called for the streamlining of policies on tourism in countries in the subregion while delivering a speech at the opening ceremony of the meeting of experts and stakeholders of the private tourism industry on the monitoring and evaluation mechanism of ECOTOUR 19-29 and the ECOWAS Tourism Accommodation regulator in Abuja on Tuesday.

Coker said: “It’s the season to collaborate not to compete,” adding that: “It’s in the spirit of collaboration that we will grow pan-African tourism.”

He said: “I want to encourage the localisation of policies”, insisting that policies would only be successful when localised.

Coker said all the regulations in the region be streamlined into one that will guide activities in the tourism sector across the 15 ECOWAS member states, urging for the training of tourism operators in the region as well as the introduction of technology in tourism.

He said: “We must embrace technology or it will leave us behind.”

The Commissioner for Economic Affairs and Agriculture of the ECOWAS Commission, Massandjé Toure-Liste said the meeting drew aspiration from the ECOTOUR 19-29 action plan, adopted by the Authority of Heads of State and Government which was designed to serve as a roadmap for promoting responsible tourism.

She said: “To this end, our technical meeting today centres around drafting the operational modalities for two critical tools: the ECOTOUR 19-29 monitoring and evaluation mechanism and the ETAR – ECOWAS Tourism Accommodation Regulator.

“The ECOTOUR 19-29 Monitoring and Evaluation Mechanism will involve developing operational guidelines and appointing dedicated members or focal points to oversee its implementation.

“Simultaneously, for the ECOWAS Tourist Accommodation Regulator (ETAR) we will define the composition and operational modalities in alignment with Regulation C.REG.2/07/23.

“Our focus on Private Sector Collaboration includes; facilitating dialogue among representatives from the private tourism sector and encouraging strategic alignment and collaboration at the regional level.

Massandjé, who was represented by the ECOWAS Commission’s Director of Private sector, Dr Anthony Elumelu, said: “Additionally, we aim to support private sector players in finalising the process of creating a regional confederation.”

The meeting is expected to end on Friday 17th May, 2024.

Nigeria Calls for Collaboration Among ECOWAS States to Develop Tourism Sector in West Africa

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