STATEMENT ON BEHALF OF THE GROUP OF 77 AND CHINA BY MR. YURI GALA LóPEZ, DEPUTY PERMANENT REPRESENTATIVE OF CUBA TO THE UN, AT THE THIRD MEETING ON THE PREPARATORY PROCESS FOR THE HIGH-LEVEL DIALOGUE ON FINANCING FOR DEVELOPMENT OF THE GENERAL ASSEMBLY (New York, 22 May 2023)
Excellencies and colleagues,
It is my honor to deliver this statement on behalf of the G77 and China.
At the outset, I would like to thank the co-facilitators for convening this third meeting to share our views on the draft outline for the scope, format and programme of the High-level Dialogue (HLD). I would also like to convey our appreciation for your efforts in preparing the draft outline, which contains many of the elements that our Group has highlighted during the consultations.
First, on the overarching theme, the Group considers that Financing for a world where no one is left behind is more in line with the spirit of the 2030 Agenda for Sustainable Development and can guide our discussions with the aim to reach a general consensus on the need to take transformative measures to allow our countries overcome the growing financing gap, the ever increasing risk of debt distress, barriers to 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. We have the opportunity with the HLD to recommit to finance development and materialize the spirit of the 2030 Agenda.
Second, on the programme, specifically on the theme for roundtable 1, the Group insists on the need to reflect that the reform of the international financial architecture cannot been longer postponed. This issue is at the center of the multilateral discussions at the moment. For decades the Global South has been underrepresented in the global economic decision-making process and has been impacted by the unbalances in the current system. What is not there, cannot been straightened, that is why, the Group proposes to have as theme for roundtable 1: Reforming the international financial architecture to achieve the SDGs.
Third, the Group considers that having 3 segments under each roundtable overloads and puts pressure on the time available for States to intervene. The Group proposes to have 2 segments under each roundtable.
On roundtable 1, the Group proposes to focus the two segments on fostering debt sustainability and promoting inclusive and effective international tax cooperation. On roundtable 2, the Group proposes to merge subthemes 2 and 3.
Fourth, with regards to roundtable 2, the Group prefers to refer more broadly to innovative instruments and partnerships for financing the SDGs and not to highlight one SDG over another. Therefore, we propose to end subtheme 1 on the word ¨SDGs¨. The Group also proposes that this roundtable consider in its guiding questions the need to advance in the establishment of the set of measures of progress on sustainable development that complement or go beyond gross domestic product. As mentioned in our statements, this is key to inform access to concessional finance and technical cooperation by developing countries, which will also require increased investment in national statistical systems, in data collection, and in capacity building for national statistical agencies.
Fifth, on the format of the segments, the Group proposes to reduce the number of experts taking part in the ¨Response by experts¨ sections. As we have expressed before, the Group insists on the need to have sufficient time for interactions and productive dialogues. Therefore, it is important to avoid an excessive number of speakers in the panels and at the same time it is crucial to engage in a dialogue with financial regulators and leaders of financial institutions. The Group proposes to have a separate hearing, that could take place at the beginning of the HLD, for other relevant stakeholders to share their views that could inform later discussions, meanwhile focus the two roundtables and their segments to have interactions among States and financial institutions who are key players in the current international financial system.
Sixth, the Group would like to request clarification on what would be the process for selecting keynote speakers for the segments. We consider that it is important to look at the practice followed during the previous HLD on 2019, to open the possibility to all States interested to participate and give due consideration to guaranteeing inclusivity, including through a geographically balanced selection, to warrant a dialogue that leaves no one behind.
Seventh, the Group sees as a crosscutting issue that all discussions to be held during the HLD should provide the opportunity for further considerations related to a 4th International Conference on Financing for Development. We propose when drafting the guiding questions for the roundtables to take this into account and consider the potential role of the 4th Conference in light of the discussions, as well as, the priority topics that our Group has mentioned in the two previous statements. We believe that although those topics have not been chosen as themes and subthemes, they can be addressed in the frame of the ones selected for discussions.
Finally, the Group underscores that the next opportunity for an exchange at this level will be four years from now in 2027, therefore, the High-Level Dialogue on Financing for Development presents a valuable and rare opportunity to strengthen the international cooperation required to mobilize the resources and consider the policies needed to achieve the SDGs by 2030. The Group remains committed to working together with all States to ensure that the High-Level Dialogue is a success.