The United Nations Development Programme (UNDP) has estimated that 52 countries around the world are in a situation, or at risk, of debt distress.
UNDP Administrator, and Director of Bureau for Policy and Programme Support, Haoliang Xu who disclosed this at G20 Development Ministers Meeting, Session 1: Multilateralism and Collective Action to Accelerate the SDGs, Varanasi, India on Tuesday
He pointed out that this debt distress can be addressed with a reformed International Financial Architecture, giving more voice, representation to developing countries, with Integrated National Financing Frameworks (INFFs) to ensure that national development priorities are financed.
According to him, “The 2030 Agenda remains the blueprint for recovery and transformation. United Nations Secretary-General’s proposal for an SDG Stimulus provides clear framework for transforming the multilateral system so that it delivers for all countries.
“It includes new measures to massively cale up affordable long-term financing for development, reschedule and restructure debt, and expand contingency financing to all countries in need.
“The poly-crisis is a threat of divergence and a great finance divide. If not addressed, it will translate into a lasting sustainable development divide”, Xu added.
He praised India for making major progresses, adding that Aspirational Districts Programme is one example of encouraging progress. While thanking the Vice Chair of Niti Aayog for highlighting the appraisal of the programme in his background briefing at the event.
Xu reiterated that with unique presence in the developing world, UNDP stands ready to support the G20 development workstream for better assessment of fiscal situation and debt sustainability of all countries in need.
“Today’s era cannot be an era of divergence. It is more crucial than ever for major players to show the indispensable political will to overcome current tensions and fragmentations that put multilateral discussions at a stalemate.
“The SDG Summit is a crucial moment for urgent and accelerated actions, and the Delhi Summit, taking place 10 days before the SDG Summit, can help build a strong momentum to achieve the SDGs”, UNDP Administrator said.
