Unlock More Finance for Development, Deputy Secretary-General Urges at Biennial Summit

Following are Deputy Secretary-General Amina Mohammed's remarks to the closing of the biennial Summit for a Sustainable, Inclusive and Resilient Global Economy, in New York today:

Ten years ago, the global community came together, united by a shared vision for people and planet, and to leave no one behind. I remember the moment vividly when the Sustainable Development Goals (SDGs) were gaveled.

We understood then that delivering the Goals would not come easily - that it would require a paradigm shift, bold leadership, partnership, innovation and unprecedented investment. Yet, I don't think any of us could have predicted what formidable challenges the world would confront over the next 10 years.

From the COVID-19 pandemic to geopolitical tensions, a wave of new conflicts, a slowdown in global growth, high interest rates, a silent debt crisis, escalating trade tensions and a collapse in aid flows. These factors combined to constrain the pace of progress and to highlight the inadequacies of existing development finance as a means of implementing the 2030 Agenda for Sustainable Development.

Four years ago, the Secretary-General proposed a biennial Summit to help steer us towards a solution. The Summit was envisaged as a platform to unite multilateral efforts and the international financial system around shared goals for sustainable development.

A platform to take stock of commitments made in different fora at a time when international dialogue on finance is spread across institutions. A platform to promote cooperation at a time when multilateralism itself is under strain. And a platform that is truly inclusive, when the voices of developing countries are often missing from global policymaking.

In the Pact of the Future, Member States highlighted the Summit as one of a number of steps to reform the international financial architecture, enabling it to better reflect today's world, and to respond to today's financing needs. I'm delighted that today we have delivered on this promise.

In this morning's opening session, we heard from multilateral organizations - the World Bank, the International Monetary Fund (IMF), the World Trade Organization (WTO) and the United Nations itself - conveying what each is doing to deliver on commitments. We heard from heads of Government leading multilateral platforms - the Group of 20 (G20), Group of Seven (G7), the thirtieth Conference of the Parties to the UN Framework Convention on Climate Change (COP30), the European Union and the African Union - specifying what efforts they are championing.

And we heard from heads of Government representing different country groupings - least developed countries, landlocked developing countries, small island development States and the Group of 77 - identifying what actions they most need.

In the subsequent plenary session, we heard perspectives from almost 100 additional Member States - including a further 25 Heads of State and Government - and a dozen more international organizations.

This meeting has provided a valuable opportunity to galvanize efforts around the implementation of commitments reached at the Financing for Development Conference in Sevilla earlier this year.

Those commitments - contained in the "Sevilla Compromise" and the Sevilla Platform for Action - are realistic, practical and eminently achievable. What I've seen today builds on the demonstration of unity and resolve exhibited by the global community in Seville.

In closing, I want to leave each of you with one ask. That you switch your focus now from reflecting on the events of today to what you can do tomorrow.

First, to unlock more finance - by strengthening the capacity for domestic resource mobilization, expanding the lending power of multilateral development banks and improving our approach to leveraging private finance.

Second, to make debt work in service of development - adopting new instruments to reduce borrowing costs and risks and supporting faster support for countries facing illiquidity and debt distress.

And third, to create a fairer system - whether by amplifying the voice of debtor countries, piloting solidarity levies and advancing inclusive international tax cooperation.

Your actions cannot wait. The world and its people are counting on you. This Summit was envisioned as a space to help bring coherence, ambition, inclusivity and action to the global financing conversation. The UN looks forward to the next biennial Summit in two years to take forward this agenda.