A rescue plan for sustainable development

This month, leaders will gather in Sevilla, Spain, on a rescue mission: to help fix how the world invests in sustainable development. The stakes could not be higher. A decade after the adoption of the Sustainable Development Goals and many global commitments to finance them, two-thirds of the targets are lagging. And the world is falling short by over $4 trillion annually inthe resources developing countries need to deliver on these promises by 2030. Meanwhile, the global economy is slowing, trade tensions are rising, aid budgets are being slashed while military spending soars, and international cooperation is under unprecedented strain.The global development crisis is not abstract. It is measured in families going to bed hungry, children going unvaccinated, girls being forced to drop out of schooland entire communities deprived of basic services. We must correct course. That begins at the Fourth International Conference on Financing for Development in Sevilla, where an ambitious, globally supported plan to invest in the Sustainable Development Goals must be adopted. That plan should include three essential elements. First, Sevilla must help accelerate the flow of resources to the countries who needit most. Fast.Countries must be in the driver’s seat, mobilizing domestic resources by strengthening revenue collection and addressing tax evasion, money laundering and illicit financial flows through international cooperation. This would provide much-needed resources to prioritize spending on areas with the greatest impact such as education, healthcare, jobs, social protection, food security, and renewable energy.At the same time, national development banks, regional and Multilateral Development Banks need to come together to finance major investments. To support this, the lending capacity of these banks needs to triple so developing countries can better access capital on affordable terms with longer timelines. This increased access should include re-channeling of unconditional reserve assets — or Special Drawing Rights — to developing countries, preferably through Multilateral Development Banks to multiply their impact.Private investment is also essential. Resources can be unlocked by making it easier for private finance to support bankable development projects and by promoting solutions that mitigate currency risks and combine public and private finance more effectively. Throughout, donors must keep their development promises. Second, we must fix the global debt system. It is unfair and broken.The current borrowing system is unsustainable, and developing countries have little confidence in it. It’s easy to see why. Debt service is a steamroller crushing development gains, to the tune of more than $1.4 trillion a year. Many governments are forced to spend more on debt payments than on essentials like health and education combined.Sevilla must result in concrete steps to reduce borrowing costs, facilitate timely debt restructuring for countries burdened by unsustainable debt, and prevent debt crises from unfolding in the first place.In advance of the conference, a number of countries put forward proposals to ease the debt burden on developing countries. This includes making it easier to pause debt service in times of emergency; establishing a single debt registry to strengthen transparency; and improving how the IMF, World Bank and credit-ratings agencies assess risks in developing countries.*António Guterres is the secretary general of the United Nations. This article has been shortened.**

A rescue plan for sustainable development

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Namibian Sun 2025-11-03

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A rescue plan for sustainable development

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Namibian Sun 2025-11-03

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