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Financial systems affect all economic activities, from international trade and financial flows to national and local business to personal banking transactions, remittances, and savings. The Addis Ababa Financing for Development process initiated in 2015, as an integral part of the SDGs and Agenda 2030, must now take into consideration the profound effects of both digital technology and COVID-19 on financial markets, public finance, and sustainable trade and investment. The time to act is now if we are to mitigate the global economic crisis to follow in the aftermath of the COVID-19 pandemic.
Poverty reduction has slowed down in the last five years, and the level of global growth is well below that needed to eradicate poverty everywhere and in all its forms. Investments that are critical in achieving a Socially Just Transition to Sustainable Development remain underfunded just as systemic risks are increasing: inequality is on the rise within and among countries, and debt burdens and capital flow volatility jeopardize earlier gains.
Voluntary financial contributions and technical assistance between the Member States are insufficient to ensure the full and effective implementation of previously established commitments to social development priorities: social inclusion, non-discrimination, creation of new opportunities for jobs, and re-training for inclusion in the labor market.
The disruptions created by the pandemic, coupled with rapid technological change create an unprecedented opportunity to reshape and advance the Financing for Development process through resolute collective action so that no one is left behind.