How to finance the new Sustainable Development Goals (SDGs) has emerged as a central question of recent discussions on international development. The UN’s intergovernmental committee of experts on sustainable development financing recently published its final report which provides an overview of the contemporary development financing landscape and points to new opportunities to leverage more resources in support of sustainable development. In July 2015, Addis Ababa will host the 3rd UN conference on financing for sustainable development. The conference will assess progress made on financing the ‘old’ MDG agenda as well as look at how the international community can best support the new post-2015 sustainable development agenda.
The expert committee’s report underscored that all sources of finance will need to be mobilized – and used more effectively – in support of sustainable development. These include domestic and external, public and private sources of finance. The report points to recent expansions in international private finance and suggests that more efforts are needed to orient a larger proportion of these flows towards internationally agreed sustainable development objectives. It also points to the continued need for development aid and other forms of international public finance and that private for-profit financing will be difficult – and even impossible – in some areas. It underscores that all sources of finance should be seen as complements, not substitutes, and the international community needs to find ways to ensure that different forms of finance work together more coherently.
In a recent joint paper, UNDP/ODI argued that despite the anticipated increased role for the private sector in development in the post-2015 period, and increasing domestic resources, international public finance (IPF) will still have a vital and unique role to play in the future. IPF has many specific characteristics which differentiate it from other forms of finance. These characteristics mean IPF will have a vital role in underpinning sustainable development efforts in the post-2015 era. The paper suggested however that international public finance needs to evolve in response to changing times; investment priorities need to change, more countries need to contribute resources to IPF in a stable and predictable manner and allocation mechanisms need to be made more efficient, accountable and representative.
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