UN ECOSOC considers options to mobilize finances of COVID19 hit countries

UNITED NATIONS, Feb 10 (APP): The UN Economic and Social Council (ECOSOC) is considering various options to mobilize financing for the coronavirus-hit developing countries to enable them to avoid economic collapse, the 54-member body’s President, Ambassador Munir Akram of Pakistan, said Tuesday.

Briefing media representatives, he said that their aim was to ensure that the developing countries recover from the devastating pandemic in a more resilient, sustainable way as also to promote the sustainable development goals (SDGs).

The briefing was conducted by the ‘SDG Media Compact’, an initiative marking a new drive to advance awareness of the anti-poverty global goal.The ECOSOC President said that funding could come from public and private sector, debt relief and restructuring and additional liquidity through new and redistributed Special Drawing Rights (SDRs).

Ambassador Akram said that there was also the need for redressing the structural inequalities which have led the world into the current and previous financial and economic crises.

What was need was the expansion of concessional lending by the multilateral development banks, the fulfillment of the Official Development Assistance (ODA) targets by all developed countries, and the fulfillment of their commitment to mobilize $100 billion for year climate finance which is yet to be achieved. Other issues include halting the illicit flow of resources from developing countries to havens in mostly the richer countries.

“It is estimated that the developing countries lose somewhere in the range of trillion dollars each year in illicit financial flows through corruption and other practices, criminal practices, and this needs to be stopped,” Ambassador Akram said.

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