Statement by Rt. Hon. Prime Minister Mr. K P Sharma Oli on Financing the 2030 Agenda for Sustainable Development in the Era of COVID-19 and Beyond

Statement by Prime Minister of Nepal Rt. Hon. Mr. K P Sharma Oli on behalf of the Group of the Landlocked Developing Countries at the High-level Meeting on Financing the 2030 Agenda for Sustainable Development in the Era of COVID-19 and Beyond
29 September 2020, New York, (Virtual Platform)

Right Honourable Prime Ministers of Canada and Jamaica,
Mr. Secretary-General
Ladies and gentlemen,

On behalf of the Group of 32 Landlocked Developing Countries (LLDCs), I commend the Governments of Canada and Jamaica as well as the United Nations Secretary-General for convening this High-level Meeting.

We welcome the timely initiative for coordinated and multilateral efforts on Financing for Development in the Era of COVID-19 and Beyond launched on 28th May 2020.

The COVID-19 pandemic has put public health systems and our economies under stress. It has severely impacted people’s lives and livelihoods.

While the developed countries have undertaken the unprecedented fiscal and monetary policy measures to save their economies from the crisis, the policy response in many developing countries, especially in the most vulnerable like LDCs, LLDCs and SIDS have been weaker because of decline in trade and tourism earnings, reduced FDI, and servicing of external debts amid plunging foreign exchange inflows.

On behalf of the LLDC group, I wish to extend our support to the options outlined in the documents before us and, in particular, call for the concerted actions in the following areas:

First, we urgently need the suggested global coordination and cooperation mechanism for joint trade and investment promotion for crisis-relief. Such mechanism should give priority to the special needs of the LLDCs that require capacity development to harness trade, achieve structural economic transformation and to realize the SDGs.

Second, financial support to LLDCs is critical to boost up the urgently needed resilient infrastructure and trade facilitation mechanisms for smooth flow of goods which are key to their recovery.

Third, LLDCs need to be supported in their efforts to achieve digital transformation.

Fourth, we call on the international community to support development of strong and resilient health systems, underpinned by universal health coverage, that focus on equitable access, quality and financial protection, and easy and affordable access to vaccines once they are released.

Fifth, concrete support measures should be put in place to address debt vulnerabilities including through debt cancellation for highly indebted countries, debt relief by international creditors, exchange or reprofile debt to reduce debt service, writing-off debt, debt swaps for highly indebted countries, debt buy-backs and support market access.

Sixth, we call on our development partners to maintain current official development assistance levels given its crucial importance to support our countries to recover sustainably. Among the LLDCs, the financial gap to implement the SDGs appears more acute in the LDCs. They need predictable external support measures in the form of aid, investment, technology innovation, development and transfer.

Seventh, we call on International Financial Institutions to prioritize the special needs of the LLDCs in their recovery efforts.

Eighth, we request the UN system and other international and regional organizations to give priority support to the LLDCs’ recovery efforts – including the effective execution of Roadmap for accelerated implementation of the Vienna Programme of Action.

Finally, we call on the private sector to actively engage in the recovery efforts, particularly in sustainable development projects, including through the PPPs.

To conclude, let me reiterate the unfailing support of the LLDC Member States in implementing the global development agenda.

I thank you.