CA Yunus calls for smarter financing to close $4 trillion SDG gap with five priorities

Chief Adviser Muhammad Yunus today (24 September) suggested five priorities for better financing the Sustainable Development Goals (SDGs), including mobilisation of domestic resources fairly, supported by international assistance.

"Tax systems must be progressive, transparent, and ensure multinational corporations pay their share. Negotiations under the UN Framework on International Tax Cooperation must address these inequities," he said while delivering the speech at the opening segment of 'First Biennial Summit for a Sustainable, Inclusive and Resilient Global Economy: Implementing Commitments on Financing the Sustainable Development Goals' at the UN headquarters.

Prof Yunus said UN budget cuts or shrinking (Official Development Assistance (ODA) would be counterproductive for countries like Bangladesh that hosts 1.3 million Rohingyas amid several other crises like battling climate shocks, and economic turbulence. 'Gloobal support must expand.'

Secondly, he laid emphasis on leveraging innovative finance and social business. "Blended finance and enterprises that reinvest profits to solve problems are proven drivers of jobs, inclusion, and dignity," Yunus said.

Third, he called for reforming the global financial architecture and debt governance. 

"Developing countries need greater voices. Debt should be a tool for resilience and development, not austerity," he said.

In his fourth priority, Prof Yunus called for enforcing transparency, preventing illicit financing and ensuring citizen participation. "People, especially youth, must know how resources are used and hold institutions accountable," he said.

Fifth, the chief adviser highlighted the importance of accelerating investment for the most vulnerable, resilient housing, climate-smart agriculture, healthcare, education, and nature-based solutions.

"The Seville Commitment charts the course; our humanity calls us to journey on it. Let us build an economy of dignity, shared prosperity, and resilience, ensuring no one is left behind," he said.
The chief adviser said the commitments made at the Fourth International Conference on Financing for Development must become actions.

Closing the $4 trillion annual investment gaps for the SDGs is formidable, yet essential, he said.

'We must heed the voices of the marginalized that depend on us. In Bangladesh, we believe poverty should not be a barrier to one's dreams. Financial inclusion and access to resources are instruments of justice," Prof Yunus said.

When a woman starts a business, when youth gain solar power and IT, when children in settlements attend schools with access to nutrition and sanitation, Prof Yunus said transformations become real, and enduring.

The Seville Commitment provides a renewed framework for stronger domestic resource mobilization, tackling illicit flows, empowering development banks, and ensuring accountability of the institutions, he said.

Prof Yunus, who arrived in New York on Monday afternoon, had a series of meetings on the sidelines of the UNGA.

He is scheduled to deliver his speech at the UNGA on 26 September.