Urgent need to address $4 tn financing gap to accelerate progress on SDGs: FM

Recent reports reveal that implementation of many SDGs in developing economies is stagnating, with some indicators even regressing, she said

Finance Minister Nirmala Sitharaman on Saturday said that inadequate access to developmental finance is hindering developing economies from achieving Sustainable Development Goals (SDGs) and underscored the urgent need to address this $4 trillion annual financing gap.

Addressing the third Voice of Global South Summit virtually, Sitharaman said that recent reports reveal that the implementation of many SDGs in developing economies is stagnating, with some indicators even regressing.

The SDG financing gap is estimated to be $4 trillion annually for developing countries, she said.

Observing that the global South is affected by global uncertainties, she said one in four developing countries will be poorer by the end of this year than they were before the pandemic as per a recent World Bank report.