Mr. Chair,
Excellencies,
Ladies and Gentlemen,
On behalf of G77 and China, I would like to thank you for the invitation to attend this meeting and thus enhance coordination between our Groups.
Excellencies,
2. It is timely for the international financial insti-tutions to focus on sustainable and inclusive recov-ery: from the Covid, environmental and develop-ment crises.
3. The developing countries have suffered dispro-portionately and require international financial and other support, to address these triple crises.
4. The developed economies have injected around $17tn dollars in economic stimulus [to their econ-omies]. The developing countries, meeting an esti-mated $4.3 trillion, have been able to mobilize around $100 billion in additional financing so far.
5. Sustainable global recovery will not be possible if the majority of the world’s population is left be-hind.
Excellencies,
6. First, the vaccine inequity must end.
7. Second, adequate financing is critical. To this, the Group proposes:
(i) Mobilization of larger concessional assis-tance to developing countries which need it to save lives and livelihoods and stabilize economies;
(ii) Extension of the debt service suspension by all creditors and early action to ease unsustainable debt;
(iii) The voluntary re-allocation of at least $250 billion of the unutilized new SDRs to the developing countries;
(iv) expanded lending by the MDBs; and their recapitalization;
(v) Reduction in the market borrowing costs for developing countries;
(vi) Earliest fulfillment of the commitment to provide $100 billion plus in annual climate finance, aiming to achieve a balance be-tween mitigation and adaptation;
(vii) Access to private capital for sustainable de-velopment projects.
8. Third, it is vital that the recovery should be a pathway to a sustainable global economy, in par-ticular by investment in sustainable, quality and resilient infrastructure, which will also create de-cent jobs and reduce poverty.
9. To this end, the MDBs, the UN and its agen-cies, and other relevant development actors, should enable the developing countries to prepare viable, sustainable infrastructure projects, which can ac-cess both public and private finance.
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