Statement by India on Agenda Item 6 (Report of the Intergovernmental Group of Experts on Financing for Development) at the Trade and Development Board, 67th Executive Session(04 to 06 February 2019) of UNCTAD on 05th February 2019 delivered by Sh. Animesh Choudhury, First Secretary at Palais des Nations, Geneva.
Thank You Mr. President,
At the outset, India aligns itself with the statement delivered by Ecuador on behalf of the Group G-77+China. India places on record its appreciation of the efforts put in the preparation of the Report of the Intergovernmental Group of Experts on Financing for Development.
2. The report makes valuable recommendations and comments on debt restructuring, the need to fulfil Official Development Assistance commitments and the focus on objectivity and transparency amongst others.
Mr. President,
3. India strongly believes that the purpose of the Financing for development process of ensuring enhanced and predictable flows of finance and resources to assist developing countries and LDCs in pursuing their development priorities is of greater relevance today.
4. The Addis Ababa Action Agenda of the Third International Conference on Financing for Development clearly gave the direction to the creation of this expert group. Of particular importance is para 94 of the Addis Ababa Action Agenda, which recognises the need to assist developing countries in attaining long-term debt sustainability through coordinated policies aimed at fostering debt financing, debt relief, debt restructuring and sound debt management.
5. In order to achieve SDGs by 2030, the international financial system needs to ensure a substantial augmentation of net financial flows to developing countries and LDCs. After more than a decade since the global financial crisis, the world economy is still fragile. The potential vulnerability of developing economies is heightened by persistent weaknesses in the international financial structure. There is a need for greater coordination of macroeconomic policies of major economies.
Mr. President,
6. The focus of this report on debt and debt sustainability and interrelated systemic issues is timely and pertinent. It is essential to realise the fulfilments of all Official Development Assistance commitments as the figures over the last few decades fall well below intended targets.
7. India has always maintained that technology cooperation should be seen as a win-win proposition. However, it is unfortunate that discussions on technology transfer have generally garnered lukewarm response in the international forums. There is a lot to be achieved and realised on this front.
8. The international financial system needs to incentivise long term investments in sustainable development.
Mr. President,
9. India believes that the Group of Experts on Financing for Development has done a commendable job. However it is important to ensure adequate follow-up action on these recommendations.
Thank You
