Financing for Sustainable Development Report(FSDR) 2024

Financing for Sustainable Development Report(FSDR) 2024

The Financing for Sustainable Development Report 2024 has recently been released by the United Nations Department of Economic and Social Affairs. 

The inter-agency Task Force on Financing for Development composed of more than 60 agencies under the United Nations and International organizations is the main institution behind the Report.

More about FSDR 2024:

The FSDR 2024 has a significant importance because it contains the basis for the UN ECOSOC Forum discussion on the topic of Financing for Development. In this Forum, the Members of UN ECOSOC discuss the various measures to utilize Sustainable Financing.

The Important covered area under the FSDR 2024 are global economic situations, debt scenario, global taxation, International trades, Finance through private companies and businesses, Technology, global governance and also International Development cooperation.

Important Highlights of the report:

• According to the report the Development Financing gap has increased from $2.5 trillion to $4.2 trillion annually and an urgent action to utilize the bridge gap is needed.
• As per the report, the early 2000s had witnessed the growth in the investment in SDG sectors but if we talk about the current scenario there is a continuous slower pace of the major sources of Development fundings.
• The central challenge of achieving SDGs is the Financing of SDGs and the reasons are rise in systemic risk due to geopolitical tensions, climate change and a rising level of cost of living disaster.
• The average GDP growth rate in developing countries has fallen over 4% annually as per the report.
• If we talk about the debt scenario, the poorest countries are facing major challenges as they are spending 12% of their revenues on interest payments.
• The debt service of least developed countries will be $40 billion annually in the period of between 2023 and 2025 whereas in 2022 it was $26 billion.

Recommendations under the report:

To get recovery from the current situation, we need to reform the outdated International financial architectures and modernize the International trade, investment and Finance rules. The report also recommends a new coherent system to respond to the crisis, and slow SDGs funding. Developing countries must be concerned about tax capacity building and address the debt challenges.

Conclusion:

The FSDR 2024 has highlighted many Important issues and also recommended some solutions to address these issues. If the International organizations and global governance provide their attention to the Financing for SDGs, we can be near to the global target.

Important Questions:

• What is the FSDR 2024 report?
• Write down the importance points of FSDR 2024.

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