Even as he registered Guyana’s commitment to achieving the Sustainable Development Goals (SDGs) at an international forum currently underway in Chile, Senior Finance Minister, Dr. Ashni Singh also used the opportunity to underscore the failure of the developed world to provide financial aid that was promised to vulnerable states.
During his presentation at the Sixth Meeting of the Forum of Countries of Latin America and the Caribbean, Dr. Singh lamented that as a committed member of CARICOM which comprises some of the smallest and most vulnerable member states of the United Nations, Guyana wishes to associate itself with the often-expressed view that the international system has failed the most vulnerable countries of the world.
“To put it most starkly, the commitment to mobilize and deliver 0.7 percent of Gross National Income (GNI) in Official Development Assistance (ODA) is now more than five decades old. It remains prominent in its non-achievement by all but a tiny handful of countries, despite the fact that it was reaffirmed in the Addis Ababa Action Agenda,” the minister said.
Guyana Standard understands that ODA is aid intended to promote the economic development and welfare of developing countries and is reported under Organisation for Economic Cooperation and Development (OECD) rules.
Another failed promise the minister highlighted pertained to the 2009 commitment to mobilise and deliver US$100 billion worth of climate financing by 2020. “This is another objective that remains prominent in its non-achievement,” he said.
The Minister added, “In much the same manner, and specifically in connection with vulnerability, the work on developing a multidimensional vulnerability index (MVI) on the basis of which eligibility for development finance would be determined has been ongoing for over three decades, with no conclusion in clear sight”.
Dr. Singh pointed out however that despite all the foregoing challenges, Guyana will continue to work towards meeting its objectives.
The minister said, “…we in Guyana are under no illusion of the magnitude of the task before us if Agenda 2030 (which seeks to end poverty and hunger, realise the human rights of all, achieve gender equality and ensure the lasting protection of the planet and its natural resources) is to be successfully implemented.”
He stressed that successful implementation of Agenda 2030 will require a level of investment that exceeds the still limited fiscal resources available. Minister Singh said the challenge of financing sustainable development is further compounded when the inherent vulnerability of several states, especially to climate change and other external shocks, is taken into account.
In spite of those hurdles, he said efforts must continue in securing pragmatic solutions.
The meeting he is attending to address the foregoing matters, among others, commenced on April 25 and will continue until April 28.
