UN Secretary-General calls for “reboot” of development finance

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Baku, July 14, AZERTAC

Development finance needs a “reboot” if world leaders want to ensure the well-being of all people and the health of the planet.

That's what UN Secretary-General Ban Ki-moon told heads of state and government at the opening of the Third International Conference on Financing for Development, in the Ethiopian capital, Addis Ababa, according to United Nations Radio.

The three-day conference seeks to strengthen global partnership for financing what the UN describes as "people-centred sustainable development."

The UN Secretary General Ban Ki-moon has said 2015 is going to be a year of global action, but that will only happen if financial resources meet the needs of the promises made on paper.

The Secretary General said the new financial framework will be an opportunity to make sure no one is left behind in the new development agenda.

"In a world in which both the global population and resource constraints are growing, development finance needs a reboot. Solutions lie in using all sources of finance–public, private, domestic and international. These must be matched by strengthened public policies and regulatory frameworks, and incentives for changes in consumption and production patterns."

Mr Ban called for the establishment of an enabling international economic environment, where national efforts and public policies are supported by sustainable private investment.

Areas of focus of the new framework to be adopted during the conference are investments in infrastructure and public services, dissemination of technology and international cooperation in tax matters, among others.

Mr Ban urged the UN member states to reach a final agreement in the ongoing negotiations, and to adopt the Addis Ababa Action Agenda in order to secure the funding of the post-2015 development agenda.

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