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C2: Financing for Development

Statement by Ambassador Odd-Inge Kvalheim on Financing for Development in Second Committee, 10 October 2019.

| Second Committee

Chair,

The message delivered by numerous countries during the High-level Dialogue on Financing for Development was crystal-clear.

Development that leaves no-one behind, does not just appear by itself.

The lack of progress on the financing agenda is a serious concern, and it needs to be addressed.

More resources must be mobilised nationally and internationally. And we need to use our resources better.

We need to intensify global cooperation along all seven tracks of the Addis Ababa Action Agenda.

As underscored in the report of the Secretary-General, moments like the current one when multilateralism is under pressure, and we are taking a closer look at the larger principles- there lies an opportunity to modernize the global economic and financial architecture.

Norway remains committed to tackling the issue of Illicit Financial Flows. Not only because stopping these flows will help us to reach financing targets; but also because they thrive on the very things that breed distrust.

They symbolize a wide-spread sense of systematic injustice against those with the least of means. Those who are being left behind.

Chair,

Mobilising finance also requires measures to improve the taxation system.

We must reinvent our international institutions and rules.

There must be a fairer distribution of taxing rights. Through implementing instruments globally that promote openness, and penalise the facilitation of secrecy.

Closer international cooperation for investigating financial crime is also vital.

We need to promote: greater transparency, the automatic exchange of information on tax related economic activities, and beneficial ownership.

Norway remains concerned about the reports of growing debt vulnerabilities.

It goes without saying that the increasing number of countries who are at risk of, or are in, debt distress, challenges work towards financing the SDGs.

We need to walk the talk on responsible borrowing and lending, and find universal and systemic solutions with borrowers and creditors to address repeated debt crises.

Lastly, we would like to highlight the importance of human capital.

No country can afford to utilize only parts of its human capital.

Gender equality is not only an all-important rights issue, it is also an economic issue.

Women’s participation is a prerequisite and a key factor for economic growth.

Chair,

The challenges we face may seem overwhelming.

And we could, perhaps rightly so, discuss the magnitude of the problems – or the definitions of them – for a long time.

But the good news is that we do, in fact, know most of the solutions.

We know which policy options work to get the financing of the SDGs back on track.

Let us now act decisively to implement them.

Thank you