Check against delivery
President of the General Assembly, H.E. Mr. Ibrahim Mayaki, Excellencies, Colleagues,
Thank you, it is a privilege to be launching this important initiative.
I’d also like to extend a special welcome from my side, to the panel’s co-chair, and the panel members present this morning.
I am honoured that they accepted to take on this important task.
Colleagues,
We all know the sobering truth that we are currently not on track to achieve the SDGs by 2030.
In fact, the September High Level Dialogue on Financing for Development made clear that: mobilizing additional financing is critical to making progress on poverty eradication, and on all 17 Goals in the 2030 Agenda.
It has been estimated that in order to achieve just a few of the SDGs, an additional investment of over $2.5 trillion dollars will need to be made annually by 2030. [1]
This is certainly not an easy task. But it is possible.
Colleagues,
We can, and must, mobilise this additional investment to achieve the SDGs for our common future.
We must explore every possible avenue for additional funding.
We must discover:
- How much of that additional investment, could be offset by real financial transparency and integrity?
- And, how much could we gain from closing the gaps and vulnerabilities in our systems- through combating bribery and corruption, preventing money laundering, and recovering stolen assets?
These open questions are exactly what this panel is tasked with examining. And they will do so in cooperation with all stakeholders, including- and especially with- Member States.
Colleagues,
This is truly a cross-border problem that requires inclusive multilateral action to solve.
We have already seen the good that can be achieved through strengthening global information-sharing networks.
A recent study has shown that balances in off-shore financial centres declined by 24 per cent after the introduction of greater transparency. [2]
It is heartening to hear that such results are possible. And that momentum has been growing around the need for financial accountability and transparency.
Colleagues,
There is no doubt that we share a common vision.
And that every country has a stake in the effort to mobilize financing from all possible sources to obtain the SDGs.
And while the estimates on diverted resources may be imprecise, we know that the amounts involved are substantial.
We cannot miss this opportunity.
So thank you once again for joining us in this effort.
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[1] Gaspar, V., Amaglobeli, M.D., Garcia-Escribano, M.M., Prady, D. and Soto, M., 2019. Fiscal policy and development: human, social, and physical investments for the SDGs. International Monetary Fund.
[2] Pierce O’Reilly, Kevin Parra Ramirez, and Michael A. Stemmer, “Exchange of Information and Bank Deposits in International Financial Centres,” 2019, OECD Taxation Working Papers No. 46, https://www.oecd-ilibrary.org/content/paper/025bfebe-en.