The backdrop of this year’s macroeconomic deliberation is alarming. We are grappling with several cascading crises at the same time:
- record-debt and inflation levels,
- the aftermath of the pandemic,
- Russia’s war of aggression in Ukraine with global ramifications, including high food and energy prices.
The financing needs for developing economies are massive and growing.
With only 7 years to go, we must overcome considerable hurdles to achieve the SDGs – our common goals. We need to mobilize all efforts to secure financing from all available sources.
In 2015 we made a commitment to the ambitious financing framework of the Addis Ababa Action Agenda in order to attain the SDGs.
We pledged to do more to decrease the debt burden for developing economies, and to increase their fiscal space and resource mobilization. But serious gaps remain.
As we now look to the fourth global conference on financing for development, we have no choice but to redouble our efforts and make it a milestone for renewed and increased commitment and action.
This will, however, require detailed preparations and a bold political vision.
Domestic revenue mobilization is a key pillar of SDG-financing.
Official development cooperation must underpin national efforts and must leverage resources from many sources.
Norway has consistently provided more than 0.7 percent of GNI in development assistance. We will continue to be a reliable partner and donor.
The need for inclusive growth has become self-evident.
We will not reach our 2030 ambitions without women’s economic empowerment. The Addis Agenda got this right. We urgently need to recommit and accelerate this joint commitment.
We must continue our efforts to combat secrecy and illicit financial flows that allows for siphoning enormous resources away from developing economies.
It locks people and countries in poverty, and it erodes transparency and trust.
The Secretary General’s report on tax cooperation gave us a somber assessment of the persisting gaps in the current tax architecture.
National implementation of existing standards is key, but we also need to address systemic weaknesses in appropriate ways.
Going forward, we must avoid duplication, and rather promote complementarity and build on the achievements made, both in the OECD and in the UN.
As Member States, it is incumbent upon us to actively foster and urge closer coordination in the tax work of the UN and the OECD.
We should heed the call of the Secretary General to establish and strive to develop consensus-based rules and standards that effectively and inclusively promote a responsible and accountable global financial system.
The difference between success and failure ultimately hinges on collaborative efforts in the multilateral system.
We – the member states – need to grasp the opportunity and raise the level of ambition.
I thank you.