Minister of Finance Camillo Gonsalves was among delegates attending a Forum on Financing for Development, hosted by the United Nations Economic and Social Council, ECOSOC in New York yesterday.
The Forum was convened under the auspices of St. Vincent and the Grenadines’ Permanent Representative to the United Nations, Ambassador Rhonda King, who currently serves as the President of ECOSOC.
Addressing the event, Minister Gonsalves noted that most developed countries have not been honouring their commitment to provide 7-percent of their Gross National Product for Official Development Assistance, ODA.
He said while Developing Countries recognize with gratitude the five nations that have honoured their pledges, they also note that the remainder of the developed world is less than halfway to its commitment.
Minister Gonsalves said this means that even the most conservative estimates, calculate an annual financing gap of over $150 billion that requires stepped-up ODA if Sustainable Development Goals are to be met.
And, he called for an analysis to be carried out of the system of development assistance, access to that assistance by vulnerable states, and whether voluntary, unenforceable, political pledges by rich countries are effective bases for shared developmental aspirations. The deadline for achievement of the SDGs is a decade away.