HE Minister of Finance Ali bin Ahmed Al Kuwari participated in the 4th annual United Nations (UN) Economic and Social Council (ECOSOC) Forum on Financing for Development (FfD) in a session titled "The Road to FfD" which was held at the UN headquarters in New York. This was during his last visit to the United States of America.
During the session, numerous topics related to sustainable development were deliberated. The discussions focused on how to implement and establish a framework to ensure its future success. All participating parties shared their opinions and viewpoints, particularly in the areas of economic development, industry, innovation, infrastructure, green energy, reducing inequalities and global development. The session emphasized the importance of exploring ways for collaboration to achieve and apply sustainability standards and future development.
In his speech, HE the minister highlighted today's world's emerging challenges, global dynamics and most importantly, the notable performance divergence of many countries, which hinders their sustainable development and dramatically increases borrowing costs. Hence, as part of the solution, HE expressed the need for new financing ideas to mitigate such obstruction, as he said: "This divergence, together with the sharp increase in borrowing costs in recent years, underlines the need for new ideas on financing, which I hope this forum and Finance for Development Conference can contribute to.""
It is worth noting that governments have established objectives and targets for financing sustainable development, most notably the Addis Ababa Action Agenda. Adopted in 2015, the plan establishes a novel worldwide framework for financing developments.
