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New York [US]April 20 (ANI): During its G20 presidency, India is amplifying the voices and concerns of the global South and developing countries, said Ruchira Kamboj, Permanent Representative of India to the United Nations.
Speaking at the Economic and Social Council’s Financing for Development Forum 2023 on Thursday (local time), Kamboji said, “The Voices of the Global South Summit in January 2023 will be chaired by Prime Minister Narendra Modi and will feature 125 countries. Participated, with 18 national leaders at state/government level and other ministerial levels.”
Furthermore, Kamboj said that during India’s presidency, Africa’s participation was the highest ever, which included South Africa (G20 member), Mauritius, Egypt, Nigeria, AU presidency – Comoros and African Union Development Agency – New Partnership for Africa’s Development (AUDA-NEPAD)”.
India, which holds the G20 presidency, held its 100th event in Varanasi on April 17 for a meeting of chief scientists in agriculture. “In the spirit of ‘One Planet One Family One Future’, India is committed to building consensus through the G20 process to find solutions to global challenges,” Kamboj added.
Kamboj further expressed concern about the uncertain global economic outlook, inflationary pressures, debt distress, uneven recovery from the COVID-19 pandemic, lack of progress on the Sustainable Development Goals (SDGs), adverse effects of climate change and geopolitical conflicts, and indicate that these impacts are greatest in the Global South.
“Development initiatives in the global South, particularly the implementation of the 2030 Agenda and the Sustainable Development Goals, are facing serious challenges. There is growing recognition of the urgent need to address these issues, including through enhanced multilateral coordination to address debt distress in low-income and Fragile middle-income countries work,” she said.
The Indian envoy urged the establishment of a supportive international economic environment and multilateral trading system, financially viable, transparent and sustainable investment flows in line with national priorities, and enhanced technology transfer frameworks.
“We also need to ensure stable trade flows to address multiple global crises, especially food, energy and financial crises, and to enhance food security and nutrition. We must strengthen the sustainability and resilience of supply chains to promote sustainable integration developing countries,” she said.
Kamboj also called for urgent reform of the international financial architecture, including MDB reform.
“The lack of representation of vulnerable and developing countries in formal decision-making processes will determine the legitimacy and relevance of MDBs for decades to come. The G20 under India’s presidency has prioritized MDB reform, including through The recently established Expert Group on Strengthening Multilateral Development Banks and their evolution to respond to increased demand for their lending resources, knowledge support and promotion of private investment,” she said.
Kamboj also emphasized strengthening multilateral cooperation among creditors to tackle the deteriorating debt situation and ensuring transparency and equal treatment of all creditors in debt restructuring efforts.
“India recently co-chaired a Sovereign Debt Roundtable with the IMF and World Bank during the Spring Meetings to discuss debt sustainability and debt restructuring challenges and ways to address them, including a G20 common framework,” Kamboj said.
She reiterated that climate finance and SDG progress are two sides of the same coin. Timely and adequate climate finance resources, including exploring innovative financing, are important.
“There is a need to set a new collective quantified target, starting from a minimum of US$ 100 billion per year, prioritizing the needs of developing countries. The COP27 decision on financing arrangements to address loss and damage, and the COP15 decision on global biodiversity The decision must be made to implement the Framework Fund quickly,” she added.
In the G20, India proposed digital public infrastructure and digital skills as key priority areas to realize the potential and capitalize on the opportunities of the digital economy.
Science, technology and innovation can play a key role in closing the current SDG gap and harnessing the resources needed to scale up economies. Digital technology can be a key tool for inclusion, advancing governance, better service delivery and promoting inclusion at all levels of society.
“Development cooperation must attract investment in digital infrastructure, digital skills training and digital literacy,” Kamboj said. (Arnie)
(This is an unedited and auto-generated story from a Syndicated News feed, the body of content may not have been modified or edited by LatestLY staff)
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