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– As delivered –<\/em><\/strong><\/p>\n 18 June 2021<\/span><\/strong><\/p>\n Excellencies,<\/p>\n Distinguished delegates,<\/p>\n The COVID-19 pandemic has caused untold human suffering. It has exposed the fragility of the global economy and triggered the worst economic and social crisis in decades. And it is the most vulnerable that have been hit the hardest.<\/p>\n The pandemic has pushed Least Developed Countries (LDCs) off track on their development trajectory, deeper into the cycle of poverty, hunger, unsustainable debt and austerity.<\/p>\n While advanced economies deployed massive fiscal stimulus to cushion the pandemic\u2019s impact, and have seen successful mass vaccinations, the policy response in LDCs has been much more limited, due to tight fiscal constraints and major logistical challenges.\u00a0<\/p>\n As the international community prepares for Fifth Ä¢¹½ÊÓƵ Conference on LDCs (LDC5), and reviews progress on the implementation of the Istanbul Programme of Action, it is clear we are severely off track. \u00a0Gains made over the last decade in poverty reduction have been wiped out. Over 32 million people now live in extreme poverty in the LDCs. It is estimated that LDCs will take at least 5 years to return to their pre-COVID status. \u00a0Achievement of the 2030 Agenda is severely at risk.<\/p>\n Upon graduation, LDCs are likely to lose LDC-specific support, potentially in addition to the impacts of the pandemic. Continued support is required to sustain their development trajectory. The discussions during yesterday\u2019s High-level Meeting on Middle-Income Countries is a testament to this.<\/p>\n As we look back on the implementation of the Istanbul Programme of Action, let us focus forward on a new playbook for LDCs to open the possibilities and opportunities for transformation.<\/p>\n Excellencies, dear colleagues,<\/p>\n Since the beginning of this session, I have worked with my Board of Advisers on LDCs, LLDCs and SIDS, to encourage multilateral action to tackle the most pressing development challenges. \u00a0Financing for Sustainable Development and the urgent need to address unsustainable high levels of debt in the LDCs have been consistently raised. \u00a0Sustainable solutions for the current acute debt crisis must be found in order to avoid a domino effect of sovereign bankruptcies.<\/p>\n Today\u2019s joint thematic event shines a spotlight on \u201cDiversifying the Financing Toolbox to Enhance Investment in LDC\u201d.<\/p>\n As we look to LDC5, I encourage you to develop a new global deal for LDCs, built on a new generation of global partnerships, that will assist LDCs to recover faster from the pandemic while accelerating sustainable development. A comprehensive financing mechanism for LDCs is needed to better manage risk and provide support in times of crisis.<\/p>\n Simply put, our actions can direct the international financial system to provide better, targeted support for LDCs. Not only must any recovery effort from the socioeconomic consequences of the pandemic address the needs and vulnerabilities of those furthest left behind, recovery also must be comprehensive and above all resilient. Without economic, societal and climate resilience to future shocks, there is no sustainable development.<\/p>\n The risk to the achievement of the SDGs in LDCs from a lack of ambitious and transformative global development finance and policy responses cannot be overstated. The annual financing gap to achieve the SDGs by 2030 was USD 2.5 trillion before the pandemic. It is now USD 4.2 trillion.<\/p>\n ODA remains a key mechanism to support LDCs. The pandemic has clearly demonstrated the urgent need to fulfil the ODA commitments in the Istanbul Programme of Action and prioritize concessional financing and grant financing. The decline in ODA to health must be reversed. Bolstered aid flows will pave the way for sustained recovery.<\/p>\n As an immediate priority, Official Development Assistance providers should meet the financing gap of the Access to COVID-19 Tools Accelerator (ACT-accelerator) and rally behind the efficient and equitable distribution of vaccines to ensure universal vaccination in LDCs.<\/p>\n Excellencies, dear colleagues,<\/p>\n The already elevated levels of public and external debt have deteriorated further during the pandemic. Almost half of the LDCs are now assessed at a high risk of debt distress or in debt distress. While we commend the Debt Service Suspension Initiative (DSSI), a more aggressive and comprehensive debt relief measure is urgently needed for LDCs.<\/p>\n Special Drawing Rights (SDR) allocations of $650 billion can ease pressure on the current account balances of LDCs and reduce some financing gaps.<\/p>\n Innovative and creative sources of finance are needed to complement traditional aid in order to enhance LDC\u2019s access to finance and risk capital. These include blended finance, innovative bonds, green bonds, GDP-indexed bonds, pooled funds and solidarity taxes and various insurance schemes including weather derivatives, that will support sustainable development.<\/p>\n To diversify the financial toolbox, the right policy and institutional frameworks must be put in place to facilitate an unprecedented investment push in the productive capacities of LDCs. The evidence has shown that LDCs with more productive capacities have been better equipped to withstand COVID-19.<\/p>\n Domestic resource mobilization must be scaled up. The high and persistent level of corporate tax avoidance and evasion must be addressed. International tax cooperation to combat corporate tax avoidance is central to recover potential revenues, particularly for LDCs.<\/p>\n Excellencies,<\/p>\n The pandemic has demonstrated all aspects of our planet \u2013 including ourselves are inextricably linked. We will all suffer if LDCs cannot recover from COVID-19. And LDCs will suffer if we do not fulfil our international commitments, including on climate, where they have the least capacity to absorb the costs of adaptation.<\/p>\n Making progress on our climate finance goal of $100 billion a year, including financial instruments will place LDCs on a much-needed pathway to the carbon reductions and adaptation action.<\/p>\n The response to ensure LDCs are not left behind must be based on multilateral cooperation. We have the 2030 Agenda. We have the Paris Agreement. These are the blueprints for the recovery process that must start now. I encourage you to use this meeting to consider measures that will address the long-standing flaws in the prevailing multilateral trade and financial and debt architecture and bring the outcome of your discussions.<\/p>\n I look forward to the discussions in this session which will provide substantive contributions to the Fifth Ä¢¹½ÊÓƵ Conference on LDCs to be held in January 2022 in Doha, Qatar.<\/p>\n I thank you.<\/p>\n [\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row column_structure=”1_2,1_2″ _builder_version=”3.25″ background_size=”initial” background_position=”top_left” background_repeat=”repeat”][et_pb_column type=”1_2″ _builder_version=”3.0.47″ custom_padding=”|||” custom_padding__hover=”|||”][\/et_pb_column][et_pb_column type=”1_2″ _builder_version=”3.0.47″ custom_padding=”|||” custom_padding__hover=”|||”][\/et_pb_column][\/et_pb_row][\/et_pb_section]<\/p>\n","protected":false},"excerpt":{"rendered":" Remarks by H.E. Mr. Volkan Bozkir \u2013 PRESIDENT OF THE GENERAL ASSEMBLY<\/p>\n","protected":false},"author":342,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"on","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[111],"tags":[],"committee-meeting":[],"class_list":["post-245509","post","type-post","status-publish","format-standard","hentry","category-speeches","et-doesnt-have-format-content","et_post_format-et-post-format-standard"],"yoast_head":"\nRemarks by H.E. Mr. Volkan Bozkir, President of the 75th session of the United Nations General Assembly<\/h3>\n