World leaders are gathered in Doha, Qatar, for a major UN conference seeking to accelerate sustainable development where international assistance is most needed and to unlock the full potential of the world's most vulnerable countries and help put them on the path towards prosperity.
Three years after the world began its epic struggle against COVID-19, the least developed countries (LDCs) - already grappling with severe structural impediments to sustainable development and highly vulnerable to economic and environmental shocks - have found themselves stranded amid a rising tide of crisis, uncertainty, climate chaos and deep global injustice.
"Systems are stretched or non-existent - from health and education to social protection, infrastructure, and job creation. And it is only getting worse," Secretary-General António Guterres told the Fifth UN Conference on the Least Developed Countries, known as LDC5, taking place in the Qatar capital from 5 to 9 March.
He stressed that the global financial system, created by wealthy countries to serve their own interests, is extremely unfair to LDCs, who must pay interest rates that can be eight times higher than those in developed countries. "Today, 25 developing economies are spending over 20 per cent of government revenues solely on servicing debt," said the UN chief.
As a result, he stressed that the LDCs "need a revolution of support" across three key areas.
'No more excuses'
First, he said the world's most vulnerable countries urgently require support to achieve the Sustainable Development Goals (SDGs). This includes providing at least $500 billion a year to developing countries, as well as 0.15 to 0.20 per cent of GNI for Official Development Assistance (ODA) from developed countries. In addition, international efforts need to be made to prevent tax evasion and illicit financial flows.
"No more excuses," the Secretary-General stressed. "I call upon development partners to support the implementation of these deliverables and achievements of the DPoA targets," he said, referring to the landmark Doha Programme of Action, which is the blueprint for renewed commitment and engagement between the LDCs and their development partners, including the private sector, civil society, and governments at all levels.
'A new Bretton Woods moment'
Secondly, the UN chief said, it would be necessary to reform the global financial system through a new Bretton Woods moment.
"This includes expanding contingency financing and integrating disaster and pandemic clauses into debt instruments," he said. "Multilateral Development Banks should transform their business model to attract greater flows of private finance into LDCs."
He added: "We must find new, common-sense ways to measure countries' economies - such as lending criteria that go beyond Gross Domestic Product."
Evolution in climate support
The LDCs are particularly vulnerable to the effects of climate change despite contributing only a small amount of greenhouse gases.
To provide the necessary support, Mr. Guterres urged developed countries to fulfil their $100 billion promise to developing countries, simplify access to climate finance, operationalize the loss and damage fund, double adaptation finance, replenish the UN-backed Green Climate Fund and provide early warning systems to every person in the world within five years.
With these and other vital aims in mind, the Secretary-General told delegates that he will host a Climate Ambition Summit at UN Headquarters in September to move from words to action and "to deliver climate justice to those on the frontlines of the crisis".
