(MENAFN- Gulf Times) HE the Minister of Finance Ali bin Ahmed al-Kuwari has highlighted world's emerging challenges, global dynamics and notable performance divergence of many countries, which hinders sustainable development and dramatically increases borrowing costs.
He was addressing the 4th annual United Nations 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.
Al-Kuwari expressed the need for new financing ideas to mitigate such obstruction and 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.”
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 emphasised the importance of exploring ways for collaboration to achieve and apply sustainability standards and future development.
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.
In New York, HE al-Kuwari, also held a meeting with Paula Narváez, president, ECOSOC.
During the meeting, a wide range of topics pertaining to common interests were discussed, with particular attention paid to the financial and international development work.
Both parties were involved in a dialogue concerning possible approaches to enhancing the effectiveness of the joint efforts and promoting mutual benefits.
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