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16 UN SECRETARY-GENERAL’S SDG STIMULUS TO DELIVER AGENDA 2030
● Take concrete steps toward a perma-
nent mechanism to address sovereign
debt distress.
Massively scale up affordable long-term
financing for development
● Strengthen the MDBs by increasing their
capital bases, better leveraging their balance
sheets, and re-channelling SDRs through them.
● Improve the terms of lending by MDBs, in-
cluding longer-terms, lower interest rates, use
of state-contingent clauses, and more lending in
local currencies.
● Strengthen the system of public develop-
ment banks (PDBs), with increased capacity
and more cooperation between national and
multilateral banks.
● Meet ODA commitments with alloca-
tions of grants based on vulnerabilities,
not only income.
● C ombine public and private finance towards
public aims with a focus on development
impact and country ownership.
Expand contingency financing to
countries in need
● A new issuance of SDRs; re-channel unused
SDRs to those in need more quickly; set up con-
crete mechanism to re-channel unused SDRs
through MDBs.
● Create a work programme to explore how SDRs
can finance climate mitigation and be auto-
matically issued in times of crisis.
● Explore other innovative mechanisms to
increase global liquidity, by increasing access
limits to existing emergency lending windows
at the IMF and World Bank, and through new
instruments that are quick disbursing, with low
interest rates, and parsimonious conditionality.
● C reate regional mechanisms to increase
liquidity, including through enhancing region-
al financing arrangements and making central
bank swap lines more widely available.
Implementation and operationalization at
the country level
In addition to the implementation of the SDG
Stimulus at the global level, the UN, IMF, and
MDBs should work closely together in supporting
countries in 2023 and beyond to implement the
SDG Stimulus on a case-by-case basis. Integrated
National Financing Frameworks (INFFs) can help
operationalize the SDG Stimulus at the national
level including by re-prioritizing investments in
sectors vital to boosting resilience and providing
buffers during shocks such as universal social
protection, decent job creation, re-skilling, and
life-long learning programmes. They are an ideal
tool for countries to set out their priorities and key
financing policies.
Most of the elements in the SDG Stimulus –
strengthening the system of MDBs and PDBs,
addressing debt risks, ensuring contingency finance
when needed, and national actions – are already on
the international agenda. They need a political push
to make the ambition a reality.
The United Nations, with its ability to convene
governments and relevant stakeholders across
multiple domains, is uniquely placed to move
reforms forward. 2023 will be a critical year as we
mark the half-way point to the 2030 Agenda and
host the High-Level Dialogue on Financing for
Development, a Climate Ambition Summit, and an
SDG Summit in September. Agreement on this SDG
Stimulus by Heads of State and Government will
lock in a chance to rescue the SDGs and deliver on
our collective promises to citizens of the world