A new approach to Financing for Sustainable Development
The cumulative impacts of converging international crises including the coronavirus health pandemic, the accelerating climate and biodiversity crises, have contributed to an extremely challenging global macro-economic context and there is now a strong possibility of a prolonged sharp slowdown in global economic activity.
Although all countries are fragile in the face of the pandemic, its impact will not be equal everywhere. Its consequences for developing countries are likely be harsher and longer-term. Managing the crisis is likely to be particularly difficult for countries with limited fiscal space and weak social protection. Together, these effects are already compounding existing financial and debt vulnerabilities.
The damaging economic impacts of the COVID pandemic have worsened the already slowing global progress towards poverty reduction in recent years. The humanitarian and economic crisis triggered by the pandemic is threatening the well-being of billions of people and risks derailing the global efforts to achieve the Sustainable Development Goals and to respond to the accelerating climate emergency.
As a result, and in collaboration with its members and partners, Forus is working to shape a different economic paradigm which respects people and planet. We are pushing for a new and more sustainable model of international financing for development, which builds on the Monterrey, Doha and Addis Ababa international FfD agreements . Our “Big Changes Needed” FfD advocacy document also calls for the development of a new system of global economic governance which will promote equality, and common but differentiated responsibilities between countries for the global commons.