UN Report Urges Evidence-Based Financing for SDG Achievement

In response to the latest Sustainable Development Financing Report 2024 issued by the United Nations, Dr. Hala El Said, Minister of Planning and Economic Development, emphasizes the critical need for evidence-based approaches to tackle financing challenges. Highlighting the pivotal role of effective institutions and sound public policies, Dr. El Said stresses the importance of coordinated efforts, including regular monitoring and evaluation, to realize sustainable development goals.

Entitled “Financing Development at a Crossroads,” the Sustainable Development Financing Report for 2024 illuminates the core of the global sustainable development crisis: financing hurdles. Massive debt burdens and high borrowing costs impede developing countries’ responses to multifaceted crises. The report underscores that achieving sustainable development goals requires a significant increase in financing and a restructuring of the international financial framework.

Furthermore, the report underscores the urgent need to mobilize financing on a large scale to bridge the development financing gap, now estimated at approximately $4.2 trillion annually—an increase from $2.5 trillion before the COVID-19 pandemic. Additionally, escalating geopolitical tensions, climate disasters, and global cost-of-living crises exacerbate challenges, undermining progress in vital areas such as healthcare and education.

Egypt emerges as a trailblazer in releasing a Sustainable Development Financing Report. The Arab Republic of Egypt launched the “Sustainable Development Financing in Egypt” report in early 2022, setting a global precedent by providing a comprehensive analysis of national-level financing. This pioneering report, part of a collaborative project with the Arab League, aims to devise sustainable financing mechanisms for the future. It embodies Egypt’s commitment to developmental cooperation and a collaborative approach. The Ministry of Planning and Economic Development provided crucial data for the report, formulated under the supervision of Dr. Mahmoud Mohieldin, the UN Special Envoy for Financing the 2030 Agenda. The report’s chapters were contributed by a distinguished group of Egyptian experts, professors, and independent researchers. International development partners, including the United Nations Development Programme (UNDP), the United Nations Economic and Social Commission for Western Asia (ESCWA), the United Nations Department of Economic and Social Affairs (UNDESA), the Organisation for Economic Co-operation and Development (OECD), and the International Monetary Fund (IMF), contributed to reviewing the report.