Minister of Planning Engages in UN Economic and Social Council’s Forum on Financing for Development

H.E.Dr. Hala El Said, Minister of Planning and Economic Development, participated via video conference in a high-level session during the United Nations Economic and Social Council’s Forum on Financing for Development. The forum, held at the UN headquarters in New York from April 22 to April 25, focused on the theme “Advancing Comprehensive Dialogue on the Road to the Fourth Global Forum on Financing for Development.”

In her address, Dr. Hala underscored the critical significance of financing sustainable development goals in light of the prevailing global economic, political, and environmental crises. She emphasized the pivotal role of domestic financing mechanisms in driving progress towards these goals, stressing the need for comprehensive approaches to addressing financing challenges.

Dr. Hala elaborated on Egypt’s strategic approach to financing, aligning with Vision 2030’s goals, which prioritize sustainable and innovative financing solutions. She highlighted the government’s efforts to tackle financial obstacles while promoting inclusive and equitable development, emphasizing the importance of partnerships and collaboration with international organizations.

The minister referenced the Global Financing for Sustainable Development Report 2024, which revealed a significant annual financing gap of $2.5 to $4 trillion, exacerbated by the COVID-19 pandemic and its economic repercussions. She also cited projections from the Organization for Economic Co-operation and Development (OECD) estimating a 56% increase in financing gaps in developing countries by 2023.

Dr. Hala unveiled Egypt’s updated Vision 2030, launched in November 2023, with a renewed focus on financing as a key enabler of sustainable development. She outlined the agenda’s objectives, including the diversification of funding sources, the removal of financial barriers, and the enhancement of innovative financing mechanisms to accelerate progress towards national and international development agendas.

Furthermore, Dr. Hala highlighted Egypt’s collaboration with the League of Arab States in releasing the “Sustainable Development Financing in Egypt” report, the nation’s first comprehensive report on financing for development. She also announced the Ministry of Planning and Economic Development’s partnership with the United Nations Joint Fund for Sustainable Development Goals to formulate a strategy for financing sustainable development goals in Egypt.

In conclusion, Dr. Hala emphasized the imperative for evidence-based financing strategies to ensure effective resource mobilization and sustainable development outcomes. She stressed the importance of robust institutions, sound policies, and ongoing monitoring and evaluation mechanisms to facilitate the achievement of sustainable development goals.