Summit of the Future: Multilateral solutions for a better tomorrow

Closing Remarks to Interactive Dialogue No. 1

Thank you very much, Mr. Prime Minister,

Excellencies, 

I won’t pretend to summarize this very rich discussion.

But really, we have heard today, the legitimate aspirations of the countries of the Global South to be able to realize the 2030 Agenda. We have heard the call to fight poverty, inequality, achieve universal access to basic services, health and education, investment and infrastructure, creation of decent jobs for the young and economic transformation and opportunities for women through the economic transformation, taking advantage of the new technologies in the energy transition.

But what we have also heard is that the enablers to do that are not there.

First, finance. The call for the international financial architecture to provide critical resources, the very costly cost of finance for developing countries; interest rates were mentioned widely. The RCAs were also mentioned in the discussion. The debt burdens that are creating a development crisis, with too many countries facing impossible choices between servicing their debt or servicing their people. The issue of technology transfers that are weak and the data and AI divides where technology transfer can play such an important role. Trade opportunities for more inclusive development and the worries for the rising protectionism.

The devastating impact of climate change on the most vulnerable. And the need for a universal global safety net to protect countries from systematic shocks.

What we heard is a call for a better debt restructuring mechanism; for more long-term and affordable development financing that will crowd in private investment and de-risk Foreign Direct Investment. The recapitalization of the Multilateral Development Banks, the Tax Convention at the United Nations that will fight Illicit Financial Flows. A more intensive use of the SDRs, the removal of surcharges, and innovative development finance for mitigation and adaptation, and a wide call and demand for more representation.

We also heard a strong call from the Global North and their commitment to change, partnership and solidarity. We heard the Bretton Woods Institution and the efforts being made for the World Bank, in their role to be better and bigger, the climate financing, especially including adaptation. For trade to be more inclusive and the WTO reform that we heard from our sister Ngozi. The scale up of the financing for the PRGT and RST in the IMF and the new chair for Sub-Saharan Africa in the IMF Board.

All this is very welcomed and a result of intensive dialogue. We also heard a call for more dialogue, more intensive dialogue between the Bretton Woods Institutions and the UN institutions, and a greater multistakeholder dialogue going forward.

But as was also said, growth is weak because trade, investment and financial flows are weak. Actually, in 2023, financial flows were negative for developing countries. Not positive, negative. And despite of the decrease in interest rates by the Federal Reserve last week, developing countries face in 2024 probably the worst year in terms of debt payments. They’re facing a debt wall and a very damaging debt burden.

So, given this panorama, no invisible hand will be able to fix it. We need you. We need a deliberate political will to scale up the efforts to embrace the Pact of the Future. We need all Member States to strengthen multilateral solutions to avoid fragmentation and to rebuild trust. The world is in need of this transformation.

This session, and the Pact of the Future at large, are about making the right choices. About defending multilateralism in the new age.

But a renewed form of multilateralism – with greater representation in governance, with fairer rules in trade and the environment, with much less inequity in how and under what conditions and interest rates international finance is allocated.

Today, we have chosen reform. Today, we have chosen transformation. Today, we have chosen renewal, and acceleration, and sustainable development. And that is something worth celebrating.

I thank you.