‘Graduating, graduated countries from LDC need extended int'l support’

Permanent Representative of Bangladesh to the United Nations Ambassador Rabab Fatima said the graduating and the graduated countries from the LDC categories need extended international support to ensure their forward journey and prevent any possible slide back.

She urged for ensuring additional finance for the least developed countries (LDCs) and to ensure their access to low-cost and low-risk sources of funding.

Ambassador Fatima was addressing the high-level presentation of the Organization for Economic Co-operation and Development (OECD) publication, “Multilateral Development Finance 2020 (MDF)” held in New York on Friday.

Highlighting some silver linings behind the current pandemic she stressed on the need for reform for removing the persistent weakness of the global development finance system, said a media release on Saturday.

For smooth functioning of the global development finance system she emphasized to ensure flexible and equitable governance for them.

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She further noted the importance of maintaining a balance between development and humanitarian financing of the UN agencies.

Focussing on the importance of involvement of national governments in Sustainable Development Goals (SDG) implementation, she urged the OECD countries to leverage innovative financing, Solutions Through Innovative (STI) and emerging technologies for meeting the ensuing resource gaps.

She underscored the importance of collective effort for eradication of the climate vulnerabilities of the LDCs and other vulnerable countries.

The report published by the OECD high-lighted the evolution of multilateral development finance systems, their sources of funding and their pattern of financing throughout the world. It also illustrated various challenges faced by the system and the possible ways that can be pursued for their recovery.

The event was co-chaired by the UN permanent representatives of Switzerland and Indonesia. Among others, permanent representatives of member states, director OECD, UN assistant secretary general, high-level dignitaries, and experts attended the event.