Statement by Mr. Md. Faruk Hossain, Minister, Bangladesh Permanent Mission to the UN at the Panel Discussion-2 titled Remaking the international financial architecture to achieve the SDGs 2023 ECOSOC FFD Forum, UNHQs

Mr. Moderator,

Distinguished Panelists,

I thank the moderators for their insightful presentations.

As most panelists highlighted here today, we agree that in order to overcome the multiple crises and start a recovery that averts the next crisis, we must revisit the global economic order with Multilateral Development Banks at its core.

Reforming these institutions is key, but the question is do we really know if this could ever be achieved and if we are optimistic how soon this can be achieved as one of the panelists alluded to.

This looks more complicated now as the global economy is tilting towards recession with major economies raising interest rates to tame their ballooning inflations with ripple effects to the economies of the developing world.

But these reforms should be an urgent priority to unleash the full lending and technical power of these banks for a recovery based on the Sustainable Development Goals.

We should not forget that many of these MDBs were created to respond to historic moments and provide financial support commensurate with the scale of global challenges.

One of the aspects which my delegation thinks crucial is political will. I repeat political will is important.

The shareholders of these institutions, particularly the G7 and G20 countries, must have a rethinking around the mission of MDBs against a backdrop of Covid-19, conflicts, the climate crisis and the SDGs and inject into them a new sense of urgency and purpose and empower them to act more quickly and invest more boldly in SDGs in developing countries to help them with sustainable recovery and rebuilding.

I hank you.