PRESS STATEMENT
For Immediate Release
New York, 21 April 2026 — The ECOSOC Forum on Financing for Development Follow-up 2026 has officially opened at United Nations Headquarters, marking the first global review of progress since the adoption of the Sevilla Commitment in 2025.
The Forum, which began on 20th April and ends on 24th April,2026, has convened global leaders to address mounting economic challenges affecting development financing. Discussions are focused on accelerating implementation efforts to close the widening Sustainable Development Goals (SDG) financing gap.
As a key platform for assessing progress on financing for development, the Forum aims to mobilize action to bridge an estimated US$4 trillion annual SDG financing gap, particularly in the context of rising global economic uncertainty, increasing debt vulnerabilities, and declining development assistance.
Delivering a statement on behalf of the Least Developed Countries (LDCs), Ms. Prudence Kaoma, Permanent Secretary in Zambia’s Ministry of Finance and National Planning and head of the Zambian delegation, highlighted that slowing global growth, rising debt-service burdens, declining official development assistance, and tightening financial conditions are severely constraining fiscal space and undermining development prospects for vulnerable economies.
She further emphasised that sharp reductions in aid and rising borrowing costs are placing countries like Zambia under increasing pressure across debt, trade, and investment channels. These challenges are limiting the ability to finance critical sectors such as health, education, and infrastructure, and underscore the urgent need for stronger concessional support and fairer financing conditions.
In his remarks, António Guterres, Secretary-General of the United Nations, warned that rising geopolitical tensions, conflict-driven economic shocks, declining aid flows, and surging military spending are deepening the global development crisis, with the SDG financing gap continuing to expand.
Also addressing the opening session, Annalena Baerbock , President of the General Assembly underscored that recent global shocks, including the Middle East crisis, have driven up oil prices, disrupted supply chains, and worsened food insecurity and debt burdens, particularly for developing countries already facing constrained fiscal space and high borrowing costs.
The Forum is of critical importance to Zambia, providing an opportunity to advocate for concrete action on development financing, attract investment through initiatives such as the SDG Investment Fair, and amplify the priorities of LDCs. It also serves as a platform to help shape a more inclusive, resilient, and responsive global financial system, while advancing implementation of both the Sevilla Commitment and the Doha Programme of Action.
Issued by:
Namatama Njekwa
First Secretary for Press and Public Relations
Permanent Mission of the Republic of Zambia to the United Nations
