New York – The 2024 Economic and Social Council (ECOSOC) Financing for Development (FfD) Forum has closed at the United Nations Headquarters in New York with Zambia calling on international partners to continue supporting the country in the implementation of the National Development Plan including its efforts at debt resolution.
The FfD Forum Follow up, which opened on April 22, closed on April 25, 2024. The Zambian delegation was led by Acting Permanent Secretary at the Ministry of Finance and National Planning, Ms. Lois Mulube.
At the close of the Forum, participants adopted an Outcome Document, which commited to unlocking barriers to increasing investment in developing countries, including by providing technical and financial support to developing countries to deepen local capital markets. The delegates expressed concern that the high debt service burdens and higher interest rates are crowding out vital investments, and constrain progress towards the Sustainable Development Goals due to the reduction of available fiscal space for development financing.
Meanwhile, Ms Mulube in the National Statement, noted that no significant progress has been made in addressing financing for development challenges during the last nine years of the Addis Ababa Action Agenda with the financing gap now estimated at US4.2 trillion annually. To this effect, Zambia has prioritised enhancing domestic resource mobilisation capacities by using digital platforms to boost revenue generation to implement the 8NDP for the achievement of the SDG Agenda and 2030 targets.
The Forum was used to prepare for the fourth International Conference on Financing for Development, to be held in Spain in 2025.
Issued by:
Namatama Njekwa
First Secretary Press and Public Relations
Permanent Mission of Zambia to the United Nations