Urgent Need to Bridge $4 Trillion Financing Gap for SDGs: Sitharaman at Global South Summit

Finance Minister Nirmala Sitharaman addressed the critical USD 4 trillion financing gap for Sustainable Development Goals at the 3rd Voice of Global South Summit, emphasizing the need for financial inclusion and collaboration among developing economies to address key economic challenges.

Finance Minister Nirmala Sitharaman underscored the urgent necessity of bridging a USD 4 trillion financing gap to accelerate progress on Sustainable Development Goals (SDGs) at the 3rd Voice of Global South Summit on Saturday. She highlighted the critical issues faced by developing economies, proposing collaborative strategies to tackle these challenges.

Addressing international delegates and global leaders, Sitharaman cited a World Bank report which states that by the end of this year, one in four developing economies will be poorer than before the pandemic. 'Growth remains insufficient to drive progress in development and poverty reduction,' she stated, emphasizing the stagnation and regression in implementing SDGs in these regions.

Sitharaman revealed that developing countries need USD 6 trillion by 2030 to meet half of their climate targets. She called for pragmatic actions to advance financial inclusion, highlighting India's efforts and commitment towards this goal, including a recent grant to the African Development Financial Inclusion Facility and promoting South-South cooperation through platforms like G20.