Photo: Collected
Dr Rashed Al Mahmud Titumir, finance and planning adviser to the prime minister, has called for extensive reform of the global financial architecture to ensure affordable, fair and risk-sensitive financing for developing countries.
He made the call while taking part in the Leaders Dialogue titled ‘Leading SDG Action’ at the United Nations Headquarters on Friday, New York local time.
Dr Titumir said, ‘Our overall approach must be collective and forward-looking. A global financial architecture must be built that will not only provide finance for development but will also create an environment suited to making development sustainable.’
He put forward five priorities to make the international financial architecture, including the multilateral development banks, more effective and inclusive.
These are — building a financial system capable of identifying and mitigating risks in advance instead of responding after a crisis; strengthening the voice of vulnerable countries in the policies and decisions of international financial institutions; ensuring long-term, low-cost and fair financing; increasing the alignment of international financing with national development priorities; and continuing flexible support and preferential facilities during graduation from least developed country (LDC) status.
As an example of SDG implementation at the grassroots, he highlighted Bangladesh’s ‘SDG Village’ initiative.
He said that, centring on the needs and priorities of local people, renewable energy, safe water, sanitation, livelihood opportunities, women’s empowerment, digital services and climate resilience are being advanced in an integrated manner under this initiative.
European Commission Executive Vice-President Teresa Ribera, Benin’s Finance Minister Aristide Medenou and Panama’s Social Development Minister Beatriz Carles de Arango also took part in the dialogue.
The event was moderated by Sherwin Bryce-Pease of the South African Broadcasting Corporation.
