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Financing for Sustainable Development Report 2019

Financing for Sustainable Development Report 2019

Sixty-plus international organizations, led by the United Nations and including the International Monetary Fund, the World Bank Group and World Trade Organization, jointly sounded the alarm Thursday in a new report, warning that unless national and international financial systems are revamped, the world’s governments will fail to keep their promises on such critical issues as combatting climate change and eradicating poverty by 2030. The international agencies recommend concrete steps to overhaul the global institutional architecture and make the global economy and global finance more sustainable, including:

  • supporting a shift towards long-term investment horizons with sustainability risks central to investment decisions;
  • revisiting mechanisms for sovereign debt restructuring to respond to more complex debt instruments and a more diverse creditor landscape;
  • revamping the multilateral trading system;
  • addressing challenges to tax systems that inhibit countries from mobilizing adequate resources in an increasingly digitalized world economy;
  • addressing growing market concentration that extends across borders, with impacts on inequality.