‘LDC graduates need extended int’l support’

Permanent Representative of Bangladesh to the United Nations Ambassador Rabab Fatima has said the graduating and graduated countries from LDC categories need extended international support to ensure their forward journey and prevent any possible slide back.

She urged for ensuring additional finance for LDCs and to ensure their access to low-cost and low-risk sources of funding. She was addressing a high-level presentation of the OECD publication, "Multilateral Development Finance 2020 (MDF)" held in New York on Friday.

Highlighting some silver linings of the pandemic, she stressed the need for reform for removing the persistent weakness of the global development finance system, said a media release yesterday.

For smooth functioning of the global development finance system, she emphasised to ensure flexible and equitable governance for them.

She further noted the importance of maintaining a balance between development and humanitarian financing of the UN agencies.

Focusing on the importance of involvement of national governments in SDG implementation, she urged the OECD countries to leverage innovative financing, STI and emerging technologies for meeting the ensuing resource gaps.

She underscored the importance of collective effort for eradication of the climate vulnerabilities of the LDCs and other vulnerable countries.

The report published by OECD highlighted the evolution of multilateral development finance system, their sources of funding and their pattern of financing throughout the world.

It also illustrated various challenges faced by the system and the possible ways that can be pursued for their recovery.

The event was co-chaired by the Permanent Representatives of Switzerland and Indonesia. Among others, Permanent Representatives of Member States, OECD Director, UN Assistant Secretary General, high-level dignitaries and experts attended the event.