25 Apr 2024
Thank you Madam President,
1 Singapore aligns itself with the statements delivered on behalf of the Group of 77 and China, ASEAN, and AOSIS. My delegation thanks you for your leadership and the Permanent Representatives of South Africa and Spain for co-facilitating consultations on this process.
2 We believe this Forum’s outcome must achieve two things: One, triage today’s international financial architecture; and two, advocate ambitious approaches that will augment the Addis Ababa Action Agenda and the 2030 Agenda for Sustainable Development. The international financial architecture is in dire need of reform. Our approach to Financing for Development must be one that looks at Financing for the Future. This is why Singapore supports calls for:
(a) One, implementing the Secretary-General’s SDG Stimulus;
(b) Two, improving global debt architecture mechanisms, to enable greater debt transparency and sustainability.
(c) Three, strengthening inclusive tax cooperation while focusing on creating and maintaining the right conditions for global economic growth; and
(d) Lastly, supporting the Secretary-General’s proposal for a Biennial Summit with the Heads of International Financial Institutions.
Madam President,
3 We must take an ecosystem approach to international financing. There is a need to reorient our thinking of how we approach partnerships and investments in global public goods, recognizing that investment in global public goods can go hand in hand with national development. As the 2024 Financing for Sustainable Development Report noted, rapid transformations require enabling environments. All actors must align their actions through appropriate regulatory and legal frameworks, fiscal systems, and trade and investment agreements, which in turn will set incentives for private sector investment.
4 With this in mind, Singapore looks forward to engaging constructively on the road to the 4th International Conference on Financing for Development. We fully support the draft outcome document, and hope that all delegations will consider it favourably.
5 Thank you.
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