U.S. Counsellor for ECOSOC Affairs
New York, New York
October 11, 2022
I would like to thank the ECOSOC President and the Chair of the Second Committee for convening this important meeting on poverty eradication.
Poverty eradication is at the heart of the Sustainable Development Goals (SDGs). For example, we all know well that poverty can impede access to food and nutrition (SDG 2); health and well-being (SDG 3); education (SDG 4); and clean water and sanitation (SDG 6). It also slows progress toward equality (SDG 10) and undermines social cohesion, political stability, and peace (SDG 16).
As it stands today, the economic and social consequences of the COVID-19 pandemic have rolled back hard-won progress on achieving the SDGs and pushed an additional 97 million people into extreme poverty. Further, Russia’s unprovoked war against Ukraine has exacerbated food insecurity — sending food, energy, and fertilizer prices skyrocketing — while climate change wreaks havoc on the livelihoods and assets of the poorest.
As we face a growing number of interrelated crises, we must respond by accelerating innovative solutions to expand sources of investment, including boosting domestic resources and scaling up use of blended finance, sustainable development bonds, and other policies and mechanisms to increase private sector investment.
As USAID Administrator Samantha Power said, “There simply isn’t enough development assistance in the world to meet the global challenges we face.” We have to get private sector capital engaged to sustainably meet global development goals.” The United States is leading by example in this regard. We are proud to be the largest bilateral provider of Official Development Assistance and for the work we have done in partnership with developing countries to help increase domestic revenues and attract sustainable investments and finance.
For example, through the U.S. International Development Finance Corporation (DFC), the United States mobilizes private sector finance in developing economies to support investment in smallholder farmers and agriculture value chains. DFC provides debt and equity financing and political risk insurance to a range of projects around the world. DFC has a strong focus on lower income countries and underserved communities such as women and refugees.
Measures such as these reflect a fundamental principle of the 2030 Agenda, which is that achieving the SDGs requires the support of all stakeholders. The United States firmly believes that it is vital to reaffirm our collective support for the SDGs and leverage innovative solutions for their achievement as we approach 2030. Thank you.