The United Nations Forum on Financing for Development must be a clear signal of solidarity, stressed Chancellor Angela Merkel in a video statement. The questions discussed included what swift and comprehensive response the international community can identify to the challenges posed by COVID-19, and what form specific solutions for the worst hit emerging economies and developing countries could take.
Angela Merkel announced that Germany will work for the complete realisation of the debt moratorium agreed by the G20 states and for the involvement of private creditors. In this way, particularly hard hit developing countries and emerging economies can be assisted. IMF measures must also be considered in order to retain liquidity in the global economy during the current crisis, said the Chancellor. In addition to this, it is important to take global action against corruption and illicit financial flows.
It is important for all support projects not to lose sight of the Sustainable Development Goals. All measures must be in line with the 2030 Agenda and the Paris Agreement on climate change, said Angela Merkel.
Climate change mitigation and resilience are integral parts of Germany’s development cooperation. Germany has doubled its contribution to international climate financing since 2014. The German government has also advanced climate-risk insurance during its presidencies of the G7 and G20.
The Chancellor pointed to the central role played by the UN, particularly in efforts to overcome the pandemic. That is why Germany will continue to provide financial support for the UN and the World Bank she said – whether by ensuring the swift payment of additional funding or by reallocating funds.
UN Secretary-General António Guterres hosted the meeting jointly with Canada and Jamaica as representatives of the "Group of Friends of Financing the SDGs". Alongside numerous heads of state and government, the heads of international organisations (including the International Monetary Fund, the World Bank and the OECD) attended the video conference.