“United Nations High-Level Dialogue on Financing for Development”

20 September 2023

The Minister for Foreign Affairs, Hon. Fekitamoeloa ‘Utoikamanu participated at Roundtable 2 of the United Nations High-Level Dialogue on Financing for Development that was held at the United Nations Headquarters on Wednesday, 20 September, 2023. This roundtable was on the topic of “Scaling up affordable and accessible international public financing for sustainable development and ensuring efficiency”.

Given Tonga, a Small Island Developing State is acutely vulnerable to the adverse effects of climate change and other external shocks, Hon. ‘Utoikamanu placed emphasis on the need to scale up affordable and accessible international public financing for sustainable development and ensure efficiency, by recommending specific actions, such as increasing the volume of international public financing available to SIDS and other vulnerable countries. This could be achieved by increasing the volume of Official Development Assistance (ODA), concessional loans, and other forms of public financing.

And to improve the terms and conditions of international public financing. This includes providing more flexible and innovative financing instruments that meet the specific needs of SIDS and other vulnerable countries. Streamline the application and approval processes for international public financing, in which it would help to reduce transaction costs and improve the efficiency of the financing process. Enhance accountability and transparency in the use of international public financing. This would help to ensure that resources are used effectively and efficiently to achieve sustainable development outcomes and so forth.

In conclusion, Tonga called upon the international community to take these recommendations on board and work collaboratively in scaling up affordable and accessible international public financing for sustainable development, while simultaneously ensuring efficiency. By working together, countries can forge a path towards a more sustainable and prosperous future for all.