## Address at the UN Conference on Financing SDG Implementation: The Role of Integrated National Financing Frameworks

_IMF News, May 28, 2020_

## Source details

**Canonical URL:** [Address at the UN Conference on Financing SDG Implementation: The Role of Integrated National Financing Frameworks](https://www.imf.org/en/news/articles/2020/05/28/sp052820-address-at-the-un-conference-on-financing-sdg-implementation)

## Other formats

- [Markdown version](/en/news/articles/2020/05/28/sp052820-address-at-the-un-conference-on-financing-sdg-implementation/index.md)
- [Structured JSON version](/en/news/articles/2020/05/28/sp052820-address-at-the-un-conference-on-financing-sdg-implementation/index.json)
- [Bundle manifest](/en/news/articles/2020/05/28/sp052820-address-at-the-un-conference-on-financing-sdg-implementation/bundle-manifest.json)

## Bibliographic details
- Published: May 28, 2020

---

### Context and opening
- Delivered by Tao Zhang, Deputy Managing Director, IMF.
- Delivered “As Prepared for Delivery” at a conference in Ashgabat, recognizing Turkmenistan’s early formal acceptance and integration of the Sustainable Development Goals into national socio-economic plans.
- Emphasized that achieving the SDGs is an important priority for emerging markets and developing countries, with notable prior progress in the Caucasus and Central Asia region (CCA).

### Financing shortfalls for SDGs (pre-COVID baseline)
- IMF study findings on additional annual spending required by 2030 for meaningful progress in health, education, and selected infrastructure:
  - Emerging market economies: additional annual spending reached an estimated 4 percentage points of their combined GDP in 2030.
  - Low-income developing countries: additional annual spending reached an estimated 15 percentage points of GDP in 2030.
  - Countries in the CCA region represented at the conference: additional annual spending required reaches about 10 percentage points of their GDP in 2030.
- Conclusion: Substantial external resources are needed when domestic efforts (mobilizing tax revenues, enhancing spending efficiency) are insufficient.

### COVID-19 impact on SDG financing and social outcomes
- The pandemic increases spending needs and complicates SDG financing.
- Risks and challenges highlighted:
  - The crisis risks setting back previous achievements in human and social development, including equality and poverty reduction.
  - Health and social spending needs increase as countries respond to the emergency.
  - Revenue losses and higher debt in many countries are shrinking fiscal space.
  - The crisis exposes structural shortcomings, such as limited social safety nets and uneven access to quality public services across groups.

### Policy priorities and opportunities in recovery
- Recovery as an opportunity to accelerate reforms needed to achieve the SDGs.
- Key policy priorities:
  - Increase efficiency of public spending to realize savings and reallocate spending to high-priority areas, including health, education, and infrastructure.
  - Develop political and societal consensus to support efficient spending and reforms.
  - Strengthen institutions and instill principles of transparency, accountability, and responsiveness.
  - Create a business-friendly environment to engage the private sector in financing and implementation.

### IMF support and initiatives
- The IMF leverages macroeconomic and financial expertise and global membership to support member countries’ development efforts and global economic and financial stability.
- Initiatives and support highlighted:
  - Increased financial support for low-income developing countries.
  - As of May 20, we have provided more than 16 billion of SDRs via emergency financing facilities to 59 countries.
  - Bolstering support to fragile and conflict states to address unique challenges.
  - Enhanced policy advice and capacity building on measures to promote inclusion and a sustainable macroeconomic environment.

### Role of international cooperation and stakeholders
- Financing SDGs requires global and regional cooperation in addition to country ownership.
- Complementary actors identified:
  - Private sector
  - Official development assistance
  - Philanthropists
  - International financing institutions
- These actors can help accelerate efforts to close remaining financing gaps.

### Closing remarks
- The conference addresses crucial issues at a difficult juncture; best wishes offered for its success.

*Tao Zhang, Deputy Managing Director, IMF — May 28, 2020.*

---


## References

- [Tao Zhang](https://www.imf.org/en/About/senior-officials/Bios/tao-zhang)
- [Turkmenistan and the IMF](http://www.imf.org/external/country/TKM/index.htm)
- [Speeches](https://www.imf.org/en/news/searchnews)
- [PRESS CENTER](http://presscenter.imf.org/)
- [https://www.imf.org/en/home](https://www.imf.org/en/home)

_Source: https://www.imf.org/en/news/articles/2020/05/28/sp052820-address-at-the-un-conference-on-financing-sdg-implementation_