Speech

The 2021 UN ECOSOC Forum on Financing for Development

April 12, 2021

Excellencies, Mr. Secretary General. Thank you for keeping up momentum on this important agenda.

The global economic outlook is improving, but recovery prospects are diverging. We expect global growth of 6 percent in 2021 and 4.4 percent in 2022, but many countries are projected to do far worse than this.

We need to give everyone a fair shot, which to me means three things in particular: first, equal access to vaccines for people in all countries; second, continued support to developing economies; and third, building a better tomorrow.

At the IMF, we believe that vaccine policy is the most important weapon in the fight against the pandemic. Countries should not restrict their trade, particularly related to vaccine production, and should prioritize health spending.

In terms of mobilizing international resources, the IMF provided $110 billion in emergency lending for 86 countries, most of which are our low income and developing members. We also provided relief on IMF debt service, and with the World Bank and others, we strongly advocated the Debt Service Suspension Initiative under the G20 and helped in the design of the Common Framework.

I’m especially pleased that we have support for a new SDR allocation equivalent to $650 billion in the summer, and we are exploring options for those with strong financial positions to channel SDRs to support vulnerable countries.

Finally, we need to strengthen international cooperation to ensure a transformation of our economies. Combating climate change will require more ambitious carbon pricing, a coordinated green investment push, actions to ensure a “just transition,” and a stepped-up commitment from the international community to provide developing economies with climate finance and technology transfers.

In short, we are surely facing major challenges. But I have every confidence that we can deliver, together.