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Press Releases, 8/15/2014 | Ministry for Foreign Affairs of Finland

Intergovernmental Committee of Experts on Sustainable Development Financing completes its report

Press release 176/2014
15 August 2014

The United Nations Intergovernmental Committee of Experts on Sustainable Development Financing, led by Finland and Nigeria, has completed its final report and thus finished its work on schedule. The report was approved by the Committee at the end of its last meeting on 8 August 2014, and will be presented to the UN General Assembly this Friday.

The report recommends, among other things, an increase in impacts promoting sustainable development for all financing flows , the eradication of extreme poverty, an increase in private financing as well as the elimination of tax evasion and illegal transfers of funds. It is also proposed that sustainable development financing be integrated in the budgets of all countries. Of the objectives considered important by Finland, the report highlights the eradication of inequalities, the primary nature of domestic financing, tax issues and the elimination of corruption.

The final report presents alternatives for an effective sustainable development financing strategy that promotes the transfer and productive use of resources for sustainable development purposes. The strong financing strategy presented by the Committee takes all sources of financing into account – private, public, domestic and international – and utilizes a combination of these as effectively as possible at the country level. The financing strategy has a key role in the compilation and implementation of the Post-2015 Development Agenda.

“The Committee has done highly valuable work in a difficult situation. Great thanks for this go to the Co-Chairs of the Committee, Pertti Majanen and MansurMuhtar. The creation of jobs is among the greatest challenges facing developing countries, especially fragile states. In order to increase employment, we need growth that benefits everyone, reduces inequality and respects the environment. Aside from developing the private sector, the development of tax systems is extremely important,” Minister for International Development Pekka Haavisto states.

The Co-Chairs of the Committee, Ambassador Pertti Majanen and former Minister of Finance Mansur Muhtar of Nigeria, will present the report in New York in mid-September. The work of the Open Working Group on Sustainable Development Goals will also be presented at the same event.

The report is a significant input for the third international Conference on Financing for Development to be held in 2015 and for preparations of the Summit on the Post-2015 Development Agenda.

The unofficial version of the Committee’s final report is available at http://sustainabledevelopment.un.org/content/documents/4588FINAL%20REPORT%20ICESDF.pdf

Additional information: Ambassador Pertti Majanen, tel. 0295 351 845, Assistant Sari Alander, tel. 0295 351 777

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Updated 8/15/2014


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