UN Secretary-General Guterres called in a letter to G20 finance ministers and central bank governors.
“Today, the G20 is at a crossroads: it can maintain the status quo or set a new course to drive a global economic recovery for all. I believe a new course is a right choice,” the Secretary-General wrote.
To achieve this, the UN system and its partners have proposed a Sustainable Development Goals (SDGs) Recovery Plan to address deteriorating market conditions and accelerate progress toward the SDGs. The SDG Recovery Plan calls for a massive increase in public sector commitments to development, humanitarian, and climate change mitigation and adaptation to just 2% of global gross domestic product; he continued in his letter.
“I call on G20 finance ministers and central bank governors to strengthen an SDG Recovery Plan to ensure that countries at all levels of development can meet immediate and long-term challenges,” Guterres wrote.
The UN boss, stressed that the SDG Recovery Plan includes five recommendations: immediately enhance debt relief for vulnerable countries, better leverage lending by multilateral development banks and public development banks to support the SDGs, engage private bondholders and sovereign debtors in debt relief efforts, structurally strengthen liquidity support for vulnerable countries through increased use of special drawing rights, align financial flows with the SDGs and the Paris Agreement.
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