In the forum held this Tuesday in the framework of the 75th United Nations Assembly, the President of the Republic, Carlos Alvarado Quesada, participated virtually in the discussion on the “Financing of the 2030 Agenda for Sustainable Development in the era of COVID-19 and the future ”.
The high-level panel also included the Prime Ministers of Canada, Justin Trudeau and of Jamaica, Andrew Holness; the Secretary General of the United Nations, António Guterres, the representative of the World Bank, David Malpass, and the director of the International Monetary Fund, Kristalina Georgieva.
The country has led discussions to provide governments with the necessary resources to meet the emerging needs arising from the pandemic, as well as avoid the default of debt or suffocating loans for nations.
During his speech, President Alvarado highlighted the FACE initiative -for its acronym in English-, launched to the world by Costa Rica to generate a fund to alleviate the COVID-19 economies.
Likewise, the Deputy Secretary General of the United Nations, Amina Mohammed, underlined in her speech the Costa Rican initiative by highlighting the importance of expanding access to existing resources or creating new sources of financing, as proposed by FACE. She highlighted the enormous opportunity of the meeting of international leaders to transform ambitious ideas into sustainable realities for the world so that global action allows full compliance with the 2030 Agenda for Development.
Said fund proposes to use 0.7% of the GDP of the richest and most powerful economies in the world to finance with credits in favorable and supportive conditions to developing countries to overcome the health crisis so that the Sustainable Development Goals and the Agenda are met. 2030 for Development.
“Costa Rica supports resilient options to invest in a full recovery and ensure that the response to the crisis is aligned with global development goals and commitments. Using environmental and climate bonds is an innovative response as a tool for accelerating and implementing the global international objectives of developing countries ”, he suggested.
Alvarado closed his speech with the allegation of elucidating the “moral dilemma present due to the emergency, of considering exceptional financial actions for developing countries to recover economically through renegotiations and reflections of debt and credit conditions.