Cambodian PM Highlights Five Key Points on “Financing The 2030 Agenda For Sustainable Development In The Era Of COVID-19 And Beyond”

Cambodian PM Highlights Five Key Points on “Financing The 2030 Agenda For Sustainable Development In The Era Of COVID-19 And Beyond”

Mr. Hun Sen, Prime Minister of the Kingdom of Cambodia, has emphasised five priority works related to financing, which is an important mean to serve developing countries in the efforts in achieving the 2030 Agenda.

According to his remarks at the Leaders’ Meeting on “Financing the 2030 Agenda for Sustainable Development in the Era of COVID-19 and Beyond” on Sept. 29, the five points are as follows:

First, Turning the threats of COVID-19 into opportunities for domestic reforms in each country so as to strengthen economic competitiveness, create a conducive business environment, and strengthen government revenue collection. Moreover, we need to prioritise public expenditures towards sectors directly related to the Sustainable Development Goal 2030, including education, health, social protection, agriculture and infrastructure.

Second, Promoting trade policy and trade facilitation as well as providing preferential treatment to developing countries to ensure that the benefits from globalisation are equitably and effectively shared. In this sense, we need to continue promoting and supporting the principles of globalisation via expanding greater openness of international trade and supporting stronger multilateralism system.

Third, Continuing to strengthen financial stability, diversification and innovation, as well as promoting the role and dynamism of the private sector so as to fulfil the financing need to achieve SDGs by providing incentives in order to promote private investment and capital flow to developing countries, particularly the promotion of foreign direct investment and public-private partnership mechanisms.

Fourth, Ensuring continuity of international aids, especially financial assistance to developing countries geared towards sustaining the momentum of the reform for the 2030 Agenda.

Fifth, Continuing to strengthen the ownership of developing countries by building partnerships between all development stakeholders, including bilateral, multilateral development partners, private sector and others. In addition, we must ensure consistency, transparency and accountability between policies of development partners, both bilateral and multilateral, with the priorities of national policies in the context of COVID-19 and beyond to achieve Sustainable Development Goals.