United Nations in Malaysia, Singapore & Brunei Darussalam

The Sustainable Development Goals are a global call to action to end poverty, protect the earth’s environment and climate, and ensure that people everywhere can enjoy peace and prosperity. These are the goals the UN is working on in Malaysia:

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21 June 2021

UN Decade on Ecosystem Restoration

There has never been a more urgent need to revive damaged ecosystems than now. Ecosystems support all life on Earth. The UN Decade on Ecosystem Restoration aims to prevent, halt and reverse the degradation of ecosystems on every continent and in every ocean.

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23 July 2021

The Shared Story of Water and Power

By Gan Pek Chuan
Interim Head, Sustainable & Resilient Development, UNDP Malaysia, Singapore and Brunei Darussalam Power and water have a long and interconnected history, and the power industry today is the world’s largest industrial user of water. It’s estimated that the global power industry consumes more than three trillion gallons of water annually. That’s equivalent to leaving a household tap running for almost two million years. Water is a fundamental element of conventional power systems, from nuclear power to thermal coal generation. These systems operate by using a source of fuel such as coal or gas to generate heat, which is used to superheat water into steam. This steam is forced around complex piping systems to turn a turbine, which in turn allows a generator to produce electricity. It is a simple process optimised through more than a century of use. The greatest share of water consumption from this process comes from heat management, using water to cool and condense steam once it has passed through the generator, and ensuring that the power station maintains a safe and manageable operating temperature. The evidence of this cooling process can be seen in plumes of water vapour rising above power stations. What many might mistake for chimneys, are actually giant cooling towers. It’s not just conventional thermal energy raising questions around global water use. Hydropower also requires careful consideration to appropriately manage water reserves, with important questions about management of water systems, and evaporation from storage lakes factoring into water consumption concerns. So important are these concerns for global sustainability, that these two interconnected resources are part of the United Nation’s Sustainable Development Goals (SDGs). The dual demands of SD6—Clean Water and Sanitation—and SDG7—Affordable and Clean Energy—are vital to appropriate stewardship of our shared global resources. “Water itself is considered as a renewable resource. However, it requires sustainable management and development of resources, as water resource management underpins and interacts with all the pillars of sustainable development, including environmental protection, food, and energy,” said Gan Pek Chuan, of the United Nations Development Programme (UNDP), speaking to Energy Watch recently. Malaysia’s water resources Malaysia is a nation with deep connections to its valuable water resources, from traditional fishing legacies of the country’s coasts and inland lakes to the trading history of ports like Melaka. These legacies reflect the deep interconnection between human habitation and water, while also highlighting the rich aquatic ecosystems of the nation. More than 10% of the nation’s total land area, a massive 3.9 million hectares, is comprised of wetland systems. This is part of why Malaysia is recognised as just one of 17 mega-diverse countries in the world by the United Nations. This rich aquatic ecosystem is integral to both economic opportunity, and provision of power to the nation. The evidence of this interconnection is all around us, with the impressive wonder of Tasik Kenyir—Southeast Asia’s largest man-made lake—providing the power generating potential for the Sultan Mahmud Power Station. “The power industry is one of the main users of water ecosystem services as they generate electricity through hydropower plants. The share of hydropower in Malaysia’s electricity generation is around 11 percent. The lessons learned from this connection is that the power industry can play a larger role in protecting the environment, or more precisely, water catchment areas that provide the resources for hydropower,” said Gan. The water withdrawal needs of industry, including thermal power stations, are also significant. According to the World Bank’s latest figures, industry accounted for 42.5% of total freshwater withdrawals in Malaysia as of 2005. This does not take into account the impact of evaporation from man-made lakes used for hydropower generation. The treatment of wastewater from major thermal power plants is also a key concern, ensuring that industrial wastewater does not pollute vital aquatic ecosystems. Malaysia’s Manjung Power Plant for example uses a state-of-the-art water treatment facility to treat effluent before it is discharged into the sea. The importance of tackling pollution in waterways is clear to Gan and the work of UNDP. “More than 40% of river systems—an important water supply ecosystem in Malaysia—are classified as slightly or heavily polluted. Pollution represents one of the most pervasive threats facing indigenous fish populations. The most important pollutants are eroded sediment (from land clearing activities) and organic loadings from sewage and agriculture. In industrial areas, heavy metal contamination represents a serious issue. The impact of pollution can be acute, resulting in mass die-offs of fish and other aquatic organisms.” Removing chemicals and contaminants is vital in maintaining the quality of our marine ecosystems, with the UN estimating up to 80% of wastewater from all sources globally flows back into the ecosystem without appropriate treatment. Changing water pressure While Malaysia may be blessed with rich natural resources, the reality is that more than 40% of people around the world are affected by water scarcity today. Climate change is likely to further impact that number, as changing weather conditions trigger deepening water pressures around the world. The world has already lost 70% of its natural wetlands over the last century. This reveals the importance of appropriately managing this vital natural resource. Given the significant demands of the power sector, it’s crucial that the industry also plays its part. “Continuing current practices will lead to a massive and unsustainable gap between supply and demand. Reducing water use and impacts through resource efficiency, while limiting rebound effects, should be top of the list for every energy and water planner, and a focus for policy makers everywhere. There can be no one-size-fits-all solution, rather a range of location-specific policies that take long-term and holistic approach,” said Gan of UNDP. Gan Pek Chuan highlights six key considerations that stakeholders should address in steering this journey in Malaysia: With trillions of gallons of water consumed by the industry each year, there is no doubt that water and power are deeply interlinked. Keeping the lights on comes with a shared responsibility to maintain fragile ecosystems and ensure Malaysia can safeguard the bounty of its natural waters for the future.

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23 July 2021

We want to build a better world, and we want to contribute to society

By Sam Htoi San Nhkum in Kuala Lumpur, Malaysia My name is Sam, and I am 45-years-old. I am the headteacher at the Kachin Refugee Learning Centre and a mother-figure to my students. Together with the teachers, I teach the students, manage the school and help their families with daily needs. We call ourselves the Kachin, and we are a minority ethnic group from Myanmar. Over 12 years ago, I fled my homeland in Myanmar to escape the ongoing conflict there. If I had stayed there, I don’t know if I would still be alive today. Before I escaped Myanmar, I lived a normal life. I did house chores. My husband and I used to own a small shop selling food and snacks. My husband also planted corn and other crops. The day I left my home, I did not know that I would not return. I had gone to a clinic in the next village with my husband. While I was away, the army came looking for me. When they couldn’t find me, they took all my belongings. And then, they burnt my house. People from my village rushed over to warn me. When I heard what happened, I was scared for my life. My husband and I decided there and then that we had to flee. We don’t know what would have happened if we stayed. So we borrowed money from friends and neighbours and escaped. By the grace of God, we arrived safely in Malaysia in 2008. I feel safe here in Malaysia. When I first arrived, I worked in a restaurant kitchen for a year before joining the Kachin Refugee Learning Centre as a teacher. Today we depend mostly on volunteer teachers for the secondary-level classes. All the teachers work together. We understand each other. We do not always have enough resources to cater to the older children who need more specialized classes for their exams. But whatever the problems, we go through it together. Even with all the struggles in keeping the school running, I am happy that the children are getting support. Education is an important part of every child’s life. Without education, we will think differently, we will not have confidence, we will not know our rights. Officially I teach, but unofficially, I also help the families in my community. Sometimes I go to the police station or hospital to help translate if someone needs it. During the Movement Control Order (MCO) last year, all the families were suddenly confined at home. I remember receiving desperate phone calls from parents of my students who were fearful about not having food and not paying rent. I knew that I had to find a way to help. In times like this, we need to help each other. I worked together with NGOs and donors to distribute food to 2,000 refugees around Klang Valley.
Together with a church, our community also raised over RM100,000 to help refugee families in need. I was really touched by the support we got for the refugee community. So when the opportunity arose, I brought together some members of the refugee community to sew PPE (Personal Protective Equipment) for Malaysian medical front-liners. We made over 10,000 head covers last year. As refugees, we want to help others in society. We want to show Malaysians that we are thankful for their help. I want to tell the world that we have refugee status, but we did not choose this. We have traumas already, but we also have hopes and dreams. We want to build a better world, and we want to contribute to society. We have the heart to help, just give us a chance.

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13 July 2021

The G20 Faces Three Big Tests

Since the start of the COVID-19 pandemic, we’ve heard a lot about global solidarity. Unfortunately, words by themselves will not end the pandemic – or curb the impact of the climate crisis. Now is the moment to show what solidarity means in practice. As G20 Finance Ministers meet in Venice, they face three crucial solidarity tests: on vaccines, on extending an economic lifeline to the developing world, and on climate. First, vaccines. A global vaccination gap threatens us all. While COVID-19 circulates among unvaccinated people, it continues to mutate into variants that could be more transmissible, more deadly, or both. We are in a race between vaccines and variants; if the variants win, the pandemic could kill millions more people and delay a global recovery for years. But while 70 percent of people in some developed countries are vaccinated, that figure stands at less than 1 per cent for low-income countries. Solidarity means delivering on access to vaccines for everyone – fast. Pledges of doses and funds are welcome. But let’s get real. We need not one billion, but at least eleven billion doses to vaccinate 70 percent of the world and end this pandemic. Donations and good intentions will not get us there. This calls for the greatest global public health effort in history. The G20, backed by major producing countries and international financial institutions, must put in place a global vaccination plan to reach everybody, everywhere, sooner rather than later. The second test of solidarity is extending an economic lifeline to countries teetering on the verge of debt default. Rich countries have poured the equivalent of 28 percent of their GDP into weathering the COVID-19 crisis. In middle-income countries, this figure drops to 6.5 percent; in least developed countries, to less than 2 percent. Many developing countries now face crippling debt service costs, at a time when their domestic budgets are stretched and their ability to raise taxes is reduced. The pandemic is set to increase the number of extremely poor people by some 120 million around the world; more than three-quarters of these ‘new poor’ are in middle-income countries. These countries need a helping hand to avoid financial catastrophe, and to invest in a strong recovery. The International Monetary Fund has stepped in to allocate $650 billion in Special Drawing Rights – the best way to increase the funds available to cash-strapped economies. Richer countries should channel their unused shares of these funds to low and middle-income countries. That is a meaningful measure of solidarity. I welcome steps the G20 has already taken, including the Debt Service Suspension Initiative and Common Framework for Debt Treatment. But they are not sufficient. Debt relief must be extended to all middle-income countries that need it. And private lenders must also be brought into the equation. The third test of solidarity concerns climate change. Most major economies have pledged to cut their emissions to net zero by mid-century, in line with the 1.5 degree target of the Paris Agreement. If COP26 in Glasgow is to be a turning point, we need the same promise from all G20 countries, and from the developing world. But developing countries need reassurance that their ambition will be met with financial and technical support, including $100 billion in annual climate finance that was promised to them by developed countries over a decade ago. This is entirely reasonable. From the Caribbean to the Pacific, developing economies have been landed with enormous infrastructure bills because of a century of greenhouse gas emissions they had no part in. Solidarity begins with delivering on the $100 billion. It should extend to allocating 50 percent of all climate finance to adaptation, including resilient housing, elevated roads and efficient early warning systems that can withstand storms, droughts and other extreme weather events. All countries have suffered during the pandemic. But nationalist approaches to global public goods like vaccines, sustainability and climate action are a road to ruin. Instead, the G20 can set us on the road to recovery. The next six months will show whether global solidarity extends beyond words to meaningful action. By meeting these three critical tests with political will and principled leadership, G20 leaders can end the pandemic, strengthen the foundations of the global economy, and prevent climate catastrophe.

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03 July 2021

Can Business Work for Both People and The Planet? They Must

It has been more than six years since the governments of the world adopted the Sustainable Development Goals (SDGs), and almost five years to the day since they signed on to the Paris Climate Agreement. Big corporations said they would align their business practices towards sustainability. How have they done? There has been a lot of talk but not enough action. Despite growing sustainability commitments by companies and investors, direct emissions from corporations increased by more than 10% between 2015 and 2019. 98% of plastic packaging is single-use and more than a third is not recyclable. The global gender pay gap is still reportedly at 16%—despite the recognition that gender equality can stimulate growth and support environmental sustainability, as pointed out by experts such as former UN Women deputy executive director Lakshmi Puri. Saving the planet is fundamental for the survival of future generations. Businesses must review and transform their way of working, and governments will have to support the inevitable challenges they will face. The 2021 Financing for Sustainable Development Report concludes that the current business model is not changing fast enough to achieve our global ambition in terms of sustainability. This dissonance between the promise of private sector change and the reality is not lost on the broader public. Less than 20% of global respondents surveyed believed that the current system is serving them, and 56% believed that in its current form capitalism is doing more harm than good. Where do we go from here? First, we must change the rules of the game. An increasing number of investors recognise that profit and benefits to the environment and society are not mutually exclusive, and are demanding both. However, markets are taking too long to make this the norm despite the rise of Environment, Social and Governance (ESG) investments. As long as it is profitable to run environmentally or socially unsustainable businesses, there will be a misalignment between the goals of society and business. Governments can change the rules of the game by updating policies and regulations. For instance, governments can impose carbon pricing and coordinate cross-border carbon taxes. When awarding public contracts, they can favour companies that integrate minorities and achieve gender balance. They can also ensure manufacturers are held responsible for the impact of their products on the environment. (E.g., policymakers should make mobile phone producers responsible for recycling the e-waste they generate). Second, for the transformation of the private sector we must have transparency. Companies cannot be held accountable for their impact on sustainable development without proper and fair disclosure. Such disclosure will enable investors to make asset allocations in accordance with their sustainability policies. Despite the increasing number of corporate sustainability reports, information published is often not comparable or complete, as companies report using different metrics and can opt not to disclose negative issues. Regulators can improve transparency by consolidating sustainability reporting frameworks and mandating a minimum level of disclosure. They should also request companies to publish credible sustainability plans with measurable targets. Investors must engage with companies and regulators to request disclosure of material sustainability risks and reward companies with transparent sustainability plans with greater investment. Third, we must reinforce the credibility of sustainable investment products. The rise of green bonds and ESG funds has created momentum around sustainable investment products. A green bond label certifies that a specific activity financed is green, but says nothing about the greenness of the company’s strategy. There is, therefore, no strong evidence that the carbon intensity of firms issuing green bonds will decrease over time. The discrepancy between the green bond labels and “green” ratings could encourage greenwashing or SDG washing. We need to complement green bond labels with “green” ratings of issuers (e.g. attesting to a company’s compatibility with a 2°C pathway). We also need to promote ESG funds that focus on the positive impact their target companies and projects will have on the SDGs. The Global Investors for Sustainable Development (GISD) Alliance has developed a common definition of sustainable development investing, which could serve as an effective basis for the market. There have been multiple, alternative efforts to create a common definition of sustainable development investing. Given the urgency of sustainability issues, regulators should facilitate the consolidation of such efforts to agree on a unified and effective basis for the market. COVID-19 has strengthened the importance of partnership between governments and companies. They must use this moment to galvanize change. The three actions outlined above can serve as a basis for governments and the private sector to forge a new business model together that works for both people and the planet. For a better world, it is critical for private finance sectors to support and accelerate such challenging but necessary transformations of business.

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29 June 2021

A global model to tackle violence against women — António Guterres

As the world grapples unevenly with the effects of COVID-19, a parallel and equally horrific pandemic has threatened half the world’s population. In the early months of the pandemic, the United Nations projected that quarantines and lockdowns could lead to a shocking 15 million additional cases of gender-based violence every three months. Sadly, those predictions appear to be coming true. This week, world leaders and others will gather at the Generation Equality Forum in Paris and online in a massive push for gender equality. At that meeting, I will call on states, companies and individuals to join in a global initiative, with proven results, to end the fear and insecurity that threaten the health, rights, dignity and lives of so many women and girls. From domestic violence to sexual exploitation, trafficking, child marriage, female genital mutilation and online harassment, violent misogyny has thrived in the shadow of the pandemic. Full data will take time to collect and assess, but the trends are clear. In twelve countries tracked by the United Nations, the number of cases of violence against women and girls reported to various institutions increased 83 per cent from 2019 to 2020, and cases reported to the police grew by 64 per cent. In the first months of the pandemic, calls to helplines increased by an average of 60 per cent across the European Union. Calls to Peru’s sexual violence hotline almost doubled in 2020 compared to 2019. In Thailand, the number of clients visiting domestic violence crisis units in hospitals in April 2020 was more than double the number from the same time period of the previous year. Such statistics and stories span the world, adding to an existing epidemic of violence against women and girls. Before the pandemic, the World Health Organization estimated that one in three women would experience male violence in their lifetime. Just over a year ago, I raised the alarm. Echoing my call for a global ceasefire, I appealed for peace in the home -- an end to all violence everywhere, from war zones to people’s homes -- to allow us to face the pandemic, humankind’s common enemy, with solidarity and unity. More than 140 countries expressed support. Some 800 measures have been adopted in 149 countries, the majority focused on shelter, legal assistance and other services and support. But, in many cases, these actions have been limited and short lived. Worse, other countries are retreating, rolling back legal protections and standing by as violence is used to target women, including human rights defenders protesting these reversals. The pervasiveness of violence against women and girls has led to acquiescence that it is somehow inevitable or impossible to end. This is as outrageous and self-defeating as it is plain wrong. Despite the challenges of the past year, the United Nations, with significant funding from and partnership with the European Union, has demonstrated that change is possible. Over the course of 2020, the Spotlight Initiative to eliminate violence against women and girls has delivered notable results in 25 countries. Eighty-four laws and policies to protect women and girls were adopted or strengthened. Prosecution of perpetrators increased 22 per cent. Some 650,000 women and girls received services despite lockdowns and mobility restrictions. Close to 900,000 men and boys -- including traditional leaders, heads of religious institutions, male taxi drivers and young gamers -- were engaged to be allies in finding solutions. And across these countries, national budget allocations for preventing and responding to violence against women and girls increased by 32 per cent, a clear indication of future sustainability. By coming together, in Paris, around a proven model, we can begin to ensure that the next generation of girls will not be expected to live with fear simply because we didn’t act. In time, there will be many lessons learned about what the world got right and wrong in handling this pandemic. One of the first must be to ensure that this disgraceful hidden pandemic facing half our population ends now.

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Press Release

03 July 2021

New MIT study says United Nations Pause Campaign slows spread of life-threatening misinformation

A major part of that work is the UN’s Pause campaign, which encourages people to pause to check the validity of any information they share. Now, a new study by the Massachusetts Institute of Technology (MIT) says the Pause campaign can bring about the behavioural change needed to stop the spread of misinformation. The MIT study, conducted in the UK and the US, found that the simple act of pausing to question the origin, credibility, relevance and accuracy of any information before sharing it on phones, computers and social media platforms, significantly reduced people’s propensity to share misinformation. In the study, participants who saw Pause campaign content were notably less likely to share fake headlines. “The monumental task of tackling misinformation belongs to all of us. It is about how we can come together to drive social change, shifting behavioural norms and tapping into people’s sense of solidarity to keep each other safe,” said Melissa Fleming, the UN’s Under-Secretary-General for Global Communications. “The MIT study shows that pausing before sharing is not only possible but also the responsible thing to do, especially in an age where it has become hard to separate the truth from the lies.” The Pause campaign, created in collaboration with Purpose, a social impact agency, is part of the wider Verified initiative launched by UN Secretary-General António Guterres in May 2020 to deliver trusted COVID-19-related medical and science information and advice, and stop the spread of misinformation. According to the World Health Organization, in the first three months of 2020 alone, nearly 6,000 people were hospitalized because of COVID-19 misinformation. The Pause campaign, which reached nearly 1 billion people in 2020, is redoubling its efforts to empower more people to share information responsibly. The new phase of the campaign asks the world to take the #PledgetoPause and flood the Internet with the pause symbol. Guided by research, the campaign is built on the premise that by interrupting, even for a few seconds, the impulse to share something we see -- an urge often fuelled by emotions such as excitement, anger, sadness, elation, and even altruism -- we allow ourselves time to think more critically. Better judgement prevails and fewer bogus claims are circulated. In the words of the UN Secretary-General: “During the COVID-19 pandemic, the wrong information can be deadly. Take the pledge to pause and help stop the spread of misinformation.” ABOUT VERIFIED Verified is a United Nations initiative, in collaboration with Purpose, that aims to empower people around the world with science-based information during the Covid-19 response. Working with UN agencies, influencers, civil society, businesses, and social media platforms, Verified creates and distributes trusted, accurate information and encourages consumers to change their media consumption practices to reduce and stop the spread of misinformation online. Website: https://shareverified.com/en/ ABOUT PAUSE CAMPAIGN Launched as a part of the UN Verified initiative, the Pause Campaign draws on research from psychologists, neuroscientists and behavioural scientists whose studies indicate that pausing to reflect before sharing can significantly help to reduce the spread of unverified and misleading information. The overall campaign, which was launched a year ago, challenges people to break the habit of sharing shocking or emotive content impulsively and without questioning its accuracy. Website: https://pledgetopause.org CONTACTS UN Department of Global Communications Devi Palanivelu | palanivelu@un.org | +1 917 495 5424 Purpose Jennifer Minard | jennifer.minard@purpose.com | +44 787 242 7706

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Press Release

15 June 2021

Strengthening Resilience and Ending Vulnerability in Small Island Developing States

Small Island Developing States (SIDS) face a shared set of geographical, environmental, economic, and social challenges, and suffer from unique development needs and extreme vulnerability. Frequent exposures to natural hazards and disasters intensified by climate change and external economic shocks caused by the COVID-19 pandemic are detrimental to these island nations. The Joint SDG Fund announces a call for proposals focusing on strengthening resilience and ending the vulnerabilities of SIDS to accelerate the SDGs. The overall funding envelope for this Call is US$30 million. All SIDS countries are eligible to receive funding, including countries previously funded in the Joint SDG Fund’s existing portfolios. Intended to be catalytic, funding will support targeting programmatic solutions of 2 years or less, with a budget of US$1 million per country. Multi-Country Offices will be eligible for funding envelopes corresponding to the countries and populations they serve and be reviewed on case by case basis. This Call for Proposals will support a new generation of transformative, Government-led, integrated initiatives that leverage the best expertise and resources possible to address complex problems and accelerate progress towards the SDGs. “We must work together to ensure that the [Decade of Action] delivers for Small Island Developing States. In addressing climate change, enhanced ambition and action are both a priority and a driver of the Decade . . . we need small island developing States leadership more than ever.” - United Nations Deputy Secretary-General, Amina Mohammed Governments face challenges in accessing financing for Sustainable Development Goal (SDG) implementation and funding modern and resilient social protection systems. Vulnerable groups have been proportionally hit harder by the recent economic crisis. Furthermore, the skills-gap and the impacts of COVID-19 has resulted in higher levels of youth unemployment. Sustainable growth will require economic diversification and higher participation from a skillful workforce. To prevent disasters, advance the economy and enable the public sector to deliver services to people and enterprises, access to modern innovative technologies, led by digitalization are critical. In line with the implementation of UN reform agenda, UN Joint Programmes supported by the Fund will demonstrate a new generation of collaboration for results, embedded in the UN Cooperation Frameworks and committed to enhanced national ownership, leadership, and capacities. The strength in partnerships builds resilience and reduces vulnerabilities of Small Island Developing States to leave no one behind.

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Press Release

04 May 2021

Statement by United Nations High Commissioner for Human Rights, Michelle Bachelet

A free, uncensored and independent press is a cornerstone of democratic societies. It can bring life-saving information in moments of crises; provide a basis for public participation; and help ensure accountability and respect for human rights. World Press Freedom Day is an opportunity to celebrate this fundamental work. Especially today, as we mark the 30th anniversary of the Windhoek Declaration, in which a group of African journalists set out key principles for press freedom. The COVID-19 crisis has made it clearer that critical reporting on government policies or public figures is all too often met with prosecution. Laws adopted or applied to restrict and criminalise disinformation during the pandemic have also been used by States to target journalists. Around the world, people have increasingly taken to the streets to demand their economic and social rights, as well as an end to discrimination and systemic racism, impunity, and corruption. Journalists fulfilling their fundamental role of reporting on these social protests have intolerably become targets. Many have been victims of unnecessary and disproportionate use of force by law enforcement, arbitrary arrests, and criminal prosecution. Attacks, arrests and the criminal prosecution of a journalist has an additional chilling effect of dissuading other journalists from critically reporting on relevant issues. In this way, they impoverish public debate and hamper our ability to respond effectively to societal challenges, including the COVID-19 pandemic. The work of journalists and media workers will be crucial for the world to recover better from the devastation of this crisis. Objective, trusted, fact-checked news will counter disinformation; help ensure resilient and sustainable solutions to current challenges; demand transparency and accountability; foster trust in institutions. Contributing to humanity’s well-being, accurate information is a public good. The silencing of a journalist is a loss to society as a whole. In order to fully celebrate the bravery of journalists in their determination to keep the public informed, we must demand that their rights are respected, protected and fulfilled.

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Press Release

14 April 2021

World leaders to meet on strengthening financial measures to boost efforts to cope with COVID-19 fallout

New York, 29 March 2021—With many countries continuing to struggle to overcome the human and economic devastation from COVID-19, UN Secretary-General António Guterres is convening a meeting of world leaders on Monday, 29 March from 10 a.m. to 1:00 p.m. EDT to urge the international community to take additional and urgent action to ensure a robust recovery. The high-level virtual meeting organized by the Secretary-General together with the Prime Minister of Canada Justin Trudeau and the Prime Minister of Jamaica Andrew Holness aims to underscore the urgency of the need for bolder and concrete action to provide liquidity and address debt vulnerability in developing countries. The meeting will follow-up on a series of meetings and roundtables held last year to mobilize action to assist the economic recovery from the pandemic that resulted in a series of measures by the international community, but still not sufficient to meet the continuing and deepening crisis that many countries face. “We are on the verge of a debt crisis. Six countries have already defaulted. One-third of emerging market economies are at high risk of fiscal crisis. And the situation is even worse for least-developed and low-income countries,” said United Nations Secretary-General António Guterres. “We need now, to allocate new special drawing rights and encourage countries with strong reserve positions to reallocate unused SDRs to countries that need it; extend the G20’s Debt Service Suspension Initiative into 2022; and expand it to include all highly indebted, vulnerable middle-income countries affected by the crisis. We also need to expand the Common Framework for Debt Treatment to other vulnerable countries and provide additional, targeted debt relief and to tackle long-standing weaknesses in the international debt architecture. Otherwise, we risk spiralling deeper into the worst recession since the Great Depression.” Prime Minister of Jamaica, the Most Honourable Andrew Holness, said, “It has now been over a year since the COVID-19 global health crisis began and it has wreaked tremendous havoc on lives, livelihoods, and the global economy.” “The COVID-19-induced contraction in economic activity,” he said, “is severely impacting debt sustainability, particularly in low and middle-income countries. In addition to providing critical debt relief and liquidity support, we must create a new international debt architecture that ensures sustainability and encourages the private sector to integrate sustainability into its investment decisions to ensure a faster, stronger and more resilient recovery.” Prime Minister Holness added, “With the availability of vaccines, we are now able to see a path towards global recovery even as we note that all countries must have sufficient amounts and capacity to vaccinate their populations if we are to achieve inclusive recovery. Let us continue through robust cooperation and coordination to take deliberate actions to reverse the devastating economic effects of the pandemic as we prepare for a future of sustainable growth and development.” “The world must come together to protect people, save lives, and defeat COVID-19,” said Prime Minister Justin Trudeau. “Our progress has been remarkable, but we know we can’t defeat this virus and build back better at home unless all countries have the resources to respond to and recover from this global challenge. Only through a coordinated global response, can we address the impacts of the pandemic and create jobs, economic growth, and new opportunity for our people and businesses. New United Nations policy brief on debt crisis In a new policy brief issued today, “Preventing Debt Crises in the Era of COVID-19 and Beyond: The Time to Act is Now,” the Secretary-General says that while many steps taken to date have been significant, they have not been sufficient to help restore economic health. Risks remain high for more countries to tip into a debt crisis, especially if the COVID-19 shock is more protracted and deeper than forecast. The COVID-19 pandemic, which has resulted in more than 2.7 million deaths and more than 125 million confirmed cases worldwide, has gone beyond a health and humanitarian crisis to also become an unprecedented global development emergency. More than a year into the pandemic, the Secretary-General says the fiscal impacts of the crisis are triggering debt distress in a growing number of countries and is severely limiting the ability of many countries to invest in recovery and the Sustainable Development Goals, including urgently needed climate action. He said, “Unless we take decisive action on debt and liquidity, we risk another ‘lost decade’ for many developing countries, putting the SDGs definitively out of reach.” COVID-19 highlights increasingly unequal world The current economic situation has highlighted growing inequalities between and within countries that pose significant threats to global efforts to build back better. COVID-19-related economic shocks have already led credit rating agencies to downgrade the credit worthiness of 42 countries since the start of the pandemic, including six developed countries, 27 emerging market economies, and nine least developed and low-income countries. Unprecedented health, social and economic measures over the last year have helped control the spread of the deadly virus, save lives and mitigate the socioeconomic impact of the pandemic. These emergency policies succeeded in flattening the curve of contagion and saved lives, but they also resulted the first increase in extreme poverty since 1998, a 4.3% drop in global GDP and the loss of an equivalent of 144 million jobs in 2020 alone. Many countries responded with extraordinary fiscal support measures, taking advantage of low borrowing costs, with developed countries accounting for the overwhelming share, around US$18 trillion. The international community has mobilized a strong response including emergency financing from international financial institutions, support for humanitarian partners, and access to medical countermeasures such as vaccines. Many developing countries, and least developed countries, in particular, which suffered from high debt levels before the pandemic, seeing their fiscal and external financing position further deteriorate in the course of 2020, have not been able to provide much needed stimulus support in adequate measure. While some middle-income countries have returned to international bond markets since April 2020, only two countries in Sub-Saharan Africa have been able to access markets; and some countries, including least developed countries with very high refinancing needs in 2021, will not have access to financial markets at affordable rates. In addition, many of these countries have already seen access to foreign currency curtailed through non-resident capital flight, and contractions in trade, tourism, remittances and foreign direct investment. The rapid growth of financing needs and the collapse in revenues and GDP growth associated with the pandemic have exacerbated debt burden risks across the globe. More than half of the least developed and low-income countries that use the IMF World Bank Debt Sustainability Framework are now assessed at a high risk of debt distress or in debt distress and, according to some estimates, more than a third of emerging market economies are at high risk of fiscal crises. Need for debt relief Debt relief will be needed to create space for investments in recovery and for achieving the SDGs, including climate action. Even in cases of elevated debt, new borrowing can lead to improved creditworthiness if it finances productive investments. Debt relief can also free up resources, create conditions under which countries can return to voluntary market access, and may lower a country’s overall borrowing costs, with positive impacts across the whole economy. Call for action on liquidity, fresh financing and ODA The Secretary-General, in the new UN policy brief, calls on governments to provide fresh concessional financing for developing countries, especially LDCs and SIDS, recapitalize multilateral development banks and accelerate the timetable for replenishing the funds, meet ODA commitments and provide long-term financing to developing countries for investment in long-term growth and development. In support of recent endorsements from the G7, the brief also calls for a new general allocation of special drawing rights (SDRs) reiterating the need to combine a voluntary reallocation of SDRs from developed to developing countries. And the brief calls on G20 to extend the World Bank’s Debt Suspension Initiative (DSSI) until the end of June 2022 and include middle-income countries, notably small island developing states that have been gravely affected by the crisis. The policy brief also calls on the G20 to extend the eligibility to debt relief under the Common Framework for Debt Treatment Beyond the DSSI to other vulnerable countries on a case-by-case basis; and consider other mechanisms that would allow countries to access the Common Framework without creating a stigma or compromising the credit rating of the beneficiaries, including funds and other instruments within existing institutions. Finally, the brief calls on countries and the international financial institutions to seize the moment to address long-standing weaknesses in the international debt architecture. Participants at the High-level meeting Moderated by BBC news anchor Laura Trevelyan, the meeting of Heads of State and Government will feature opening remarks by the UN Secretary-General and Prime Ministers Trudeau and Holness. It will also feature Heads of State and Government and include participation by IMF Managing Director Kristalina Georgieva, World Bank Group President David Malpass, OECD Secretary-General Ángel Gurría and WTO Director-General Ngozi Okonjo-Iweala. [END] About the High-level meeting The high-level meeting will be webcast at: http://webtv.un.org/ The full list of speakers will be posted on the High-Level Event website, which can be found at: https://www.un.org/en/coronavirus/financing-development. An embargoed copy of the Secretary-General’s Policy Brief can be found here. Media contacts United Nations: Dan Shepard, UN Department of Global Communications, email: shepard@un.org, tel: +1 646 675 3286 Canada: Office of the Prime Minister, PMO Media Relations, email: media@pmo-cpm.gc.ca Jamaica: Kimberley McLeod and Naomi Francis, Office of the Prime Minister of Jamaica, email: Kimberley.mcleod@opm.gov.jm and naomi.francis@opm.gov.jm

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