IMF warns 2030 goals for sustainable development that are at risk as the financing gaps expand | Mint

New -Delhi: The International Monetary Fund has warned that the world is increasingly unlikely to meet the Sustainable Development Goals (SDGs) by 2030, as the financing needs far exceed that many countries can manage realistically -which can increase the risk of broader macro economic imbalances. The warning came after the IMF’s Executive Council assessed a staff paper that evaluated the fund’s role in supporting international development financing. The review was preceded by the fourth funding for Development Conference (FFD4), which will be held from June 30 to July 3 in Seville, Spain. The IMF paper flags a weakening development prospects, re -evaluates the feasibility of the SDGs and gives an outline of measures to accelerate progress amid increasing financial and economic pressure. A series of shocks since 2020 has exacerbated an increasingly unlikely ” series of shocks since 2020, which has exacerbated the longest structural challenges, with low income and fragile, the IMF said in a statement on Friday. “Debt cravings deserve attention, especially for low -income countries,” he added. While debt is broadly sustainable, the IMF noted that many countries are facing steep interest costs and rising refinancing needs, limiting their ability to invest in critical development spending. “Against this background, the achievement of the goals of sustainable development seems to be increasingly unlikely by 2030,” it says. The SDGs were adopted in 2015 and consist of 17 goals and 169 targets designed to eliminate poverty, tackle climate change, reduce inequality and promote wealth. But with the deadline approaching quickly, global progress is shaking amid growing financing gaps, economic wind and geopolitical uncertainty. The AMF said that the approaches of developing the development need a major collective effort, “the IMF said, ‘including strong domestic reforms, adequate international support and proactive debt management. ‘It also asked for partner approaches, warning that increasing divergence between developing countries requires more nuanced reform agendas and support frameworks. Meanwhile, IMF directors emphasize the need for a ‘major collective effort’ that combines ambitious domestic reforms with strong international support. These include promoting healthy macroeconomic policy, improving public spending efficiency, strengthening management, mobilizing household resources and promoting growth and job creation in the private sector. The IMF said that international support-through well-coordinated capacity development and additional public and private finance would be critical. The IMF directors also have the efforts to improve the restructuring mechanisms of debt for countries with unsustainable debt, including deeper relief among the common framework and the new ‘resting Table’s new’ restructuring playbook ‘. They also supported a ‘three-pillar approach’ to help countries where debt is sustainable but limited productive spending, the IMF added. The role of the IMF, although not developed by design, remains essential for the preservation of macro -economic and financial stability – a prerequisite for sustainable development, it states.