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Financing for global goals under threat just when most needed, says OECD head

(Reuters, 12 Nov 2020) The COVID-19 pandemic is handicapping efforts to reach the Sustainable Development Goals as cash runs short and recessions take hold.

The COVID-19 crisis has pushed to $4 trillion this year's shortfall in funding needed for developing nations to meet global goals to end poverty and hunger by 2030, throwing them further off track, a summit of public banks heard on Thursday.

Angel Gurría, secretary-general of the Organisation for Economic Co-operation and Development (OECD), noted that 90 out of 122 developing countries had entered recession as shutdowns to curb coronavirus hit sectors like tourism and manufacturing.

Developing nations have seen a $700-billion drop in external private finance this year due to a decline in foreign investment and remittances, he added.

Meanwhile, the pandemic has boosted by about $1 trillion their need for funding for health, social and economic recovery measures, with many governments unable to borrow enough to cover those due to high indebtedness and poor credit ratings.

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Reuters, 12 Nov 2020: Financing for global goals under threat just when most needed, says OECD head