His Majesty King Mswati III has told world leaders that the current global crises are threatening the advancement towards Agenda 2030, which is the target for the achievement of the Sustainable Development Goals (SDGs).
He said, however, they still have an opportunity to find workable solutions to reverse the dire developments.
The king was addressing leaders at the Fourth International Conference on Financing for Development (FFD4) in Seville.
“Daunting realities of worsening climate crisis, deepening debt burdens and an uneven and high cost of development finance for countries that need it the most, have converged to create a storm that threatens the foundations of sustainable development.
“However, in the face of these concerns, the Kingdom of Eswatini has continued to demonstrate proactive leadership and steadfast commitment to the 2030 Agenda and the Sustainable Development Goals,” the king assured the leaders.
He said pandemics like the COVID-19 and the global tensions continue to be a threat and appealed for much support as they have programmes that they need to implement, but due to lack of resources they cannot meet those obligations.
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“As we look closer to this year’s conference theme,’Financing our Future’, which emphasises the need to mobilise sufficient and sustainable financial resources to achieve long term global goals, especially those outlined in the UN 2030 Agenda for sustainable development, we appeal to the developed nations to share technology transfer to enhance renewed strategies for sustainable financing,” he said.
His Majesty said the need to accelerate environmentally sound technologies to developing countries on favourable terms remains imperative, which includes concessional and preferential terms.
“This will enhance the development of new industries such as science and technology parks, mining, pharmaceuticals, agriculture, tourism, small and medium enterprises, to mention just a few.
“Last year, at the summit of the future, strong emphasis was placed on the urgent need for systemic reform to the existing international financial architecture. It also called for more inclusive, transparent and responsive initiatives to the needs of developing countries. Eswatini fully aligns with this transformative change,’’ he said.
The king said Africa has Agenda 2063 but due to lack of resources they are not able to meet their own obligations and aspirations as a continent.
“This calls for a global financial system that enables equitable access to capital, promotes sustainable development and ensures that no nation, big or small, is left behind.
“The quest to ensure a fair financing system for developing countries must not be misinterpreted as a matter of charity, but as a necessity.
“The current structure leaves particularly climate vulnerable nations with unacceptable and unsustainable borrowing costs, raising the urgent need for reforms in credit rating agencies and more equitable allocation of special drawing rights.
To move away from fragmented development finance, Eswatini calls for innovative mechanisms such as climate bonds, blended finance and debt-for-climate swaps,” he said.
The King said these instruments must be scaled up to unlock the catalytic potential of both public and private capital that will enable the country to finance the SDG gap estimated to be 4.3 trillion US dollars annually (approximately E77 trillion).
“It is my ardent hope that this summit will be the turning point in our path to find the right financing models to support meaningful development for our people. The Kingdom of Eswatini stands united with the UN in advocating for a transformative outcome that addresses systematic challenges and unlocks sustainable financing,” the king said.
He said drawing from their experiences and aspirations, Eswatini remains committed to building a resilient, prosperous outlook and the realisation of the multilateral system as envisioned in the 2030 Sustainable Development Goals agenda in line with the theme ‘Financing the Future’.
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