Post-2015 agenda more ambitious than MDGs
The 2014 IMF-World Bank Group annual meeting provided the perfect
opportunity for finance and development ministers, the private sector,
civil society, and multilateral development banks (MDBs) to discuss how
to strengthen and leverage their financing frameworks to support the
post-2015 agenda, also known as the Sustainable Development Goals (SDGs).
With world leaders set to meet in September 2015 to agree on a set of
goals to replace the Millennium Development Goals (MDGs), a great amount
of energy is being spent deliberating on what the new goals should be.
However, with the Third International Conference on Financing for
Development to be held in July 2015 in Addis Ababa, world leaders have
also started turning their attention to the critical matter of how to
finance the post-2015 agenda.
The SDGs will be more ambitious than the MDGs, covering a broad range
of interconnected issues, from economic growth to social issues to
global public goods. To realise this vision, a just-as-ambitious plan
for financing and implementation is needed.
The magnitude of the SDG financing challenge far exceeds the capacity
of any one organisation and demands a strong partnership between
governments, the private sector, and development organisations.
The flagship event, moderated by corporate secretary and special
envoy of the World Bank president, Mahmoud Mohieldin, took place
recently. It delivered a powerful message to development stakeholders.
The MDBs are committed to working together to break new ground on
financing for development issues. These include helping improve domestic
resource mobilisation, leveraging private investment, financing global
public goods, providing long-term finance and linking climate and
Government, private sector and development partners agreed on the
main pillars of financing post-2015. Domestic resource mobilisation and
official development assistance (ODA) are anchors of development
There was clear recognition of the responsibilities of countries to
take ownership and mobilise resources, including having a fair and
effective tax administration, a stable macroeconomic environment and
inclusive growth policies.
There was agreement that ODA needs to be modernised to become more
efficient in delivering resources and results. Concessional funds should
be better targeted to areas where private finance will not go and where
there are significant public benefits.
- World Bank