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STATEMENT BY

H.E. AMBASSADOR AHMAD FAISAL MUHAMAD

PERMANENT REPRESENTATIVE OF MALAYSIA TO THE UN

 

2023 ECOSOC FORUM ON FINANCING FOR DEVELOPMENT

 

 

Madam President,

 

Malaysia aligns itself with the statements made by Cuba on behalf of the G77 and China as well as by the Lao PDR on behalf of ASEAN.

 

2.     The world is beginning to get back on its feet following the outbreak of COVID-19 pandemic. Global challenges like sharp increases in food and energy prices have forced many countries to adopt tight financial conditions. For some, this has created more poverty and reversed hard-won gains of the SDGs. We must urgently address this predicament, or we will risk seeing more developing countries being driven into wider inequalities.

 

3.     As a result of the multiple crises, developing countries are experiencing compounding shocks that are further aggravated by an unbalanced global financial system. The “great finance divide” has sharply curtailed the ability of many developing countries to invest in recovery plans, climate action, and sustainable development. Malaysia notes the SDG Stimulus proposal by the Secretary-General which, among others, aims to scale up affordable long-term financing by $500 billion dollars annually. It is hoped that the SDG Stimulus will significantly expand the fiscal space of developing countries and facilitate their efforts towards sustainable development.

 

Madam President,

 

4.     Malaysia has set up the Malaysia SDG Trust Fund to facilitate the implementation of sustainable development at the national level. As a multi-donor mechanism, the MySDG Trust Fund allows different parties to collaborate and contribute to finance government-led projects and programmes.  

 

5.     Malaysia is also collaborating with the UNDP to launch the Malaysian SDG Investor Map, targeting both domestic and international investors. The Map will provide insights and tools needed by the private sector to increase their investment in the SDGs, thereby assisting to fill the financing gaps faced by the government, including for its climate ambitions.

 

6.     Moreover, the 12^th Malaysia Development Plan (12MP) requires industry players to adopt the Environment, Social and Governance (ESG) elements in their business practices, and contribute towards achieving a sustainable and resilient economy.

 

7.     In conclusion, Malaysia believes all sectors are responsible towards realising sustainable development. In addition, it is also imperative that countries help one another in increasing their capabilities towards attaining the 2030 Agenda, to ensure that no one is left behind.

 

I thank you for your attention.