The UN Forum on Financing for Development (FfD) 2021 was the first FfD forum held as planned since the outbreak of the COVID-19 crisis. Accordingly, the expectations were high. Development finance is currently facing a triple challenge: to mitigate the humanitarian crisis, funds for an acute crisis response are needed – for example, to finance universal access to vaccines through the COVAX-facility, or for social protection measures. To mitigate the further divergence between countries, resources must be made available for economic stimulus programmes in the Global South that match those of the Global North. To prevent the failure of the Agenda 2030, the Sustainable Development Goal (SDG) financing gap that already existed before the COVID-19 crisis and has widened as a result of the crisis must be filled. The UN FfD Forum 2021 was a pivotal moment on the international policy calendar to take the necessary steps.
By Bodo Ellmers
Published by: Global Policy Forum Europe
Bonn, May 2021