Urgent need to address USD 4 tn financing gap to accelerate progress on SDGs: FM Nirmala Sitharaman

Finance Minister Nirmala Sitharaman highlighted the significant challenge of insufficient developmental finance impeding the progress of developing economies towards Sustainable Development Goals (SDGs), noting a USD 4 trillion annual financing gap. Speaking at the third Voice of Global South Summit, she emphasized the need for comprehensive reforms in multilateral development banks to mobilize necessary financial resources. Sitharaman also pointed to the importance of people-centric growth, timely response to financing requests, and engaging private capital through innovative financial instruments to accelerate development and poverty reduction.