All Protocol Observed,

I have the honor to deliver this statement on behalf of the Group of 77 and China.

The Group highly appreciates the tremendous effort that has been made by the Republic of Namibia and the Federal Republic of Germany; The Republic of Zambia and The Kingdom of Sweden, as well as the Kingdom of Netherlands and the Republic of Jamaica, who for over the last 18 months have carefully co-facilitated the inter-governmental negotiations process of the Summit of the Future; The Global Digital Compact; The Declaration of Future Generations, respectively, leading to the formulation of the 'Pact for the Future' and its two annexes.

The world today has changed dramatically since the adoption of the 2030 Agenda for Sustainable Development and progress at the halfway point of the Agenda is increasingly fragile. The chasm between developed and developing countries has widened with little recourse for developing countries due to structural assymetries in global governance.

We the group of 77 and China therefore call for action to strengthen and reinvigorate multilateralism and deepen international cooperation. We call for a multilateral system, with the United Nations at its centre, reflecting the realities of today's world by ensuring the voice and representation of developing countries in global decision-making. We emphasize that the UN remains the most inclusive and legitimate forum for advancing the Sustainable Development Goals.

We call for strengthening the leadership role of the United Nations in global economic governance, and the reform of the international financial architecture. We welcome the initiative to convene a Biennial Summit at the level of Heads of State and Government to strengthen existing links and coordination between the United Nations and the international financial institutions.

We call for undertaking governance reforms at the international financial institutions and multilateral development banks and we underscore the need for enhancing representation and voice of developing countries in decision-making in the international financial architecture especially the International Monetary Fund and the World Bank, to deliver more effective, credible, accountable and legitimate institutions.

In addition to changes to quotas and voting power, we welcome other steps taken to improve the voice and representation of developing countries, such as the creation of a twenty-fifth chair on the IMF Executive Board for sub-Saharan Africa.

We call for the Secretary General in collaboration with the Inter Agency Task Force on Financing For Development and member states to review the sovereign debt architecture, with a view to making concrete recommendations for reform to the Fourth international conference on financing for development including by making proposals for establishing effective, efficient, equitable and comprehensive multilateral debt mechanisms, an assessment of the spillover impact of developed countries macroeconomic policies adjustment and IFIs policies on the borrowing costs and debt burdens of developing countries, an assessment of the principles of responsible lending and borrowing, for improving transparency, and for upgrading tools for debt sustainability analysis.

Excellencies,

Developing countries are facing increasing financing gap and bridging this gap is essential to achieving the SDGs. This would require, amongst other measures, debt treatment, enhanced financing mechanisms including innovative financing, fulfillment of ODA commitments, access to concessional finance by all developing countries, as well as larger Foreign Direct Investment.

Many of the challenges facing the international financial architecture can adversely impact the capacity of developing countries to respond to climate change and can undermine progress toward achieving Sustainable Development and the eradication of poverty. Countries should not have to decide between pursuing development and addressing climate change.

Furthermore, climate finance must be additional grant-based and distinct from Official Development Aid and should not come at the expense of assistance for other development needs, including poverty eradication, and promoting sustainable, inclusive, resilient economic growth.

Developing countries face increasing financing needs, especially those particularly vulnerable to the adverse impacts of climate change, leading to a growing demand for grants and concessional finance. Therefore, loans at market rate of return cannot be termed as climate finance. Rather, they represent a reverse capital flow from developing to developed countries when repayments are considered.

The Group of 77 and China call on developed countries to significantly scale up grant-based public finance to developing countries to advance climate action in accordance with the United Nations Framework Convention on Climate Change and its Paris Agreement.

Many developing countries also face unilateral coercive measures which not only undermine the principles enshrined in the Charter of the UN and international law but also severely threaten the freedom of trade and investment. Therefore, we reiterate the urgent need to eliminate them immediately.

The Pact for The Future, its Global Digital Compact and Declaration for Future Generations, albeit their shortcomings present opportunities to recommit to turbo charging the SDGs before 2030.

For the Future Generations, let us make them count!

I thank you!