[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"doc-detail-110616-en":3,"doc-seo-110616-105":29,"detail-sidebar-cat-0-en-105":90},{"code":4,"msg":5,"data":6},0,"success",{"doc_id":7,"user_id":8,"nickname":9,"user_avatar":10,"doc_module":4,"category_id":11,"category_name":12,"doc_title":13,"doc_description":14,"doc_content":15,"file_id":16,"file_url":17,"file_type":18,"file_size":19,"view_count":4,"is_deleted":4,"is_public":20,"is_downloadable":20,"audit_status":20,"page_count":21,"language":22,"language_code":23,"site_id":24,"html_lang":23,"table_of_contents":25,"faqs":26,"seo_title":13,"seo_description":14,"update_tm":27,"read_time":28},110616,7971461740886,"Theodore","https://ap-avatar.wpscdn.com/davatar_3d24733baf745e90a7e4bdd5f77d97b2",8,"Research & Report","Statement by Mathias Cormann - 104th Meeting of the Development Committee - October 15, 2021","Statement delivered by Mathias Cormann, Secretary-General of the OECD, for the 104th Meeting of the Development Committee on October 15, 2021. It outlines how COVID-19 has weakened progress toward the SDGs, increased poverty and job losses, expanded the SDG financing gap, and worsened debt pressures, especially in the poorest and most vulnerable countries. It calls for urgent action to scale vaccine financing, close climate finance gaps, and strengthen development support aligned with the Paris Agreement and SDGs.","Public Disclosure Authorized Public Disclosure Authorized  \nDEVELOPMENT COMMITTEE  \n(Joint Ministerial Committee  \nof the  \nBoards of Governors ofthe Bank and the Fund  \non the  \nTransfer of Real Resources to Developing Countries)  \nONE HUNDRED AND FOURTH MEETING WASHINGTON, DC – OCTOBER 15, 2021  \nDC/S/2021-0043 October 15, 2021  \nStatement by  \nMathias Cormann Secretary-General  \nOECD  \nStatement by  \nMathias Cormann  \nSecretary-General  \nOECD  \n104th Meeting of the Development Committee  \nOctober 15, 2021  \nWashington, DC  \n1. As the global recovery from COVID-19 gets underway, developing countries require short-and long-term support to foster strong, green and resilient growth. The OECD is committed to promoting strengthened international financial and policy support that is aligned with global commitments, including the Paris Agreement and the Sustainable Development Goals (SDGs), as well as developing countries’ unique contexts and challenges, to ensure it is truly sustainable.  \n2. While the short-term effects of COVID-19 on financing for sustainable development are less severe than initially anticipated, the world’s poorest countries remain at risk due to lower vaccination levels, less fiscal and monetary capacity, increasing debt levels, and rising threats from climate change. A two-speed recovery risks undermining global resilience and prosperity.  \n3. The COVID-19 pandemic has undermined progress towards the Sustainable Development Goals (SDGs). In 2020, more than 100 million people fell into poverty, and extreme poverty rose for the first time in decades. Jobs lost during the pandemic rose to four times the levels lost during the 2008 Global Financial Crisis (equivalent to 255 million full-time jobs lost) .  \n4. The SDG financing gap in developing countries continues to increase, reflecting both growing SDG financing needs and declining resources from COVID-19. OECD estimates show that external finance has declined by at least USD 250 billion due to a 20% drop in external private finance, including remittances (-1%), Foreign Direct Investment (-19%), portfolio outflows (-69%) and other investments (-50%), relative to 2019 levels. Tax revenues took a double hit from the global economic slowdown and tax breaks intended to cushion businesses and vulnerable households through the worst of the pandemic. In Latin America and the Caribbean, tax revenues declined by more than 9% year-on-year in 2020; in sub-Saharan Africa, tax revenues dropped by an estimated USD 70 billion. The average tax-to-GDP ratio in African countries is 16.5%, compared to the OECD average of 34.3%, and there is less scope for borrowing or quantitative easing.  \n5. Development co-operation providers have maintained Official Development Assistance (ODA), in a sign of global solidarity with developing countries. In 2020, ODA Development Assistance Committee (DAC) Members increased by 3.5% in real terms compared to 2019, amounting to an all-time record of USD 161.2 billion. Bilateral ODA to Africa and Least Developed Countries rose by 4.1% and 1.8%, respectively.  \n6. Despite these encouraging developments, we remain far off the path needed to reach a fairer and more sustainable future for all. While governments globally have provided USD 16 trillion of COVID stimulus measures, only 1% has been mobilised to support developing countries.  \n7. The OECD’s latest Interim Economic Outlook projects the global economy to grow by 5.7% in 2021 and 4.5% in 2022. However, the poorest and most vulnerable countries – including Small Island Developing States (SIDS) and Least Developed Countries (LDCs)– could take several years to recover and return to their pre-COVID-19 growth paths.  \n8. Many developing countries are facing a looming debt crisis. Sub-Saharan African countries are facing their highest debt levels in two decades. The share of countries at high-risk of debt distress or in debt distress has doubled from about a quarter to half of all low-income countrie","cbCaii8JfOmZ16Px","https://ap.wps.com/l/cbCaii8JfOmZ16Px","pdf",269576,1,5,"English","en",105,"# Overview and COVID-19 impact\n## Need for short- and long-term support\n## SDGs setbacks and poverty/job losses\n## Financing gaps and resource constraints\n# Development cooperation and recovery outlook\n## ODA trends and stimulus allocation\n## Economic outlook and recovery risks\n# Debt, social setbacks, and inequality\n## Debt distress and fiscal space\n## Social setbacks and education funding gaps\n# Policy priorities and actions\n## Vaccine distribution financing\n## Climate finance and green recovery","[{\"question\":\"What are the main development challenges highlighted after COVID-19?\",\"answer\":\"The statement highlights weakened SDG progress, rising poverty and job losses, a growing SDG financing gap, and increased debt risks. It also notes lasting social setbacks such as the digital divide and erosion of youth skills.\"},{\"question\":\"How does the statement describe the impact on financing for sustainable development?\",\"answer\":\"It states that external financing has declined significantly, driven by drops in private flows and other investment categories, while tax revenues were hit by the economic slowdown. The SDG financing gap continues to increase alongside declining resources.\"},{\"question\":\"What actions does the statement propose to support developing countries?\",\"answer\":\"It calls for scaling up financing to improve vaccine distribution and closing climate finance gaps. The statement also emphasizes putting development finance on a sustainable footing to address vulnerabilities and inequality.\"}]",1784486269,13,{"code":4,"msg":30,"data":31},"ok",{"site_id":24,"language":23,"slug":32,"title":13,"keywords":33,"description":14,"schema_data":34,"social_meta":85,"head_meta":87,"extra_data":89,"updated_unix":27},"statement-by-mathias-cormann-104th-meeting-of-the-development-committee-october-15-2021","",{"@graph":35,"@context":84},[36,53,67],{"@type":37,"itemListElement":38},"BreadcrumbList",[39,43,47,50],{"item":40,"name":41,"@type":42,"position":20},"https://docshare.wps.com","Home","ListItem",{"item":44,"name":45,"@type":42,"position":46},"https://docshare.wps.com/document/","Document",2,{"item":48,"name":12,"@type":42,"position":49},"https://docshare.wps.com/document/research-report/",3,{"item":51,"name":13,"@type":42,"position":52},"https://docshare.wps.com/document/statement-by-mathias-cormann-104th-meeting-of-the-development-committee-october-15-2021/110616/",4,{"url":51,"name":13,"@type":54,"author":55,"headline":13,"publisher":57,"fileFormat":60,"inLanguage":23,"description":14,"dateModified":61,"datePublished":61,"encodingFormat":60,"isAccessibleForFree":62,"interactionStatistic":63},"DigitalDocument",{"name":9,"@type":56},"Person",{"url":40,"name":58,"@type":59},"DocShare","Organization","application/pdf","2026-07-19",true,{"@type":64,"interactionType":65,"userInteractionCount":4},"InteractionCounter",{"@type":66},"ViewAction",{"@type":68,"mainEntity":69},"FAQPage",[70,76,80],{"name":71,"@type":72,"acceptedAnswer":73},"What are the main development challenges highlighted after COVID-19?","Question",{"text":74,"@type":75},"The statement highlights weakened SDG progress, rising poverty and job losses, a growing SDG financing gap, and increased debt risks. It also notes lasting social setbacks such as the digital divide and erosion of youth skills.","Answer",{"name":77,"@type":72,"acceptedAnswer":78},"How does the statement describe the impact on financing for sustainable development?",{"text":79,"@type":75},"It states that external financing has declined significantly, driven by drops in private flows and other investment categories, while tax revenues were hit by the economic slowdown. The SDG financing gap continues to increase alongside declining resources.",{"name":81,"@type":72,"acceptedAnswer":82},"What actions does the statement propose to support developing countries?",{"text":83,"@type":75},"It calls for scaling up financing to improve vaccine distribution and closing climate finance gaps. The statement also emphasizes putting development finance on a sustainable footing to address vulnerabilities and inequality.","https://schema.org",{"og:url":51,"og:type":86,"og:title":13,"og:site_name":58,"og:description":14},"article",{"robots":88,"canonical":51},"index,follow",{"doc_id":7,"site_id":24},{"code":4,"msg":5,"data":91},[92,96,100,104,108,113,118,121,126,129,133],{"id":20,"doc_module":4,"doc_module_name":45,"category_name":93,"show_sort_weight":94,"slug":95},"Story & Novel",90,"story-novel",{"id":46,"doc_module":4,"doc_module_name":45,"category_name":97,"show_sort_weight":98,"slug":99},"Literature",80,"literature",{"id":52,"doc_module":4,"doc_module_name":45,"category_name":101,"show_sort_weight":102,"slug":103},"Exam",70,"exam",{"id":21,"doc_module":4,"doc_module_name":45,"category_name":105,"show_sort_weight":106,"slug":107},"Comic",60,"comic",{"id":109,"doc_module":4,"doc_module_name":45,"category_name":110,"show_sort_weight":111,"slug":112},6,"Technology",50,"technology",{"id":114,"doc_module":4,"doc_module_name":45,"category_name":115,"show_sort_weight":116,"slug":117},7,"Healthcare",40,"healthcare",{"id":11,"doc_module":4,"doc_module_name":45,"category_name":12,"show_sort_weight":119,"slug":120},30,"research-report",{"id":122,"doc_module":4,"doc_module_name":45,"category_name":123,"show_sort_weight":124,"slug":125},9,"Religion & Spirituality",20,"religion-spirituality",{"id":124,"doc_module":4,"doc_module_name":45,"category_name":127,"show_sort_weight":124,"slug":128},"World Cup","world-cup",{"id":130,"doc_module":4,"doc_module_name":45,"category_name":131,"show_sort_weight":130,"slug":132},10,"Lifestyle","lifestyle",{"id":134,"doc_module":4,"doc_module_name":45,"category_name":135,"show_sort_weight":21,"slug":136},19,"General","general"]