Translation. Region: Russian Federal
Source: United Nations – United Nations –
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September 24, 2025 Economic development
At the UN headquarters in New York, within the framework of the Sustainable Development Goals, which today exceeds 4 trillion dollars a year.
Financial Gap and Development Challenges
The pandemic, geopolitical conflicts, and rising borrowing costs have all hit developing countries hard. Many are on the brink of debt crisis. Aid is slow in coming, and restructuring negotiations are dragging on. This is why the UN has begun to discuss the need reform the financial system and make it fairer.
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UN Secretary-General Antonio Guterres He explained, "This summit is built on three key premises: first, cooperation—especially in the face of sharply declining aid and rising trade tensions. Second, coherence—the need to build bridges between the various forums where discussions on development financing are taking place. Third, inclusiveness—the distribution of economic power in the world is extremely uneven, and this should not determine participation."
From climate debt to new taxes
The Secretary-General paid special attention to climate finance and debt. “A consensus on debt action is needed – with the creation of new instruments to reduce the cost and risks of borrowing, including climate shocks, and more rapid support for countries experiencing liquidity shortages and debt crisis" Guterres emphasized. He added that the global community should also consider "solidarity levies" and more equitable international taxation.
Digital Commerce on the Rise
The discussion wasn't just about debt. World Trade Organization President Ngozi Okonjo-Iweala cited data on how the global economy is changing, noting that trade in digital services grew by 10 percent last year, reaching nearly $5 trillion.
According to the head of the WTO, trade between countries of the Global South continues to grow: it now accounts for about a quarter of global merchandise trade, compared to less than 10 percent 30 years ago. Furthermore, there are emerging signs that value chains are beginning to include new suppliers and regions. Over time, this could contribute to economic resilience and mitigate the current risks associated with overdependence.
Support for the poorest countries
International Monetary Fund Managing Director Kristalina Georgieva recalled that dozens of countries depend on IMF support programs. According to her, 50 countries benefit from IMF programs, more than half of which are poor and vulnerable countries.
"I am proud that we have strengthened our ability to lend to these countries by doubling our borrowing through the Poverty Reduction and Growth Trust," she added.
Voices from all regions
The summit was attended by heads of state and government, as well as representatives of the African Union, the G20, G7, G77, and the Small Island and Least Developed States (SIDS) groups. Many participants emphasized that global solutions must take into account the interests of those most often on the front lines of global crises.
The results will be reflected in the final document. As Guterres recalled: "Meetings themselves are not the end in themselves – they are merely a means to deliver results to people who expect action now."
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