Angel Gurría, Secretary-General, OECD
Paris, France, 12 November 2020Transcript of video Message
Dear President Macron, Presidents of Public Development Banks,
I am delighted to address the opening of the Finance in Common Summit.
The COVID-19 pandemic has unleashed the worst global health, economic and social crisis in recent history. Developing countries are among those hardest hit. According to the 2020 OECD Global Outlook on Financing for Sustainable Development, 90 out of 122 developing countries are in economic recession. And we estimate that the annual SDG financing gap in these countries could increase by USD 1.7 trillion in 2020 as a result of the pandemic.
To shift this balance, we must leverage billions from public aid and trillions from private sector finance. Public Development Banks are particularly well placed to do this, working between public and private finance, as well as domestic and external finance.
However, governments must also be on board to truly harness this potential. The policies and unprecedented stimulus packages that OECD countries have implemented in response to the pandemic have a gone a long way to tackle emerging challenges. Similar efforts should also be mobilised to support more sustainable and inclusive investment and finance.
In this respect, by next year’s Paris Peace Forum, the OECD will be developing a Health Financing Diagnostic to support governments in strengthening the financing of health systems. This tool aims to help governments focus their reform efforts on more resilient and sustainable health systems by identifying key bottlenecks within their health financing systems.
Monsieur le Président, Dear participants,
The Finance in Common Summit and its Declaration demonstrate our collective commitment to strengthening the multilateral system and building back better. You can count on the OECD to continue working with you, and for you, to achieve a strong, resilient, inclusive and sustainable recovery.