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Barnama
15-07-2025
- Politics
- Barnama
UN: Only 35% Of Sustainable Development Goals On Track
UN Secretary-General Antonio Guterres speaks at the International Business Forum leaders summit opening, during the 4th International Conference on Financing for Development, in Seville, Spain, June 30, 2025. REUTERS/Claudia Greco ISTANBUL, July 15 (Bernama-Anadolu) -- UN Secretary-General Antonio Guterres said on Monday that only 35 per cent of Sustainable Development Goals (SDGs) are on track to achieve their targets or are making reasonable progress, while 18 per cent are going in reverse. In his speech at the launch of the Sustainable Development Goals 2025 report, Guterres reminded that 10 years have passed since the adoption of the 2030 Agenda for Sustainable Development, Anadolu Ajansi reported. Pointing out that millions of people have gained access to electricity, clean cooking facilities, and the internet since 2015, Guterres said that social protection has reached more than half of the world's population, which is a huge increase compared to 10 years ago. bootstrap slideshow The head of the UN shared that access to education continues to increase and more girls are attending school, while child marriages have decreased. He said renewable energy capacity has increased under the leadership of developing countries, adding: "Women's representation is rising across governments, businesses and societies." However, he stressed that they are not where they should be. 'We are in a global development emergency,' Guterres said, noting that more than 800 million people still live in extreme poverty, climate impacts are increasing, and endless debt repayments are depleting the resources countries need to invest in their people. Guterres pointed out that there is a deep link between ending conflicts and development, and said that conflicts such as those in Gaza and Ukraine should be ended. He said that despite these challenges, the report they launched shows the way forward, presenting roadmaps for transformation in the areas of food, energy, digital access, education, employment, and climate.
Business Recorder
02-07-2025
- Business
- Business Recorder
IBF hosts panel discussion: Aurangzeb underscores criticality of SMEs to Pakistan's economy
SEVILLE, (Spain): Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, on Wednesday represented Pakistan in a high-level panel discussion titled 'Scaling up SME Finance' hosted at the International Business Forum, held on the sidelines of the Fourth International Conference on Financing for Development (FfD4) in Seville, Spain, said a press release. The discussion brought together global policymakers and financial leaders to exchange ideas on strengthening financing mechanisms for small and medium enterprises (SMEs), which are widely recognised as critical engines of inclusive economic growth. Addressing the session, Finance Minister Aurangzeb underscored the importance of SMEs to Pakistan's economy, noting that these enterprises account for approximately 40 percent of the country's GDP, 25 percent of exports, and nearly 78 percent of non-agricultural employment. Despite their significant contribution, he observed that SME access to formal finance remains disproportionately low, with a small percentage of private-sector lending currently directed towards them. The Finance Minister highlighted that the Government of Pakistan has adopted a whole-of-government approach to address these challenges and unlock the full potential of the SME sector. As part of its strategic vision, the government aims to raise SME financing to 17 percent of total private-sector credit by 2028. This target is designed to bring Pakistan more in line with comparable South Asian economies such as Bangladesh and India, and with global emerging market benchmarks. He said the Government of Pakistan is actively working through the central bank to encourage commercial banks to expand their SME lending portfolios. This expansion is expected to enhance the contribution of SMEs to GDP, exports, employment, youth and women's digital empowerment, and overall financial inclusion, laying the foundation for sustained and inclusive economic growth. To support this agenda, a multi-billion credit guarantee facility has been rolled out under the Prime Minister's Youth, Business and Agriculture Loan Scheme. The government has also committed to bearing up to 50 percent of potential credit losses on principal for small businesses. The Finance minister also highlighted the government's intention to revise and expand the National SME Policy 2021 to set a comprehensive five-year roadmap for sectoral development. Parallel efforts are underway to strengthen the institutional capacity of the Small and Medium Enterprises Development Authority (SMEDA) so it can extend market linkages, provide regulatory relief, enhance advisory services, and lead capacity-building initiatives. Copyright Business Recorder, 2025
The Print
01-07-2025
- Business
- The Print
Private capital crucial for sustainable development: FM Sitharaman
In an era of volatile FDI flows and mounting global uncertainty, she said private capital has emerged as an increasingly important source of development finance. Addressing the Leadership Summit of the International Business Forum at Sevilla, Spain, she said that private investment is a catalytic force, unlocking capital, boosting productivity, fostering innovation, and introducing technological rigour — all essential for inclusive, sustainable economic growth, according to an official statement. New Delhi, Jun 30 (PTI) Finance Minister Nirmala Sitharaman on Monday underlined the crucial role of private capital in driving sustainable development, saying it is both an urgent necessity and a significant opportunity. 'In recent years, we have witnessed encouraging growth in private investment, supported by the rise of innovative financial instruments alongside traditional sources. However, private capital mobilization remains significantly below what is required, with low- and middle-income countries receiving a disproportionately small share,' she said. This underscores the urgent need for targeted efforts to overcome investment barriers and better align financial flows with development priorities, she said. 'Mobilizing private capital is not merely a financing strategy — it is a development imperative. With coordinated action, thoughtful regulation, and shared ambition as reflected in Compromiso de Sevilla, we can ensure that private investment becomes a force for inclusive, sustainable, and resilient growth,' she said. Talking about key challenges for emerging economies, she said these include the high cost of capital, a shortage of bankable projects, regulatory and institutional constraints, limited local capacity, and high perceptions of risk – both country-specific and currency-related. Effective mobilization of private capital demands a multi-pronged strategy, combining robust domestic reform with strengthened international cooperation, she said. Pointing out seven strategic areas where transformation is both necessary and achievable, she said, strong domestic financial markets, addressing perceived risks through institutional reforms, creating scale in investment opportunities and scaling up of blended finance. Besides, she said Multilateral Development Banks (MDBs) and Development Finance Institutions (DFIs) must assume a stronger enabling role for mobilization of private capital. Stressing that international credit rating methodologies must evolve to better reflect the structural strengths and long-term resilience of EMDEs, she said, current sovereign ratings often understate key fundamentals. Reforming rating methodologies would not only enhance fairness but also reduce financing costs and unlock far greater volumes of private investment, she added. Finally, she said, unlocking capital at the grassroots level requires support for MSMEs. 'These engines of inclusive growth need access to credit, technology, and capacity-building, along with simplified compliance frameworks. India's initiatives, ranging from credit guarantees and stress-period financing to E-Commerce Export Hubs, have improved MSME creditworthiness and global value chain integration,' she said. Sitharaman on Monday embarked on a three-nation official visit. She is leading an Indian delegation to Spain, Portugal and Brazil to attend a host of events, including the BRICS Finance Ministers and Central Bank Governors Meeting (FMCBG). PTI DP MR This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
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Business Standard
30-06-2025
- Business
- Business Standard
International credit rating methods must evolve: FM Nirmala Sitharaman
India's sovereign rating does not fully reflect its macroeconomic stability, even with a sustained high growth trajectory and sound fiscal management, Finance Minister Nirmala Sitharaman said on Monday, while stressing the need for international credit rating methodologies to evolve. Delivering a keynote address at the International Business Forum's leadership summit in Seville, Spain, Sitharaman said, 'Reforming rating methodologies would not only enhance fairness, but also reduce financing cost and unlock far greater volumes of private investment.' The Finance Minister said that the rating agencies' methodology needs to better reflect the structural strength and long-term resilience of emerging markets and developing economies (EMDEs), where actual financial flows have struggled to gain momentum. 'This underscores the need for early, structured engagement between multilateral development banks and credit rating agencies to recalibrate risk assessments and unlock sustainable capital at scale,' she added. Earlier this month, finance ministry officials had met analysts from Moody's Ratings, making their case for a ratings upgrade on the back of macroeconomic stability, fiscal prudence and benign inflation. In May this year, global sovereign credit rating agency Morningstar DBRS upgraded India's long-term foreign and local currency issuer ratings from BBB (low) to BBB with a stable trend. S&P Global Ratings, however, said that while no immediate rating actions had been taken, the situation arising from regional tensions introduces material uncertainty that could weigh on sovereign credit profiles if they persist. Addressing the panel discussion on From Fourth Financing for Development (FFD4) Outcome to Implementation: Unlocking the Potential of Private Capital for Sustainable Development, Sitharaman highlighted that mobilising private capital was not just a financing strategy but a development imperative. 'In an era of volatile FDI flows and mounting global uncertainty, private capital has emerged as an increasingly important source of development finance.' Sitharaman also called for support for micro, small and medium enterprises in order to unlock capital at the grassroots level. She stressed the need to scale up blended finance through tools such as sovereign green bonds, thematic bonds and impact investment instruments. Addressing perceived risks through institutional reforms is also crucial, she said. The Finance Minister added that multilateral development banks and development finance institutions (DFIs) need to take on a stronger enabling role by providing support through concessional finance, guarantees, credit enhancements and project preparation.
Time of India
30-06-2025
- Business
- Time of India
Private capital crucial for sustainable development: FM Nirmala Sitharaman
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel Finance Minister Nirmala Sitharaman on Monday underlined the crucial role of private capital in driving sustainable development , saying it is both an urgent necessity and a significant the Leadership Summit of the International Business Forum at Sevilla, Spain, she said that private investment is a catalytic force, unlocking capital, boosting productivity, fostering innovation, and introducing technological rigour -- all essential for inclusive, sustainable economic growth, according to an official an era of volatile FDI flows and mounting global uncertainty, she said private capital has emerged as an increasingly important source of development finance."In recent years, we have witnessed encouraging growth in private investment, supported by the rise of innovative financial instruments alongside traditional sources. However, private capital mobilization remains significantly below what is required, with low- and middle-income countries receiving a disproportionately small share," she underscores the urgent need for targeted efforts to overcome investment barriers and better align financial flows with development priorities, she said."Mobilizing private capital is not merely a financing strategy -- it is a development imperative. With coordinated action, thoughtful regulation, and shared ambition as reflected in Compromiso de Sevilla, we can ensure that private investment becomes a force for inclusive, sustainable, and resilient growth," she about key challenges for emerging economies, she said these include the high cost of capital, a shortage of bankable projects, regulatory and institutional constraints, limited local capacity, and high perceptions of risk - both country-specific and mobilization of private capital demands a multi-pronged strategy, combining robust domestic reform with strengthened international cooperation, she out seven strategic areas where transformation is both necessary and achievable, she said, strong domestic financial markets, addressing perceived risks through institutional reforms, creating scale in investment opportunities and scaling up of blended she said Multilateral Development Banks (MDBs) and Development Finance Institutions (DFIs) must assume a stronger enabling role for mobilization of private that international credit rating methodologies must evolve to better reflect the structural strengths and long-term resilience of EMDEs, she said, current sovereign ratings often understate key rating methodologies would not only enhance fairness but also reduce financing costs and unlock far greater volumes of private investment, she she said, unlocking capital at the grassroots level requires support for MSMEs "These engines of inclusive growth need access to credit, technology, and capacity-building, along with simplified compliance frameworks. India's initiatives, ranging from credit guarantees and stress-period financing to E-Commerce Export Hubs, have improved MSME creditworthiness and global value chain integration," she on Monday embarked on a three-nation official visit. She is leading an Indian delegation to Spain, Portugal and Brazil to attend a host of events, including the BRICS Finance Ministers and Central Bank Governors Meeting (FMCBG).
