During the presentation to the press of the most recent report on the subject, the official urged increasing investments and carrying out a reform of the international financial system, given the risk that 600 million people will live in extreme poverty by 2030 if things continue the way they are.

The end of poverty is one of the main goals of the 17 SDGs included in the 2030 Agenda, which also includes ending hunger, ensuring the availability of clean water and sanitation, and reducing inequality within and between countries.

However, the UN recognizes a setback in most of the objectives, which now face unprecedented challenges for global stability with the rise of conflicts, the threat of climate change, or inequality.

Mohammed warned that approximately 40 percent of the world’s population – some 3.3 billion people – live in countries where governments now spend more on interest payments than on education or health. At the same time, the financial structure does not support investment and development as it should.

“Average growth rates have declined steadily over the past 25 years, from more than six percent before the global financial crisis more than 15 years ago to around four percent today,” the official said, citing the Report on Financing for Sustainable Development 2024, which estimates that it would take $4.2 trillion annually to close the development financing gap, a figure much higher than the $2.5 trillion needed before the Covid-19 pandemic.

The Deputy Secretary-General asked to remake the current international financial architecture – established almost 80 years ago – and give greater prominence to developing countries within global economic governance.

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