" ITREALMS: Task force on F4D wants increased financing for development

Tuesday, April 17, 2018

Task force on F4D wants increased financing for development

The United Nations Inter-agency Task Force on Financing for Development has called for increased development financing to improve effectiveness, especially in Sustainable Development Goals (SDGs), reports ITRealms.

new report made available to ITRealms at the weekend the task force noted that most development financing flows increased in 2017 as a result of a dynamic world economy.

UN also warned that the economic upturn masks systemic social and economic weaknesses that could derail development efforts, including such weaknesses as “insufficient financing; an excessive focus on short-term profits and political considerations; and persistently high levels of inequality.”

UN task force highlighted how new technologies have the power to address some of these weaknesses, and thereby accelerate the achievement of the SDGs.

According to the report, some of the benefits of deploying technologies include that “New technologies can help channel financing to all segments of the economy. The digitalization of business has potential to widen the tax base, improve tax revenue collection, identify and prosecute tax evaders, and combat illicit financial flows.

“Digital financial services can increase access to financial resources for those currently underserved. By lowering the cost of banking services and remittances, digital financial services delivered via mobile phone can provide a boost to developing countries that receive significant remittances from overseas, and can help to meet the financing needs of Micro, Small and Medium Entreprises (MSMEs).

“The labour market’s increasing requirement for advanced digital skills represents both a risk and an opportunity for development. To ensure that technology dividends are shared broadly, countries should put in place policies to support lifelong learning and skills acquisition for all.

“E-commerce may provide untapped potential for further enhancing inclusive trade growth in developing countries.”

Chuks Egbune/GEE

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