FM Dr. Rana urges G20 members to increase financial support for LDCs

Kathmandu, Sept. 26

Minister for Foreign Affairs Dr. Arzu Rana Deuba has urged the G20 member countries to increase financial support for Least Developed Countries (LDCs) to address the damaging impacts of climate change.

Reflecting on the problems faced by LDCs due to climate change, Minister Dr. Rana said, "These countries have suffered from multi-faceted crises, including the COVID-19 pandemic, climate change, and geopolitical tensions. As a result, these countries have been pushed further into extreme poverty in the last two decades."

She was addressing the G20 Foreign Affairs Ministers Meeting in New Work on Wednesday on the sidelines of the 79^th Session of the United Nations General Assembly (UNGA), informed the Secretariat of FM Dr. Rana in a statement on Thursday.

She delivered these remarks on behalf of the Group of LDCs, of which Nepal is the chair currently.

"The minister urged the G20 to take a leading role in promoting inclusive growth, accelerating the 2030 Agenda, enhancing global health security, leading climate action, driving digital transformation, bridging digital divides, fostering multilateral cooperation, and addressing the challenges the world faces," read the statement.

She also lauded Brazil's initiatives in hosting this Meeting as the chair of the G20 with a focus on social inclusion, poverty alleviation and sustainable development while welcoming its proposal to launch a Global Alliance against Hunger and Poverty.

Dr. Rana urged the establishment of a formal mechanism for LDC representation in G20 meetings and working groups, including regular invitations for the LDC chair to G20 Summits, which she said provides a vital platform for allowing the perspectives of LDCs to shape G20 deliberations and outcomes.

Additionally, she requested the establishment of a G20-led fund to support climate adaptation and resilience-building in LDCs, with a focus on grant-based financing and capacity building for project development and implementation.

Dr. Rana also called on G20 members to provide duty-free and quota-free market access for all LDC products, which she believed would help LDCs better integrate into global value chains and boost export revenues. She stressed the urgent need for G20 countries to recognise that LDCs have been severely hit by the recent increase in extreme poverty, calling for the collective efforts to support these countries.

Published in The Rising Nepal daily on 27 September 2024.