The link between financing and the achievement of the Sustainable Development Goals (SDGs) as well as national development strategies has been clearly defined in a new report.
The Development Finance Assessment (DFA), carried out by the Government of Samoa and supported by United Nations Development Programme (UNDP) and Australia’s Department of Foreign Affairs and Trade (DFAT), has found that these are the thematic areas that it should focus on to leverage finance for sustainable development and to achieve the SDGs.
The DFA Report, which was officially launched and handed over today to the Government of Samoa by UNDP, provides an overview of development finance flows as well as the management and institutional arrangements to utilize finance to deliver on national development goals and priorities.
The actions needed to achieve these have been translated into what is known as a Roadmap for implementation with a focus on efficiency in public sector finance, raising domestic revenue and promoting private sector investments.
“The DFA takes into account the social, economic and environmental dimensions of development and it analyses the roles that different development finance flows play for or against sustainable development considering all these dimensions,” said Sili Epa Tuioti, Minister of Finance.
“More importantly, the effective implementation of the necessary reforms in this DFA is crucial, to manage well the finance flows for macro socio-economic stability and sustainable development for Samoa.”
Like other small island developing states, Samoa faces challenges of fiscal sustainability, which are deepened by the substantial risks from natural disasters and the effects of climate change.
The cross-cutting nature of climate change merits a renewed assessment of financial flows ensuring that the government’s approach towards financing is effectively aligned to Samoa’s development goals.
That’s where the DFA comes in.
“The DFA is an important element to help us realize the SDGs in this Decade of Action. With only 10 years left to achieve the SDGs, we must join hands to accelerate and scale up our efforts in every area,” said Mr. Jorn Sorensen, UNDP’s Resident Representative.
“Financing is critical to achieving the SDGs while at the same time implementing the national development strategies of Samoa. The DFA helps us to map out where Samoa is right now, and the best way it can move forward.”
The DFA has assessed all sources of financing instead of selecting and looking only at specific financing flows so that a well developed, holistic and credible Integrated National Financing Framework (INFF) can be secured.
The capacity building component of this exercise will be critical for Government and local counterparts in the next several months to ensure that the recommendations of the DFA report are implemented successfully, and most importantly, to ensure sustainability of such an important assessment for all future financing flows.
With the successful transfer of knowledge on conducting DFAs, Samoa will also be better placed to assist other Pacific islands through south-south cooperation exchanges.
For additional information, please contact Laufaleaina Lesa at email@example.com or (685) 23670 ext 12.
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