Development finance, debt and the SDGs · 5 mentions in this passage
South-South cooperation remains an important complement to ODA. Partnerships among developing countries have enabled us to share expertise, technology, innovation and practical solutions suited to our circumstances. The support of Papua New Guinea, Indonesia, India and our Pacific family embodies the true spirit of South-South solidarity and we value it deeply. We also acknowledge the partnership of multilateral organisations, NGOs and the private sector in supporting development work in Solomon Islands. At home, my government is working hand in hand with churches to build stronger, more inclusive communities. Cooperation and partnership at every level and across borders are critical to nation building, and my government remains fully committed to them. Mr. president, as a small island developing state, our vulnerability remains a fundamental reality. A single natural disaster can erase years of investment and progress and push the nation backwards. The Multidimensional Vulnerability Index captures the special circumstances of SIDS in a way that income measures alone does not. We call on international financial institutions to integrate the MVI into their financing decisions for SIDS without further delay. Mr. president, last year, the world spent more than $3 trillion on its militaries. That is more than 16 times all ODA. In less than 18 days, the world spends more on arms than developed countries provide in a full year of climate finance. In the same year that military spending reached its highest share of global output since 2009, development aid had its steepest fall on record. Bilateral aid to the least developed countries fell by a quarter. This imbalance must be corrected. Redirecting even a small share of this spending would fully capitalize the Pacific Resilience Facility and the Loss and Damage Fund, secure the Green Climate Fund's third replenishment and meet ODA targets.
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