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(Part 2) Meeting of the Ministers of Finance on Financing the 2030 Agenda for Sustainable Development in the Era of COVID-19 and Beyond
8 Sep 2020 -  The COVID-19 pandemic and emergency measures to control it, such as lockdowns and travel restrictions, have put public health systems under stress and caused hundreds of millions around the world to lose their livelihoods overnight. As a result of the pandemic the world’s gross domestic product, foreign direct investment and remittances are estimated to drop in 2020 by 4.9 per cent, 40 per cent, and 20 per cent, respectively. In addition, in the second quarter of the year, hours of work dropped 14 per cent, equivalent to a loss of 400 million full-time jobs, and global merchandise trade declined by 18.5 percent.

Convened by the UN Deputy Secretary-General Amina Mohammed and the Finance Ministers of Canada and Jamaica, it aims to present a single ambitious menu of policy options to the Heads of State and Government to recover from the current crisis in the short term and mobilize the financial resources to achieve the 2030 Agenda and its Sustainable Development Goals (SDGs) and build the resilience and sustainability of countries and the global financial architecture over the medium to long term.

The specific objectives of the Meeting of the Ministers of Finance are as follows:

To enable Ministers of Finance to discuss, further refine and transmit to Heads of State and Government the menu of options and key highlights compiled by the six discussion groups on their six respective topics for the short, medium and long term; To ensure that the menu of options fully reflects the needs and views of the Ministries of Finance at their highest level, thereby fostering ownership of the outcome by both developed and developing countries, regardless of their size and level of income; To reinforce high-level political momentum for a global comprehensive response prior to review and consideration by the Heads of State of the menu of options at a separate Leader’s meeting on 29 September 2020.