The Basic Principles Concerning Manufacturing

[Education]

And that must indeed be a fact. Third, we must make sure funds go where they are needed most. Latest reports indicate that there has been a $5 trillion surge in the wealth of the world’s richest in the past year. I urge Governments to consider a solidarity or wealth tax on those who have profited during the pandemic, to reduce extreme inequalities. Fourth, we must address the debt crisis with debt suspension, relief, and liquidity provided for countries that need it. The G20’s support for an extension of the Debt Service Suspension Initiative (DSSI) to the end of this year is welcome; but I urge a further extension into 2022. Both the DSSI and the G20’s Common Framework should be expanded to include all countries in need and also including middle-income countries. I am greatly encouraged by the IMFC’s call to support also middle-income countries that are in need and that are home to more than 60 per cent of the world’s poor. New mechanisms can make use of debt swaps, buy-backs and cancellations. But we need to go beyond debt relief. The meeting of Heads of State and Government on the international debt architecture and liquidity we hosted with the Prime Ministers of Jamaica and Canada two weeks ago showed strong support for much bolder measures. We urgently need to strengthen the international debt architecture to end the deadly cycles of debt waves, global debt crises and lost decades. This starts with a time-bound, open dialogue with all stakeholders to build trust and transparency. We need an inclusive approach that encompasses private creditors and tackles long-standing weaknesses and gaps. Fifth, we must invest in people. We need a new social contract, based on solidarity and investments in education, decent and green jobs, social protection, and health systems. This is the foundation for sustainable and inclusive development. Sixth, we need to relaunch economies in a sustainable and equitable manner, consistent with the Sustainable Development Goals and the Paris Agreement. The latest report by the United Nations Environment Programme showed that just 2.5 per cent of recovery spending has positive, green characteristics. We are missing a once-in-a-generation opportunity for bold, creative solutions that will strengthen the response and recovery, while accelerating progress across the entire 2030 Agenda and the Paris Agreement. The COVID-19 pandemic is our most immediate challenge.

https://reliefweb.int/report/world/secretary-general-economic-and-social-council-forum-spells-out-priority-areas-urgent

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