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$928b more needed to implement dev agenda [ Front Page ] 17/07/2017
$928b more needed to implement dev agenda
Funding seen as a big challenge for govt
Hasibul Aman   

The country will require $928.48 billion in additional financing to implement the global sustainable development agenda by 2030, says a new government assessment report.

General Economics Division (GED) has estimated the needs in a latest report styled ‘SDGs Needs Assessment and Financing Strategy:

Bangladesh Perspective’ where SDGs funding has been identified as a big challenge.

The government is focusing more on local resources than on overseas sources to mobilise the funds needed to meet 17 goals of SDGs.

In the assessment, a target has been set to mobilise 85 percent of the required money from local sources and 15 percent from foreign sources.

The government has to spend $796.9 billion from the state coffer and a strategy will be taken to fetch $132.39 billion assistance from foreign sources.

Until 2030, the country has to provide $56.86 billion funds on average from local resources every year, apart from managing $9.46 billion from foreign funds, according to a proposal made in the report.

“We’ve completed the assessment taking into consideration the SDGs goals and targets. At the same time, SDGs implementation action plan is awaiting final nod,” said Dr Shamsul Alam, the chief of GED, the public sector think tank.

The estimated money for SDGs will be spent during implementation of the 7th, 8th and 9th five-year plans, he also informed.

The report has selected three steps as financing strategy up to 2030, which shows that gradually more money will be required in the later years than the requirement of the preliminary years.

From 2016-17 fiscal year to 2019-20 fiscal year, Bangladesh will need a total of $129.79 billion where foreign fund’s contribution has been estimated to be only $22.7 billion.

But from FY21 to FY25, the government has to spend $300.65 billion on SDGs, including $257.49 billion as local funds and $43.15 billion as foreign funds.    

The money requirement will increase to $498.4 billion during FY26 to FY30, where local fund requirement has been estimated at $430.87 billion and t­hat of overseas funds at $67.17 billion.

As a foreign funds mobilisation strategy, the report proposed collecting $6.91 billion every year as FDI and $2.55 as project loans and grants from development partners.

For the first four years, average yearly FDI inflow has been estimated at $2.73 billion and $6.45 billion for the next four years and $10.70 billion average annual FDI has been estimated for the last four years.

After the phase out of Millennium Development Goals (MDGs) in 2015, the United Nations picked up SDGs to make the world free of hunger, poverty and inequality by 2030 alongside sustaining development interventions.
The SDGs have 17 goals, 169 targets and 230 evaluation indicators.
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