Every fourth country will become poor this year, Nirmala Sitharaman said there is dire need of 4 trillion dollars

Sustainable Development Goals: Finance Minister Nirmala Sitharaman has said that we have to work together for the upliftment of the poor. Our goal should be to include the marginalized people in this journey of development. Addressing the Voice of Global South Summit virtually on Saturday, she said that lack of money is hindering the progress of developing countries. The Finance Minister said that $4 trillion is urgently needed to achieve the Sustainable Development Goals (SDG).

Every fourth developing country will reach pre-Covid situation

Finance Minister Nirmala Sitharaman said that according to a recent report of the World Bank, one in every four developing countries will become poorer by the end of this year. These countries can reach the situation before the Covid pandemic. Achieving Sustainable Development Goals is becoming a very difficult task in these countries. On some parameters, these countries are moving backwards instead of moving forward. If we have to handle the situation, then 4 trillion dollars will have to be spent. Many crises going on in the world are making this situation more serious.

Development and poverty alleviation programs have been badly affected

In her address, Nirmala Sitharaman said that development and poverty alleviation programmes have been badly affected. India had raised these issues during its presidency of G20. All efforts are being made to raise financial aid. She said that many problems can be overcome with the help of development. We can provide economic opportunities to a maximum number of people. We will have to make our policies keeping people in mind. They will have to be included in the journey of development.

Development banks will have to shoulder more responsibility

The Finance Minister said that development banks will also have to increase their responsibility. These banks play an important role in fulfilling the economic needs of developing countries. By implementing economic reforms in the country, we can get maximum help from these banks. Along with this, we will also have to find other means of raising money. Low income countries should be our priority. However, middle income countries are also struggling with environmental changes. In such a situation, they should also be helped. Apart from this, the private sector will also have to come forward.

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