Tuesday, 06 October 2026
Presenter: H.E.JayanthaJayasuriya
Location: New York
UNGA80: Economic and Social Committee (2nd Committee)
General debate
Financing sustainable development in a changing global economy to accelerate implementation of the Sustainable Development Goals
Chair, Excellences, Distinguished Delegates, My delegation aligns itself with the statement made by Uruguay on behalf of the G77 and China and makes the following points in our national capacity.
We are meeting today when the world is grappling with a magnitude of challenges on multiple fronts, from financial and debt challenges to food insecurity, and climate change. These challenges continue to cripple our overall economic growth and slow down our national capacities.
We must also bear in mind that only four years away from the 2030 Sustainable Development Agenda the path ahead of us is still arduous. We must therefore make use of this platform to explore how best we can make our efforts impactful, to meet these collective challenges that lie ahead us.
Chair,
The key to achieving Sustainable Development Goals is our ability to finance the initiatives, and the associated programmes. We know that the financing gap to achieve the Sustainable Development Goals continues to be over $4 trillion annually, while developing countries are the most affected.
The fiscal space available to many developing economies for advancing their SDG agendas are being further constrained by shrinking aid flows, heightened geopolitical tensions, and high borrowing costs.
Changes in donor priorities and competing geopolitical agendas are redirecting development finance, while rising external financing needs and debt-servicing
pressures leave governments with fewer resources to sustain critical investments in development and social protection.
Therefore, it is imperative that we strengthen our collective efforts to navigate the evolving fiscal challenges and mobilise the resources necessary to accelerate progress towards achieving the Sustainable Development Goals (SDGs).
Chair,
Forty percent of the developing countries continue to suffer from severe lingering debt problems, incapacitating them to finance their SDGs.
Therefore, alongside efforts to advance financing, we need to look at deeper, long-term reforms to the international financial architecture; reforms that complement these efforts and strengthen its role as a safety net rather than allowing it to become a bottleneck and an impediment.
In this context, Sri Lanka commends progress in deliberations at the FFD4 last year, and calls for implementation of the Seville Commitment as a key step towards advancing financing solutions.
Chair,
In July 2026, Sri Lanka was reclassified as an Upper-Middle-Income Country (MIC). Sri Lanka’s sovereign credit rating was recently upgraded, with a stable outlook. Behind these achievements are the resilience of our people and the Government’s commitment to macroeconomic stabilization and structural reforms. Our recovery from the severe economic crisis of 2022 has required sustained efforts, amid debt challenges, external shocks, and pressures, including climate disasters. We appreciate our international partners' cooperation, particularly through debt restructuring and financial assistance.
Chair,
Despite development gains, MICs face persistent structural barriers, including vulnerability to external shocks, limited access to concessional financing, and technological gaps. Tensions in West Asia have driven up energy prices and
disrupted fertilizer supply chains, directly affecting food security. For Sri Lanka, Cyclone Ditwah caused over USD 4 billion in direct and broader economic losses last year.
Sri Lanka crossed the threshold for reclassification narrowly, underscoring the need for tailored and sustained development cooperation and financing for MICs. We welcome the consultations on the Strategic Plan of Action for MICs and call for a UN development system responsive to their specific needs.
Sri Lanka underscores the need to move Beyond GDP as the exclusive basis for determining access to development support, and welcomes the Expert Groups' report and forthcoming intergovernmental process.
Chair,
Artificial Intelligence can accelerate the path to achieving the SDGs, bridging digital divides and expanding equitable economic opportunities.
Sri Lanka calls for meaningful technology transfer and equal access for developing countries.
Chair,
The energy transition is a priority for Sri Lanka, with targets of carbon neutrality by 2050, 70 percent renewable electricity generation by 2030, and no further support for additional coal power capacity.
However, reaching our net zero goal will require approximately USD 100 billion, or USD 4 billion annually, by 2050. This is far beyond what domestic public finance can carry alone, irrespective of our reclassification as an upper-middle income country.
Sri Lanka remains highly exposed to climate change. Natural disaster losses, currently estimated at 0.4 per cent of GDP, are projected to triple by 2050, with El Niño further exacerbating this. This is the common fate for many developing countries, and therefore it is important we explore innovative financing
solutions, including climate financing and that greater participation of the private sector in such initiatives.
Chair,
We reiterate our support for the UN80 and call for reforms that strengthen a more effective and responsive UN aligned with national priorities and focused on country-level delivery.
With only four years remaining until SDGs 2030, we are concerned by declining ODA and core contributions to the UN system, and call for adequate and predictable financing.
We also stress the importance of enhancing South-South and triangular cooperation and a coherent UN system-wide approach aligned with national development priorities and the 2030 agenda.
Chair,
Therefore, Sri Lanka stands ready to work with the international community to strengthen cooperation and ensure that global financial frameworks respond more effectively to the needs of developing countries.
I thank you.