Solidarity and especially financial support needed to overcome Covid-19 pandemic

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In the face of the outbreak of Covid-19, spreading rapidly around the world, the World Health Organization (WHO) announced it is the most impactful pandemic since the Spanishflu pandemic. The pandemic has had a direct impact on people's lives, caused anxiety, changed behaviors, living and consumption habits, focusing on essential goods.

According to forecasts by the International Labor Organization (ILO) in April 2020, 1.6 billion people would be at risk of job losses. At the same time, the United Nations estimates that more than 430 million businesses are most affected, such as retailers and manufacturers, which are in serious danger of disruption.

The world economy has suffered a severe decline in both supply and demand in the markets of goods and services, disrupting trade, global investment, supply chains and value chains.Big countries and economies such as China, the United States, and the EU have experienced the most serious epidemic situations. They are major economic partners of many countries in the world.

Enterprises encountered difficulties in both outputs and inputs, forcing them to reduce or suspend operations, even facing the risk of mass bankruptcy. The major sectors such as services, tourism and transportation are seriously affected. The financial, insurance and securities sectors are also affected, increasing instability in the financial and monetary market, leading to the risk of a financial and debt crisis.

Facing the developments and effects of the pandemic, many countries give priority to taking measures to prevent and control the pandemic as soon as possible; minimize impacts of the pandemic and prepare bridging solutions between the "duringpandemic" and the "post-epidemic" stages on all aspects of the economy.

So far, countries have applied many measures from administrative management to monetary easing, credit and liquidity support and fiscal easing.

Video conference at the United Nations

Therefore, at the United Nations’ online high-level meeting on financing for development amid the Covid-19 pandemic, countries focused on discussing global measures in mobilizing financial channels to promote the implementation of SDG's objectives during and after the Covid-19 pandemic, such as: stabilizing finance and enhancing liquidity; addressing debt challenges; mobilizing private sector participation; mobilizing financial resources for inclusive growth; preventing illegal financial flows; recovering sustainable and inclusive economy through the implementation of sustainable development objectives.

Speaking at the opening of the conference, UN Secretary General Antonio Guterres said: "We are in an unprecedented crisis of humanity. Therefore, we need solidarity and especial financial support to overcome this pandemic.”

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To address global issues amid the Covid-19 pandemic, the United Nations raised six major issues for member states for discussion at the meeting: Expanding liquidity in the global economy and maintaining financial stability to protect development interests; solving debt gaps for all developing countries to save lives and economies for billions of people around the world; creating a space in which the private sector can actively participate in effective and timely solutions;increasing finance and external remittance for inclusive growth and job creation; measures to expand fiscal space and promote mobilization of domestic resources by blocking illicit financial flows; and ensuring sustainable and comprehensive recovery by arranging restoration policies with sustainable development objectives.