Statement by the Delegation of Armenia, Ms. Julieta Tavakalyan, Third Secretary of the Permanent Mission, at ECOSOC Coordination Segment: Financing and investment solutions for sustainable development in countries in special situations

07 February, 2025

Distinguished Vice-Presidents of ECOSOC,

Distinguished Under Secretary-General,

Excellencies,

First of all, let me express my appreciation to the panelists for their comprehensive presentations and important insights. Indeed, the countries in special situations face disproportionate burdens in financing their development priorities due to structural vulnerabilities, surging inflation and public debt, energy and food price increases, impact of climate change.

The current international financial architecture lacks the capacities to facilitate the mobilization of stable, long-term and necessary financing required to address the primary needs of countries in special situations. The weight of rising interest rates and debt levels faced by developing countries restricts the fiscal space needed for advancing sustainable development in all its dimensions.

As a landlocked developing country Armenia advocates for strengthened cooperation to assist countries in special situations, including LLDCs in infrastructure development and maintenance, advancement of international transport corridors and promotion of regional connectivity. Building the productive capacities of LLDCs, stimulating export diversification, strengthening of cooperation with transit countries, facilitation of measures to simplify border crossing operations, as well as harmonizing customs rules are pivotal elements in unlocking the full potential of LLDCs and their full integration into the global value chains. In this regard, the adoption of the Programme of Action for LLDCs is an important milestone as it will serve as the blueprint for international cooperation and tailored solutions to support LLDCs for the years to come.

A proper attention should be given to the challenges faced by countries who find themselves in the middle-income trap due to the GDP per capita categorization, which does not fully represent the specific challenges and vulnerabilities faced by such countries. Armenia advocates for elaboration of a comprehensive set of criteria going beyond the GDP per capita, such as the human development index, vulnerability to climate change and more, especially when it comes to facilitation of access of middle-income countries to concessional financing. The ECOSOC and its Statistical Commission can provide a working platform to take actions in order to introduce a complementary measure to GDP.

Dear colleagues,

In the run-up to the 4^th International Conference on Financing for Development it is important more than ever to holistically review the progress towards achieving the SDGs and identify solutions to overcome the underfunding of the 2030 Agenda, as well as explore opportunities of the reform of the global financial architecture to achieve sustainable development for all.

I thank you.

MFA RA
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