The closing sitting of the fourth session of ESCAP’s Committee on Macroeconomic Policy, Poverty Reduction and Financing for Development on November 3 (Photo: VNA)

During the three-day session in Bangkok, countries shared the view that the world and the region are encountering many macro-economic challenges, including a slow growth outlook, soaring inflation and interest rates, tightened fiscal policies, the shortage of public funding sources for sustainable development, and risks of a debt crisis in many countries.

Given that context, participants discussed measures on enhancing the sustainability of public debts and boosting sustainable finance to secure sustainable development goals and climate actions in the Asia-Pacific region.

Under the chair of Ambassador and Permanent Representative Thanh, the session adopted six recommendations and two decisions.

In particular, participants proposed the ESCAP Secretariat continue implementing studies, supporting capacity building, promoting dialogue, and sharing information and experience in sustainable finance and public debts with member countries. They called for creating conditions for regional and sub-regional cooperation mechanisms to narrow the shortage of funding sources; helping resolve macro-economic policy issues and debt crises, and increasing investment in sustainable development; and promoting coordination with the consulting group on finance provision for sustainable development strategies to elevate the mechanism on sharing policies and experience related to macro-economic challenges and sustainable finance issues.

This was the third time Vietnam had been elected to the executive boards of major conferences of ESCAP over the last two years, affirming Vietnam's increasing role and contributions to the forum.

ESCAP is the most inclusive intergovernmental platform in the Asia-Pacific region, comprising with 53 official member states and nine associate members. It supports socio-economic development and the implementation of the UN’s 2030 Agenda for Sustainable Development in the region.

Meanwhile, the Committee on Macroeconomic Policy, Poverty Reduction and Financing for Development, one the nine specialised committees of ESCAP, convenes annual sessions to look into measures for helping countries build policies on economic development and mobilisation of finance and resources for sustainable development./.