Pandemic adds financial needs of $1.7T for developing countries

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ISTANBUL – The Covid-19 pandemic has created an additional need of USD1.7 trillion for developing countries, said Haoliang Xu, the assistant secretary-general of the United Nations.

In a video message at the 12th Bosphorus Summit in Istanbul, Xu, who is also the director of Bureau for Policy and Program Support, stressed the world is experiencing severe economic downturns due to the pandemic.

He noted that global financial assets have reached USD317 trillion, the highest level ever, and while 80 percent of assets are held in advanced economies, only 1.1 percent of this amount is allocated to developing countries' sustainable development goals.

Xu stressed that mobilization of investments is at the top of every government's agenda and that countries are making efforts to achieve an inclusive and sustainable future.

Touching on Turkey's position in the field of investment, he said Turkey is at the crossroads of the Middle East, North Africa, and Europe.

The two-day summit, organized by the International Cooperation Platform (ICP), started on Monday.

Turkey's President Recep Tayyip Erdogan, as well as ministers, deputy ministers, and other top officials from Turkey and abroad, are attending the summit either virtually or physically.

The summit will cover a wide range of issues, including international economic relations, Islamic finance investing, innovation, and aviation sustainability. (Anadolu)