75 UNGA: Statement by the Cuban delegation at the Segment on Macroeconomic policies questions and Financing for development (Items no. 16 and 17) Second Committee. New York, 7 October 2020

Mr. Chair,

Cuba associates itself with the statements delivered by the distinguished delegations of the Cooperative Republic of Guyana on behalf of the Group of 77 and China and Belize on behalf of the Alliance of Small Island Developing States.

For several decades now, developing countries have struggled for a more just, non-discriminatory, and inclusive international order that allows for growth and development for all and close the gaps with developed countries. This just aspiration continues to be a utopia for the majority of the countries of the South, which are subject to an international order that prevents them from realizing their Right to Development. This is amplified by the growing erosion and weakening of the multilateral framework and multilateralism and the inadequate international cooperation; threatened by unilateral, protectionist and coercive actions.

The COVID-19 pandemic has heightened the pre-existing crisis and is pushing us into the worst recession in decades, with terrible socio-economic consequences for the most vulnerable countries, exacerbating existing structural issues. Increased inequality, high debt burden, reduction in tax revenues, capital outflows, drop in remittances, tourism and exports, the lack of adequate and sufficient access to financial markets, resulting from the impact on our economies of the COVID-19, reduce the fiscal space needed by many developing countries to fight the pandemic. In this context, these countries face the dual challenge of financing the response to the pandemic and avoiding a major debt crisis that could revert for many years the development gains accomplished and the achievement of the Sustainable Development Goals.

The actions to try to revert this reality in the framework of the decade of action for the fulfillment of the 2030 Agenda for Sustainable Development and the Addis Ababa Action Agenda, will only be possible through a real political will to mobilize the additional, predictable and unconditional resources so that developing countries can fulfill their development goals.

It is enough for us that we have to reiterate every year that very few developed nations honor their commitments to provide 0.7 percent of the GDP as Official Development Assistance. Enough of squandering resources which are indispensable for the implementation of the 2030 Agenda and the development of our peoples in war and the military industry, as shown by the record U.S. military budget, sufficient to meet many of the objectives and goals of the 2030 Agenda.

Structural changes in the international economic, commercial and financial fields are urgently needed if we wish to eliminate our peoples´ underdevelopment. Developing countries must have a larger representation, equity and participation in the mechanisms of global economic governance.

Mr. Chair,

The COVID-19 pandemic has augmented and deepened the pre-existing serious problem of debt sustainability for developing countries. A comprehensive, sustainable, long-term and ambitious solution to the external debt problems, not a remedial solution, is urgently needed. There is a need for an analysis based not on income levels but on vulnerability, which includes, among other actions, effective, comprehensive and lasting measures, such as suspension of the debt service payments or the debt cancellation. It is also necessary to implement a multilateral mechanism for the renegotiation of sovereign debts that allows for a fair, balanced and development-oriented treatment, as well as to address outstanding structural matters of the international debt architecture.

We must uphold and strengthen the current open, transparent, inclusive and non-discriminatory rules-based multilateral trading system that ensures and extends its special and differentiated treatment provisions to all developing countries.

Likewise, we reject the application of unilateral coercive economic measures as a means of exerting political and economic pressure on developing countries, which are inconsistent with international law and the Charter of the United Nations and which thwarts the full realization of our rights, including the right to development, as well as the fulfillment of the 2030 Agenda.

Mr. Chair,

For almost sixty years, Cuba has been enduring an economic, commercial and financial blockade imposed by the United States, which causes severe hardships to the Cuban people and constitutes the main hindrance to the development of my country, the achievement of its macroeconomic policy objectives and, consequently, the implementation of the 2030 Agenda. These actions have been intensified and enhanced in the midst of the COVID-19 pandemic, with the implementation of new measures, including the persecution of the entry of cargo ships that transport oil to my country.

The Blockade prevents my country from establishing normal trade, financing or investment relations with the world, from accessing on equal footing to the best technologies, from maintaining normal relations with international financial institutions, companies from other countries and in particular with the first economy, that of the United States, all of which threatens my country's macroeconomic stability and limits its the possibilities of access to external financing.

Allow me to conclude by reiterating Cuba's commitment to seek common solutions to the macroeconomic and development financing challenges at all levels.

Thank you.