Achieving SDGs by 2030 will cost $1tn

The government will need more than $1 trillion to achieve the Sustainable Development Goals (SDGs) by 2030, estimate experts.

SDGs cannot be achieved without massive funds and the government should take necessary steps in that regard, they said at a workshop titled ‘Managing Fiscal spaces in Bangladesh: How to best explore new avenues and ensure balance?’ at the Bangabandhu International Conference Centre in the capital on Sunday.

“Despite its strong political commitment to achieving the SDGs, Bangladesh faces challenges associated with leveraging existing fiscal spaces on the one hand and devising innovative fiscal spaces for financing the SDGs on the other,” Research and Policy Integration for Development (RAPID) chairman Dr M Abdur Razzaque said in his keynote presentation at the programme.  

Highlighting the recently updated SDGs need assessment and financing strategy report by the United Nations, he said the government will have to spend an additional $1045.81 billion between FY21- FY30 for the implementation of SDGs in the country.

He said the required money represents about one-fourth of the estimated accumulated gross domestic product (GDP) during the period.

“It is needless to say that public financing cannot alone mobilise this large amount of money,” said Razzaque, adding that the government would also need to rely on other domestic sources such as the private sector, international sources to ensure the financing.

Also speaking on the occasion as the chief guest, Planning minister MA Mannan agreed that the country will need $1 trillion to achieve the SDGs within 2030.

“Development partners are currently funding only 3 per cent of the proposed amount,” he said.

The ongoing economic crises caused by the impacts of the Covid-19 pandemic, the Russian war in Ukraine have increased the cost of implementing the SDGs, he added.

Experts on the occasion recommended the government to pay more attention to increasing revenue, investment in the private sector, financing through NGOs and external finance.

Besides, developing infrastructures, reducing non-performing loans in the banking sector, public and private sector partnership should be increased and external debt savings needs to be prioritised as well.