The United Nations Inter-agency Task Force on Financing for
Development has called for increased development financing to improve effectiveness,
especially in Sustainable Development Goals (SDGs), reports ITRealms.
A new report made available to ITRealms at the weekend the task force
noted that most development financing flows increased in 2017 as a result of a
dynamic world economy.
UN also warned that the economic upturn masks systemic
social and economic weaknesses that could derail development efforts, including
such weaknesses as “insufficient financing; an excessive focus on short-term
profits and political considerations; and persistently high levels of
inequality.”
UN task force highlighted how new technologies have the power
to address some of these weaknesses, and thereby accelerate the achievement of
the SDGs.
According to the report, some of the benefits of deploying
technologies include that “New technologies can help channel financing to
all segments of the economy. The digitalization of business has potential to
widen the tax base, improve tax revenue collection, identify and prosecute tax
evaders, and combat illicit financial flows.
“Digital financial services can increase access to
financial resources for those currently underserved. By lowering the cost of
banking services and remittances, digital financial services delivered via
mobile phone can provide a boost to developing countries that receive
significant remittances from overseas, and can help to meet the financing needs
of Micro, Small and Medium Entreprises (MSMEs).
“The labour market’s increasing requirement for advanced
digital skills represents both a risk and an opportunity for development.
To ensure that technology dividends are shared broadly, countries should put in
place policies to support lifelong learning and skills acquisition for all.
“E-commerce may provide untapped potential for further
enhancing inclusive trade growth in developing countries.”
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