Pedro Sánchez proposes raft of economic and social measures to world leaders "to not leave anyone behind in this crisis"

"Financing has highlighted the pressing need to act, defend public health and save lives, to protect livelihoods, jobs and access to education and food. But it also offers an opportunity to tackle the current crisis by investing in a different future and thus building a fair, safe and sustainable globalised world", underlined the President of the Government.

Three main measures for a global future

In his speech, the President of the Government stressed the need for the G-20's Debt Service Suspension Initiative to be extended until the end of 2021. Pedro Sánchez sought to go beyond this and suggested the introduction of a global initiative to swap debt for climate action and human development, which includes both public and private debt, without forgetting average income countries, such as those in Latin America and the Caribbean. "This measure would allow health and social protection systems to be financed in response to the pandemic, while, in turn, providing a decisive boost to the ecological transition", specified the President of the Government.

Pedro Sánchez argued that "each investment, each company and each value chain must be a transmitter of inclusion, decent jobs and sustainability", and must comply with the Sustainable Development Goals (SDG). Along this line, the President of the Government urged universal standards to be developed within the next two years so that, by 2025, "all companies and investment funds contribute to these achievements in a positive manner".

So that progress is made in a balanced fashion, it is crucial to work at a local level, because this could be one of the "main drivers of change" to help develop sustainable cities and an innovative rural environment. To that end, Pedro Sánchez proposes establishing a Global Fund for the Localisation of the SDG as part of the Joint SDG Fund, which will mobilise public and private investment at a local level. This must guide our efforts to come out of the health, economic and social crisis stronger then we went into it".

The President of the Government proposed calling an extraordinary meeting of the High-Level Political Forum in 2021 for Heads of State and Government, under the auspices of the UN General Assembly "to renew our commitments to the 2030 Agenda and to speed up the necessary transformations for compliance therewith. A Summit for the Recovery".

Non official translation