DR has begun the design of a comprehensive financing framework

The Minister of Economy, Planning and Development, Pável Isa Contreras, informed that with the support of the United Nations in the Dominican Republic, the design of a Comprehensive Financing Framework for Development has begun, which will provide the National Development Strategy and the 2030 Agenda with the necessary resources to achieve its objectives.

The minister participated in the “High-Level Dialogue on Financing for Development,” which took place one day after the culmination of the 2023 Sustainable Development Goals (SDGs) Summit, which was attended by government leaders, representatives of the private sector and civil society, international financial institutions, including multilateral development banks, academia and other relevant actors.

Isa Contreras pointed out that traditionally discussions of financing for development have focused on resources from international sources such as: official development assistance, foreign direct investment, remittances and external indebtedness.

“In the historic moment we are living in, now more than ever, the world needs to focus on a more comprehensive strategy of financing for development, where the mobilization of domestic resources and the creation of fiscal capacity in the countries takes on great importance,” said the minister, accompanied by the Vice Minister of Planning and Public Investment, Luis Madera Sued.

Minister of Economy, Planning and Development, Pável Isa Contreras, at the “High-Level Dialogue on Financing for Development” at the United Nations headquarters.

The economist and researcher argued that in a context of limited fiscal space, domestic resources from fiscal and non-fiscal sources are the most reliable and sustainable way to finance the 2030 Agenda.

He detailed that the mobilization of domestic resources is determined by a good macroeconomic environment, growth with stability, sustained growth of public revenues, prioritization of public spending, alignment between planning and financing instruments and the definition of a regulatory framework and clear policies conducive to private investment, improving the quality, efficiency and effectiveness of development cooperation and promoting transparent, effective and accountable public institutions.

“We recognize, however, that fiscal restraint is one of the great challenges we face in achieving domestic resource mobilization,” said Isa Contreras.

He specified that in such a context, it is essential to have the participation of the different actors involved (civil society, academia, political parties) around policies that promote sustained growth in investment, income and jobs, redistribution of wealth, energy transition, food security, gender equality, more robust social security and health services systems, among other objectives.

“In short, initiatives that promote a sustained improvement in the quality of life of people, especially vulnerable groups, he said.

Isa Contreras stated that the adoption of effective tax systems and policies, and the development of the administrative capacity to implement them, also requires the political will to advance in higher levels of tax transparency, the application of international tax standards, the strengthening of the tax capacities of developing countries, the reduction of tax evasion and avoidance, the coordinated support of international cooperation, long-term partnerships and greater exchange of information.

Source: Mepyd.gob.do

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