Luanda: The Angolan Minister of Planning, Victor Hugo Guilherme, has raised concerns about the mounting debt of least developed countries, which he says is severely hindering their ability to achieve the Sustainable Development Goals (SDGs) by the 2030 deadline. Speaking at the 4th Conference on Financing for Development, Guilherme disclosed that by 2024, these countries will have accumulated a debt of US$31 trillion, with interest payments alone accounting for US$930 billion.
According to Angola Press News Agency, Guilherme emphasized the significance of the “Seville Commitment,” which aims to foster dialogue between less developed nations and leading international financiers. This initiative is seen as crucial for rethinking the global financial architecture, particularly regarding the debt structures of developing countries. Guilherme underscored the necessity of creating fiscal space for these countries to fund their development projects, which is critical for meeting the SDGs.
In Angola’s context, the minister highlighted ongoing collaborations with multilateral entities such as the World Bank, European Union, United Nations System, and African Development Bank. These partnerships aim to support Angola’s National Development Plan 2023-2027, focusing on sectors like agriculture, vocational training, environment, health, and education, which are vital for economic growth and social development. He explained the interconnected nature of development, noting that sectors like agriculture require reliable water, energy, and skilled labor.
Guilherme also mentioned an upcoming voluntary national report to be presented in New York, which will evaluate Angola’s progress in implementing the SDGs. While the country has made strides in health, energy, and gender equality, challenges remain in education and clean water access. He warned that without significant changes, only a third of the global targets might be met by 2030.
Regarding strategies to overcome funding limitations, Guilherme advocated for greater private sector involvement and enhanced domestic revenue collection. He stressed the importance of the private sector’s presence across various fields, including education, health, and industry, and highlighted tax collection as a crucial funding source.
Despite these challenges, Guilherme remains optimistic that Angola can achieve most of the SDGs, provided it can navigate the complexities between debt management and development efforts.