UNITED NATIONS, September 18. /TASS/. The world community should create favorable conditions for providing financial assistance to the countries of the South, which are experiencing economic problems, Cuba's President Miguel Diaz-Canel said on Monday. He was speaking at a summit on Sustainable Development Goals on behalf of the Group of 77 plus China, which Cuba chairs this year.
"As many as 25% of the countries of the South today spend the bulk of their public budget to debt servicing. This disastrous state of affairs hinders the development of these states. Everything must be done to improve the conditions and change the principles of financing for the South," Diaz-Canel said. "This will significantly increase the amount of financing of long-term development and channel financial flows towards sustainable development goals. We also call on the developed states to act on commitments that have not yet been realized in the context of official assistance to development."
The decision to create the Group of 77 was taken at a meeting of ministers of developing countries in Asia, Africa and Latin America back in 1964. At first, the number of countries participating in the organization was 77. Now it is the largest organization of developing countries. It operates within the UN and unites 134 states with a total population of more than 6 billion.
In 2015, the UN member states adopted the 2030 Agenda for Sustainable Development. It contains a series of goals aimed at eradicating poverty, conserving the planet's resources and ensuring well-being for all. Each of the 17 goals contains a number of indicators to be achieved over the 15 years to come.