IFAD President Urges World Leaders to Reform Global Financial Architecture
Summary
IFAD President Alvaro Lario urged world leaders at the UN Summit of the Future in New York on 20 September 2024 to demonstrate political determination to reform the global financial architecture, stating that a lack of resources is not the greatest barrier to addressing hunger and poverty but rather the political will to invest at the necessary scale. The address highlighted that 3 billion people live in rural areas and are disproportionately affected by extreme poverty and hunger, with small-scale farmers producing one-third of the world's food. Lario called for redirecting the US$630 billion that wealthy countries spend annually on subsidy policies toward climate adaptation and food systems transformation.
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IFAD President Alvaro Lario delivered an address at the UN Summit of the Future calling on world leaders to demonstrate political determination to reform the global financial architecture. The address emphasized that global challenges such as hunger and poverty can be overcome if existing resources are shared more effectively, and highlighted the significant financing gap toward rural areas and climate adaptation. The President proposed redirecting subsidies from wealthy countries toward promoting healthy, nutritious, and affordable food systems.\n\nFinancial institutions, development organizations, and companies operating in food systems and agricultural markets should monitor this advocacy push as it may influence future policy discussions at G20 and UN platforms regarding the structure of international financial flows. The address signals continued pressure on multilateral development finance institutions to demonstrate impact toward SDG 1 (No Poverty) and SDG 2 (Zero Hunger).
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Press release | 20 September 2024
Summit of the Future: IFAD calls for political determination to reform the global financial architecture
SDG1: No Poverty Resilience Food Security SDG2: Zero Hunger
Media contact Alberto Trillo Barca Communication Officer, Global Media
[email protected] Rome, 20 September 2024. Amid challenges like hunger, debt, inequality, and climate change, Alvaro Lario, President of the UN’s International Fund for Agricultural Development (IFAD), urges world leaders at the UN's Summit of the Future in New York to “recognize that a lack of resources is not the greatest barrier – it is the political determination to invest in solutions at the scale needed". Lario underscores the need to reform the global financial architecture to fund climate adaptation and food systems transformation, ensuring fairness and efficiency to build a better future.
“Global challenges such as hunger and poverty are realistic goals that can be overcome if we share the great wealth of resources available and work together to reverse growing inequalities,” added Lario.
The President of IFAD also reminded leaders that 3 billion people live in rural areas and are disproportionately affected by extreme poverty and hunger. He highlighted the need to significantly increase financial support to small-scale farmers – who produce one-third of the world’s food.
“It’s not just about the money, but about how we use existing resources. We need to be smart. Finance must flow to where it is needed most. The farm and the first mile are where we should be investing: in rural roads, in irrigation systems, in markets, as well as in public goods and people,” said Lario.
There is a significant financing gap towards rural areas and specifically in climate adaptation. At the same time, wealthy countries spend US$630 billion annually on subsidy policies that distort markets, hurt poor farmers, and damage the environment. IFAD proposes redirecting these incentives to promote healthy, nutritious, and affordable food.
With a range of innovative financial solutions designed to bridge current funding gaps, IFAD is using methods like “risk-sharing” and guarantees to channel financing from the private sector to rural populations and food systems.
As the first UN specialized agency to receive a credit rating and issue sustainable bonds on capital markets, IFAD has raised over US$646 million since 2022 from pension funds and insurers interested in investing in a better world.
IFAD is the only UN specialized agency and international financial institution that assembles development finance to meet SDG 1 (No poverty) and SDG 2 (Zero hunger), leveraging the Fund’s unique expertise in supporting small-scale producers, boosting their resilience and improving livelihoods in rural areas.
Press Release No.: IFAD/75/2024
IFAD is an international financial institution and a United Nations specialized agency. Based in Rome – the United Nations food and agriculture hub – IFAD invests in rural people, empowering them to reduce poverty, increase food security, improve nutrition and strengthen resilience. Since 1978, we have provided more than US$24 billion in grants and low-interest loans to fund projects in developing countries.
A wide range of photographs of IFAD’s work in rural communities are available for download from its Image Bank .
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