He said that so far, only 15 percent of the SDG targets are on course, while many others are regressing.
Consequently, over half the world's population is at risk of being left behind and not being involved as the subject of development, he added.
This condition has been exacerbated by the convergence of global challenges, including geopolitical tensions, inequality, extreme poverty, climate change, the global pandemic, the financial crisis, and global supply chain disruption.
Furthermore, there is also a risk of economic fragmentation, particularly in the context of trade, which could have a detrimental effect on the global economy.
Monoarfa cited research from the World Trade Organization (WTO), saying that the division of the world into two trading blocks can cause a decline of up to 5 percent in global GDP (gross domestic product).
He further said that as per International Monetary Fund (IMF) estimates, global losses due to trade fragmentation could range from 0.2 percent to 7 percent of the GDP.
Therefore, Indonesia is calling for transformative measures and stronger international cooperation.
"The cooperation between the Global South and North should be effective, inclusive, and supported by multi-stakeholder partnerships," the minister said.
At the HLF MSP, speakers discussed how multi-stakeholder partnership solutions can be a bridge between South-North and South-South, which is expected to unlock the full potential of Global South countries, he informed.
The representatives of governments, the private sector, academicians, international organizations, civil society organizations, multilateral development banks, and philanthropies will delve into discussions on three sub-themes.
The sub-themes are multi-stakeholder partnerships for strengthening cooperation, enhancing welfare and sustainability through a sustainable economy, and enhancing development through innovative financing.
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Translator: Imamatul Silfia, Raka Adji
Editor: Aditya Eko Sigit Wicaksono
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