'Financing sustainable goals to be difficult'

Developing countries will face severe challenges in obtaining finances to achieve the sustainable development goals (SDGs), which were adopted by the United Nations last month and radical reforms are needed to raise money both in the developed and developing world, according to Unctad's Trade and Development Report - 2015.

SDGs are an expanded form of the Millennium Development Goals with 17 goals and 169 associated targets. The SDGs will begin to be implemented from 2016 onwards. Although countries are yet to develop their individual strategies and indicators for the SDGs, preparations are already underway to explore a mechanism on how to achieve these objectives.

The report stated the world economy is still in doldrums coupled with slowdown in developing countries, except in the east, south and southeast regions. It also scrutinises the challenges faced by the international financial system, which include debt restructuring, banking regulation, long-term public financing, and volatile capital flows.