‘Developing nations need to spend $520bn more’
Published On August 2, 2021 » 990 Views» By Times Reporter » Business, Stories
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. Msoni

JUDITH NAMUTOWE-
DEVELOPING countries will need additional spending of about of $400 -$520 billion a year to bridge the widening $3 trillion Sustainable Development Goals (SDGs) target financing gap.
In the case of Zambia, it needs to increase its tax to Gross Domestic Product (GDP) ratio to about 25 per cent in a bid to meet the tax gap.
The financing gap for developing countries is pegged around $2.5 to 3 trillion per year.
An expert, Mtwalo Msoni, said based on the recent estimates by International Monetary Fund (IMF), achieving SDGs in subset of 49 developing countries, focusing on education, water and sanitation, roads, and electricity would require additional spending of about U$$400 -$520 billion a year or an increase of 14 per cent of Gross Domestic Product (GDP) on average.

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