Ministerial Meeting of the Task Force for the Establishment of a Global Alliance Against Hunger and Poverty

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Distinguished colleagues,

The SOFI report presents a clear picture: we are still far from achieving SDG2 and a world with zero hunger.

However, there are signs of progress. We see improvements in Latin America and we are making gradual strides in closing the gender gap in food insecurity.

This incremental progress shows what effective, targeted investments can make the difference.

But to achieve our common goals by 2030, we need to scale up our efforts, and do so quickly.

We must move from measuring gaps to actively addressing them. This means that we need more financing and immediate action.

The 2008 World Development Report showed that agricultural growth is two to three times more effective at reducing poverty compared to growth in other sectors, and up to eleven times more effective in sub-Saharan Africa.

Therefore, if we want to eliminate poverty, we need strategic investments in agriculture, especially in small-scale producers who are also vital to food production. These investments must be targeted and sustained in time to ensure and maximize impact.

In a world that continues becoming wealthier - yet more unequal at the same time-, we know that resources are available. Therefore, we must engage new actors – including from the private sector-, and develop innovative methods to mobilize, allocate, and use available financing effectively.

Dear colleagues,

Official Development Assistance and private financing -including philanthropy, remittances, and foreign direct investment- contribute about $170bn annually to food security and nutrition.

While this is significant, it is not enough. We need to mobilize more – and make resources go further.

Firstly, we must ensure that existing funds are directed where they are needed most. The SOFI report highlights that countries with the highest food insecurity and malnutrition are also those with the least access to financing, which exacerbates inequalities.

Rural areas in developing countries -where hunger and extreme poverty are most concentrated- also have the greatest potential for food production. Investing in these areas can drive economic growth and create jobs.

Secondly, the global financing architecture is highly fragmented and needs to be reformed. High debt costs force too many countries to prioritise debt repayments over essential social needs and strategic infrastructure.

Low-income countries need concessional finance—low interest loans, grants, and other financial products - such as guarantees - that support development and act as a catalyst for the private sector investments.

Coordination challenges have grown as donors, financial institutions and the philanthropic organizations have grown in number. We need not only better coordination but also deeper consideration of the needs, priorities and preferences of the countries, communities and individuals they aim to support.

Thirdly, we need to create the conditions for attracting the private sector, which can provide a lifeline of access to capital, employment, technology, innovation, and markets.

For that, we need to go beyond business as usual. For financial organizations like IFAD, this requires increasing our risk appetite and be more involved in de-risking activities.

IFAD is investing in promising small and medium size rural enterprises, boosting their activities, strengthening their services to small-scale producers, and ultimately attracting additional private sector investments.

Colleagues,

Today, we will hear the word ‘urgent’ often. And yes, the urgency is real as we approach 2030. Current projections estimate that nearly 574 million people will still be hungry by then. We are here for these 574 million, many of whom are not yet born.

Their urgency must drive us just as powerfully as any deadline.

Thank you.