The announcement was made by President Paul Kagame as he addressed delegates at the 78th United Nations General Assembly in New York on 20, September, 2023.

In his speech, Kagame expressed concerns about the slow pace of developing countries towards the Sustainable Development Goals (SDGs) a thing he attributed to the debt crisis, as a result of ‘higher costs of borrowing’.

“The primary cause of this crisis is high interest rates in developed economies, at the same time, developing countries face exaggerated risk premiums for both currency and political risk, which are simply unjustified,” he explained.

Additionally, Kagame stressed the necessity for developing countries to be responsible and accountable for the quality of their financial governance and management of their natural resources.

Welcoming the proposals of the ‘Bridgetown Initiative’ and the ‘Paris Summit for a New Global Financing Pact’, Kagame hinted on Rwanda’s support for the second retrieval of the ‘Green Climate Fund’ to create a fiscal space for “vulnerable” nations to tackle climate change.

Furthermore, he pronounced the country’s commitment to providing a solution to conflicts in developing countries.

“We must not only cool down on climate, we must also cool down on conflict. Today, there is no sign of ongoing conflicts ending anytime soon. We do not even see hope from those with the most influence that an end is in sight.”

“Every year, migrants and refugees undertake dangerous journeys in search of a better future. Rwanda remains committed to working with partners, including the United Nations High Commissioner for Refugees, to contribute to a durable solution,” he stretched.

The United Nations General Assembly held in NewYork brought together world leaders with a goal to get the SDGs on track.

According to the UN secretary General-Antonio Guterres, the SDGs are, “a list of goals that carry hopes, dreams, rights and expectations of people everywhere, yet to date, only 15% of the targets are on track and many are going in reverse.”

“Instead of leaving no one behind, we are leaving the SDGs behind," he stated, therefore calling on all excellencies available to come up with a rescue plan for the SDGs.

“I am deeply encouraged by the detailed and wide ranging drafts, political declaration and consideration here today, especially its commitment to improving developing countries’ access to the fuel required for SDG progress (finance), which includes at least 500 billion US dollars a year as stimuli to developing countries in addition to an effective debt relief mechanism”, added the UN Secretary-General.