RBI & Sustainable Development Goals
Achieving the SDGs
The SDGs are more ambitious than the earlier Millennium Development Goals and embrace the view that development needs to be economically, socially and environmentally sustainable. Achieving the SDGs will require action to address a broad range of issues at both the national and international levels.
At the national level, governments should strive to create a sound macroeconomic environment and robust, sustainable growth. Efforts should focus on building strong institutions to foster investor confidence, strengthening public finances to maintain debt sustainability while ensuring public spending is efficient and well-targeted, investing in infrastructure, maintaining debt sustainability, deepening financial markets and access while safeguarding financial stability, and promoting social inclusion and environmental sustainability. Governments would also identify their key development goals and sustainable ways of financing their achievement.
With elevated risks of spillovers in an increasingly interconnected world, national development also needs to be supported by macroeconomic resilience-with adequate fiscal and foreign reserve buffers-to handle external shocks.
At the international level, economic and financial stability and stable trade and financial flows is crucial for countries’ development efforts to thrive. Countries must cooperate to create coherent macroeconomic policies to ensure that financial regulations across major financial centers are appropriately configured, mutually consistent, and rigorously implemented. Such international cooperation is also essential for the creation of a strong global financial safety net that provides confidence that unexpected liquidity needs can be met.
