TANZANIA has urged international financial institutions to offer loans at favourable interest rates to alleviate debt pressure, promote economic growth and achieve sustainable development goals.

Amina Khamis Shaaban, Treasury deputy permanent secretary, made this appeal at the inaugural session of the preparatory committee for the fourth international conference on financing for development (FfD4) under the aegis of the United Nations Economic Commission for Africa (UNECA) here yesterday.

"We have highlighted key issues for consideration at the fourth conference, including reducing borrowing costs," she said, stressing the need for the UN to finalise an international tax cooperation framework to help member countries mobilise financial resources for development.

"The search for domestic financial resources must align with the framework that the UN is finalising, known as International Tax Cooperation; this will significantly aid us in mobilising our domestic resources," she added.

She argued for sufficient allocating of funds in the upcoming conference billed for next year, about environmental improvements and infrastructure to mitigate the economic impacts of climate change. 

"We have stressed the urgency of funding to tackle climate change,” she said, asserting that this is critical as climate change affects numerous countries, including providing loans to the youth for self-help ventures as part of enhancing economic empowerment, to shield them from crime networks and other forms of social deviation.

UN Secretary-General António Guterres, in a message to the opening session, underscored the significance of such platforms in mobilising finance and resources for achieving the SDGs.

Delegates at the session highlighted the need for an ambitious approach to address the financial challenges in achieving the SDGs. The conference slated for the UN regional offices next year will be devoted to reviewing progress on the Addis Ababa Action Agenda, and assessing the financial needs of developing countries, they added.