Social Development Funding Desiderata: Key Issues, Financing Gaps and Options

Abstract

This article examines critical issues, funding desiderata and strategic policy options for financing social development to fulfil the United Nations (UN) Sustainable Development Goals (SDGs). Despite global commitments, financing remains insufficient and continues to focus on particular SDGs, with the COVID-19 pandemic exacerbating disparities. Drawing on recent data, including the 2024 UN Financing for Sustainable Development Report, and contemporary literature, the study reveals that progress is notably diverging from targets. It explores SDG financing strategies, including socially responsible investments, and suggests reforms to fiscal policy and global financial governance. Financing, particularly in the Global South, underscores systemic weaknesses in the international social development financing architecture. The study calls for institutional capacity building and cooperative, equitable and culturally sensitive and solidaristic financing strategies at the global and national levels to expedite social development.