Deputy Minister Velislava Petrova participated in a meeting of EU Ministers responsible for development
05 May 2023 News
Deputy Minister of Foreign Affairs Velislava Petrova led the Bulgarian delegation to participate in the regular meeting of the EU Foreign Affairs/Development Council, which took place in Brussels on 4 May. EU development ministers discussed the global consequences of the Russian aggression against Ukraine. Rebeca Grynspan, Secretary General of the United Nations Conference on Trade and Development (UNCTAD), was a special guest. The discussion focused on ways in which the EU and the UN can take concrete action in response to the interlinked food, energy and financial crises, as well as give new impetus to the implementation of the UN Sustainable Development Goals. The UNCTAD SG briefed the Council on the latest developments in the work of the UN Global Crisis Response Group, as well as developments in the negotiations on the continuation of the Grain Export Initiative across the Black Sea. The importance of the two initiatives, the Black Sea Grain Export Initiative and the Solidarity Corridors, and the need for their continuation in parallel as complementary initiatives, was highlighted.
Prospects for the implementation of the Sustainable Development Goals are increasingly bleak. The three-dimensional crisis resulting from Russian aggression against Ukraine extends far beyond the region and is having a serious negative effect on the global economy, Deputy Minister Petrova noted in her speech. The growing shortage of humanitarian funding and the declining level of official development assistance make it imperative for the EU to seek better coordination of its actions with both the UN and the wider donor community, she stressed. Bulgaria sees added value in a multilateral approach and in engaging all stakeholders, including traditional and new donors, as well as the private sector and civil society.
The Council discussed the process of reforming multilateral development banks, with ministers agreeing on the need for stronger engagement of banks in cooperation with vulnerable countries, their capacity to participate fully in the implementation of Team Europe initiatives and the EU's Global Gateway strategy. At the same time, they stressed that the stability and financial performance of banks should not be put at risk.
Ministers discussed Ukraine's current financial needs and the possibilities for EU support. Deputy Minister Petrova noted that the active involvement of the private sector is key to Ukraine's recovery, for which the necessary conditions need to be created. The reconstruction process should go in parallel with the reform process that the country needs to implement on its way to the EU, she stressed. She sent a message to improve the coordination between the Member States of the EU in Ukraine's reconstruction process.
The Council also discussed current developments in terms of the deteriorating humanitarian situation in Afghanistan and Sudan. The Commissioner for International Partnerships, Jutta Urpilainen, presented the implementation of the EU's Global Gateway strategy and its potential for deepening relations between the EU and the Latin America and Caribbean regions in the context of the forthcoming summit in July.
Prior to the start of the meeting, Deputy Minister Petrova participated in an informal meeting with the President of the European Investment Bank Werner Hoyer. They discussed the activities and prospects for EIB operations outside the EU, as well as ways in which EIB-Global can play a more strategic role.
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