The Ministry of Finance and the National Economic and Social Development Council (NESDC), with support from UNDP, are formulating an INFF to ensure the upcoming 13th National Economic and Social Development Plan (2023-2027) and Thailand’s COVID-19 recovery are supported by a comprehensive and fit-for-purpose financing framework.
As a first step, UNDP is undertaking a Development Finance Assessment (DFA), which maps existing financing flows and identifies financing needs. The preliminary results of the DFA were presented and discussed with major stakeholders in November 2021.
The outcome of the DFA will inform a holistic financing strategy, which will synergize a wide range of tools—from tax and budget to public debt, incentives, and financial instruments—and leverage different types of financing to achieve greater impact. The recommendations will incorporate outcomes of other SDG financing initiatives and areas, such as the SDG Investor Map, Insurance and Risk Finance Facility (IRFF), Biodiversity Finance (BIOFIN), and climate finance.
The INFF process provides a platform to strengthen dialogue between policymakers, the private sector, and other development actors, including the Insurance Development Forum (IDF), to unlock new and innovative financing solutions. Participating agencies include the National Economic and Social Development Council (NESDC), the Ministry of Finance, the Budget Bureau, the Board of Investment (BOI), the Bank of Thailand, the Securities and Exchange Commission, the Thai Bankers’ Association, relevant parliamentary standing committees, Parliamentary Budget Office, UNEP, UNFPA, UNICEF, UNIDO, WHO, the World Bank, the Global Compact Network Thailand, and experts in different fields of development.
A draft of the INFF is expected to be completed by September 2022.