Excellencies,
Distinguished Delegates,
It is my pleasure to welcome you to the Third Session of the Preparatory Committee for the Fourth International Conference on Financing for Development. I am delighted to see increased ministerial engagement in this critical process.
We appreciate your continued support.
This PrepCom marks the start of negotiations on the FfD4 outcome document. The zero draft that the co-facilitators presented builds upon extensive consultations and your valuable contributions to the elements paper. This reflects our commitment to an ambitious and action-oriented document.
As we move forward, your continued constructive engagement and insights, highlighting areas for refinement or further attention, will be crucial for achieving a meaningful consensus ahead of the Seville conference.
Excellencies,
We convene amidst a global sustainable development crisis. Progress towards the SDGs has stalled, with setbacks in key areas. Compounding crises¡ªeconomic shocks, climate change, rising inequality, and geopolitical tensions¡ªare undermining our sustainable development commitments.
A core issue is the financing divide. Many developing countries face high borrowing costs, rising debt burdens, and constrained fiscal space, hindering their investments in sustainable development.
Addressing this requires two urgent and interlinked priorities: a large-scale, impact-focused sustainable development investment push and reform of the international financial architecture.
First, a publicly led investment push is essential to mobilize and direct resources for the SDGs. Public policies must guide investment, align tax systems, public budgets, and regulatory frameworks to ensure SDG impact.
Concessional finance, strengthened public development banks, and greater domestic resource mobilization are key pillars of this effort.
Private investment is crucial but it will not fully align with public goals independently. Public policies must incentivize private finance for sustainable development, through the use of blended finance mechanisms and regulatory reforms, while fairly sharing risks and rewards. Together, public and private investments can drive transformative change.
Second, we must reform the international financial architecture to make it fit for purpose in today¡¯s world. Financing challenges have grown more complex, and the current system is fundamentally inadequate to address them. Reforms are needed to reduce capital costs, address debt architecture gaps, and improve crisis response mechanisms.
Equally critical is a more inclusive and representative governance of the global financial system. Reforms must preserve policy space for countries to pursue sustainable transformations while upholding transparent, rules-based approaches. This includes a reformed trade system and revitalized multilateralism supporting the implementation of the 2030 Agenda.
Excellencies,
The proposals outlined in the zero draft aim to address these challenges through a proposed global action framework. Successful implementation depends on broad stakeholder commitments and actions.
To foster these commitments, we invite countries and stakeholders to present High-Impact Initiatives in Seville. These initiatives will translate our shared ambitions into tangible solutions, mobilizing financing, forging partnerships, and accelerating implementation beyond the Conference.
The Seville Initiatives will be prominent at the Conference and its follow-up. My Department will soon provide further information to facilitate timely preparation and registration of all initiatives.
I look forward to your deliberations on the outcome document and your commitments to actionable steps, transforming the global framework into an action agenda.
Now is the time to turn vision into action for a sustainable, inclusive, and resilient future.
Let us seize this moment.
Thank you.