Latest news with #4thInternationalConferenceonFinancingforDevelopment
IOL News
4 days ago
- Business
- IOL News
SA wants bold financial reforms to end Africa's debt crisis ahead of UN financing conference
Deputy Minister of the Department of International Relations and Cooperation, Alvin Botes, said that debt must be sustainable and international development finance needs to be reimagined so that 'no school, clinic or innovator's dream is sacrificed on the altar of debt or indifference'. Image: Katlholo Maifadi / DIRCO News South Africa is calling for the upcoming 4th International Conference on Financing for Development (FfD4) to be a catalyst for change in how international development finance is structured so that no African nation suffers crippling aid debt. Deputy Minister of the Department of International Relations and Cooperation, Alvin Botes, said that debt must be sustainable and international development finance needs to be reimagined so that 'no school, clinic or innovator's dream is sacrificed on the altar of debt or indifference'. FfD4, to be held in Seville, Spain between June 30 and July 3, 'must close the financial divide, attack inequality at its root and operationalise the Pact for the Future and the Global Digital Compact,' said Botes. FfD4, to be held under the auspices of the United Nations, seeks to address the urgent need to fully implement Sustainable Development Goals (SDGs) and support reform of the international financial architecture. Speaking at an event on illicit financial flows, mobilising domestic resources, and financing for development, hosted at SGN Grant Thornton's offices towards the end of last week, Botes also said that the global financing landscape is in disrepair. 'The G20 Common Framework has stalled, multilateral development banks deliver net negative flows, and unsustainable debt crowds out SDG spending,' the Deputy Minister said. South Africa, currently Presiding over the G20 until it hands the baton to the United States at the end of November, is ready to champion developing nations when it comes to their economic plight and unsustainable debt, said Botes. He noted that 43 of the world's 47 emerging nations are in Africa. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Next Stay Close ✕ 'The age of incrementalism has ended; the era of decisive, equitable and bold action begins now. South Africa is ready to lead, to support and to walk alongside every partner committed to justice, equity and shared progress,' Botes said. South Africa aims to use its Presidency to have the G20's Common Framework overhauled some five years after its creation during the COVID-19 pandemic as a mechanism to help relieve the economic impact caused by the plague. 'South Africa chairs this G20 year resolved to turn analysis into action and global consensus into ground-level change,' said Botes. Current international development financial frameworks are throttling emerging countries, which end up with unsustainable debt that 'crowds out' SDG spending, said Botes. He added that emerging markets need to 'participate equally in global decisions'. Botes also called for multilateral development banks to honour country ownership, credit rating agencies to reflect each country's fundamentals in their assessments and not prejudice them, and for developed economies to finally meet their Overseas Development Assistance and climate-finance commitments.
See - Sada Elbalad
21-05-2025
- Business
- See - Sada Elbalad
Al-Mashat Meets UN Assistant Secretary-General & UNDP Regional Director for Arab States to Discuss Enhancing Joint Relations
Rana Atef Dr. Rania Al-Mashat, Minister of Planning, Economic Development and International Cooperation and Egypt's Governor to the Islamic Development Bank (IsDB), met with Dr. Abdallah Al-Dardari, UN Assistant Secretary-General and UNDP Director of the Regional Bureau for Arab States. This meeting took place during her participation in the 2025 Annual Meetings of the Islamic Development Bank Group held in Algeria, under the theme "Economic Diversification, Enriching Life." During the meeting, both sides reviewed the partnership framework between Egypt and the UNDP, within the broader partnership with the United Nations, and the implementation of the Strategic Framework for Cooperation for Sustainable Development 2023-2027. In this regard, Dr. Rania Al-Mashat emphasized the evolution of the partnership with the UNDP over the past years and its diversification across various fields that enhance development efforts. The two sides also touched on preparations for the 4th International Conference on Financing for Development in Spain next June, and its importance in reforming the global financial structure and exploring solutions to complex challenges facing the global development landscape. They also discussed joint events to be held by the Ministry of Planning, Economic Development and International Cooperation, in cooperation with the UNDP, during the conference to advance global efforts in climate finance and stimulate private sector participation. Dr. Rania Al-Mashat commended the effective participation of the UNDP with the Ministry of Planning, Economic Development and International Cooperation in launching the Integrated National Strategy for Financing Development last March. This strategy is a key document that highlights Egypt's approach to financing the Sustainable Development Goals (SDGs) and proposes an integrated national financing framework that serves as an umbrella encompassing various financing initiatives aimed at accelerating the achievement of the SDGs. In this context, Dr. Al-Mashat affirmed that the Ministry is moving towards the implementation phase, and expressed aspiration for continued support from the Programme in activating the strategy's action plan, particularly in coordination with development partners and other financial institutions. The goal is to translate Egypt's Vision 2030 and the SDGs into an integrated financing system that links planning and financing. Dr. Al-Mashat also expressed anticipation of continued cooperation with the Programme in preparing the Human Development Report for Egypt for 2025. A pivotal foundational workshop was organized on April 13, 2025, bringing together representatives from academia, civil society, and national institutions. She emphasized the importance of broad participation and the involvement of multiple stakeholders in formulating the report's vision and determining its analytical path. In a related context, the meeting reviewed Egypt's progress in the 2025 UNDP Human Development Index report, particularly regarding the improvement of healthcare services, years of schooling, and closing the gender gap. Dr. Al-Mashat highlighted the Ministry's endeavors to maximize economic development in order to bridge sectoral development gaps in various fields, especially in human and industrial development and other priority areas. Minister Al-Mashat also presented the national narrative for economic development that the Ministry seeks to launch in the coming period. This narrative aims to align Egypt's Vision 2030 with the government's action program by setting clear targets that contribute to boosting economic development and achieving the resilience of the Egyptian economy, with a focus on key sectors: macroeconomic stability and financing for development, industrial development, foreign direct investment, employment, and investment in human capital. Dr. Al-Mashat praised the Programme's support in preparing and publishing 27 local reports on localizing the SDGs. She welcomed the signing of a joint project for localizing the SDGs in cooperation with the UNDP, the UN Resident Coordinator's Office, the United Nations Human Settlements Programme (UN-Habitat), and UNICEF, in addition to implementing this ambitious initiative. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News Egypt confirms denial of airspace access to US B-52 bombers News Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia News Australia Fines Telegram $600,000 Over Terrorism, Child Abuse Content Arts & Culture Nicole Kidman and Keith Urban's $4.7M LA Home Burglarized Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Sports Neymar Announced for Brazil's Preliminary List for 2026 FIFA World Cup Qualifiers News Prime Minister Moustafa Madbouly Inaugurates Two Indian Companies Arts & Culture New Archaeological Discovery from 26th Dynasty Uncovered in Karnak Temple Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War Arts & Culture Zahi Hawass: Claims of Columns Beneath the Pyramid of Khafre Are Lies
Japan Times
06-05-2025
- Business
- Japan Times
U.N. document shows U.S. seeks to weaken global development finance efforts
The United States is seeking to weaken a global deal aimed at helping developing countries struggling with the impacts of climate change and other issues, an internal United Nations document showed. The administration of U.S. President Donald Trump opposes draft reforms of the world's financial system intended to help developing countries, including around taxation, credit ratings and fossil fuel subsidies. It also wants mentions of "climate," "gender equality" and "sustainability" stripped out. The previously unreported document sheds light on how the Trump administration is seeking to imprint an "America First" agenda, including opposition to efforts to slow climate change and promote diversity, on the institutions at the heart of fixing global systemic crises. The once-a-decade 4th International Conference on Financing for Development (FFD4) in Seville, Spain, in June aims to influence the strategic direction of the world's development finance institutions. Countries agreed at FFD3, for example, to broaden tax cooperation efforts so that developing countries could help set the rules and as of last May more than 140 countries were involved. "This conference is about bringing the world's leaders together and setting the underlying rules and priorities for financing development goals over the next decade," Tom Mitchell, executive director of the International Institute for Environment and Development, said. Compiled by the permanent representatives to the U.N. of Mexico, Nepal, Norway, and Zambia, with help from the U.N. secretariat, the April 11 negotiating draft is annotated with the positions of the 193 nations involved in the discussions. At U.N. negotiations over the FFD4 document in March, the U.S. mission said the draft at that time was too long and prescriptive and denounced "the ever-widening definition of sustainable development." U.N. Secretary-General Antonio Guterres has acknowledged the need to overcome multiple challenges ahead of the once-a-decade 4th International Conference on Financing for Development in Seville, Spain, in June. | REUTERS "The international financial institutions have independent mandates and authorities, and we do not support attempts in the U.N. system to dictate their priorities or activities," the U.S. statement from acting U.N. Economic and Social Council representative Jonathan Shrier said. The U.N. does not hold direct authority over the multilateral development finance institutions. With ongoing changes at the World Bank and International Monetary Fund in the fight against climate change already facing pushback from U.S. Treasury Secretary Scott Bessent, the document showed it was seeking to water down the U.N.'s reform prescriptions. Among specific points in the text that refer to the systemic reform, the document shows the U.S. wants to remove a reference to a "package of reforms" for sustainable development. It wants to replace a line promising to "commit to reform the international financial architecture" with a pledge to "recognize the need to enhance its resilience and effectiveness in responding to present and future challenges and crises." Such changes in language signal the degree of shared commitment that can then be used as support for action or inaction in future talks. U.N. Secretary-General Antonio Guterres has acknowledged the need to overcome multiple challenges ahead of the conference, but urged "all countries to be at the table in Sevilla focused on solutions," spokesperson Florencia Soto Nino said in an email. The Treasury Department and State Department both declined to comment. The White House did not respond to a request for comment. While the U.S.' position on development has become tougher under Trump, the negotiating document shows it remains supportive of efforts that include developing countries working more closely with the private sector, and fostering innovation and financial literacy. A key goal of the global reforms is to better help poorer nations cope with weather disasters, which are worsening due to climate change, and to boost economic development using low-carbon energy rather than traditional fossil fuels. Trump has quit the U.N. Paris climate agreement, slashed U.S. foreign development aid by more than 80% as part of a government overhaul led by billionaire Elon Musk and embarked on a trade war that is hurting many poorer nations. Among areas of the FFD4 document that the U.S. objects to is a call for countries to explore "global solidarity levies" that could include taxes on highly polluting activities or on the superrich to finance sustainable development. If included, the levies could be taken up in U.N. negotiations on taxes this year and would bolster a task force led by France, Kenya and Barbados that aims to develop such taxes among smaller groups of countries. Other countries to object include Russia, Saudi Arabia and China. Filippo Grandi, United Nations High Commissioner for Refugees addresses members of the Security Council at U.N. Headquarters in New York on April 28. | REUTERS The U.S. is also seeking to delete a paragraph calling for companies to pay tax to the countries where economic activity occurs; a paragraph on helping developing countries bolster tax transparency; and another on phasing out inefficient fossil fuel subsidies, the document shows. Many of the world's poorest countries struggle with high debt and the costs of rebuilding after disastrous storms, but the FFD4 document shows the U.S. wants to strike out a paragraph on reforming the credit-rating system. That includes a push for raters to take a more forgiving approach to poorer nations that voluntarily restructure their debt to invest in green projects, it showed. The U.S. also opposes a commitment to ensure countries receive "adequate and uninterrupted funding on appropriate terms of social protection and other essential social spending during shocks and crises," the document shows. While the U.S. has considerable influence as the biggest shareholder in both the World Bank, which provides loans and grants to developing countries, and the IMF, and is currently reviewing its role in both, the draft deal is likely to change further as countries continue negotiations in May, before reaching consensus on a final document in mid-June. The U.S. position puts pressure on other countries to accept a weaker deal, since the talks aim to adopt a deal by consensus.
The Sun
06-05-2025
- Business
- The Sun
US seeks to weaken global development finance efforts, UN document shows
THE United States is seeking to weaken a global deal aimed at helping developing countries struggling with the impacts of climate change and other issues, an internal United Nations document seen by Reuters showed. The Trump administration opposes draft reforms of the world's financial system intended to help developing countries, including around taxation, credit ratings and fossil fuel subsidies. It also wants mentions of 'climate,' 'gender equality' and 'sustainability' stripped out. The previously unreported document sheds light on how the Trump administration is seeking to imprint an 'America First' agenda, including opposition to efforts to slow climate change and promote diversity, on the institutions at the heart of fixing global systemic crises. The once-a-decade, 4th International Conference on Financing for Development (FFD4) in Seville, Spain, in June aims to influence the strategic direction of the world's development finance institutions. Countries agreed at FFD3, for example, to broaden tax cooperation efforts so that developing countries could help set the rules and as of last May more than 140 countries were involved. 'This conference is about bringing the world's leaders together and setting the underlying rules and priorities for financing development goals over the next decade,' Tom Mitchell, executive director of the International Institute for Environment and Development, told Reuters. Compiled by the permanent representatives to the U.N. of Mexico, Nepal, Norway, and Zambia, with help from the U.N. secretariat, the April 11 negotiating draft is annotated with the positions of the 193 nations involved in the discussions. At U.N. negotiations over the FFD4 document in March, the U.S. mission said the draft at that time was too long and prescriptive and denounced 'the ever-widening definition of sustainable development.' 'The international financial institutions have independent mandates and authorities, and we do not support attempts in the U.N. system to dictate their priorities or activities,' the U.S. statement from acting U.N. Economic and Social Council representative Jonathan Shrier said. The U.N. does not hold direct authority over the multilateral development finance institutions. With ongoing changes at the World Bank and International Monetary Fund in the fight against climate change already facing pushback from U.S. Treasury Secretary Scott Bessent, the document showed it was seeking to water down the U.N.'s reform prescriptions. Among specific points in the text that refer to the systemic reform, the document shows the U.S. wants to remove a reference to a 'package of reforms' for sustainable development. It wants to replace a line promising to 'commit to reform the international financial architecture' with a pledge to 'recognize the need to enhance its resilience and effectiveness in responding to present and future challenges and crises.' Such changes in language signal the degree of shared commitment that can then be used as support for action or inaction in future talks. U.N. Secretary-General António Guterres has acknowledged the need to overcome multiple challenges ahead of the conference, but urged 'all countries to be at the table in Sevilla focused on solutions,' spokesperson Florencia Soto Niño said in an email to Reuters. The Treasury Department and State Department both declined to comment. The White House did not respond to a request for comment. While the U.S.' position on development has become tougher under Trump, the negotiating document shows it remains supportive of efforts that include developing countries working more closely with the private sector, and fostering innovation and financial literacy. CLIMATE CHANGE A key goal of the global reforms is to better help poorer nations cope with weather disasters, which are worsening due to climate change, and to boost economic development using low-carbon energy rather than traditional fossil fuels. President Donald Trump has quit the UN Paris climate agreement, slashed U.S. foreign development aid by more than 80% as part of a government overhaul led by billionaire Elon Musk and embarked on a trade war that is hurting many poorer nations. Among areas of the FFD4 document that the U.S. objects to is a call for countries to explore 'global solidarity levies' that could include taxes on highly polluting activities or on the super-rich to finance sustainable development. If included, the levies could be taken up in U.N. negotiations on taxes this year and would bolster a task force led by France, Kenya and Barbados that aims to develop such taxes among smaller groups of countries. Other countries to object include Russia, Saudi Arabia and China. The U.S. is also seeking to delete a paragraph calling for companies to pay tax to the countries where economic activity occurs; a paragraph on helping developing countries bolster tax transparency; and another on phasing out inefficient fossil fuel subsidies, the document shows. Many of the world's poorest countries struggle with high debt and the costs of rebuilding after disastrous storms, but the FFD4 document shows the U.S. wants to strike a paragraph on reforming the credit-rating system. That includes a push for raters to take a more forgiving approach to poorer nations that voluntarily restructure their debt to invest in green projects, it showed. The U.S. also opposes a commitment to ensure countries receive 'adequate and uninterrupted funding on appropriate terms of social protection and other essential social spending during shocks and crises,' the document shows. While the U.S. has considerable influence as the biggest shareholder in both the World Bank, which provides loans and grants to developing countries, and the IMF, and is currently reviewing its role in both, the draft deal is likely to change further as countries continue negotiations in May, before reaching consensus on a final document in mid-June. The U.S. position puts pressure on other countries to accept a weaker deal, since the talks aim to adopt a deal by consensus.
The Sun
06-05-2025
- Business
- The Sun
Trump seeks weaker global climate deal, opposes key reforms
THE United States is seeking to weaken a global deal aimed at helping developing countries struggling with the impacts of climate change and other issues, an internal United Nations document seen by Reuters showed. The Trump administration opposes draft reforms of the world's financial system intended to help developing countries, including around taxation, credit ratings and fossil fuel subsidies. It also wants mentions of 'climate,' 'gender equality' and 'sustainability' stripped out. The previously unreported document sheds light on how the Trump administration is seeking to imprint an 'America First' agenda, including opposition to efforts to slow climate change and promote diversity, on the institutions at the heart of fixing global systemic crises. The once-a-decade, 4th International Conference on Financing for Development (FFD4) in Seville, Spain, in June aims to influence the strategic direction of the world's development finance institutions. Countries agreed at FFD3, for example, to broaden tax cooperation efforts so that developing countries could help set the rules and as of last May more than 140 countries were involved. 'This conference is about bringing the world's leaders together and setting the underlying rules and priorities for financing development goals over the next decade,' Tom Mitchell, executive director of the International Institute for Environment and Development, told Reuters. Compiled by the permanent representatives to the U.N. of Mexico, Nepal, Norway, and Zambia, with help from the U.N. secretariat, the April 11 negotiating draft is annotated with the positions of the 193 nations involved in the discussions. At U.N. negotiations over the FFD4 document in March, the U.S. mission said the draft at that time was too long and prescriptive and denounced 'the ever-widening definition of sustainable development.' 'The international financial institutions have independent mandates and authorities, and we do not support attempts in the U.N. system to dictate their priorities or activities,' the U.S. statement from acting U.N. Economic and Social Council representative Jonathan Shrier said. The U.N. does not hold direct authority over the multilateral development finance institutions. With ongoing changes at the World Bank and International Monetary Fund in the fight against climate change already facing pushback from U.S. Treasury Secretary Scott Bessent, the document showed it was seeking to water down the U.N.'s reform prescriptions. Among specific points in the text that refer to the systemic reform, the document shows the U.S. wants to remove a reference to a 'package of reforms' for sustainable development. It wants to replace a line promising to 'commit to reform the international financial architecture' with a pledge to 'recognize the need to enhance its resilience and effectiveness in responding to present and future challenges and crises.' Such changes in language signal the degree of shared commitment that can then be used as support for action or inaction in future talks. U.N. Secretary-General António Guterres has acknowledged the need to overcome multiple challenges ahead of the conference, but urged 'all countries to be at the table in Sevilla focused on solutions,' spokesperson Florencia Soto Niño said in an email to Reuters. The Treasury Department and State Department both declined to comment. The White House did not respond to a request for comment. While the U.S.' position on development has become tougher under Trump, the negotiating document shows it remains supportive of efforts that include developing countries working more closely with the private sector, and fostering innovation and financial literacy. CLIMATE CHANGE A key goal of the global reforms is to better help poorer nations cope with weather disasters, which are worsening due to climate change, and to boost economic development using low-carbon energy rather than traditional fossil fuels. President Donald Trump has quit the UN Paris climate agreement, slashed U.S. foreign development aid by more than 80% as part of a government overhaul led by billionaire Elon Musk and embarked on a trade war that is hurting many poorer nations. Among areas of the FFD4 document that the U.S. objects to is a call for countries to explore 'global solidarity levies' that could include taxes on highly polluting activities or on the super-rich to finance sustainable development. If included, the levies could be taken up in U.N. negotiations on taxes this year and would bolster a task force led by France, Kenya and Barbados that aims to develop such taxes among smaller groups of countries. Other countries to object include Russia, Saudi Arabia and China. The U.S. is also seeking to delete a paragraph calling for companies to pay tax to the countries where economic activity occurs; a paragraph on helping developing countries bolster tax transparency; and another on phasing out inefficient fossil fuel subsidies, the document shows. Many of the world's poorest countries struggle with high debt and the costs of rebuilding after disastrous storms, but the FFD4 document shows the U.S. wants to strike a paragraph on reforming the credit-rating system. That includes a push for raters to take a more forgiving approach to poorer nations that voluntarily restructure their debt to invest in green projects, it showed. The U.S. also opposes a commitment to ensure countries receive 'adequate and uninterrupted funding on appropriate terms of social protection and other essential social spending during shocks and crises,' the document shows. While the U.S. has considerable influence as the biggest shareholder in both the World Bank, which provides loans and grants to developing countries, and the IMF, and is currently reviewing its role in both, the draft deal is likely to change further as countries continue negotiations in May, before reaching consensus on a final document in mid-June. The U.S. position puts pressure on other countries to accept a weaker deal, since the talks aim to adopt a deal by consensus.
