Latest news with #FfD4
IOL News
4 hours ago
- Business
- IOL News
Cyril Ramaphosa urges global unity to tackle debt sustainability challenges
President Cyril Ramaphosa urges bold, united global action to address debt and development challenges, warning the world has only five years left to meet the 2030 Sustainable Development Goals. President Cyril Ramaphosa has urged increased urgency, ambition, and alignment in addressing the global debt crisis that confronts low-income and developing countries, emphasising that the world is racing against time with just five years remaining to meet the Sustainable Development Goals (SDGs) by 2030 Speaking ahead of the Fourth International Conference on Financing for Development (FfD4), Ramaphosa emphasised the need for unified global action to achieve sustainable development and support vulnerable economies. 'We must achieve these goals not merely because we have committed them to paper, but because the health, welfare, and happiness of billions of people depend on the progress we make.' He described the conference as a decisive moment for the global community, especially in the wake of the United Nations 2024 Report on the SDGs, which he said 'captures the gravity of the crisis.' Referring directly to the report, Ramaphosa stressed that it makes clear. 'We must think and act differently. We must move faster and with far greater ambition. Importantly, we must align our efforts across all available fora and platforms.'
Egypt Today
2 days ago
- Business
- Egypt Today
President Sisi Participates in Meeting ahead of Int. Conference for Financing for Development
CAIRO - 3 June 2025: Egypt's President Abdel Fattah El-Sisi participated via video conference in the high-level meeting in preparation for the Fourth International Conference on Financing for Development, scheduled to be held in Spain at the end of June 2025. The Spokesman for the Presidency, Ambassador Mohamed El-Shennawy, said the high-level meeting aims to give political momentum for the Fourth International Conference on Financing for Development, a major international event aimed at mobilizing funding and encouraging investment in projects that contribute to achieving the Sustainable Development Goals, enhancing international cooperation in the field of financing for development, and bridging the growing development gap. President Sisi delivered a speech, during which he reviewed the pillars of Egypt's vision for enhancing international efforts to finance development. In his speech, President Sisi outlined Egypt's vision for advancing international efforts to finance development. He thanked UN Secretary-General António Guterres for his invitation to attend the meeting, which is being held to mobilize political support and build momentum ahead of the conference scheduled from June 30 to July 3, 2025. Sisi also expressed his appreciation to Spanish Prime Minister Pedro Sánchez for Spain's efforts in hosting the event, praising the Spanish government's preparations and close coordination with the UN Secretariat. The president noted that the FfD4 is being held at a time of serious global challenges, including rising geopolitical and security tensions, an increase in unilateral and protectionist measures, setbacks in achieving the SDGs, a widening financing gap, and the escalating consequences of climate change. He added that shifts in global trade patterns are further disrupting the world economy, with significant negative impacts on developing nations. Sisi said that the global community agreed in 2015 on the SDGs as a comprehensive framework to improve the well-being and future of people worldwide. However, he warned that the dangerous expansion of the development and financing gap in recent years could put the 2030 targets out of reach unless immediate and effective action is taken. He called for the conference to produce ambitious and tangible outcomes that reflect a shared political will to accelerate progress on the SDGs. The president outlined four key issues Egypt hopes will see progress during the conference. First, he called for the development of a roadmap to enhance access to affordable and concessional financing for developing countries. Achieving this, he said, requires addressing existing structural imbalances in the global financial system and strengthening cooperation with development partners. He added that Egypt hopes the conference will lead to practical steps to continue reforming the international financial architecture and institutions, improve existing financing mechanisms, and introduce new and innovative tools such as debt swaps. He also called for comprehensive frameworks to stimulate private sector investment and link implementation of the Addis Ababa Action Agenda with the SDGs. Second, Sisi stressed the need to raise ambition in reforming the global debt structure, with specific, actionable steps to address the growing problem of sovereign debt in developing countries. He called for new mechanisms to sustainably manage debt in low- and middle-income countries, which are home to nearly two-thirds of the world's poor. Failure to deliver tangible outcomes in this area, he warned, could lead to a new global debt crisis and further widen the development gap. On the third issue, Sisi highlighted the importance of providing necessary technical support and building institutional and human capacities in developing countries. This includes facilitating the transfer of technology and encouraging the use of modern digital tools, such as artificial intelligence, to help those countries make optimal use of their national resources and support their development efforts. In conclusion, President Sisi emphasized that the success of the FfD4 will depend on the level of ambition reflected in its final outcome document and the inclusion of serious and well-considered measures. He underscored the need for strong political will and a spirit of solidarity and multilateral cooperation to reach fair and practical agreements on unresolved issues, in order to accelerate progress on sustainable development and meet the aspirations of people around the world for a better, more prosperous future.
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.
Egypt Independent
11-03-2025
- Business
- Egypt Independent
FM: Egypt moving steadily towards upgrading economic performance
Minister of Foreign Affairs, Emigration and Egyptian Expatriates Badr Abdelatty stressed that Egypt is moving steadily towards upgrading its economic performance, thus boosting the national economy's competitiveness. This also contributes to empowering the private sector, rallying up more foreign direct investments and opening new markets for Egyptian exports, according to him. Abdelatty made the remarks during a meeting on Monday with leaderships and members of the foreign ministry's economic department. This fell within the framework of following up on work in various departments of the ministry to ensure commitment to the priorities of the Egyptian foreign policies in different fields. Abdelatty reiterated that the economic dimension represented a top priority for the ministry. He gave instructions on the importance of buttressing the state's efforts to increase new and renewable energy share, turn Egypt into a regional center for importing and exporting energy and promoting Egypt as a leading logistics center at the international level. The meeting reviewed efforts exerted for promoting the Egyptian economy, supporting the economic reform program through cooperation with international institutions in addition to luring investments and bolstering the state's strategic infrastructure potential. Within this context, the minister underlined the importance of continued coordination with relevant national bodies to prop up the efforts exerted by promoting the Egyptian economy, and promising opportunities through Egyptian embassies and missions abroad. Concerning multilateral economic cooperation, the meeting reviewed Egypt's participation in relevant forums, including preparations for the Fourth International Conference on Financing for Development (FfD4). Moreover, it highlighted how Egypt has become an active member in the BRICS since the start of 2024. Abdelatty emphasized the importance of promoting the priorities of Egypt and developing countries in various forums in accordance with Egypt Vision 2030.
Al Jazeera
06-03-2025
- Business
- Al Jazeera
Multilateralism can and must deliver
The year 2025 will be pivotal for multilateralism. The challenges before us — rising inequalities, climate change, and the financing gap for sustainable development — are urgent and interconnected. Addressing them requires bold, coordinated action — not a retreat into isolation, unilateral actions, or disruption. Three major global gatherings offer a unique opportunity to chart a path towards a more just, inclusive and sustainable world: the Fourth International Conference on Financing for Development (FfD4) in Seville (Spain), the 30th Conference of the Parties (COP30) to the United Nations Framework Convention on Climate Change (UNFCCC) in Belém (Brazil) and the G20 Summit in Johannesburg (South Africa). These meetings must not be business as usual: they must deliver real progress. A multilateral moment we cannot waste Trust in multilateral institutions is under strain, yet the need for dialogue and global cooperation has never been greater. We must reaffirm that multilateralism, when ambitious and action-oriented, remains the most effective vehicle for addressing shared challenges and advancing common interests. We must build on the successes of multilateralism, in particular the 2030 Agenda and the Paris Agreement. The FfD4, COP30 and G20 must serve as milestones in a renewed commitment to inclusiveness, sustainable development, and shared prosperity. This will require strong political will, the full participation of all relevant stakeholders, a creative mindset and the ability to understand the constraints and priorities of all economies. Tackling inequality through a renewed financial architecture Income inequality is widening—both within and between nations. Many developing countries struggle under unsustainable debt burdens, constrained fiscal space, and barriers to fair access to capital. Basic services such as health or education must compete with growing interest rates. This is not just a moral failing; it is an economic risk for all. The global financial architecture must be reformed to provide countries in the Global South with greater voice and representation and fairer and more predictable access to resources. We must advance debt relief initiatives, promote innovative financing mechanisms, and work on identifying and addressing the causes of the high cost of capital faced by most developing countries. The G20, under the South African presidency, is prioritising these three areas. At the same time, Seville's FfD4 will be a defining moment to secure commitments for stronger international financial cooperation for sustainable development, including through better taxation of global wealth and negative externalities, the enhancement of domestic resource mobilisation and for a more impactful and effective rechannelling of Special Drawing Rights. Just transitions towards climate-resilient development For many developing countries, just climate transitions remain out of reach due to a lack of funds and development constraints. This must change. At COP30 in Belém, a summit hosted in the heart of the Amazon, we must ensure that our climate finance commitments translate into concrete action. The success of COP30 will depend on whether we can bridge the gap between promises and delivery. Under the UNFCCC, key foundations for COP30 will be the submission of new and ambitious Nationally Determined Contributions (NDCs) by all parties and the Baku to Belém Roadmap to scale up financing to developing country parties for climate action from all public and private sources to at least $1.3 trillion per year by 2025. We need to significantly increase climate adaptation finance, leverage private sector investment and ensure that multilateral development banks take a greater role in climate financing. The FfD4 in Seville will complement these efforts by ensuring that climate financing does not come at the cost of development. An inclusive response to global threats The world is increasingly fragmented, and this is precisely why we must redouble our efforts to find common ground. Seville, Belém and Johannesburg must serve as beacons of multilateral cooperation, showing that nations can unite around common interests. In Seville, we will work to mobilise both public and private capital for sustainable development, recognising that financial stability and climate action are inseparable. In Belem, we will stand together to protect our planet. And in Johannesburg, the G20 will reaffirm the importance of inclusive economic growth. As we look ahead to 2025, we call on all nations, international institutions, the private sector and civil society to rise to this moment. Multilateralism can and must deliver — because the stakes are too high for failure.
