Latest news with #FourthInternationalConferenceonFinancingforDevelopment
IOL News
2 days 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
3 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.
Scoop
28-04-2025
- Business
- Scoop
UN Warns Of $4 Trillion Shortfall Threatening Global Development Goals
28 April 2025 Speaking at UN Headquarters in New York, Secretary-General António Guterres, General Assembly President Philémon Yang and Economic and Social Council President Bob Rae stressed the need for more resources and a global financial overhaul. Without an effective response, they stressed, the world risks falling even further behind on ending poverty, fighting climate change, and building new sustainable economies. They were addressing the ECOSOC annual forum on financing for development, which follows last week's World Bank and International Monetary Fund (IMF) Spring Meetings where global growth, trade tensions and the rising debt burden in developing countries were front and centre. Everyone loses in a trade war ' This year's ECOSOC Forum comes at a pivotal time,' Mr. Guterres told delegates, warning that global cooperation itself is under threat. He pointed to rising trade tensions as a major risk, noting that while fair trade is a clear example of the benefits of international collaboration, the surge in trade barriers poses a 'clear and present danger' to the global economy – as seen in recent downgrades to global growth forecasts by the IMF, the World Trade Organization (WTO), and UN economists. ' In a trade war, everybody loses – especially the most vulnerable countries and people, who are hit the hardest,' he said. We must shift into overdrive Mr. Guterres highlighted how many donors are pulling back from aid commitments while soaring borrowing costs drain public investments, putting the SDGs 'dramatically off track.' ' With just five years to reach the SDGs, we need to shift into overdrive,' he stressed, urging countries to deliver bold outcomes at the upcoming Fourth International Conference on Financing for Development, in Seville. 'Against this turbulent background, we cannot let our financing for development ambitions get swept away.' Crushing debt burdens ECOSOC President Bob Rae echoed these concerns, emphasising that over three billion people live in countries where governments spend more on interest payments than on health or education. 'We desperately need a more affordable debt architecture – it's that simple,' he said, calling for urgent reforms that would allow countries a fair chance to repay what they owe while investing in their futures. He also sounded the alarm over rising trade barriers – citing recent moves by major economies, like the United States, to impose new tariffs. ' Trade is not a four-letter word,' Mr. Rae said, ' it is a positive way for countries to exchange goods and services and emerge from poverty.' He urged countries not to see trade as a zero-sum game – where there are only winners and losers – and embrace fair, open trading systems as a path to shared prosperity. Calls for reform General Assembly President Philémon Yang underscored the consequences of rising debts and shrinking fiscal space. In more than 50 developing countries, governments now spend over 10 percent of their revenues on debt servicing – and in 17 of them, over 20 percent – a clear warning sign of default, according to UN economists. 'Our inability to reform the international financial architecture is severely restricting capital access,' Mr. Yang warned, stressing that closing the financing gap – now estimated at over $4 trillion annually – is critical to achieving the SDGs. ' Time is of the essence. Let us use this ECOSOC Forum to bridge divides, build trust, and lay the foundation for success. ' Looking ahead to Seville As negotiations continue towards an agreed outcome in Seville, Secretary-General Guterres highlighted three priority areas – tackling unsustainable debt, strengthening multilateral development banks and unlocking new streams of sustainable finance. He called for mobilizing more domestic resources, innovative financing solutions, better controls on illicit financial flows and stronger partnerships with the private sector. ECOSOC President Rae added that the conversation must move beyond declarations to concrete, measurable action. ' We need innovation, creativity and partnerships that deliver lasting and transformative impact,' he said. The Fourth International Conference on Financing for Development – to be held from 30 June to 3 July in Seville, Spain – represents a critical opportunity to rebuild the global financial system to unleash the investments urgently needed to achieve the SDGs.
Arab News
15-04-2025
- Business
- Arab News
Regional leaders rally for sustainable development goals at Beirut forum
RIYADH: Regional leaders and development experts gathered in Beirut for the 2025 Arab Forum for Sustainable Development to assess progress on the UN's global goals and explore strategies to speed up their implementation. Held under the patronage of Lebanese President Joseph Aoun, the three-day event—titled 'Restoring Hope, Raising Ambition'—is organized by the UN Economic and Social Commission for Western Asia, in collaboration with the League of Arab States and other UN agencies. The forum focuses on advancing the Sustainable Development Goals across the Arab region, highlighting both achievements and persistent challenges. As a vital platform ahead of two key global gatherings — the Second World Summit for Social Development in Doha this November and the Fourth International Conference on Financing for Development — the forum helps shape regional priorities around inclusive growth, social equity, and financial inclusion. Financial inclusion A central theme of the forum was the urgent need to advance financial inclusion in the Arab region, where approximately 197 million adults — representing 64 percent of the population— remain unbanked, the highest rate globally. In a panel titled 'Advancing Financial Inclusion in the Arab Region,' experts emphasized that true inclusion goes far beyond opening bank accounts—it's about transforming lives and building economic resilience. Nasser Al-Kahtani, executive director of the Arab Gulf Program for Development, underscored the need to view financial inclusion as a strategic investment, not just a policy goal. Sherif Lokman, sub-governor of Egypt's Central Bank, highlighted the need for national commitment, stating: 'Every head of state should look to financial inclusion as something top important. A central bank cannot alone make financial inclusion happen.' He detailed Egypt's efforts, including training 12,000 bank employees in sign language to better serve people with disabilities. Maher Mahrouq, director general of Jordan's Association of Banks, outlined Jordan's target to raise financial inclusion to 65 percent by 2028 and reduce the gender gap to 12 percent. Meanwhile, Fatma Triki from Tunisia's Enda Inter-Arabe noted that her country had already achieved 75 percent financial inclusion in 2021. The UN Special Rapporteur on Disability Rights, Heba Hagrass, called for at least 80 percent inclusion to ensure marginalized groups are not left behind. 'One of the main obstacles to full financial inclusion are policies,' she said, urging reforms to dismantle barriers. Lebanon's reform agenda and call for Arab unity During a ministerial discussion on the road to the Fourth International Conference on Financing for Development, Lebanon's Finance Minister Yassine Jaber urged the adoption of a unified Arab strategy to fund sustainable development. 'We need a combined effort between governments and international funders,' he said, as he outlined Lebanon's reform program aimed at recovery from years of economic crisis. Speaking to Arab News on the sidelines of the forum, Jaber elaborated on the country's efforts to rebuild trust in its banking sector after a prolonged financial collapse. He identified the appointment of new leadership at the central bank as a crucial first step in restoring public confidence and promoting financial inclusion. 'During the coming weeks, we'll be appointing a new vice governor and the new bank control commission, so that the whole team will be there to start preparing for a solution to this banking crisis,' Jaber told Arab News. He added: 'Also, we just passed two laws. One amends the Bank Secrecy Law to allow the Bank Control Commission to have more access. The second law regulates the banking system to ensure banks are healthy, have good capital adequacy, and can operate in a trustworthy way.' Jaber also noted the central bank's plans to implement a gradual approach to returning deposits, prioritizing smaller account holders. 'There's no banking system in the world that can give back all the deposits to all the people at the same time. So we'll start with the smaller depositors, then move to higher amounts.' Reflecting on regional economic collaboration, Jaber expressed frustration over long-standing obstacles. Recalling his role in the 1990s as economy minister, he said: 'I still remember how hard we worked … and always had obstacles that actually a lot of them still exist. With globalization falling apart, the Arab world has to create its own regional cooperation system.' He also underscored the significance of Lebanon hosting the Arab Forum for Sustainable Development, despite the country's ongoing challenges. 'The important thing is that this is happening here, in spite of everything, we still have this conference happening. We still have ESCWA here. Lebanon is stretching its hand out for cooperation.' Jaber concluded by noting Lebanon's plans to participate in the upcoming IMF-World Bank meetings in Washington, signaling its readiness to re-engage with the international financial community. Challenges and commitments The forum also featured remarks from Ahmed Aboul Gheit, secretary-general of the Arab League, who acknowledged that conflict and instability continue to obstruct sustainable development across the region. Yet, he struck an optimistic tone: 'Despite these challenges, we see a strong and determined Arab will to transform obstacles into opportunities.' Echoing this call for resilience, ESCWA Executive Secretary Rola Dashti stressed the need for tangible results over rhetoric. 'Hope is not restored through words and promises—it is restored through action, accountability, and justice,' she said. The Arab Forum for Sustainable Development comes at a critical juncture, as preparations ramp up for the Second World Social Summit in Doha, which will address longstanding gaps in social development. The UN has positioned the summit as an opportunity to 'reaffirm our dedication to social progress' and ensure that no one is left behind. ESCWA's Annual SDG Review 2025, released during the forum, shed light on persistent inequalities in financial access across the Arab world. The report revealed that only 29 percent of Arab women have access to bank accounts—the lowest rate globally—while just 36 percent of adults use digital payments, compared to a global average of 67 percent. The review also highlighted Lebanon's acute banking trust crisis. Despite relatively moderate access to financial services, actual usage drops to just 10 percent, reflecting widespread public mistrust in the financial system. As the forum's second day wrapped up, participants emphasized the importance of digital finance, regulatory reform, and stronger regional cooperation to close these gaps. With Lebanon working to restore its financial footing and Arab nations seeking unified solutions, the AFSD has laid the groundwork for meaningful dialogue ahead of November's global summit.
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.
