Latest news with #SevillaCommitment
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an hour ago
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Interview: Sevilla ‘A Critical Test' Of Multilateralism
The promises were made at the opening of the Financing for Development Conference (FFD4), currently underway in the Spanish city of Sevilla, when delegates agreed on the Sevilla Commitment. During the conference UN News spoke to Li Junhua, the UN Under-Secretary General for Economic and Social Affairs and Secretary-General of the international summit. Li Junhua: The adoption of the Sevilla Agreement was an exceptional moment at an event which has brough together some 60 Heads of State and Government and seen 130 major initiatives announced as part of the Sevilla Platform for Action, which is aiming to implement the outcome document and turbocharge financing for sustainable development. A record number of business leaders from various sectors actively participated in and positively contributed to the entire process and to the outcome of Conference. They all committed to supporting the implementation of the new roadmap. UN News: What benefits do you think vulnerable communities in developing countries can look forward to, as a direct result of the decisions made here in Sevilla? Li Junhua: The Sevilla Commitment firmly recognizes that poverty eradication is indispensable to achieving sustainable development. This is the most essential point for all the developing countries. It proposes a package of actions for a large-scale investment push for the Sustainable Development Goals (SDGs) in the long run. This includes boosting investment in vital areas such as social protection systems, agrifood systems and inclusive, affordable and quality health systems. Furthermore, it aims to strengthen the global response to crises which affect vulnerable communities the most. For instance, it calls for the implementation of the decision concerning climate finance agreed at the UN Climate Conference in Baku, and also the fund for responding to Loss and Damage. To me, significant steps and commitments have been made to support countries in special situations to close the significant infrastructure gap in critical sectors. The most vulnerable populations can benefit significantly by gaining essential services and employment opportunities generated by, for instance, energy, transport, ICT [information and communication technology], water and sanitation infrastructure development. Last but not least, there is a strong resolve to expand access to financial products and services across society, particularly for women, youth, persons with disabilities, displaced people, migrants and other persons in vulnerable situations. These are very tangible outcomes for vulnerable communities. UN News: In what ways is this conference a real test of multilateralism, at a time when it's under more strain than ever, and with a deeply uncertain global economic outlook? Li Junhua: This conference is a critical test of our ability to solve problems together. We know that, at its core, the sustainable development crisis is a crisis of funding and financing. We need to tackle these challenges to bring the SDGs back on track, but it is far from easy. Commitments on development finance directly impact national budgets, and reforming the international financial architecture will inevitably shift the power dynamics between States. The fact that Member States adopted the Sevilla Agreement by consensus sends a powerful signal that multilateralism can still deliver. Of course, the real challenge now lies in translating these commitments into actions. So I would say that, ultimately, success depends on the collective efforts of all Member States and all stakeholders.
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7 hours ago
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Drowning In Debt: New Forum In Sevilla Offers Borrowers Chance To Rebalance The Books
2 July 2025 The Borrowers' Forum is being hailed as a milestone in efforts to reform the international debt architecture, supported by the UN and emerging as a key part of the Sevilla Commitment outcome document. 'This is not just talk - this is execution,' said Egypt's Minister of Planning and Economic Development, Dr Rania Al-Mashat. ' The Borrowers' Forum is a real plan, driven by countries, to create a shared voice and strategy in confronting debt challenges.' Rebeca Grynspan, Secretary-General of UN Trade and Development (UNCTAD), said developing nations often face creditors as a united bloc while negotiating alone. 'Voice is not just the ability to speak — it's the power to shape outcomes. Today, 3.4 billion people live in countries that pay more in debt service than they do on health or education.' The forum – one of 11 recommendations by the UN Secretary-General's Expert Group on Debt – will allow countries to share experiences, receive technical and legal advice, promote responsible lending and borrowing standards, and build collective negotiating strength. Its launch addresses long-standing calls from the Global South for more inclusive decision-making in a debt system dominated by creditor interests. 'Silent but urgent' Zambia's Foreign Minister, Mulambo Haimbe, told journalists the initiative would foster 'long-term partnerships, mutual respect and shared responsibility' and expressed his country's willingness to host an early meeting. Spain's Finance Minister Carlos Cuerpo described the current debt crisis as 'silent but urgent,' and called the Forum a 'Sevilla moment' to match the Paris Club of creditors, created nearly 70 years ago. UN Special Envoy on financing the 2030 Agenda Mahmoud Mohieldin said the forum was a direct response to a system that has kept debtor countries isolated for too long. ' This is about voice, about fairness – and about preventing the next debt crisis before it begins.' The launch comes at a time of rising debt distress across the developing world. The commitment – known in Spanish as the Compromiso de Sevilla – adopted by consensus at the conference, includes a cluster of commitments on sovereign debt reform. Alongside support for borrower-led initiatives, it calls for enhanced debt transparency, improved coordination among creditors, and the exploration of a multilateral legal framework for debt restructuring. It also endorses country-led debt sustainability strategies, debt payment suspension clauses for climate-vulnerable nations, and greater support for debt-for-nature and debt-for-climate swaps – albeit with stronger safeguards and evidence of impact. Frustration over 'missed opportunity' to tackle debt crisis Civil society groups on Wednesday sharply criticised the adopted outcome in Sevilla, calling it a missed opportunity to deliver meaningful reform of a global debt system that is crippling many developing nations. Speaking at a press briefing inside the conference, Jason Braganza of the African Forum and Network on Debt and Development (AFRODAD) said the final outcome document adopted on day one – the Sevilla Agreement – fell far short of what was needed. ' This document did not start with much ambition and still managed to be watered down,' he said. 'Nearly half of African countries are facing a debt crisis. Instead of investing in health, education and clean water, they're paying creditors.' Mr. Braganza praised the leadership of the African Group and the Alliance of Small Island States, which fought for a UN Framework Convention on sovereign debt. 'False solutions' Although that ambition was not fully realised, he welcomed a small breakthrough in the form of a new intergovernmental process that could lay the groundwork for future reform. Civil society leaders also warned of the dangers of so-called 'debt-for-climate swaps', with Mr. Braganza calling them 'false solutions' that fail to provide genuine fiscal space for developing nations. Tove Ryding of the European Network on Debt and Development (Eurodad) echoed those concerns, saying: 'We are told there's no money to fight poverty or climate change — but there is. The problem is economic injustice. And the outcome of this conference reflects business as usual.' She highlighted the progress made on a new UN Tax Convention as proof that determined countries can bring about real change, adding: 'If only we had a tax dollar for every time we were told this day would never come.' Commitment bears fruit for public health To help close gaps in access to public services and policies, and to address healthcare cuts that could cost thousands of lives, Spain on Wednesday launched the Global Health Action Initiative aimed at revitalising the entire global health ecosystem. The initiative, which will channel €315 million into the global health system between 2025 and 2027, is supported by leading multilateral health organisations and more than 10 countries. Raising prices, saving lives Later at the conference, the UN health agency unveiled a new drive to help countries tackle chronic disease and raise vital funds by increasing taxes on tobacco, alcohol, and sugary drinks. The 3 by 35 Initiative urges governments to boost the real prices of these products by at least 50 per cent by 2035. ' Health taxes are one of the most efficient tools we have,' said Dr. Jeremy Farrar, WHO Assistant Director-General. ' They cut the consumption of harmful products and create revenue governments can reinvest in health care, education, and social protection.' Noncommunicable diseases like heart disease, cancer, and diabetes now account for more than three-quarters of all deaths worldwide. WHO says a one-time 50 per cent price rise could prevent 50 million premature deaths over the next 50 years, while generating $1 trillion in public revenue. Between 2012 and 2022, nearly 140 countries raised tobacco taxes, proving such change is both possible and effective.
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2 days ago
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After The Big Development Pledges In Seville, UN Says Action Starts Now
30 June 2025 l Economic Development That's where the Sevilla Platform for Action (SPA) comes in – a major step to begin implementing the Sevilla Commitment without delay. It features over 130 concrete actions to support the renewed global financing framework that world leaders just adopted at the international conference. They will help countries mobilise resources for an SDG investment push, build developing countries' development capacity, help address the sustainable development debt crisis, and take steps to improve the system by which the developing world can borrow money for national investment without crippling debt burdens. Launching the platform, Spain's Prime Minister Pedro Sánchez, highlighted the urgency of collective action saying the platform represents 'a critical opportunity to restore trust in multilateralism and deliver tangible financing.' UN Secretary-General António Guterres underscored the importance of the SPA as a catalyst for joint action and delivery. In a world divided, it is 'a springboard towards a more just, inclusive and sustainable world for all countries,' he said. Countries can make up for absence of US Speaking earlier at press conference for the hundreds of journalists here in Sevilla, he said the absence of the United States which left negotiations earlier this month was a challenge but there are always ways to raise the money needed: 'It's a question of political will.' This can be done if leaders are willing to take the necessary measures such as working through multilateral development banks and carbon taxes, for example. Power shifts 'To have the United States on board would be excellent but it can be done in any case by those willing to do so.' 'I have a clear message to the powerful,' the UN chief continued. 'It's better to lead the reform of the system now than to wait and eventually suffer the resistance later when power relations change. 'And I believe that the reforms that are proposed in Sevilla in line with the work that was done in the Summit of the Future are reforms that are absolutely needed both for developing and developed countries.' Following the opening remarks, interventions demonstrated strong political commitment to start implementing the historic funding agreement. Notable initiatives include a global hub for debt swaps for development at the World Bank and a debt pause clause alliance – championed by Spain and a coalition of partners. Sevilla Platform for Action at a glance: It aims to bring together countries, organisations, businesses and others to make real, measurable progress in tackling global financial and development challenges. Any group – from governments to charities, businesses to universities – can put forward a new or significantly expanded plan that supports the UN's sustainable development goals. Proposals must set out clear, achievable actions with specific results, a timeline, and show how they will be funded. Submissions were open from 1 May to 6 June 2025, using an online form. Each plan had to name the lead group behind it, list any supporting partners, explain what makes it new or ambitious, and include a communications plan. Selected initiatives will be presented to the public and media during FFD4 in Sevilla. All approved commitments will be listed online, with progress tracked and reported through future UN reviews and meetings. 'Everyone's business' A further essential part of turning words in Sevilla into action on the ground, is mobilising the business community. Business leaders on Monday issued an urgent appeal to unlock more private capital at the opening of the International Business Forum on Monday. António Guterres told delegates: 'Development is everyone's business', emphasising the private sector's essential role alongside public institutions in achieving the SDGs. Sevilla in the south of Spain is the venue for FFD4. Five priorities for delivery A new communique from the conference's Business Steering Committee – co-chaired by the International Chamber of Commerce (ICC) and Global Investors for Sustainable Development (GISD) – outlines five priority areas for action: Create more ways to invest in development: Set up tools and platforms that make it easier and safer for private money to flow into projects that help people, especially in poorer countries. Work more closely with governments: Join forces to plan and support projects from an early stage, making them ready for investment. Make sustainability rules clearer and more consistent: Align standards across countries so businesses can invest more confidently and support national development goals. Fix financial rules that get in the way: Update regulations that make it harder to invest long-term in developing countries. Help small businesses get funding: Improve access to finance for entrepreneurs by reducing risks and partnering with development banks and governments. The communiqué complements the newly endorsed Seville Agreement and business leaders described the moment as pivotal. 'Private finance is essential to bridge the global gap,' said José Viñals, co-chair of GISD. At the forum, developing countries are showcasing over $1 billion worth of investable projects in sectors including energy, agriculture and digital infrastructure. 'The focus now must be on action,' said UN economic chief and conference Secretary-General Li Junhua.
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2 days ago
- Business
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FFD4 Opens With A Renewed Global Framework ToTackle Sustainable Development Challenges
Sevilla, Spain, 30 June 2025 The Fourth International Conference on Financing for Development (FFD4) opened today in Sevilla with the adoption of the Sevilla Commitment or Compromiso de Sevilla, an intergovernmentally negotiated outcome that lays the foundation for a renewed global framework for financing development. Commitments include steps to close the $4 trillion financing gap for the Sustainable Development Goals (SDGs), address the debt crises, and reform the rules of the system to make the international financial system fairer and more transparent, putting people's needs at the center, and injecting new hope for people around the world. 'We are here in Sevilla to change course. To repair and rev up the engine of development to accelerate investment at the scale and speed required. And to restore a measure of fairness and justice for all,' United Nations Secretary-General António Guterres said in his opening remarks. 'The Sevilla Commitment document is a global promise to fix how the world supports countries as they climb the development ladder.' "It is time to take a step forward and not only reaffirm our commitment but redouble it. We must improve debt sustainability, ensure fiscal justice, and fulfill our commitments to international cooperation," said Pedro Sánchez, Prime Minister of Spain. At a time of extraordinary uncertainty and geopolitical tensions, and against a backdrop of rising debt, falling investment, shrinking aid, and with the SDGs only five years away, the Sevilla Commitment delivers a remarkable consensus among more than 190 nations committed to action for a fairer, safer future. 'FFD4 offers us a once-in-a-decade opportunity to shift the tide. The Sevilla Commitment is more than an outcome document. It is a new framework and a renewed global promise—to mobilize finance at scale, to reform the international financial architecture, and to put people's needs at the center of development, said Li Junhua, United Nations Under-Secretary-General for Economic and Social Affairs and Secretary-General of the Conference. 'Sevilla is not an endpoint. It is a launchpad for a new era of implementation, accountability, and solidarity.' FFD4, which will conclude on 3 July, is hosted by the Government of Spain, and opened in the presence of the King of Spain, His Majesty Felipe VI. The Conference has drawn more than 15,000 attendees, including close to 60 Heads of State and Government, ministerial-level representatives, heads of international organizations, such as the World Bank, the International Monetary Fund and the World Trade Organization, public development banks, private sector organizations and civil society representatives. Alongside the plenaries and multi-stakeholder roundtables, more than 470 special and side events are also taking place during the Conference period. FFD4 builds on the momentum of the Pact for the Future, adopted by world leaders in September 2024, where countries agreed to boost investment in the SDGs, address the growing debt burdens of developing countries and accelerate long-overdue reforms to the global financial architecture. Signaling a new phase of collective action on financing for development, coalitions of countries and diverse stakeholders will announce ambitious initiatives and concrete solutions under the Sevilla Platform for Action that will boost the renewed financing framework and set out a turning point from dialogue to delivery. Sevilla Platform for Action In the Sevilla Platform for Action, coalitions of countries and stakeholders have put forward more than 130 high-impact initiatives to begin implementation of the Sevilla Commitment or Compromiso de Sevilla on day one. These initiatives complement the renewed global financing framework adopted by world leaders and will help deliver tangible progress to finance our future, across the three main sets of commitments of the Compromiso: to catalyze investments at scale, address debt challenges, and support reforms for a transparent and fair architecture. International Business Forum Held alongside FFD4 on 30 June – 3 July 2025 in Sevilla, Spain, the International Business Forum brings CEOs and prominent global business leaders together with Heads of State and Ministers to drive solutions that unlock private finance and investments for sustainable development. Organized by the FFD4 Business Steering Committee, the forum aims to strengthen collaborations and co-create solutions for sustainable investment. About the Conference Building on the foundations laid by the Monterrey Consensus (2002), Doha Declaration (2008), and Addis Ababa Action Agenda (2015), as well as the Pact for the Future adopted at the UN last September, the Fourth International Conference on Financing for Development (FFD4), is taking place in Sevilla, Spain, from 30 June to 3 July 2025. Rising debt burdens, falling investment, and shrinking aid are among the financing challenges confronting the world today. With progress on the SDGs off track and rising systemic risks, including due to climate change and conflicts, the Conference provides a once-in-a-decade opportunity to mobilize finance at scale and reform the rules of the system to put people's needs at the center. Key links
