Seville Development Financing Conference: A decisive opportunity to address the global financing gap

Today, Wednesday, United Nations Secretary -General Amina Mohamed broke out to the New York journalists on the conference, accompanied by Ambassador Hector Gomez Hernandez of Spain, and Ambassador Chola Melambo of Zambia.

Mrs. Amina Mohamed said: “We have witnessed the burdens of increasing debts, a decline in investment, aid, and a growing barriers. The current system certainly does not meet the needs of the people who were designed to support them.”

The role of stakeholders

The conference will attend more than 70 heads of state and government, as well as leaders of international financial institutions, civil society, charitable institutions, and the private sector, including representatives of the energy sectors, food systems, and digital industries. Mrs. Amina Mohamed said: “I think the collective presence alone sends a good signal of pluralism at a time when we face a great deal of rejection.”

Seville’s commitment

On June 17, member states agreed to “Seville’s commitment”, for its approval at the conference. Mrs. Mohamed stressed that the commitment addresses the debt crisis in developing countries, which are especially vulnerable to the lack of financing, as many of them spend the benefits of debt more than it spends on basic services, which limits sustainable development opportunities.

The Zambian Ambassador Chola Melambo explained that this will be done by increasing transparency, a global debt record, and the amplification of the voices of countries that are under the weight of debts.

The commitment also aims to stimulate investment by doubling the lending of multilateral development banks three times, doubling the official development assistance of developing countries, benefiting from private sector investments, and ensuring that the international financing system is more comprehensive and effective.

Mrs. Muhammad said: “This agenda can do something about it. They have tools – and political influence – to achieve this.”

Test for pluralism

In turn, Spanish Ambassador Hector Gomez Hernandez confirmed that the conference comes at a critical time for pluralism. He said: “This conference is an appeal to work, and we have an exceptional opportunity to send a very strong message to defend the international community’s commitment to the pluralistic system.”

Ambassador Melambo later added that the consensus on Seville’s commitment “sends a real hope message to the world that we can address the challenges of financing that hinder sustainable development goals and that pluralism is still effective.”

Despite consensus, the United States recently announced that it will not send a delegation to the conference. Amina Mohamed said: “It is unfortunate, but it does not prevent us from continuing to engage with that member state.”

She concluded her speech by noting that the ongoing discussions between the United Nations and donors on ways to benefit from resources are more efficiently, will make tangible progress, especially in light of the recent agreement to commitment.