On Tuesday, the finalized outcome document, known as the Compromiso de Sevilla (the Seville Commitment), was endorsed by Member States at UN Headquarters. This comes after months of intense negotiations between governments.
The document is meant to serve as the foundation for a renewed global framework for financing sustainable development. This is especially important as developing countries face a $4 trillion annual financing gap.
The co-facilitators of the outcome document – Mexico, Nepal, Zambia, and Norway – praised the agreement as a balanced and ambitious compromise that has the support of a wide range of UN members.
Ambassador Alicia Buenrostro Massieu, Deputy Permanent Representative of Mexico, stated, “This draft is a reflection of the dedication, perseverance, and constructive engagement of all members.”
“Sevilla is not a new agenda. It is a strengthening of existing efforts. It reaffirms our commitment to the Addis Ababa Action Agenda and brings together fragmented initiatives under one reinvigorated framework,” she added.
Nepal’s Ambassador Lok Bahadur Thapa called the outcome a “historic opportunity” to address pressing financing challenges.
“It acknowledges the $4 trillion financing gap and presents an ambitious package of reforms and actions to close this gap with urgency,” he said, highlighting commitments to increase tax-to-GDP ratios and improve debt sustainability.
The agreement was reached despite strong disagreements on several contentious issues, which ultimately led to the United States exiting the process.
“Our commitment to international cooperation and long-term economic development remains unwavering,” said Jonathan Shrier, Acting US Representative to the Economic and Social Council.
“However, the United States is disappointed that the current draft does not offer a path to consensus.”
Mr. Shrier expressed his country’s objection to proposals in the document that interfere with the governance of international financial institutions, introduce redundant mechanisms, and do not align with US priorities on trade, tax, and innovation.
He also opposed proposals to triple the lending capacity of multilateral development banks and language on a UN framework convention on international tax cooperation.
Under-Secretary-General for Economic and Social Affairs Li Junhua welcomed the adoption of the document, stating that it is a clear demonstration that “multilateralism works and delivers for all.”
He praised Member States for their flexibility and political will in finalizing the agreement, despite the challenges.
“The FFD4 conference presents a rare opportunity to prove that multilateralism can deliver tangible results. A successful and strong outcome would help to rebuild trust and confidence in the multilateral system by creating a renewed financing framework,” Mr. Li said.
The Sevilla conference, which will take place from June 30 to July 3, will be the fourth major UN conference on financing for development, following Monterrey (2002), Doha (2008), and Addis Ababa (2015).
The conference is expected to result in concrete commitments and guide international financial cooperation leading up to and beyond the 2030 deadline for the Sustainable Development Goals (SDGs).
“We firmly believe that this outcome will address the major challenges we face today and provide a significant boost to sustainable development,” said Ambassador Thapa of Nepal.