On Tuesday, Member States at UN Headquarters endorsed the finalized outcome document, known as the Compromiso de Sevilla (the Seville Commitment), following months of intensive intergovernmental negotiations.
It is intended as the cornerstone of a renewed global framework for financing sustainable development, particularly amid a widening $4 trillion annual financing gap faced by developing countries.
A reinvigorated framework
Co-facilitators of the outcome document – Mexico, Nepal, Zambia and Norway – hailed the agreement as an ambitious and balanced compromise that reflects a broad base of support across the UN membership.
“This draft reflects the dedication, perseverance, and constructive engagement of the entire membership,” said Ambassador Alicia Buenrostro Massieu, Deputy Permanent Representative of Mexico.
“Sevilla is not a new agenda. It is a strengthening of what already exists. It renews our commitment to the Addis Ababa Action Agenda and aligns fragmented efforts under a single, reinvigorated framework,” she added.
Nepal’s Ambassador Lok Bahadur Thapa called the outcome a “historic opportunity” to confront urgent financing challenges.
“It recognizes the $4 trillion financing gap and launches an ambitious package of reforms and actions to close this gap with urgency,” he said, highlighting commitments to boost tax-to-GDP ratios and improve debt sustainability.
Opening of third International Conference on Financing for Development, in 2015, which adopted the historic Addis Ababa Action Agenda.
United States withdrawal
The agreement came despite sharp divisions on several contentious issues, culminating in the United States decision to exit the process entirely.
“Our commitment to international cooperation and long-term economic development remains steadfast,” said Jonathan Shrier, Acting US Representative to the Economic and Social Council.
“However, the United States regrets that the text before us today does not offer a path to consensus.”
Mr. Shrier voiced his country’s objection to proposals in the draft, which he said interfered with the governance of international financial institutions, introduced duplicative mechanisms, and failed to align with US priorities on trade, tax and innovation.
He also opposed proposals calling for a tripling of multilateral development bank lending capacity and language on a UN framework convention on international tax cooperation.
Renewal of trust
Under-Secretary-General for Economic and Social Affairs Li Junhua welcomed the adoption of the document, calling it 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 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 forging a renewed financing framework,” Mr. Li said.
A woman sells vegetables in a market in Seychelles. Despite ongoing efforts, progress toward achieving several SDGs — including those on women’s empowerment – remains off track for 2030.
For the common good
The Sevilla conference, to be held from 30 June to 3 July will mark the fourth major UN conference on financing for development, following Monterrey (2002), Doha (2008) and Addis Ababa (2015).
It is expected to produce concrete commitments and guide international financial cooperation in the lead-up to and beyond the 2030 deadline of the Sustainable Development Goals (SDGs).
“We firmly believe that this outcome will respond to the major challenges we face today and deliver a real boost to sustainable development,” said Ambassador Thapa of Nepal.