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The Fourth Financing for Development Conference (FfD4), scheduled from 30 June to 3 July in Seville, Spain, is a crucial opportunity for CVF countries to address systemic barriers to building economic resilience and sustainable development in an increasingly polarized world. Four preparatory committee meetings have been held, which aimed to refine policy recommendations, assess progress since the Addis Ababa Action Agenda, build consensus on key issues, and facilitate input from stakeholders.
The CVF-V20 has outlined key priority areas for the FfD4:
The G20 Common Framework for Debt Treatments beyond the Debt Service Initiative must be amended to become more effective, time bound and transparent. CRDCs should be included in all new debt borrowing and the framework of the IMF-World bank Debt Sustainability Analysis should be revisited to make it more solvency-focused rather than liquidity-focused, and include natural capital and climate investment needs. Equally important is the need for Guidelines for Responsible Sovereign Borrowing and Lending.
While the needle is moving, it is not moving fast enough. Negotiations are progressing slower than expected, with several divergences among developed and developing countries. As further negotiations proceeded between 16 and 30 May, a new text will be developed on the basis of these negotiations.
However, there is a possible silver lining. A key feature of the FfD process is the Sevilla Platform for Action (SPA) which will be launched on the opening day of the Conference. The SPA is one of the central tools of the Fourth International Conference on Financing for Development to drive the action on a reformed global financing framework for sustainable development. Building on the Sevilla outcome document, the “Sevilla Platform for Action” will mobilize alliances amongst countries and entities to implement specific actions of the document to address key development challenges. This will be achieved through the voluntary, coalition-style actions/initiatives on the part of nations and stakeholders to cumulate efforts in addressing common financing challenges through ambitious, measurable actions. These projects will take key elements of the FfD4 agenda i.e., mobilizing public and private finance, changing global financial structures, and building developing countries’ fiscal capacity into action.
The SPA emphasizes visibility, accountability, and follow-up therefore all projects must be measurable, and easily communicated with clear implementation timelines. Additionally, initiatives must be new or represent a significant scaling up of an existing successful effort; be forward-looking and advance progress in at least one financing for development (FfD) action area. Furthermore, they will be listed in an open digital platform based on the FfD4 website and formally recorded in the opening session of the conference. Additionally, implementation will be monitored by the Inter-agency Task Force on Financing for Development, and updates will be integrated into periodic FfD follow-up mechanisms, including the annual FfD Forum. In doing so, the Sevilla Platform seeks not only to muster political will but to ensure concrete, sustained outcomes in the interests of climate-resilient, inclusive development.
The FfD4 process must take bold steps to address the structural inequalities in global economic governance. With less than a month before the FfD4 starts, the CVF-V20 continues to advocate for fairer financial rules, systemic reforms and increased public financing that supports climate resilience and economic growth.
This article is featured in our May newsletter. Click here to read the full issue.