One overarching message has come out strongly from this morning’s opening segment:
Sustainable development has slowed and the assumption of future progress can no longer be assured.
Countries across the globe are struggling to fulfill their development aspirations, exacerbated by an increasingly challenging global environment.
ÌýAs many speakers have stressed, to overcome this crisis we need large-scale investments in sustainable development. That must be combined with the reset of systems and governance that puts countries in the driving seat to implement their national plans.
Building on the Addis Ababa Action Agenda, the Seville Commitment sets out a renewed impetus for a financing framework to deliver on the SDGs.
The multi-stakeholder roundtables, starting this afternoon, are an opportunity for leaders, ministers, and other stakeholders to propose how they plan to implement the Sevilla outcome, across six priority areas.
Excellencies,
First, we must explore how to strengthen the mobilization of domestic resources.
This means all countries raising revenue ratios to at least 15 per cent, fighting illicit flows, and better aligning fiscal systems with sustainable development. Ìý
This will require domestic action combined with international support. I am excited to hear your perspectives in the upcoming session this afternoon.
Second, we must consider how we can fully tap the potential of private sector investment and innovation for sustainable development.
The Sevilla Commitment puts the focus of private capital mobilization on both quantity and quality. I look forward to hearing how public and private actors intend to work together – to mobilize private investment at scale and to achieve the greatest impact.
Third, amid falling aid budgets, we need to work towards a revitalized and reformed development cooperation architecture.
An architecture that facilitates a shift from development assistance to investing in development. That counters growing fragmentation. ÌýAnd that incorporates all actors while placing developing countries at the center.
Fourth, with the global trading system under threat, we must send a strong signal – that supports the role of trade as an engine for development.
The Sevilla Commitment puts forward actions to leverage trade’s role, particularly for the most vulnerable countries, and including in strategic markets – such as critical minerals.
Fifth, the Sevilla Commitment provides an ambitious set of actions to remake the debt architecture.
As one of the most critical deliverables of this conference, I look forward to hearing how stakeholders will urgently take forward these actions, as a priority.Ìý
It is imperative that we take steps to ease the burden of debt service on struggling economies. That we expedite the restructuring process when debt crises occur. And that we prevent crises from unfolding in the first place.
Last but not least, we must explore reform of the international financial architecture.
We need an architecture that is both effective and inclusive, in which the voices of all countries are represented.
The Seville Commitment builds on the Pact for the Future, agreed by Heads of State at the UN General Assembly last September, and makes strides toward a more equal and just system for all countries.
Excellencies,
I commend you for coming to share your perspectives on transforming these ambitious commitments into reality, including within your countries.
And I look forward to the discussions to follow.
Thank you. Ìý
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