(2nd meeting) Preparatory Committee for the Fourth International Conference on Financing for Development, Second Session

Good afternoon. I call to order the second meeting of the second session of the Preparatory Committee for the Fourth International Conference on Financing for Development. Excellencies, distinguished delegates, I invite the Committee to begin its consideration of agenda item five, to hear general statements. I would like to remind delegations of the announced time limits for statements during the general discussions as follows: five minutes for States speaking on behalf of a group of delegations, and three minutes for those speaking in their national capacity, and two minutes for other speakers. In order to keep track on time, A countdown clock is visible on the screen to alert speakers when it is time to conclude their statements. In case speakers exceed their time limit, the microphone will be automatically deactivated after a one-minute grace period for statements at ministerial level or vice ministerial level and for group statements. I apologize in advance if speakers are cut off. Kindly note that this measure is being taken to ensure that all speakers can deliver their statements in the limited time available for the general debate. Thank you in advance for your understanding. And full versions of longer statements can be submitted to the Secretariat. distinguished delegates, I now give the floor to the distinguished delegate, His Excellency Professor Mutuli Mube, the Minister of Finance, Economic Development and Investment Promotion of Zimbabwe, my neighbor. You have the floor, Minister.

Thank you very much, Chair.

The co-chairs, excellencies, distinguished delegates, ladies and gentlemen, it is an honor to address this pivotal session as we prepare for the fourth international conference on financing for development, FFD4, in Spain in June 2025. We commend the efforts behind the elements paper, which offers valuable insights for mobilizing financing for sustainable development. It is clear that the current global financial architecture has failed to address the growing financial demands for sustainable development, climate action, and debt sustainability. The urgent call for reform is undeniable, and Africa and other developing regions require fair, inclusive, and resilient financial systems. As chair of the African Ministers of Finance for 2024, I bring Africa's unified voice with demand for greater representation of developing countries, particularly African nations, in global economic decision-making processes. Such inclusivity is not only a matter of fairness, but a catalyst for progress and prosperity. Excellencies, achieving the SDGs and reducing multidimensional poverty requires substantial resources that are concessional, long-term, innovative, and universally accessible. Without these, the aspirations of developing countries will remain out of reach. Domestic resource mobilization is essential, and Africa has made significant progress in increasing tax revenues. However, the financing gap persists. This underscores the importance of the work being done to establish the UN framework on international taxation that would deliver a globally fair, equitable, and transparent tax system. We also call for the FFD4 process to address the issue of unilateral coercive measures that undermine the economic sovereignty of developing countries, including my own Zimbabwe. Moreover, we urge developed countries to facilitate the transfer of technologies to the global south and honor their climate finance commitments, especially the 300 billion US dollars annual target for core climate finance. This outcome of COP29 only reinforces the need for bold and actionable commitments of FFD4, let this process produce outcomes that reflect the ambition needed to bridge the SDG financing gap currently estimated at four trillion US dollars annually. Finally, achieving the SDGs requires more than resources. It demands solidarity, innovation, and shared commitment. The elements paper must serve as the flow and not the ceiling to foster a fairer and more effective financial system. Let us seize this opportunity to transform the global financial landscape for our people and our planet. I thank you.

I think the finance minister of Zimbabwe for his statement. And I now give the floor to His Excellency, Senada Tyson Husudungan, the deputy minister for development funding of the Ministry of National Development Planning of Indonesia. You have the floor, minister.

Thank you, madam chair. Excellency, chair, and distinguished delegates, At the outside, allow me to congratulate and thank the co-facilitators and the bureau members of the organization of this event, as well as the circulation of the elements paper. In this regard, our delegation wishes to highlight some key points. First, Indonesia recognizes that closing the SDG financing gap, particularly for developing countries, currently estimated in four trillion US dollar requires urgent and innovative solutions, among others through catalyzing public and private financing at every level. At the national level, Indonesia is currently improving tax collection by enhancing tax governance, such as IT governance to combat tax evasions, particularly on the raising of the digital economy.

There is a need.

For a comprehensive solution in ensuring that multinational enterprises pay their fair share where they generate value and assisting in safeguarding tax revenues that are crucial for sustainable economic growth, thereby enabling developing countries to strengthen their domestic resource mobilization, reduce profit shifting and enhance the integrity and fairness of their tax systems. Additionally, Indonesia also leads initiatives such as sustainable bonds, sukuk, SDGs investor mapping, the Indonesia Impact Fund, and sustainable finance roadmaps, and zakat-based financing, showcasing how public-private partnerships can drive sustainable investments while also reflecting the uniqueness and richness of local culture. In partnerships with the United Nations, Indonesia has issued blue sovereign bonds raising $459 million to support sustainable fisheries, aquaculture, blue food innovations, and mangrove rehabilitations. The government is also building the capacity of local governments to issue municipal bonds with the potential to mobilize $2 billion for social and climate initiatives. On the global front, ODA remains vital in addressing financing gaps in critical sectors such as health, education, infrastructure and climate adaptations. Indonesia strongly encourage international finance institutions to put SDGs goal at the forefront of their main consideration over the financial return. On the national front of our top priorities under the new leadership era is to strengthen reforms that aligns with SDGs. Indonesia is advancing programs such as recognition of disaster risk reduction strategies and thematic budget tagging, including climate mitigation and gender-responsive tagging, and integrating digital transformation. Finally, we are of the view that the conference in 2025 must strive to deliver actionable outcomes for the best interests of present and future generations. In this connection, we shall be able to connect all the dots of our commitments, including from the recent Pact for the Future and SDG political declarations, to ensure that they are continuously advancing and that we will remain steadfastly committed to achieving the SDGs by 2030. We shall sustain our efforts to build the future we want by addressing challenges to sustainable development by 2030 and beyond. Together, let us work hand in hand to ensure that no one is left behind in our collective journey toward a just and sustainable future. I thank you.

I thank the Deputy Minister of Indonesia for his statement. And I now give the floor to the distinguished Deputy Minister of Finance of Lao People's Democratic Republic, Mr. Phouvong Kitabong. You have the floor, Deputy Minister.

Thank you, Chair. Excellency, ladies and gentlemen, global health, economic, and environmental crisis are becoming more and not enough has been done to make less development country, LDC, more resilient or to boost income. As we are working toward the full financing for development the support measures for LDC should be much more and funds must be available at the required scale, delivered to local and fund local in segment and underpinned by international financial mechanism adaptation to LDC specific needs. Lao PDR often face with mounting fiscal deficit and debt, which can limit our ability to invest in essential service and infrastructure. We do not have access to global financial markets at a favorable condition. By external financial support is important and that we can accept is expensive. We have an hand domestic resort Mobile mobilization has remained central and critical to our financing strategy. We have been implementing comprehensive tax system reform, including tax policy, institution legal frameworks, and effort to limit the expansion of the Indonesian tax exemption. and to improve most comply accord or tech players as well as leveraging digital technology in tech collection to improving comply by mitigating cost to tech players. So far, Lao PDR have made some progress in increasing tech revenue. However, it is insufficient to pay for necessary investment and still had faced in challenge in the racing to the tech to GDP ratio. In the light of this, we call on international community to helping section our tech capital, capacity, expert, other tech. that can raise and boost revenue mobilization to stone fiscal subsidy ability. Thank you.

I thank the Deputy Minister of Finance of Laos People's Democratic Republic, and I now give the floor to the Vice Minister of Promotion and International Cooperation of Honduras. Her Excellency Cindy Larissa Rodriguez Mendoza, you have the floor, ma'am.

Thank you very much, Madam Chair. Honduras reaffirms its commitment to the preparations for the fourth conference of the United Nations on financing for development to be held next year in Seville, Spain. That conference is essential in the current international context marked by crises which threaten the well-being of the society and the future of the planet. The mobilization of financial resources becomes an inescapable Without a renewed and sustained commitment, we risk compromising the realization of the SDGs, which are fundamental to ensure the inclusive, equitable and sustainable development for all nations. It is vital to consider the needs of low middle income like Honduras that face specific challenges like vulnerability to climate change, poverty and inequality. Honduras therefore implements inclusive financial policies with a gender perspective, ensuring the participation of women and girls in access to financing. We believe that to close the gap in financing the SDGs, it is essential to promote close cooperation among governments, partners in development, the private sector and civil society. This requires mobilizing sustainable investments, improving fiscal policies, establishing strategic alliances, fostering financial innovation and promoting transparency in the use of resources. To change the international financial architecture and to mobilize long-term capital, we must establish diversified financing mechanisms such as the green funds among others. We are aware that ODA is deeply rooted in the political and economic reality of the international order. However, we are convinced that we must also see it as an essential component of our current world, expressed in solidarity among nations and contributing to harmonious coexistence globally. Honduras will actively contribute to the discussions and will cooperate towards significant results at the coming Financing for Development Conference, which we think will be a unique opportunity to revitalize our commitment to sustainable development. Thank you.

I thank the Vice Minister of Honduras for his statement.

And I now give the.

Floor to the distinguished representative of Maldives, His Excellency, the Deputy Finance Minister of Minister of Finance, Mr. Hassan Miraz, you have the floor, sir.

Thank you, Chair. This agenda was a milestone for sustainable development, yet finance remains a major obstacle to achieving the SDGs. Estimates place the annual financing gap at over $2 trillion. For seats like the Maldives, this challenge is even greater. The Maldives and many other SIDS face high borrowing costs and limited capacity for managing external debt. There is an urgent need for reducing the cost of borrowing for SIDS. That includes reforming the credit rating mechanism and how rating agencies evaluate financial health of small economies such as the Maldives. Credit rating mechanisms overlook the realities of small economies. These factors push borrowing costs even higher for vulnerable SIDS. Many seats now face external debt distress, exhibiting the problem. To address this, the Maldives proposes a bold initiative. The FF D4 outcome document should include the idea of debt forgiveness for investment in building climate resilience. This innovative tool links relief to climate resilience milestones. Unlike traditional tools, this approach avoids creating new debt. It rewards progress. improves debt sustainability and reduces risk. Creditors benefit by stabilizing economies and securing payment. The instrument incentivizes action while promoting long-term stability. It lowers default risks and enhances creditors' global leadership. It provides a pathway to align financial incentives with resilience. Another critical challenge is the lack of capacity. SIDS needs to collect sufficient data and transform the data into information and information into knowledge that can be readily deployed to inform decisions, decisions on external debt and negotiations. The FFD4 outcome document must prioritize building this capacity. Partner countries, UN agencies and MDBs should lead this effort. This will empower SIDS to manage debt sustainability and equitability. The time for bold solutions is now. Let us craft an outcome that drives resilience and sustainability. Let us ensure FFD4 injects fresh momentum for global development. Thank you.

I thank the Deputy Minister of Finance of Maldives, and I now give the floor to the distinguished representative of the European Union on behalf of EU and its member states. Minister Antti Karhunen. You have the floor.

Thank you, Madam Chair, and I have the honour indeed of speaking on behalf of the EU and its member states. Let me first thank the co-facilitators for the elements paper. A strengthened financing for development agenda should match ambitions with transformative actions to deliver on the SDGs, addressing global challenges and cross-cutting issues. FFD 4 needs to enhance ownership, trust in multilateralism, inclusive and support gender equality. It should leave no one behind and build on inclusive and sorry on summit for the future. We reaffirm our commitment to the FFD agenda. We already offer solutions in through the Global Gateway, which aims to mobilise up to EUR 300 billion for sustainable and high-quality investment supported by tools like the EFSI+. Other EU initiatives include the Paris Pact for People and the Planet and the Hamburg Sustainability Conference. FFD4 should ensure coherence, complementarity and synergy with the ongoing work under various international fora. and not pre empt or undermine other decision making processes in relevant institutions with or outside the UN. We encourage enhancing existing investment and technical assistance facilities before creating new global ones with similar purposes. Action should build on existing processes while fully recognising the mandates of international standard setters, market and prudential regulators, and that to avoid unintended consequences in financial markets. Similarly, a priority today is not to create new debt relief mechanisms, but to scale up the implementation of existing initiatives. There is a need to step up and improve the implementation of the G20 common framework and debt treatments. Recent progress on country cases shows that it delivers. We need to make the debt treatment process under the framework timelier and more predictable for debtor countries. We will continue supporting countries' efforts to implement long-term stability-oriented macroeconomic policies, sound public debt management, and debt transparency. We welcome the call for strengthening domestic revenue mobilization, enhancing international tax cooperation, and fighting against illicit financial flows. Further, public spending should be transparent, efficient, accountable, and aligned with the SDGs. We welcome the progress achieved in the MDBs reform agenda. We suggest stronger focus on implementation of the G20 roadmap for better, bigger, and more efficient and effective MDBs. We welcome the call for further ambitious implementation of the G20 capital adequacy framework recommendations to enhance MDBs financing capacity. More focus should be paid on multilateral and national development banks cooperating as a system. We support the ongoing World Trade Organization reform process and are committed to free, fair, and sustainable trade and to the international rules-based system with the WTO at its core. Scaling up private finance is essential and should be supported through risk-sharing instruments such as guarantees and blending. We would welcome even more emphasis on innovative financial instruments such as use of proceeds, thematic bonds and structures such as public private investment vehicles to crowd in institutional investors and to reach scale and impact. We welcome the emphasis on conducive environment to attract private investors, including through credible and interoperable sustainable finance frameworks, and enhancing interoperability between existing taxonomies worldwide rather than developing a new global SDG taxonomy based on objectives. Regarding international development cooperation, we welcome revitalising the development effectiveness agenda. We also, as the biggest provider of official development assistance, recall our collective commitments to ODA targets, but we see no need to add binding timeframes beyond what was set in the 2030 Agenda. Finally, we acknowledge the importance of enhancing the representation and voice of developing countries in global economic governance. We welcome the creation of the 25th Chair for Africa at the IMF Executive Board. And on SDRs, while we welcome ambitious language regarding rechanneling, we need to preserve the SDR's role as an international reserve asset and respect national legal frameworks. We look forward to further discussions ahead. Thank you very much, Chair.

I thank the Director, I thank Mr. Atte Karhunen for his statement. And I now give the floor to the distinguished representative of the Republic of Korea, Mr. Yong-Han Park, the Director General for Development Cooperation Division, the Ministry of Foreign Affairs. You have the floor, sir.

Thank you, Madam Chair, Chair, Excellencies, distinguished delegates. Let me begin by expressing my sincere gratitude to the co-facilitators. Mexico, Nepal, Norway, and Zambia, for their excellent job done in drafting this very comprehensive elements paper. It covers almost all the major issues and areas of development finance. Thanks to this paper, I succeeded in getting attention from many of my colleagues back in Seoul, producing a concise, But at the same time, comprehensive document of the FFD4 will be a challenge that we have to address together. Having said that, I'd like to share a few general comments before we kickstart our deliberations on each element from tomorrow onwards. First, the final outcome document should be both ambitious and balanced. To address the widening gap in development finance, bold and ambitious actions are required. Equally important is to make sure to strike a balance and be inclusive, as we have to have all the member states and stakeholders on board in its implementation. Second, coherence and consistency should be ensured. All the elements outlined must be coherent and mutually reinforcing. We don't have the luxury of enjoying inefficiencies due to contradicting effects of our policies in different areas. The action points in the outcome document should be fully aligned with the endeavors of relevant international fora. Last, we have to keep our eyes on efficiency and effectiveness of any financing mechanism. We should look at both sides of the ledger. We find funds and we spend wisely. Delivery is the last mile. In the Elements paper, effective development cooperation is outlined in the fifth pillar of international development cooperation. It can be strength, It can be strengthened through reiterating the principles of the GPEDC, Global Partnership for Effective Development Cooperation. Korea wishes to make constructive contribution in this particular area, which will be submitted in due course. Chair, an outcome that is ambitious but balanced, coherent across the sections, consistent with other fora, and enhance its effectiveness in an efficient manner is a tall order. However, my delegation believes that we can make it happen and remain committed by working closely with the other delegations. Thank you.

I thank Mr. Park for his statement and I now give the floor to Ms. Geetu Joshi, the advisor for the Department of Economic Affairs of India. You have the floor, ma'am.

Thank you, Chair. India aligns with the Group of 77 and extends its full support and cooperation in drafting the outcome document.

We advocate for a robust global.

Financing framework that prioritizes the needs of developing countries, fosters innovation and cooperation, and respects country-specific approaches and development pathways. We prioritize a human-centric approach to sustainable development, as demonstrated by India's success in lifting 250 million people out of poverty through targeted policy interventions and SDG localization, providing a replicable model for global south. To unlock the trillions of dollars needed for sustainable development, we propose a comprehensive approach encompassing the following five key areas. Firstly, we urge the developed countries to fulfill their ODA commitments, provide essential technology and capacity building support, and increase their contributions towards development financing, particularly through long-term concessional financing and grants. Secondly, the international financial architecture must be more responsive to the needs of the developing countries, including through their enhanced representation in the boards and management of international financial institutions. Expanding MDB financing capacities coupled with greater synergy and cooperation within the MDB ecosystem is equally crucial. Thirdly, India advocates for balanced digital governance that ensures safe and responsible use of technology while safeguarding national sovereignty and integrity. Fourthly, creating conducive regulatory and policy environment is essential for mobilizing affordable private finance to supplement domestic resources. Finally, accelerating progress towards these goals hinges on strengthening global partnerships, particularly South-South and triangular cooperation to foster the exchange of knowledge, resources, and expertise. Chair, we emphasize the need for a cohesive and collaborative international response to global shocks with the UN at its center. We also value the contributions of CSOs, international organizations, and other stakeholders, particularly towards cross-cutting issues such as gender equality, enhancing the inclusivity and transparency in this process. We expect the outcome document to reflect a transformative approach to addressing global development challenges. India is committed to ensuring that this document translates into tangible outcomes that meet the diverse needs of our people and planet. Thank you.

I thank Ms. Joshi for her statement. And I now give the floor to the distinguished representative of Estonia, Her Excellency Kairi Saar Iso, the Director General of the Department of Development Cooperation and Humanitarian Aid. You have the floor, ma'am.

Thank you, Excellencies and distinguished delegates. Estonia aligns itself with the statement delivered by the European Union. To start, let me sincerely thank the co-facilitators, Mexico, Nepal, Norway and Zambia, for the elements paper, which is a solid starting point towards, hopefully, a forward-looking and ambitious outcome document. Due to the short time limit, let me just make three key points. First, Estonia believes that the key for successful international development cooperation and financing for development is a transformative, inclusive and future oriented partnership. Partnerships that help to build partner countries' capacities and know-how, but also build their own ownership through long-term cooperation and policy dialogue, research collaboration, and sharing of best practices and partnerships that tackle the fragmentation of global cooperation. Secondly, I'd like to stress the keyword digitization. We believe that digitalization has transformative power that can reshape how resources are mobilized, managed, and directed towards sustainable development. Digitalization should be seen as a cross-cutting enabler in financing frameworks and partnerships. We believe that digital governance and digital public services can contribute to improved revenue collection, debt management, and creating an entrepreneurship economy system that attracts private investment, foreign direct investment, and trade. So as the Elements paper says, we need investments in resilient digital public infrastructure and digital public goods, as well as digital skills, but also for the transformation of education systems, in particular in the LDCs, LLDCs, and SIDS to unlock these innovative solutions. And thirdly, we need to mobilize and scale up private finance. complementing public resources, including ODA, and be innovative towards more agile, flexible, and adaptive financial instruments and structures to create synergies. ODA is one of several development financing instruments, and its value proportion should, in our view, be determined in the wider context of development finance flows. To conclude, Estonia looks forward to an inclusive, comprehensive and result-oriented negotiation process with our partners. Thank you.

I thank Ms. Saissop for her statement. And I now give the floor to the distinguished representative of Poland, Mr. Pawel Ramdowski, the Director of the Department of Global Affairs at the Ministry of Foreign Affairs of the Republic of Poland. You have the floor, sir.

Madam Chairperson, Excellencies, distinguished delegates, Poland aligns itself with the statement delivered by the European Union and would like to add the following remarks in national capacity. If we want the world to become a safer place, if we want to confront the conflicts, we need to eliminate their roots. These roots are numerous. Unequal access to global assets, climate changes, excessive debt, lack of proper infrastructure, lack of good governance. Let us take just a few. We see the global community's determination to address these issues. The summit of the future in September reflected it very well. The next year's FFD4 conference is another opportunity to do so. Poland is on board with this process. We are vice chair of the FFD4 preparatory committee. We believe that the success of the FFD4 conference depends on a comprehensive and inclusive dialogue. Let me take this opportunity to thank the co facilitators for preparing the elements paper which will guide our discussions forward. To help facilitate this dialogue and these discussions, Poland decided to contribute financially to the DESA Financing for Development Trust Fund. Ladies and gentlemen, Poland is active in enhancing SDGs implementation also as a current member of the ECOSOC, as well as the Peacebuilding Commission. We stress the importance of strong democratic institutions that create the right business environment, ensure resilience to shocks of various kind, or help to manage the budgetary revenues. We see the role that new technologies can play in this respect. We stress the importance of global food security. We stress the significance of women's full and equal participation in public life. As a country which has come a long path of successful transformation from a debtor state and the aid recipient to a stable and efficient state, we are ready to share our experiences. Our motto in ECOSOC is solidarity for development. Ladies and gentlemen, in a world grappling with geopolitical tensions, The pursuit of sustainable development is a truly urgent task, even though it is not easy. Let us therefore wish ourselves fruitful discussions and negotiations that will bring us closer to get 2030 agenda back on track. Thank you.

I thank Mr. Radomski for his statement, and I now give the floor to the distinguished representative of the Philippines, Ms. Donalyn Minimo, the Assistant Secretary of the Department of Finance of the Philippines.

Thank you, Madam Chair. The Philippines aligns with the statements to be delivered by the G77 and China and the like-minded group of middle-income countries. The Philippines is honored to contribute to this dialogue as we prepare for the FFD4. As we reflect on the question, what are the key financing policy reforms and solutions that the FFD4 should deliver, it is important to emphasize the challenges encountered by middle income countries like the Philippines. While MIC classification recognizes progress, such as the country's significant strides in economic growth, poverty reduction, and social development, it does not account for the structural challenges that persist, coupled with the effects of climate change and vulnerability to natural disasters. The economic toll of these events and long-term costs strain our domestic resources and demand for additional climate financing on top of developmental finance. Cognizant of this, FFD4 must deliver transformative financing reforms that will allow MICs like the Philippines to sustain and enhance progress. reiterate the critical role of contingent provision of capacity building to developing countries in order for them to implement policies and actions that will accelerate the achievement of the sustainable development goals. As the Philippine aims to transition from lower to upper middle income country status, we recognize the importance of having a strong domestic resource base, which we can leverage to encourage more private sector financing. As the Philippines implement a whole of government approach in addressing key challenges, sufficient resources need to be in place. Thus, the role of official development assistance remains indispensable. FFD4 should reaffirm commitments to increasing ODA and ensuring its alignment with the SDGs. We reiterate our previous calls for multilateral development banks to enhance the quality and concessionality of their financing to avoid further burdening public budgets with high debt servicing costs. We encourage the exploration of new approaches as well as increased collaboration and resharing among MDBs to improve access to concessional finance for developing and middle income countries while still ensuring their financial sustainability. Moreover, international development cooperation should institutionalize South-South and triangular cooperation in order to facilitate sharing of ideas, knowledge, technology, and best practices among developing countries. The FFD4 should emphasize and encourage such platforms for cooperation to complement traditional development assistance. The FFD4 outcome document must also maintain the distinction between climate and development finance, further emphasising that climate finance must be new and additional to development finance. There should not be a trade off of limited resources between development and climate change needs. Finally, the Philippines call upon the international community to ensure that the outcomes of the FFD4 deliver on these reforms. No one should be left behind. By addressing vulnerabilities, fostering innovation, and promoting solidarity, FFD4 can create a financing framework that empowers all nations to achieve their aspirations. Thank you.

I thank Ms. Manimo for her statement.

And I now give the.

Floor to Ms. Helge Zeidler, the distinguished representative of Germany and the director for EU and multilateral development policy.

Thank you, Madam Chair, Excellencies, ladies and gentlemen. Germany aligns itself with the statement just delivered by our colleague from the European Union, and I would like to highlight a couple of points from a national perspective. First of all, our big thank you to the facilitators for the elements paper, which is a very good foundation for advancing our discussions. Germany reiterates its strong commitment to gender transformative approaches to human rights and good governance, including sound macroeconomic policies and fiscal sustainability as a guiding principle for a global financing framework with multilateralism and collective action at its core. We welcome the references made to the pact for the future as we must ensure building on our achievements made this September. We welcome the actionable and ambitious proposals in the Elements paper. In particular, we welcome and support the balanced language on domestic public resources. We acknowledge the holistic view on public finances and the focus on progressive tax policies, including the fair and effective taxation of ultra-high net worth individuals. An inclusive and effective tax architecture must support national efforts, including transition processes, and build on existing internationally coordinated mechanisms. I would also like to positively highlight the chapter on private finance and business, which is in great parts in line with our position. Private sector mobilization is a vehicle for the socio-ecological transformation and for generating adequate financing. Interoperable sustainable financing frameworks and standardization of planet finance instruments need to be advanced further. Donor countries, MDBs, and the multilateral climate funds should calibrate their ODA to mobilize private climate finance at scale, for example, through blending and/or de-risking in the use of guarantees. FFD4 should mainstream climate and biodiversity concerns into development finance to ensure just transition and to keep the 1.5 degree target within reach. The international financial architecture must be fit to deliver on the new climate finance target agreed at COP29. On debt, Germany is encouraged by the document's acknowledgement of structural improvements of the G20 common framework reforms and consistent participation of private creditors through the comparability of treatment principle in debt restructuring processes. To avoid duplication and to maximize efficiency, we believe that our efforts should build upon existing mechanisms and initiatives, particularly within the G20 common framework, the IMF and the World Bank. However, on some of the proposals included in the Elements Paper, our views diverge. For example, we must respect the independent governance of the international financial and other international institutions, and we should avoid duplication of efforts. Lastly, let me highlight our support to a robust and effective follow up mechanism as stated in the elements paper. We welcome the call for a more strategic and systemic use of existing structures and resources to improve the monitoring system. We look forward to constructive discussions in the next days and over the weeks and months ahead. Thank you, Chair.

I thank Ms. Zedler for her statement, and I now give the floor to the distinguished representative of Finland, Ms. Soili Markkula-Heinonen, you have the floor.

Excellencies, dear participants, as a member of the European Union, Finland fully aligns with the statement of the European Union. Finland views Addis Ababa Action Agenda valid. Now we need to accelerate its implementation to mobilize finance for the SDGs. We already know that it's crucial to focus more on domestic private financing as it is the most important source of financing in terms of volume. To deliver results, it's necessary to keep the FFD4 process open and inclusive and increase the dialogue with private sector actors, especially from the business sector. Now, I would like to focus on three main priorities in the negotiations. First, the largest and most sustainable source of financing for attaining SDGs are the domestic resources, both public and private, of the countries. It is crucial to enhance domestic resource mobilization in developing countries. Public financing can be improved with effective tax systems and efficient public spending. For a long time, Finland has been supporting building efficient tax systems, both globally, regionally, and bilaterally, and will continue to do so. Public financing is needed to develop a conducive business environment, especially for the SMEs, and to attract international investors. Secondly, it's important to enhance the role of private sector in the FFD4 process. Private finance is the largest channel to sustainable financing. We need to find methods to increase both domestic and international private finance and investments. The ODA remains important, especially in the poorest countries, the LDCs, and it should be used to leverage private financing, de-risking measures and to pilot new solutions. Finland has been at the forefront in partnering with the MDBs to develop blended finance operations. We welcome the progress the MDBs have made in their reforms. The third priority for Finland is digitalization. Innovative digital solutions and connectivity can improve access to financing and enable sustainable development. We have been working with many African countries in digitalization projects and are encouraged by the positive outcomes. Finally, Finland wants to stress gender equality as a cross-cutting issue. Finland looks forward to a successful FFD4 conference next summer and remains committed to working together to find common solutions to scale up financing for sustainable development.

I thank Ms. Makalaine Bouhanist for her statement. And I now give the floor to the distinguished representative of Vietnam, Ms. Thao Nguyen Xuan. You have the floor.

Thank you, Madam Chair, Excellencies, distinguished delegates. Vietnam wishes to express appreciation to the co-facilitators for the remarkable efforts in preparing a very comprehensive element paper. We'd like to make three points as follows. First, in terms of tax cooperation, we highly appreciate the initiative of developing a framework convention that aims to make global tax cooperation more inclusive and effective. We believe that taxes should be paid to the countries where economic activities occur and value is created. At the same time, we are of the view that the allocation of taxes should be logical and fair. Vietnam supports the exchange of country-by-country report to create more tax transparency. We also need to implement reciprocal exchange of information. We advocate simplifying standards and conditions and enabling full reciprocity. In addition, other ongoing international tax measures and solutions need to be taken into account to avoid duplication. International tax cooperation must be further enhanced to be beneficial to sustainable development for all member states. Second, in terms of resource mobilization, We are making efforts to develop a sound and transparent public debt management framework. In addition to domestic financing, Vietnam has high demand for international financing as the country aims to achieve the ambitious objective of sustainable development, net zero emission, getting the status of net zero emission by 2050. and we are one of the first countries strongly committed to the Just Energy Transition Partnership. We therefore call for a renewed international financing framework that enhances access to and the effectiveness of the global financing system through ensuring alignment with not only the national priorities and needs, but also national systems and legislation, while streamlining lending procedures and standards. International development finance should play the role of facilitating rather than putting more conditions on development. Therefore, adherence to ambitious environmental, social, and governance standards in providing finance should be carefully examined so as not to create unnecessary barriers to the access to finance. And a renewed global financing framework must support and promote digital transformation, knowledge sharing and technology transfer, which is crucial for addressing development gaps and achieving the SDGs. Last but not least, in terms of emerging issues, we call for making the carbon credit market a more effective resource for developing countries through creating a more transparent and equal playing field in that ensure the shared responsibility in carbon emission reduction and avoid the creation of trade barriers. We look forward to making concrete contribution to development of the outcome document of the conference. I thank you.

I thank Ms. Yuan for her statement, and I now give the floor to the distinguished representative of Tuvalu, Ms. Kelena Tapa.

Chair, distinguished delegates, colleagues, I am honored and privileged.

To speak on behalf of the government to contribute to the proposals outlined in this comprehensive elements paper. But allow me first to applaud your able leadership in compiling contribution from stakeholders resulting in the production of this significant outcome. Chair, this renewed global financing framework must be aligned with national priorities, including the integrated national financing frameworks. The financing needs to achieve the SDGs are staggering and.

Urgent, that it must address the diverse needs of countries in special situations and those with specific challenges, especially LDCs and SEEDs.

As an LDC and SIDS, the development challenges and constraints in Tuvalu continue to impede development progress. Thus, sustainable finance that is fit for purpose, tailored to small size and capacity constraints, needs to be recognized. Assessing climate financing facility is extremely challenging to us. We propose FFD4 to streamline and simplify application requirements for donor countries and financial institutions to enable ease accessing the much needed financial support. Chair, for most small island developing states, partnership for development is key to their progress. due to small economies of scale. To realize the nationally defined sustainable and development targets in the strategy, improve collaboration with traditional partners such as the South-South cooperation and triangular cooperation modalities continue to support countries development assistance framework. FFD4 must deliver in order to achieve the target of at least 0.2% of ODA GNI to LDCs, increase the share of ODA program at the country level and focus on long-term sustainable development that respond to the needs and priorities of recipient countries. FFD4 must also ensure that vulnerable countries, such as LDCs, receive sufficient climate finance to support adaptation, mitigation and resilience building, including financing instruments that can adequately.

Respond to the need and priorities, including ocean economies for seas.

Tuvalu is lacking in local capacity to advance in technology, and we strongly urge FF54 in terms of capacity development modality to encourage technology transfer to LDCs which are obligated in the TRIPS agreements, and to strengthen the capacity of the Technology Bank for LDCs and the UN Technology Facilitation Mechanism. with adequate resources so they can effectively fulfill their mandates. I thank you for this opportunity and wish the second PrepCom session for FFD4 a fruitful discussion.

Sovalomoto Atoua. I thank Ms. Tapa for her statement. And I now give the floor to Mrs. Lanto Rahajarizavi, the Director General for Madagascar. You have the floor.

Thank you, Madam Chair. Ministers, distinguished delegates, first of all, Madagascar aligns itself with these statements of the African Group and the Group of Least Developed Countries and the statement of the G77. For Madagascar, the fourth conference on financing for development must yield concrete commitments and actions to ensure predictable, accessible, and sustainable financing for development, which takes into account the specific needs of the most vulnerable countries. These countries face exogenous crises which are interdependent and compounded by an international economic order that perpetuates inequalities and poverty. With that in mind, the Addis Ababa Action Agenda must remain our guiding light in terms of financing for sustainable development with the necessary updates needed to account for current challenges. That includes reform of the current international financial architecture. This reform must include transformative measures to allow developing countries to take ownership of their priorities and to bridge the widening gap in financing. These are as follows, governance reform in the multilateral development Uh, developing countries must have a stronger voice in decision making in global financial institutions. They must have access to financing under preferential conditions. There should be an access to global safety nets. That includes automatically increasing the allocation of SDRs for the most vulnerable countries. Uh, in response to outside shocks such as climate change, as for debt and the viability of the debt, the level of indebtedness and the high cost of debt servicing constitute a major ar- architect- uh, uh, obstacle to the achievement of the SDGs in many developing states, the reform of the global debt architecture for sustainable long-term management of sovereign debt requires the creation of a multilateral mechanism that can coordinate debt servicing and can support the viability of debt. Madagascar reiterates the importance of putting in place services to support the sustainability of debt and adopting a novel new approach toward the analysis of the viability of debt to prioritize development and to focus on the goals of ensuring long-term viability and taking account of social and environmental needs and not only economic factors. Finally, to ensure domestic resource mobilization, Madagascar advocates for international tax cooperation and we call for combating illicit financial flows. Indeed, the tax international tax rules that exist often don't meet the needs priorities and capacities of countries, especially LDCs, that hampers their ability to protect their tax base. Madagascar wants to see international cooperation to build the capacity of developing states to improve the management of public finances. Thank you.

I thank Ms. Rahajarezafe for her statement. And I now give the floor to the distinguished representative of the United Republic of Tanzania, Ms. Amina Shaban.

Thank you, Madam Chair. Madam Chair, first of all, Tanzania aligns itself with the statement to be delivered by G77 and Africa Group and wishes to add the following remarks. Madam Chair, I wish to express my delegation's sincere appreciation to you, distinguished co-chairs, for your able leadership of the FFD4 process. I also commend the co-facilitators for their diligent work in analyzing the input on the element paper submitted by member states, including my own country, Tanzania, and for providing the draft element paper, which my delegation believes has incorporated most of the input submitted. Madam Chair, the United Republic of Tanzania stands in strong support of innovative financing solutions. and reform to address the pressing global challenges in promoting sustainable development, we reaffirm our unwavering commitment to the Addis Ababa Action Agenda, recognizing it as a cornerstone for achieving our shared development goals. As we approach the FFD4, Tanzania urges a focused approach to key priorities, ensuring economic stability, empowering youth and women, addressing climate change, promoting sustainable industrialization, and advancing international tax cooperation. We call for enhanced efforts to strengthen domestic financial systems and international investments. To this end, we advocate for increased foreign direct investment aligned with the SDGs and support inclusion of the establishment of the International Investment Support Center for Least Developed Countries in the LMA paper, which we believe will be coupled with the robust capacity building initiatives. Madam Chair, Tanzania emphasizes the importance of fulfilling the longstanding official development assistance commitments. Achieving the target of 0.7% of gross national income for ODA is crucial. We call for binding timelines to meet these commitments forth and for ODA to focus on addressing recipient nations' most pressing needs and priorities. Additionally, South-South cooperation, South-South and triangular cooperation is crucial to complement traditional partnerships. And the Africa proverb wisely teaches us, if you want to go fast, go alone. If you want to go far, go together. This sentiment perfectly encapsulates the spirit needed to address the complex challenges of financing for development. While individual effort can yield quick results, collective action and partnership are indispensable for achieving sustainable and equitable outcomes. On trade, we advocate for inclusive and fair global trading system, revitalization of the WTO, and enhancement of regional trade framework like the Africa Continental Free Trade Areas to boost intra-trade, intra-regional trade. Special provision for vulnerable countries in trade agreements and expanded aid for trade programs are equally essential to enable vulnerable countries, LDCs in particular, mobilize resources for sustainable development. In conclusion, Excellencies, as we prepare for FFD4, let us redouble our effort to address the challenges facing developing countries, ensuring that no one is left behind in our past.

I thank Ms. Chaban for her statement, and I now give the floor to the distinguished representative of Timor-Leste, Ms. Regina de Jesus de Sousa. You have the floor.

Thank you, Madam Chair.

Many developing countries, particularly small island developing states and least developed countries, are facing growth SDGs financing gap. Furthermore, It is worsened by a lack of access to affordable finance and debt distress. If they fall, it will be a chance to correct course if we want to achieve the SDGs by 2030. Only an urgent, large-scale, and sustainable investment can help small countries like Timor-Leste achieve our global goals. Innovative financial architecture are crucial for international development cooperation to address issues like poverty, inequality, climate change, and health. Significant financial investment is important in areas such as infrastructure, education, healthcare, and environmental protection, which can only be realized through dedicated funding from various sources, including governments, the private sector, and international organizations. Without sufficient funding, to our, the SDGs will be significantly hampered. Madam Chair, for Timor-Leste, financing for development is crucial to address pressing development needs. Allow me to highlight some innovative approach to financing for development in Timor-Leste, dash four. One, Timor-Leste economy is heavily reliant on income from offshore oil and gas production. To address this challenge, Timor-Leste is implementing an integrated national financing framework to manage funding across different sectors, aiming for a more holistic approach to development. Second, the IMF has sought to mobilize funds from various sources beyond the petroleum fund, including foreign remittances, private sector investment, and international development aid. Third, to address the development gap, Timor-Leste has sought to diversify its funding sources and investing in climate resilience projects with the aim to build a more sustainable economy and better prepare for future economy. Madam Chair, foreign development assistance plays a vital role in supporting the development goals of recipient countries. However, for this assistance to be effective and sustainable, it is essential that it align with the national priorities of the recipient countries. The principle of countries leadership and ownership are fundamental in ensuring that foreign development assistance is aligned with national priorities. This means that the recipient country takes the lead in identifying its development needs, setting and implementing program. Madam Chair, the outcome document of IFD4 should include urgent action to help the LDGs and SEEDS achieve sustainable development in their area. One is reform the international financial architecture tailor to the specific needs of SEEDS to help bridge the gap in development finance. The second, increasing access to concessional finance such as loans with low interest rate. Third, innovative financing mechanism such as affordable and long-term financial--

I thank Ms. D'Souza for her statement. And I now give the floor to Mr. as I hear the distinguished representative of Yemen.

At the outset, Yemen aligns itself with the upcoming statements to be delivered on behalf of the group of 77 and China, as well as the group of least developed countries. As a country facing multiple overlapping challenges, Yemen views the current global economic architecture at a critical juncture where global crisis and debt services payments are crowding out vital social and construction investments. The systemic challenge demand urgent transformation of our financing frameworks. We would like to emphasize several priorities from our national perspective. Our experience demonstrate that separate siloed funding streams often lead to ineffective and unsustainable outcomes. We propose establishing coordinated funding mechanism that can flexibly respond to evolving needs while maintaining long term development objectives. Domestic resource mobilization must be viewed through the lens of state capacity building, while tax reforms are important and they must be accompanied by comprehensive international support for building effective financial management systems. Yemen reforms initiatives with the regional Arab Monetary Fund demonstrate both the potential and challenges of these approaches. Third. The debt crisis requires systemic solutions beyond transparency. We need a UN-led sovereign debt framework that explicitly recognizes reconstruction needs and enables automatic standstills during crises. This must be complemented by debt restructuring provisions aligned with peace incentives and reconstruction milestones. On private sector, the private sector engagement requires transformation, not just expansion. We must, we support the proposed international investment platform with the specialized risk mitigation facilities for fragile states, but this must be part of a broader framework that prioritizes sustainable development over profit maximization. On climate finance, we emphasize that fragile states are often most vulnerable to climate impact while having the least access to climate finance. We support the calls and the proposals for new additional grant-based financing and call for simplified access procedures for fragile states. Regarding trade, we emphasize the need for enhancing aid for trades and support and focus on building productive capacities and trade infrastructure in conflict-affected countries. The proposed doubling of aid for trade to LDCs must prioritize countries that face acute fragility Finally, uh, development effectiveness requires restoring trust in multilateral approaches through enhanced, uh, country ownership and leadership. This means moving beyond donor-driven approaches. coordination to true national ownership of development strategies. Madam Chair, the success of FFD4 will be measured by its ability to deliver systemic transformation, not just incremental changes. We need concrete commitment that restore the UN central role in economic governance as well as establishing legally binding framework for development cooperation. Yemen stands ready to engage in this transformation. The time for the incremental change has passed. We need bold systemic Thank you very much.

I thank Mr. Azakhir for his statement. And I now give the floor to the permanent representative of Uganda, speaking on behalf of G77 and China.

Co-chairs, excellencies, delegates, I have the honor to deliver this statement on behalf of the Group of 77 and China. Allow me to commend the Pre-COM Bureau members led by co-chairs and the UN Secretariat for their valuable contribution in preparing for this session. G77 and China emphasize that the outcome document of FFD4 should focus on addressing the financing challenge that developing countries face, including sustainable development goals, financing and investment gap, which is currently estimated between USD 2.5 trillion and 4 trillion annually. This widening financing in developing countries is heightened into earlier by elevated debt burdens, rising illicit financial flows, trade protectionism, unilateral coercive measures, outdated international financial architecture, and adverse impacts of climate change. We reaffirm our longstanding position that achieving sustainable development, including sustainable development goals, requires new additional quality, adequate, sustainable, and predictable financing. Excellencies, the group stresses that addressing limited fiscal space in developing countries requires closing financing and investment gaps at a scale and with urgency. The group emphasizes that urgent action to address the limited fiscal space and accelerate the implementation of the 2030 agenda and the achievement of its sustainable development countries should include inter alia the following: a) urgent reform of the international financial architecture to close the SDG financing gap, including international financial institutions and multilateral development banks; b) governance reform, especially of IMF and the World Bank, to broaden and strengthen the voice and participation and representation of developing countries in international economic decision-making; norm setting and global economic governance. B, promote access to grants, concessional finance, and affordable, predictable, long-term financing at scale by all developing countries, in particular, all developing countries, in particular, African countries, LLDCs, SEEDS, and MICs. C, improve global sovereign debt architecture with the meaningful participation of all developing countries, elimination of the surcharge policy by IMF, E, issue new general allocations of SDRs with distribution to developing countries according to their needs. F, rechanneling of unutilized existing and newly allocated special drawing rights from countries through MDBs to developing countries most in need of liquidity and regional development banks. G, scale up debt swaps of SDGs, including debt swaps for climate and nature, to allow developing countries to use debt service payments for investments in sustainable development and taking multilateral measures to standardize the use of these mechanisms. H, fulfill existing commitments, including ODS by developed countries. I, support the multilateral trading system, including through the fulfillment of longstanding pending negotiating issues such as comprehensive agricultural trade reform and working towards the necessary WTO reform, strengthening the special differential treatment for developing countries as a multilateral principle and ensuring transfer of technology to deliver on sustainable development. J, eliminate immediately all laws and regulations with extraterritorial impact and all other forms of coercive economic measures and trade restrictive measures including unilateral sanctions and unilateral and discriminatory border adjustment mechanisms and taxes imposed under the guise of environmental protection against developing countries, aka support structural transformation and enhance productive capacities for developing, for building diversified, resilient and sustainable economies that can generate decent and productive employment. scale up investments in areas including infrastructure, connectivity, innovation, technology, education, skills development, and capacity building, as well as support for micro, small, and medium enterprises. And prevent and combat illicit financial flows that drain resources from developing countries. And reinforce the commitment to strengthen the inclusiveness and effectiveness of international tax cooperation at the UN. or advanced establishment of the set of measures on progress on sustainable development that complement or go beyond gross domestic product to inform access to concession of finance and technical cooperation for developing countries. Chair, the document will be shared online. G77 and China reiterate it is call on developing countries and international finance institution to take urgent action including massively scale up affordable long-term and concessional financing. To conclude, G77 and China reiterates the commitment to engage constructively in all conference preparatory activities and processes. The outcome document must be intergovernmentally negotiated with line-by-line text-based negotiations with a view of ensuring that developing countries have a physical and policy space to support their pursuit to achieve sustainable development. I thank you, Chair.

I thank the representative of Uganda for his statement, and I now give the floor to the distinguished permanent representative of the Philippines, speaking on behalf of the Like-Minded Group for Middle Income Countries.

Thank you, Madam Chair. Madam Chair, Excellencies, I have the honor to deliver this statement on behalf of the Like-Minded Group of countries for middle-income countries composed of Armenia, Belarus, Chile, Colombia, Costa Rica, Dominican Republic, Ecuador, El Salvador, Guatemala, Honduras, Jamaica, Lebanon, Mexico, Morocco, Namibia, Panama, Peru, Uruguay, and my own country, the Philippines. At the outset, we commend the co-chairs and the permanent representatives of Burundi and Portugal for their valuable work. We also thank the co-facilitators, the permanent representatives of Nepal, Norway, Mexico and Zambia for the elements paper. We appreciate the efforts done in capturing in a substantive and holistic manner the 300 contributions and inputs received from Member States and other stakeholders. As we are paving the road to Spain, this second Preparatory Committee is a critical moment to build on the discussions in Addis Ababa last July, and to have a concrete discussion with the aim to prepare common ground for negotiations of the zero draft of the outcome document of FFD4. Excellencies, while we appreciate the substantive nature of the elements paper, as well as the structure of the action areas, which forms a good basis for discussion and preparation for the zero draft, We regret the lack of emphasis on the specific challenges facing middle-income countries, including the middle-income trap, which requires a shift in international development cooperation for MICs. Despite being home to 62 percent of the world's poor, MICs often lack the necessary support and access to finance, especially concessional and also non-concessional finance. to address their mounting debt burdens as well as climate vulnerabilities and social inequalities. In this regard, the LMG makes calls for giving the necessary space and attention to the specific situation of middle-income countries and financing solutions to overcome the current status quo of how development finance is channeled to mix due to their categorization, which clearly does not provide ample support during shocks including the pandemic, the cost of living crisis and geopolitical tensions. The group welcomes the subsection dedicated to expanding access to congressional financing, including for smooth transitions for graduating countries. However, we believe it can benefit from a clearer call for action, as well as a higher level of ambition, which goes beyond stating what was already agreed in previous documents and builds on the pact for the future regarding the beyond GDP process. Going beyond GDP will address the systemic barriers to financing for development. Excellencies, we reaffirm our deep concern that global initiatives on debt sustainably do not address fairly the needs of highly indebted developing countries, including the middle income countries. 60% of the countries downgraded by credit rating agencies are middle-income countries in a context where the criteria to define minimum fiscal risks should be adapted to the multidimensional nature of the vulnerabilities of mix. The group emphasizes the need to further strengthen the common framework and calls to implement it fully in a transparent, predictable, timely, orderly, and coordinated manner. encourages greater private sector participation through more clarity in assessing comparability of treatment, and calls for extending eligibility to all middle income countries. The late, the LMG mix, uh, supports actions boosting the lending capacity of multilateral development banks or MDBs. which will be critical to advance their reform and expand access to finance and technical support for developing countries, particularly middle-income countries. Furthermore, the group emphasizes the importance of the call upon the UNDS, which was reiterated in the 2024 QCPR, to advance the elaboration of a specific interagency comprehensive system-wide response plan for middle-income countries, taking note of the mapping exercise conducted by the Secretary-General and his recommendations aimed at better addressing the multidimensional nature of sustainable development and facilitating sustainable development cooperation and coordinated and inclusive support to middle-income countries. The LMG-Mix welcomes the mandate approved by the QCPR to invite the Chair of the United Nations Sustainable Development Group to consider filling leadership gaps on middle-income countries issues, such as through the appointment of a focal point on middle-income countries. The UN system should recognize middle-income countries as a group of countries trapped in between being poor and being rich, hence experiencing special challenges that need to be addressed. This recognition matters in development cooperation and mobilization of resources, such as through south-south and triangular cooperation. Finally, the LMG Mix looks forward to substantive and rich discussions during this week. Our group remains committed to contribute and engage constructively in the preparatory process for a successful FFD4 in Spain. I thank you for your attention.

I thank the Permanent Representative of the Philippines for his statement, and I now give the floor to the Permanent Representative of Botswana.

Excellencies, distinguished delegates, I have the honor to deliver this statement on behalf of the Group of Landlocked Developing Countries, LLDCs. At the outset, allow me to express our gratitude to the co-chairs of the outcome document of the Fourth International Conference on Financing for Development for sharing the draft element paper for the outcome document. The LLDCs further expresses gratitude to the co-chairs for including some of our inputs in the LMM paper. We wish to highlight some of the key elements that remain central to LLDCs efforts to achieve sustainable development and the principle of leaving no one behind. Excellencies, it is with keen interest for the LLDCs that the outcome document of the FFD4 builds upon the targets commitments and envisaged actions outlined in the new programme of action for LLDCs. The programme of action provides a vital framework for advancing the LLDCs development priorities for the decade 2024 to 2034. In this regard, allow me to highlight some of the key priorities for LLDCs as we engage in the framing of the zero draft outcome document. On domestic resource mobilization, the group appreciates the target of achieving tax to GDP ratios of above 15%, noting that the median ratio for the LLDCs remain at just 12%. We therefore underscore the importance for the tax cooperation and combating illicit financial flows. These challenges are especially acute for countries dependent upon capital-intensive primary resources, including the 27 of the 32 LLDCs classified by UNCTAD as commodity-dependent. Special efforts are needed to address the corrosive impact of illicit financial flows and profit shifting for these countries. On foreign direct investment, LLDCs continue to face persistent challenges. Just 0.13% of world foreign direct investment stock resides in LLDCs, despite them accounting for 7% of the world's population. This lack of investment constrains our development, particularly in the context of trade and infrastructure. Furthermore, LLDCs pay more than double the transport costs of transit countries, while their infrastructure lags significantly behind global averages. Addressing these gaps require estimated investment of 510 billion US dollars to upgrade transport infrastructure to global standards. The group therefore strongly underscore the call to establish an infrastructure investment facility, financing facility for LLDCs as envisaged in the new program of action. We also stress the need for capacity building support to develop bankable projects and strengthen, uh, statistical capabilities. excellencies on climate finance. We welcome the call for increased financial flows to LDC and other vulnerable countries. Current climate finance remains insufficient and overly focused on mitigation rather than adoption. Moreover, the share of concessional finance is inadequate. On international trade, we recognize trade as an engine of development. However, six LLDCs are still in the process of acceding to the WTO and require targeted technical assistance to complete their accession. We urge the FFD outcome document to prioritize the establishment of a dedicated work program on LLC trade challenges under the WTO, while also promoting e-commerce and digital trade as key opportunities for LLDCs to overcome traditional transit barriers on enhancing productive capacities to trade. We emphasize the. The value of e-commerce and digital trade for LLCs as an opportunity for circumventing the traditional barriers that they face in transit. In this regard, the group reiterates the target set in the LLCs new program of action to double LLCs global merchandise exports to significantly increase the exports of On debt and fiscal space, LLDC face increasing fiscal pressures with the median government debt to GDP ratios rising from 42% in 2019 to 50% in 2023. Meanwhile, debt service costs have surged, with seven LLDCs identified as high risk of debt distress and four already in distress in 2024. Reforms to the international financial architect must also account for the specific vulnerabilities of LLDCs, particularly their reliance on lengthy transport and transit infrastructure. Finally, on systemic issues, it is crucial that the vulnerabilities and special needs of LLDCs are significantly and sufficiently recognized and addressed comprehensively. We underscore the importance of science, technology and innovation as a priority of the new programme of action for LLDCs and a vital area of building resilience and achieving sustainable development. To conclude, let me emphasize that the LLDCs as a group of vulnerable countries continue to face significant challenges with trade, debt, financing, and fiscal space and investment. So with that, I urge the international community to continue to support LLDCs. I thank you for your kind attention.

I thank the Permanent Representative of Botswana for his statement. And I now give the floor to the distinguished permanent representative of Malawi, speaking on behalf of Least Developed Countries group. You have the floor, ma'am.

Madam Chair, I have the honor to deliver this statement on behalf of the group of LDCs. I wish to express our sincere appreciation to you, distinguished co-chairs, for steering the FFDE4 preparations and the compilation of the Elements Paper. We are pleased to see a comprehensive Elements Paper that seeks to address the pressing challenges being experienced globally. We would like to thank all Member States, development partners and CSOs for including in their input to the LMDs paper the challenges of LDCs and underlining the need to address them with urgency and priority. excellences. Due to their vulnerabilities as well as emerging challenges and risks, the LDCs are facing multiple difficulties in mobilizing resources for attaining the 2030 agenda and achieving SDG targets. We are gravely concerned over the growing SDG financing gap for SDGs and climate action. Only 0.09% of the 0.20% commitment by DAC members to LDCs is met. Only 2.4% of global FDI flow goes to the least developed countries. LDCs share in global exports of goods and services remains below 1%, far short of the target to double their share by 2020. Median tax to GDP ratios in developed countries amount to just 12% in LDCs, especially in the post-pandemic phase, narrowing their domestic revenue base. Debt vulnerabilities in LDCs have increased sharply. As of 2023, 14 LDCs were in debt distress or at high risk of falling into debt distress. Rising interest rates and currency depreciation have further strained debt servicing capabilities. We wish to emphasize the devastating and damage to infrastructure, economy, and loss of lives caused by the intense and frequent climate-induced disasters in LDCs. However, we receive assistance from climate finance too little and too late. The FFD4 conference and its outcome, therefore, remain quite critical to our group. excellences, we believe the elements paper provides a solid framework that reflects an understanding of the multifaceted issues confronting LDCs. We are happy to see the emphasis on enhancing domestic and international private business and international public finance for LDCs. We appreciate the inclusion of establishing an international investment support center for LDCs. We wish to add that the inclusion of issues related to base erosion and profit shifting is critical for AODCs to overcome challenges that severely undermine domestic revenue collection. The development of capital markets, in addition to development banks, is also important to enable our countries to mobilize resources through bonds and stocks. We also commend the LMS paper for its focus on increasing official development assistance to at least 0.2% of donor countries GNI for LDCs. We strongly recommend that the zero draft must specify allocating at least 60% of ODA to country programming and budget. The group also welcomes the dialogue and discussion in DCF to make efforts for an inclusive and effective global aid architecture. It is crucial to ensure that vulnerable countries such as LDCs receive sufficient climate finance. Our group would like to stress that climate finance should be treated as a new and additional assistance to separate from development assistance. The Baku agreement on the new collective quantified goal on climate finance is a step forward, but it is significantly lower than what LDCs need. It also ignores LDCs' specific needs. We believe that these gaps need to be addressed in the draft outcome of the FFD4. Excellencies, the LDC Group also commends the special attention given to the LDC paper on boosting trade in LDCs. We would like to urge that Member States to support this effort. Despite the focus on trade in LDCs in the Addis Ababa Action Agenda, share of LDC trade remains low. below 1%. It indicates that we need to further strengthen the existing support and provisions for LDCs. In conclusion, online university for LDCs to promote STEM education is an important deliverable offering extraordinary

I thank the distinguished representative of Malawi and I now give the floor to the permanent

representative of Samoa on behalf of the Alliance of Small Island States.

Thank you very much, Mr. Chair. I am pleased to deliver this general statement on behalf of the Alliance of Small Island States. AOSIS wishes to express its appreciation to the co-chair and the Bureau for their tireless effort in steering the Preparatory Committee's important work, including the presentation of the Element Paper before us. The broad set of proposals presented in the Element Paper reflects the high level of interest and ambition in this process, and we look forward to discussing these elements in greater detail over the coming days. Notwithstanding this, EOSIS wishes to make the following general points. First, it is of paramount importance that the thrust of our discussion focuses on a paradigm shift in development cooperation and finance that deliberately addresses the systemic inequities that are deeply ingrained in our obsolete global economic and financial architecture. To achieve this, we need to enhance greater sensitivity to the exceptional needs of small island developing states into the global economic and financial system so that it is more inclusive, fair and responsive to those needs. The fourth international conference for financing for development must therefore deliver the necessary response SIDS require to meet all of the challenges confronting them. The elements paper and by extension the conference outcome itself must continue to recognize the special case of SIDS for sustainable development acknowledging their unique vulnerabilities and circumstances in tackling existing, new and emerging challenges. Build on the Antigua and Barbuda agenda for SIDS, AOSIS will continue to pursue the financial support and mechanisms that are needed for SIDS to achieve sustainable development and resilient prosperity. There must also be a greater push to enhance the representation and meaningful participation of SIDS in the global economic and financial institution. Second, the outcome must ensure that the international financial architecture goes further to fully address SIDS unique development circumstances and making accessing public sources of grant and concessional finance easier for them and reducing the risk of indebtedness. As such, I will continue to call for the use of the multidimensional vulnerability index as a vital tool to guide decision making on access to concessional financing, enhance debt sustainability, and improve long-term national planning, and not solely within the context of graduation as currently reflected in the element paper. Third, the outcome document must firmly reject the imposition of unilateral cohesive economic measures against developing countries, as stated in the 2030 agenda, as such actions are inconsistent with the principle enshrined in the charter of the United Nation and international law. In closing, AOSIS looks forward to constructively engaging with our partners throughout the second session. However, we meet in the shadows of COP29, which failed to address its need for finance and the urgent need for ambitious action to keep global warming below 1.5. Worse, there was a blatant disregard for the need of the poorest and the most vulnerable among us. Be assured that as EOSIS, we do not come to this process burdened by the disappointment or low expectations. We are here fully knowing that the work that we are embarking on is simply too important to fail. We cannot ignore that at the very heart of our lack of progress, lies a lack of financing. We are running out of time. Development must be financed. EOSIS resolve to ensure that it is remains unwavering. Thank you, Chair.

I thank the permanent representative of Samoa and.

Now give the floor to the permanent representative of the Democratic Republic of the Congo on behalf.

Of the group of African states. Excellencies, distinguished delegates, I have the honor to deliver the statement on behalf of the African group. We align ourselves with a statement delivered by the distinguished representative of Uganda on behalf of G77 and China. At the outset, allow me to acknowledge the outcome of the Africa regional consultation held on 18 to 19 November 2024 in Addis Ababa. This consultation provided valuable insights and reaffirmed Africa's collective priorities for the fourth International Conference on Financing for Development. The African group appreciates the focus on systemic challenges in the international financial architecture outlined in the elements paper. However, it remains imperative to fully integrate Africa's unique perspective to ensure the outcome document effectively addresses our development realities and aspirations. Africa continues to face a complex array of challenges impeding sustainable development, our external debt burden, which reached 655.6 billion in 2022, accounts for 22.4% of the continent GDP. Over 60% of African countries spend more on debt servicing than on healthcare, with some allocation four times as much to debt repayment Then the education and health combined, this situation undermines progress in critical sector and deepens economic vulnerability. The African group reiterates its call for the establishment of multilateral sovereign debt workout mechanism that is inclusive, transparent, and timely. Additionally, we support the creation of a global debt authority within the UN to oversee this mechanism and ensure fairness in restructuring processes. The issue of illicit financial flows, which drains 90 billion annually from the continent, remains a significant impediment to domestic resource mobilization. We advocate for a United Nations framework convention on international tax cooperation to promote equitable global tax standards. Strengthening domestic tax systems, addressing tax evasion, and improving revenue collection are critical to expanding Africa's fiscal space. Climate change continues to disproportionately affect Africa despite the continent's minimal contribution to global emissions. The unmet 100 billion annual climate finance commitment must be fulfilled with financing mechanism designated to ensure accessibility and predictability for African nations. It is essential that climate finance remains distinct from development finance to guarantee additionality and prevent resource diversion. Private sector investment is indispensable for Africa's development. High borrowing costs limit risk mitigation instrument and inadequate capital market detail private investment. Investment in frontier technologies are crucial to closing the digital divide, enhancing Africa participation in the global innovation landscape. Trade, a proven engine of development, faces significant barriers in Africa, including non-tariff measures and market access limitation. Reforming the international financial architecture is pivotal. The African group welcomes the establishment of African Credit Rating Agency, expected to begin operations in December 2024, to provide fairer and more representative assessment of African economies. This initiative is a critical step toward addressing biases in existing sovereign credit ratings and reducing borrowing costs. In conclusion, the African Group remains committed to a collaborative and constructive approach in this process.

We urge all stakeholders.

To work forward on outcome document that delivers actionable solution to the challenges we face and paves the way for a fairer, more inclusive global financial system.

I thank you.

I thank the permanent representative of the Democratic Republic of the Congo and I now give the.

Floor to the permanent representative of Czechia on behalf of the Group of Friends for Education and Lifelong Learning.

Mr. President, I have the pleasure to deliver a statement on behalf of the following countries, members of the Group of Friends for Education and Lifelong Learning Andorra, Angola, Armenia, Bangladesh, Bulgaria, Brazil, Canada, Cape Verde, Colombia, Denmark, France, Finland, Greece, Italy, Ireland, Japan, Kazakhstan, Kenya, Malta, Moldova, Mongolia, the Netherlands, Nigeria, Norway, the Philippines, Qatar, the Republic of Korea, St. Vincent and the Grenadines, Senegal, Sierra Leone, Singapore, Sri Lanka, Sudan, Thailand, Togo, Vietnam, and my own country, Czechia. Let me start by sharing a few striking yet up-to-date figures on education financing. Only 17% of the education related targets are likely to be achieved by 2030, with half either stagnating or regressing further. Achieving SDG4 would require an annual investment of 461 billion US dollars between 2023 and 2030 across 79 low and lower middle income countries. Yet, the costs of not investing in education are colossal. Governments tend to lose out on 1.1 trillion US dollars in forgone revenues each year for early school leavers and 3.3 trillion US dollars per year for children without basic skills. low and lower middle income countries spend inadequately on education with about forty one not meeting the benchmark of allocating four to six of gdp or fifteen to twenty of public expenditure on education. Financial support for education through the ODAs has been on the decline since 20, uh, uh, 2002 plummeting from 12% to 7.6%, excellencies. Without a dedicated effort to bolster education financing, the global education crisis is poised to intensify, jeopardising the fulfilment of the 2030 Agenda. This is why today we put forward the following proposals with strong hope that they will be reflected in the zero draft of the outcome document. Governments should be strongly encouraged to prioritise domestic resource mobilisation to generate additional funding for education, with a key emphasis on expanding tax bases and increasing the tax to GDP ratio to at least 15 per cent. At the same time, they should aim to allocate 4 to 6 per cent of their GDP or 15 to 20 per cent of total government expenditures to education. Second, finance ministries and education ministries should be invited to work together to devise and implement long-term sustainable financing strategies for the education sector, optimising the mix of financing options available. International financial institutions and regional development banks should expand low cost lending to increase investments in education. They should reassess public sector wage constraints that prevent increased spending on education and advocate for policies that will allow recruitment of teachers to meet service delivery standards and improve educational outcomes. Fourth, Donor countries should be invited to respect their commitments to provide at least 0.7 of their gross national income as ODA to developing countries, increase ODA for education and allocate such aid to the countries furthest behind on reaching SDG4. Finally, Debt relief and restructuring can, where applicable, be an effective way to free up fiscal space for education and improve long term spending capacities. Debt swaps for education have shown promise, while recognising that debt swaps are voluntary and should be considered on a case by case basis. Innovative financing mechanisms offer further potential. I thank you.

I thank the permanent representative of Czechia and now.

Give the floor to his Excellency Nuno Sampaio, Secretary of State for Foreign Affairs and Cooperation of the Portuguese Republic.

The Chairperson, Excellencies, distinguished delegates, the FFD4 conference grants us an unique opportunity to reshape the global financial landscape and accelerate progress towards the implementation of the SDGs. We must size it, mobilizing resources, reforming institutions, and promoting policies that support sustainable and inclusive growth. supporting those who cannot invest in the SDGs because they face growing challenge of debt distress. Excellencies, success in Seville means tangible outcomes, strengthening trust in the ability of the multilateral system to deliver peace and prosperity for people and the planet, leaving no one behind. We thank the co-facilitators for preparing a well-structured, action-oriented and forward-looking elements paper to this end, including a long list of ambitious proposals to consider on the road to FFD4. In our national input, we stressed key points in this context. Allow me to highlight a few. Taking a more comprehensive approach to development cooperation, including the implementation of the MVI and the development of a framework over measures of progress on sustainable development to complement and go behind GDP. Second, thinking outside the box. by exploring alternative mechanisms of development finance, such as debt swaps or non-traditional modalities of development cooperation, like triangular cooperation, furthering our understanding of this to overcome obstacles in their application. Third, increasing finance in SDG 14. and investing in international cooperation for disaster risk reduction, also as a way of addressing the adverse impacts of climate change. We appreciate that many of these have been addressed in the elements paper. We also appreciate the proposal on strengthening the follow-up mechanism of this process and look forward to discussions on it. Ultimately, multi-stakeholder engagement remains fundamental to success on this process. This is a collective effort involving academia, civil society, and the private sector, as well as IFIs, MDBs and PDBs, the latter of which have gained an increasing role in the development arena. Excellencies, let us work together to ensure that the outcome of CVID 2025 delivers transformative change for sustainable development worldwide.

Thank you all.

I thank the Secretary of State of Portugal and now give the floor to His Excellency Jose Emanuel Fortes Mendes Correia.

Director General of Economic and Development Cooperation of Cabo Verde.

Thank you, Chair. My colleague is not yet arrived in New York, so I will be delivering the statement. Uh, Cabo Verde aligns itself with the statements delivered by G77 and China, the African group, AOSIS, and the group of friends for education and lifelong learning. And we would like to add the following remarks in national capacity. We would like to extend our serious sincere appreciation to the co chairs for their guidance and the secretariat for their dedicated efforts in organising this session and preparing the elements paper a robust foundation for our discussions. Cape Verde's second strategic plan for sustainable development, PATS II, is a unique vision for advancing sustainable development in the country and aligning it with regional and global financial frameworks to ensure long-term resilience and progress. There's a strong need for equity-driven international financing and structural reforms in global tax and debt management system. Integrated financing and diversified investment channels are vital to support economic recovery, with a focus on public private partnerships, regional economic integration and targeted funding for critical sectors such as digital economy, blue economy and sustainable agriculture. Mobilizing domestic and international private finances includes innovation-driven growth strategies in sectors like tourism and digital industries while leveraging strategic geographic positioning as Atlantic hub. On debt sustainability and global reforms, Cape Verde stresses the need of reducing public debt through fiscal reforms while advocating for international mechanisms such as fair debt restructuring frameworks to address vulnerabilities unique to seats in this field we underline the importance of the implementation of MVI human rights and social inclusion as core tenants of sustainable financing are crucial to eradicate extreme poverty and enhance social equity through education healthcare and expanded digital access prioritizing investment in youth and gender equity. In conclusion, we reaffirm our commitment and stand ready to collaborate with all stakeholders in advancing a resilient, sustainable and inclusive development agenda. A complete statement is on the platform. Thank you.

I thank the permanent representative of Cape Verde and now give the.

Floor to the permanent representative of the Kingdom of the Netherlands.

Thank you, Mr. Chair.

The Kingdom of the Netherlands aligns itself with the statement made by the EU. We thank the FFD co-facilitators for drafting the elements paper.

We welcome its global agenda setting on the diverse challenges in financing sustainable development, upholding an overarching focus on themes like gender equality, anti corruption and facilitating good governance.

We also underline the need for setting realistic ambitions and avoiding making our responses and instruments overly complex. While we agree on the need to continuously evolve our multilateral system, we also acknowledge what we have achieved so far. We expect the FFD4 to build on other relevant processes and platforms, striving for synergies. This includes the Pact for the Future, the Paris Agreement and COPs, the G20 Common Framework, the Capital Adequacy Framework.

The OECD Inclusive Framework, and the Paris Club.

Our meeting in Addis last July demonstrated that the broad spirit of the Addis Ababa Action Agenda remains as relevant as it was in 2015. A traditional approach to development financing is no longer fitting to combat today's challenges. The potential of private capital mobilization and domestic resource mobilization can be further unlocked, and new areas like financial health operationalized. We also welcome the emphasis on a conducive environment to attract private investors, as well as the potential of MDBs in private capital mobilization. Attention to innovative forms of financing will remain central in our approach to financing sustainable development. Accordingly, the Kingdom of the Netherlands supports an inclusive approach to FFD4, in which policies are developed in consultation with business, investors and civil society. To that end, we have contributed EUR 100 to the FFD IV trust fund. We expect FFD IV to enhance trust in multilateral cooperation, to be inclusive and to leave no one behind. With 2030 approaching fast, let me assure you of our constructive approach in this crucial process in achieving the SDGs.

Thank you.

I thank the Permanent Representative of the Netherlands and now give the floor to the Deputy Permanent Representative of Luxembourg.

Thank you, Sir. Excellencies, we wish to thank the Preparatory Committee for the work that they've done in organising this conference. We also thank the co-facilitators for the publication of the Elements Paper. That paper meticulously reflects the various priorities which were put forward in the inputs submitted in October. We appreciate the importance given to cross cutting priorities, including human rights, gender equality and climate, priorities which require an unflagging commitment. Luxembourg aligns itself with the statement delivered by the European Union. The current international financial architecture has not lived up to the task of mobilising the financing needed reach the SDGs by 2030. In this context, it is our strong hope that the discussions that we have in Seville will yield concrete actions to overcome current obstacles. Luxembourg wishes to talk about the two key points in the Elements paper. First, As for international development cooperation, it should be noted that since 2009, Luxembourg has set aside 1% of its GNI for official development assistance. This makes Luxembourg one of only five members of the Development Assistance Committee of the OECD to reach the goal of 0.7%. We're not only ensuring high quantity financing, we're ensuring high quality financing too. Our commitments span multiple years. thereby providing more predictability to our partners and making the assistance more effective. As for private finance and private enterprise, our second point, Luxembourg actively supports inclusive development and inclusive, uh, financing and innovative financing as a tool to promote sustainable development, focusing on LDCs and more specifically on small and medium sized enterprises. main goal of this strategy is to provide paths toward empowerment and economic resilience for the most marginalized communities in our partner countries. Luxembourg advocates for international financial architecture which truly serves its clients, both public and private, and which creates an enabling environment for the flourishing of micro and small enterprises, which are the mainstay of LDCs economies. Many of these enterprises are led by women or young people, which face structural which impede access to financing. Clearing away these barriers is vital. Luxembourg, as a financial hub in the heart of Europe, recognizes the essential role played by a dynamic financial sector as a facilitator for the development of the private sector, and which is in turn a factor for economic development of our partner countries. Sharing experience about how capital markets and sustainable investment funds work is one of our priorities. We thank Spain for -- microphone has been cut off.

I thank the Deputy Permanent Representative of Luxembourg and now give the floor to the distinguished Ambassador of Switzerland.

Excellencies, ladies and gentlemen, at the outset, I want to thank the co-facilitators of Mexico, Zambia, Norway, and Nepal for their remarkable work. The fact that they were able to condense this Elements paper from roughly 300 inputs is very impressive. It also proves that there was broad engagement in the process. Allow me to stress several points that we would like to see featuring prominently in the outcome document. As for domestic resource mobilization, we need to strengthen the inclusive and effective nature of international tax cooperation. This should be done on the basis of a process that is grounded in consensus as much as possible. We must also draw on the significant progress already made by the OECD and the G20. We must also step up our efforts to stem corruption at all levels, and we must combat illicit financial flows, as well as facilitating and strengthening international cooperation in terms of asset recovery. Turning now to development effectiveness, it is possible to be more, even more ambitious as regards the application of the principles of effectiveness in their entirety, shifting from traditional methods of international… financing for development based on inputs toward mechanisms based on results could yield further potential. We also need to, and this is particularly important, stop the growing fragmentation of the development architecture in order to improve accessibility and lower transaction costs. Turning now to private business and finance. In order to ensure that private enterprise contributes more, we need to improve the business enabling environment by strengthening transparency, good governance, and by combating corruption and showing up the rule of law. Innovative instruments such as blended finance and impact investing will help attract and mobilize private capital. Additional momentum could be generated by simplifying remittances and lowering their cost and by broadening access to financial services, especially for women and marginalized groups. My final point has to do with systems for data and statistics. If we are to rely on trustworthy data on financing for development, then we need robust data. This means strengthening national data and statistical systems and improving their governance. It means expediting progress toward the Cape Town Global Action Plan for data on sustainable development. And it means improving access to information through data accessibility platforms and through artificial intelligence tools.

I thank the distinguished ambassador of Switzerland and now give the floor to the permanent representative of Canada.

First of all, I wish to express my gratitude to the facilitators of the outcome document of the fourth international conference on the financing for development, Mexico, Nepal, Norway, and Zambia. for having provided us with the Elements paper, which has guided our discussions and will do so in the next few days. We were impressed by the number of documents submitted, which stresses the considerable interest and the expectations provided-- which have resulted from that conference. I'd like to make a few very simple points, and I thank you for the opportunity. First of all, we must center our efforts on ideas which can be accomplished to increase the required financing required by the circumstances of our times. We must focus on concrete actions, and that is what is important. Cooperation among public institutions must increase, and cooperation between the public and private sectors is absolutely essential.

To look holistically, generating more finance, which is what everybody wants, is only one part of the equation. We also have to foster better governance, stronger institutions, and fiscal systems that are more robust. And you will hear me say this more than once, so I'll say it this time. The solutions do not only come from outside, they also come from inside. This includes actions to mobilize all sources of finance, to improve our statistical systems, to improve our fiscal capacity, which also helps to stop corruption and helps to stop illicit financing flows.

My last point.

Is the need to combine short-term and long-term. There's a real opportunity for us to identify actions that can work right away, and there are things that are going to take longer.

My final, final point is that we can't do anything without gender equality.

And I have to emphasize this, as long as women are on the sideline in the economy.

We will not achieve the goals that we all share.

The evidence is overwhelming.

That it's only the full participation of women that helps to make the difference that we all want to make.

I can assure you, not.

Only as representative of Canada, but also in my role as president of the Economic and Social Council, we've been taking a very, very active participation in this process. We need to get more financing and better financing.

We need to reduce inequality and overcome.

Much of the mistrust and many of the resentments that still exist between us.

Thank you very much.

I thank the permanent representative of Canada and now give the floor to the permanent representative of Ghana.

Thank you, Chair, excellencies.

At the outset, I'd like to associate this statement by Ghana with the statements on behalf of the G77 and China and the African group. For far too long, the promises of development financing have just been that, promises. Declarations are made without action, systems continue to endure without equity, and mechanisms are implemented that fail.

Those who need them the most.

The crisis in finance and development is no longer a distant concern. It has reached a breaking point. Across Africa and many parts of the developing world, nations are grappling with a storm of challenges, unsustainable debt, the ravages of climate change, the lingering impacts of pandemics, and the ripple effects of geopolitical tensions. These are not abstract concerns. They are the daily reality of struggling millions. Excellencies, as we gather here as representatives of our nations, the challenge I speak about are not merely those of Africa. It is a global one. When Africa suffers, the world suffers. When the developing world falters, global prosperity dims. The hope for a future where no one is left behind should galvanize our common aspiration for justice and progress. On the part of Africa, our vision is for a framework where development financing is a priority, not an afterthought, and where true global partnership sees Africa not as a recipient of aid, but as a key driver of humanity's collective future. We seek a system that empowers African nations to tackle poverty, strengthen resilience, and health care, invest in education, and build climate resilience. To achieve this, we must act, and we must act now. The fourth FFD must therefore be a moment where we fundamentally rethink how we address the development challenges faced in the world's poorest and most vulnerable countries. To do so, first, we must establish a multilateral sovereign debt workout mechanism That prioritizes development and debt treatment and works to overhaul the credit rating system to ensure fairness and transparency. Ghana reiterates the need for the reform of multilateral development banks and for them to prioritize long-term concessional lending, increase their capital, and enhance lending in local currencies to reduce currency risk. Secondly, the disappointing outcome At the recent COP29 on climate finance required that we must emphasize the need for robust investments in climate adaptation. We had a strong reflection on the mobilization of private sector financing and comprehensive reform of global financial institutions. Furthermore, we must quickly complete the task of elaborating a framework convention on international tax cooperation to effectively combat illicit financial flows and enhance domestic resource mobilization. As I conclude, I hope that we all work to make FFD4 a meeting that writes the future.

I thank you for your attention.

I thank the Permanent Representative of Ghana and now give the floor to the Deputy Permanent Representative of France.

Ministers, Excellencies, dear colleagues, first, France aligns itself with the statement delivered by the European Union. The fourth international conference on financing for development will be a moment upon which the future of financial development architecture will turn. The international architecture here must show ambition. This is a topic that is central for France. Our written input in addition to the input from the European Union, reflects our full involvement and our ideas in line with our commitment under the Paris Pact for Peoples and the Planet. I would like to emphasize four points here which are essential and which should permeate the negotiations for the upcoming framework on financing for development. First, This framework needs to allow for a crystallization of the commitments undertaken in the context of the pact for the future. This should be done through measures that are feasible and concrete actions. We need to collectively identify innovative solutions to yield ambitious outcomes that can be measured in their entirety in order to have a stronger impact on the ground. Second, we've already identified initiatives that work in which are tried and true and have proven themselves on the ground. I'm thinking of the method of country platforms. I'm thinking of the mobilization of special drawing rights, SDRs, of the G20 common framework for debt treatment and the Club of Paris. I'm thinking of the establishment of debt service suspension clauses in the event of climate disasters, which we have implemented. I'm also thinking of instruments for guarantees and other risk mitigation tools. We need to improve existing tools and support adapted solutions in every context. My third point is financing for development is a financial issue. Only by combining financing sources, both public and private, domestic and international, can we respond to the challenges facing developing economies, especially LDCs and the most vulnerable countries. In this regard, we are 100% committed to the French Agency for Development is the first bank, development bank to commit 100% in alignment with the Paris Agreement while continuing its action to eradicate poverty. We need to address tax matters, debt, and development cooperation. And we need to support those organizations that already work. We need to make them more effective. And we need to tailor them to fit the modern world. We want for the preparation for the forest conference-- microphone has been cut off.

I thank the Deputy Permanent Representative of France and now give the floor to the distinguished representative of Monaco.

Thank you, Chair. Six years until the end of the Agenda 2030 for sustainable development, this is an important opportunity to make the necessary adjustments. If the Addis Ababa Action Agenda is essential, We need a financial architecture which is well adapted to the 21st century. No country can by itself face the current challenges. Cooperation is needed in all areas. Thus, a renewed financing global framework decided collectively is important to face poverty, hunger, gender equality, the empowerment of women and girls, et cetera. It must be aligned with the national priorities and adapted to responding to specific needs of country. New indicators such as multidimensional vulnerability index are important in this framework. we must act ambitiously in our work progress made in this regard and in terms of green economy, blue economies, this is encouraging. For the future of the planet, the principality of Monaco hosted on the sidelines of the United Nations Conference on the Ocean, a forum on the blue economy. and the mobilization of resources. We must create a climate of trust and in this regard it is essential to have the necessary, make the necessary efforts on investment and economic development through effective and inclusive institutions with respect to human rights and the rule of law. This means creating a favorable investment climate with transparent regulations and an absence of corruption. Good governance is a precondition for reducing poverty and for sustainable development. The mobilization of public and private financing requires inclusive cooperation, including with the private sector and civil society. ODA must promote and act as a catalyst to mobilize the private sector. That includes sustainable bonds, green bonds, and actions to make sure that the private sector contributes. All of this requires having women have access to market, microcredit, education, as well as having equality of rights for women in terms of ownership and inheritance. The digital technology provides a unique opportunity to accelerate the accomplishment of the SDGs, but infrastructures, digital infrastructures are a major obstacle to LDCs and SIDS.

Thank the distinguished representative of Monaco.

I now give the floor to the Deputy Permanent Representative of Denmark.

Thank you, Mr. Chair. Denmark aligns with the statement delivered by the EU earlier today. Let me start by thanking the co-facilitators for a well-written elements paper. It is a very good starting point for our discussions, especially as it includes tangible and implementable solutions. Building on the momentum of the Pact for the Future, we now have to deliver results as we prepare for and convene at the fourth conference on financing for development in Seville next year. I will focus on three issues that are of particular importance to Denmark. First point, we will all need to do our part in order to deliver the financing needed. For more than 40 years, Denmark has met the UN target of providing at least 0.7% of our DNI in ODA as part of a much too small group of countries. We hope others will join. As a very concrete deliverable on the Pact for the Future, Denmark has announced our intention to increase our contribution to IDA with 40%. GS are reforming to deliver more financing for climate and development. They have come a long way, but there is still work to be done in terms of implementing the CAF recommendations. Developing countries also need to deliver and mobilise domestic resources through fair and progressive taxation. Second point, we need to deliver on private capital mobilisation. We have discussed this for years, but not yet delivered. Denmark would suggest to focus on building local capital markets and help mitigate the foreign exchange risks which are associated with investments to increase the incentives for private capital to flow to LDC markets. Third, we welcome the specificity of the Elements Paper on solutions and on how to proceed with a path of necessary steps. We would welcome even more clarity on timelines and on burden sharing. We encourage all, and especially the UN and international financial institutions, to be bold and work together also with Member States to progress on reform. To conclude, Mr. Chair, the international financial architecture must be brought into the 21st century. We need an architecture that delivers the needed financing, safety nets and crisis measures that work for all and where all are represented. I thank you for your attention.

I thank the Deputy Permanent Representative of Denmark and now give the floor to the Deputy Permanent Representative of the Russian Federation.

Mr. Chairman, the Fourth International Conference on Financing for Development affords us the opportunity to ensure the requisite support for the needs of developing countries based on the Monterrey Consensus, the Doha Declaration, and the Addis Ababa Action Agenda. The upcoming conference should lay the groundwork for providing developing countries with stable and predictable financial flows which foster expedited industrialization, the development of infrastructure, and which bridge the digital divide. The priorities must include capacity building of developing states to mobilize domestic resources. including by creating the UN Framework Convention on International Tax Cooperation, and to develop cooperation in stemming illicit financial flows, enhancing transparency of rating agencies. Doing that would broaden the access by developing states to long-term private investment and loans. Trade remains an underappreciated catalyst for financing for development. In this regard, we advocate the clearing away of discriminatory practices, and this includes enhancing the effectiveness of the WTO and its arbitration mechanisms. The decisions of the summit of the future Do not, uh, do not fully reflect the aspirations of developing countries to reform the international development architecture, financial architecture, the decision should change the economic landscape. improving the representation of developing states in economic decision-making. We need to stop the privileged status of developed states. We think one cannot continue to turn a blind eye to destructive policies of those who use key reserve currencies and infrastructure as a tool for political coercion. We think the time has come to discuss in greater depth the impact of the use of any economic, social and trade measures that are taken unilaterally and these measures which are at variance with international law and the UN Charter. These measures also have major negative fallout for the entire world economic system and they hamper economic growth. This violates the principle of the sovereign equality of states, which is enshrined in the UN Charter. We also trust that the co-facilitators will ensure an intergovernmental negotiation based on a text and will ensure mutual respect for national interests and priorities. And we believe that the ability to hear and listen to one another should be the basis for the forthcoming negotiations. I thank you.

I thank the Deputy Permanent Representative of the Russian Federation and now give the floor to the Deputy Permanent Representative of China.

Thank you, Chair. The fourth conference on financing for development is crucial to resolving the financing issues of great concerns to developing countries.

And to the implementation of the 2030 Agenda for Sustainable Development. China reaffirms the content in the pact for the future on financing for development and would like to state the following regarding the conference. There are six points.

First.

To practice genuine multilateralism and advocate inclusive globalization, we must oppose the trend of anti-globalization and resist unilateralism and protectionism.

We should uphold the central coordinating role of the UN International Development Corporation.

Second, To deepen the global development partnership, strengthen macroeconomic policy coordination, and place development issues at the center of the international agenda, developed countries must fulfill their ODA and climate financing commitments, mobilize development resources extensively, and provide more support to developing countries. Third, to accelerate the reform of the international financial architecture, including reviewing the.

Equity of the World Bank and adjusting the IMF quotas, so as to.

Effectively increase the voice and representation of developing countries.

We should adhere to.

The principles of extensive consultation, joint contribution and benefit sharing, and continue to improve the global economic governance system.

Fourth, to handle debt issues in a prudent manner, adhere to the principle of fair burden sharing and taking joint actions, and enable international financial institutions and commercial creditors as major creditors to actively participate in debt relief actions for developing countries.

Fifth, we should build an open world economy.

Continue to promote trade and investment liberalization and facilitation, and accelerate the reform of WTO. We must resolutely oppose trade wars, of walls, the artificial fragmentation of industrial chains and supply chains, and protectionism in the name of green and low carbon. Sixth, we should actively cultivate new productive forces, ensure that emerging technologies.

Such as AI are universally beneficial, and create an open, inclusive, and non-discriminatory environment for international cooperation.

We should support developing countries in better integrating into and benefiting from digitalization and intelligence.

Chair, China upholds the concept of a community of shared future for mankind and is committed to promoting.

The growth of the world economy and the common development of all countries. We will work with all parties.

Towards the success of the FFD4 and will continue to advance the Belt and Road Initiative and the Global Development Initiative, injecting greater momentum into the implementation of the 2030 Agenda. I thank you.

I thank the Deputy Permanent Representative of China and now give the floor to the distinguished representative of Thailand.

Thank you, Mr. Chairman. Thailand aligns itself with the statement by Uganda on behalf of the Group of 77 and China. We would like to thank the co-facilitators for the elements paper, which is a good basis towards an ambitious outcome document of FFD4. In this regard, we would like to highlight a few points from the.

Paper to which we would lend our support.

First, Thailand reiterates the call for reform of international financial architecture to make it more inclusive and reflective of the current global economy, where developing countries play an ever-growing role. We also support a modernized global economic governance, especially the call to further the quota realignment at the IMF.

That would enhance the voice of developing countries.

This is not just a matter of equity and fairness, but a matter of preserving the relevance of IFIs in the global economy. Second, on financing for development, we acknowledge that the private sector can play an important role in supporting countries.

To achieve SDGs and support the call to align business models and investment with the SDGs.

In Thailand, we encourage private companies to integrate the environmental, social, and governance ESG principles and promote private investments, including through green bonds, green credit, sustainability bonds, to mobilize financing for a sustainable future. However, private finance is a complement, not a substitute, of official development assistance. Thailand reaffirms the call for developed countries to, to fulfill their existing ODA commitments. The decline in the share of ODA going towards sustainable development is alarming in view of recent global shocks that have increased developing countries debt vulnerability. We believe that adopting timeframes for existing ODA targets will be crucial to strengthening international development cooperation and expanding fiscal space for developing countries to invest in SDGs. Lastly, we stress the importance of partnerships, especially those that prioritize closing the digital and tech divides. Digital tools, especially AI, can provide solutions to many of our most pressing concerns. Yet, the divides risk widening the gap between developed and developing countries. In this regard, we support strengthening technology transfers, knowledge sharing, leveraging of financing for STI, as well as capacity building. Mr. Chair, Thailand looks forward to the fourth international conference on financing for development and working constructively toward an ambitious outcome document one that mobilizes global efforts and resources for sustainable development. I thank you.

I thank the distinguished representative of Thailand.

And now give the floor to the permanent representative of the United Kingdom of Great Britain and Northern Ireland.

For preparing this elements paper.

The UK sees FFD4 as a.

Pivotal moment to deliver a modernised financing framework to address economic, environmental and social development challenges in an integrated.

Way and to close the financing gap.

FFD4 must set direction on international financial architecture reforms and foster a bigger, better, fairer financial system.

The FFD4 outcome should build on the Addis Agenda's focus on an enabling environment, particularly towards women's economic empowerment.

It should also focus more on vulnerability and those at risk of being left behind to improve shock responsiveness.

And progress state contingent debt clauses and disaster risk financing.

We need to continue to reform multilateral development banks to scale up their impact. The UK has announced that we are increasing our pledge to IDA by 40% and will provide $2.5 billion over.

The next three years.

We call on other donors to step up and help deliver the largest ever replenishment. Climate and nature finance is also critical.

At COP29, the UK announced that the Climate Investment.

Fund's new capital markets mechanism has been listed on the London Stock Exchange.

This innovative multilateral fund will use capital markets.

To accelerate climate finance to developing countries.

British international investment also.

Announced a $30 million investment in infra credit to promote local currency financing to support the clean energy transition. And ever more private capital needs to be mobilized to support greater investment.

In low income, climate vulnerable and fragile and conflict affected states.

Finally, to accelerate progress on the SDGs, a modernized development finance framework must go beyond just mobilizing more finance to focus on greater impact, evidence-based decision making and ownership at country.

And local levels. The UK looks forward to working with you all to ensure that FFD4 delivers on the step change needed.

I thank you.

I thank the Permanent Representative of the United Kingdom and now give the floor to the Permanent Representative of Burkina.

Faso.

Thank you, Mr. Chair. Burkina Faso welcomes the sterling work of the co-facilitators in the preparation for this session. We align ourselves with the statement delivered by the G77 and China, as well as the statement of the LLDCs. The preparation process for the fourth conference falls in a very difficult international context, given the uneven progress toward achieving our common goals. This limited progress is explained by a global context marked by multidimensional crises and insufficient SDG financing. Burkina Faso, like the other countries in the Alliance of Sahel States, faces a major security crisis which is unprecedented. which has caused an unprecedented humanitarian crisis. Like many landlocked countries, we pay double the transport costs that transit countries pay. This significantly impacts our economic development and our commercial competitiveness. Given these complex challenges, we've undertaken a reform of our development frameworks. We've modernized our tax systems through digitalization and through seeking innovative financing. We are optimizing our public financing to accelerate the structural transformation of our economy. In this challenging context, my country calls for a thoroughgoing reform of the international financial architecture to make it more inclusive and more effective. An enlargement in long-term concessional financing, especially for countries in vulnerable situations, needs to happen. And one must also effectively Combat illicit financial flows, and we want to see LLDCs reflected in this as well. There should be stronger support for science, technology, and innovation, which is key toward bolstering our resilience. Furthermore, we actively support the frameworks for transparency of financing for development, including through the TOSSD, which offers a comprehensive vision of financial flows. multidimensional approach, which brings on board economic, social, and environmental factors in identifying beneficiary countries is also important. I thank you, Mr. Chairman, and I want to say that we will be publishing the complete version of our statement in the UN journal. Thank you.

Thank you, distinguished representative of Burkina Faso, and now give the floor to the distinguished representative of Singapore.

Thank you, Chair. Singapore aligns itself with the statements delivered on behalf of the G77 and China and EOSIS. Financing for development took center stage this year, and we made notable strides in various processes like the Antigua and Barbuda agenda for SIDS and the pact for the future. And moving forward, we will need collective, creative, and cumulative solutions to address financing challenges, collaborating across sectors, nations, and systems. Despite the IMS reassurances of a soft landing, its projections of a stable yet subdued global growth trajectory of 3.2% in 2025 is ultimately insufficient to meet the targets set by the 2030 agenda for sustainable development. If we imagine the global financial ecosystem to be a vast reservoir, then public funds are like the current and private sector finance its tributaries. And with this frame in mind, I would like to make three points. First, we can unlock the tributaries in two ways. One, the private sector can catalyze the growth potential of MSMEs, which form the backbone of many developing country economies, and this can be done through providing growth capital funds or venture debt to help MSMEs expand into new markets and provide capital for them to manage short-term cash flow challenges without diluting their equity. Two, the private sector can also drive the green transition by directing capital towards initiatives related to decarbonization, resource efficiency, and responsible infrastructure development. The current must help mitigate the risk. Bundling concessional capital through blended finance initiatives such as Singapore's Financing Asia's Transition Partnership or FASPI is but one example. Second, FFD must explore a more calibrated sliding scale debt solution. On one hand, more comprehensive debt restructuring to focus investments in climate and development for those in or close to debt distress. And on the other hand, more targeted liquidity support through credit enhancements and debt suspension for those not as heavily indebted. Credit rating methodologies must reflect true economic potential and risk profiles of developing countries. Meanwhile, countries must enhance tax administration, broaden their tax bases and combat financial flows to ensure equitable revenue generation, reducing their reliance on external debt. Lastly, digital transformation is our era's equalizer. It has the potential to turn the digital divide into a digital dividend. The possibilities such as blockchain, enhancing transparency in carbon markets, AI driving precision in agricultural investments, or mobile banking, extending financial inclusion to the remotest corners of the globe are endless. Chair, FFDE four must enshrine a stronger voice for developing countries supporting representation that reflects contemporary realities. We are encouraged by the elements paper which gives due consideration to the interests and concerns of developing countries and serves as a good foundation to commence our discussions. As always, Singapore remains committed to participating constructively in this process. Thank you.

I thank the distinguished representative of Singapore and now give the floor to the Deputy Permanent Representative of Ireland.

Thank you, Chair, and I have the honor to deliver the statement on behalf of Ireland and to align with the statement delivered on behalf of the European Union and its member states.

I would like to start by.

Thanking the co-facilitators for producing such a clear and focused elements paper to guide our work. We are fully aware that the stakes are high. We know full well the myriad interlocking challenges that have stymied progress on the SDGs, or even in some cases taking us backward. A triple planetary crisis of climate change, pollution, and biodiversity loss, deepening inequality, a pushback against gender equality and human rights, and increased levels of conflict and humanitarian need. FFD4 comes along at a time when we need to collectively recommit to doing more and doing what we do better. The political declaration of the SDG summit last year, which Ireland co-facilitated with Qatar, and the Pact for the Future warned about the risk of leaving millions of people behind and urges renewed vigor in our action. To progress the SDGs, we have to create the fiscal space necessary for governments to design and deliver policies to do so, including identifying new sources of finance and innovative financing mechanisms.

And as well as.

Discussing how we bridge the financing gap, we need to consider the quality of the interventions we support, focusing on efficiency and impact. This means recommitting to effectiveness and the principles of country ownership, results focus, inclusive partnership, transparency and mutual accountability. We must also ensure that we are supporting transformative actions to deliver on the SDGs, maximising synergies and repurposing certain expenditures.

So that we reach the poorest and the most vulnerable.

In this way, Ireland is keen to ensure that our collective efforts align with the overall objective of the SDGs, leaving no one behind, reaching the furthest behind first. In conclusion, I would like to assure you of Ireland's support and constructive engagement throughout this FFD4 process. Thank you.

I thank the Deputy Permanent Representative of Ireland and now give the floor to the Permanent Representative of Brazil.

Mr. Chair, the current financing gaps for SDGs are extremely worrisome and require urgent action in a context of mounting debt vulnerabilities, climate emergencies, trade disruptions, and increasing poverty and inequality. Securing the trillions of dollars in investments needed to overcome the current crisis requires a balance between domestic and international, private and public sources of financing. The success of the FFD4 will be measured by its ability to help identify concrete and meaningful ways to make funds flow from all these sources at the necessary pace and volume. Brazil welcomes the Elements Paper as a solid foundation for our discussions. We appreciate its emphasis on reforming international financial institutions. Real changes in governance structures, including quota realignments, and significant expansion of their lending capacity are imperative. The growing debt challenge requires immediate action. Brazil supports calls for improved international debt mechanisms. Enhanced transparency, fair burden sharing among creditors, and participation of private creditors are essential. Achieving the SDGs requires fiscal space. Tax transparency and fair and progressive taxation are vital. Ensuring that high net worth individuals contribute their fair share is a crucial piece of the puzzle. Brazil supports the development of a UN framework convention on international tax cooperation to address challenges such as tax evasion, illicit financial flows, and base erosion. Trade remains a crucial engine for growth and development. We need to strengthen the WTO and to restore a fully functioning dispute settlement system. We are also concerned with the potential impacts of unilateral border carbon adjustment measures on developing countries' trade and development prospects. Public financing can have a crucial catalyzing effect on private investment flows and are key to achieving our shared development goals. It is crucial that longstanding official development assistance commitments are met. Brazil encourages establishing an enhanced transparency framework under the United Nations to harmonise concepts and monitor ODA flows effectively. We are concerned that the document does not give sufficient attention to SDGs 1 and 2 poverty eradication and hunger elimination are indispensable for sustainable development. A key tool is the Global Alliance Against Hunger and Poverty, launched last month, which aims to mainstream successful public policy instruments that have proven effective in developing countries. Finally, we emphasize the need for clear recognition that climate finance must be grant-based, truly additional to ODA, and not divert resources from other development needs, including poverty eradication. Brazil will engage constructively to ensure FFD4 delivers meaningful outcome. By addressing these critical areas, we can make significant strides toward achieving the SDGs and building a better.

Future for all. I thank the Permanent Representative of Brazil and now give the floor to the Deputy Permanent Representative of Latvia.

Thank you. Mr. Chair, Latvia aligns itself with a statement made by the European Union and would like to add following remarks in our national capacity. Let me start by thanking the co-facilitators Norway, Nepal, Zambia, and Mexico for the presented elements paper. It is an important milestone on our road to Seville next summer, and let me share our main focus areas. Firstly, this is an opportunity to demonstrate our commitment to listening to, understanding, and addressing the needs of the countries in special situations, particularly African countries, LDCs, LLDCs, and SIDS. The path to achieve SDGs is challenging, but it is clear that the reform of the international financial architecture must be brought forward. Secondly, in the face of global challenges, multilateral development banks are scaling up their lending capacity to implement the SDGs and scale up climate finance, substantial financial resources are crucial. All stakeholders, MDBs, donors and borrowers have pivotal roles to play and high expectations to meet. Certainly, we support enhancing MDB's financing capacity to support developing countries by further implementing the G20 capital adequacy framework recommendations and utilizing the balance sheet optimization measures. Latvia is the first signatory of the World Bank hybrid capital has led the way in innovative financial instruments. This initiative leverages the bank's resources for greater development outcomes and serves as a bridging mechanism towards future capital increase. Mr. Chair, low income countries are the most affected by global challenges. The need for ambitious IDA 21 replenishment is evident. Answering our developing partners call for stronger IDA 21 contributions, Latvia proudly steps up with a 60% increase, driving ambitious goals for transformational development. We urge others to follow suit. Furthermore, we anticipate MDB's leadership in assisting borrower countries with targeted structural reforms. to mobilize their own resources. MDBs can help boosting own domestic resources and at the global level, help introduce taxation for high net worth individuals while safeguarding the poorest populations. Our joint efforts can enhance MDBs capacity to support developing countries, achieve the SDGs and address climate financing needs. Latvia welcomes the proposed multidimensional vulnerability index and its inclusion in the elements paper. We invite other developing institutions to consider its application to strengthen the resilience of the most climate affected developing nations. In conclusion, Mr. Chair, we believe the FFD4 process and strengthened FFD agenda should build trust in multilateral cooperation by bringing to the fore inclusiveness.

I thank the Deputy Permanent Representative of Latvia and now give the floor to the distinguished representative of Pakistan, who will be our last speaker for this afternoon.

Excellencies, co-chairs. Today, developing countries face a great finance divide estimated at $4 trillion annually. They have been hit by multiple crises without support from an unjust global financial system. 59 countries are in some form of debt distress. ODA is being cut by donors. Climate finance obligations remain unmet, and climate and development finance is increasingly being double counted. We welcome the elements paper prepared by the co-facilitators for the forthcoming fourth International Conference on Financing for Development. As a member of the Bureau of the Preparatory Committee, Pakistan will promote an ambitious and action-oriented outcome centered around the following objectives. One, concrete and time-bound targets for fulfilling the 0.7% ODA target and transparent monitoring arrangements for ODA measurement. Two, concrete timelines for monitoring progress on implementation by the MDBs of the capital adequacy framework recommendations, scheduling of capital increases, and scaling up off and expanding access to concessional finance. Three, expediting the rechanneling of 50% of SDRs from the 2021 allocation, particularly through MDBs. Four, initiating a multilateral sovereign debt review process under UN auspices to facilitate debt relief and debt cancellation. We find the elements paper to be weak on the issue of debt. Five, addressing the adverse impacts of credit rating agencies on developing countries through an intergovernmental process under the auspices of the United Nations. Six, initiating an intergovernmental process on international development cooperation to address issues of governance, norms and rule creation and monitoring. Seven, establishing mechanisms for project preparation support for developing countries, such as a pooled technical assistance platform mentioned in the elements paper. 8, reforming the trade regime to enhance export-led growth through expanded special and differential treatment for all developing countries, reviving the WTO's development agenda, avoiding new climate protectionism, and reforming dispute settlement provisions in trade and investment agreements. Nine, reforming the technology and intellectual property regime to ensure preferential access on affordable terms for developing countries to the advanced technologies essential for achieving the SDGs and climate goals. And lastly, ten, ensuring a balanced approach to public and private sources of finance and a balanced approach between domestic and international sources. I thank you.

I thank the distinguished representative of Pakistan.

We have just heard the last speaker for this meeting. We shall continue with a list of speakers for general statements tomorrow, Wednesday, December 4th at 10 a.m. in this conference room.

This meeting is now adjourned.