(3rd meeting) 2025 ECOSOC Forum on Financing for Development Follow-Up (FfD Forum)

I call to order the 3rd meeting of the 2025 session of the Economic and Social Council Forum on Financing for Development Follow-up. Excellencies, distinguished delegates, I invite the Forum to turn to Agenda Item 2 on what we call Follow-up and Review of the Financing for Development Outcomes and the Means of Implementation of the 2030 Agenda for Sustainable Development. To hold a dialogue with senior representatives of the World Bank Group and the International Monetary Fund. As many of you will know, one of my key priorities in the presidency that I have the honor to serve this year has been to really work hard at strengthening our engagement with international financial institutions. And over the last 9 months, there have been ongoing exchanges, meetings, and discussions with the Bank and the Fund. Today's session is a continuation of this dialogue between us here in New York and in Washington. I can't stress strongly enough, colleagues, the importance that I attach to improving the dialogue and the relationship between all of us as members of the wider international family. We simply must improve the basis of understanding and knowledge between us. It doesn't mean we don't have different views or competing opinions. It does mean that we have to establish a willingness to really engage and understand better what each parts of the system are doing and would like to do. I'm very pleased to have joining us today, and you can see him on the screen, Mr. Axel von Trotzenberg, who's the Senior Managing Director of the World Bank Group, and next to me, my friend, Mr. Bo Li, who's the Deputy Managing Director of the IMF.

Good morning.

We've had the opportunity of meeting before and all of our discussions have been really compelling and interesting and I've really appreciated the opportunity to engage and look forward to this meeting today very much. We're going to be looking today at the challenges and opportunities in the financing for development landscape. It will also focus on the progress and role of the World Bank Group and the International Monetary Fund in working with countries on the most pressing issues such as fiscal sustainability, debt vulnerabilities, domestic revenue mobilization, and private capital mobilization. The dialogue will be an opportunity to highlight the work of the IMF and the World Bank Group and areas of cooperation with the United Nations and all of its agencies, and discuss expectations and challenges ahead for the 4th International Conference on Financing for Development, FFD4, which is taking place in Sevilla in Spain. So I would like to invite Mr. Axel von Trotzenberg, the Senior Managing Director at the World Bank Group, who is joining us virtually, to make a statement. Axel, you have the floor.

Well, good morning and thank you, Bob, for inviting me to this forum and for your leadership on the Financing for Development agenda. I also want to thank our Executive Directors for their commitment to this agenda and support to the World Bank Group. The 4th Financing for Development meeting is a good time to reflect on the progress made since Monterrey and the main challenges and opportunities ahead. We have recently published a note on the World Bank Group contribution to the International Financing for Development agenda. It identifies a forward-looking agenda that's galvanizing all stakeholders, including donor countries, with the potential to generate resources at scale to achieve better development outcomes. First, it is really important to build a positive and factual narrative around development finance. Several countries have made great progress in the last decades, through their own efforts, including domestic resource mobilization and the support of the international community. Look, for example, at the Asian, and particularly East Asian, example. Several key Addis Ababa commitments were achieved, such as the successful leveraging of donor resources through MDBs and changes in MDB financial models to address debt vulnerabilities in IDA, for example. We also had the Multilateral Debt Relief Initiative, MDRI, to provide comprehensive debt relief. Our numbers tell a story of progress. Since 2002, the World Bank Group annual financing increased fivefold from $24 billion to almost $120 billion in 2024. Over this period, the World Bank delivered more than $1.2 billion in support. The— sorry, I have to correct it— $1.2 trillion. It was not $1.2 billion in lending, grants, and equity financing, and close to 87 billion in guarantees, including $434 billion from IDA. The current narrative may send a negative signal that development finance in the past was ineffective, which in turn may discourage future efforts. It is key to reduce aid fragmentation to maximize impact, especially with tighter budgets. Second, we believe that the F4D4 also presents a timely opportunity to ensure a renewed emphasis on domestic resource mobilization. We are focused on helping countries to broaden their tax bases and modernize their tax administrations, including using digital solutions and AI, prioritizing countries with a tax-to-GDP ratio below 15%. Some of our efforts are with partners like the Joint Domestic Resource Mobilization Initiative with the IMF and the Platform for Collaboration on Tax with the IMF, OECD, and the United Nations. These efforts should be encouraged and acknowledged in Sevilla. Third, on debt, it is important to reiterate that World Bank financing provides crucial support to low-income countries without exacerbating debt vulnerabilities. Take IDA financing, which is comprised of highly concessional loans and grants. It offers built-in debt relief that creates fiscal breathing space before crises emerge. For every $100 disbursed by IDA, borrowers repay only $40 on average. This is expressed in net present value terms, a level of relief unmatched by any bilateral creditor. And addressing debt service challenges is increasingly urging. Our 3-pillar approach with the IMF can be quickly deployed. The first pillar helps countries implement reforms, focus on domestic resource mobilization, growth, and importantly, job creation. The second support— the second pillar supports increasing financing from international financing institutions multilateral development banks, and bilateral creditors. And the third pillar supports liability management operations. We have concluded, for example, a recent operation in Côte d'Ivoire with a debt-for-education swap in the context of sustainable debt and a country committed to reforms. We are working to address solvency challenges too. The Bank and the IMF have been supporting the implementation of the G20 Common Framework, which aims to facilitate coordinated debt treatment for eligible countries. We have seen some good progress, but there is still work to do to improve in terms of speed and process. And the Global Sovereign Debt Roundtable, co-chaired by the World Bank, the IMF, and the G20 presidency brings together debtor countries and creditors, both official and private, to discuss and build consensus on debt solutions. We had a good meeting last week agreeing on new measures that will improve the transparency and the speed of the restructuring process. We have published in this context a playbook with key timelines for debt restructurings. We have discussed debt with borrowing and creditor countries last week at our spring meetings, including several African countries. We are in broad agreement with the view we heard from finance ministers that introducing a separate process and UN debt mechanism risk duplicating ongoing efforts, creating parallel discussions that will lead to fragmentations. It would be better to work towards improving what we have. And we also need to recognize the critical importance of increasing debt transparency. The recent case of undisclosed debt in an African country has shaken investor confidence and reignited broader concerns about transparency. The only way to restore trust is to expand the circle of transparency and improve the quality and timeliness of that data. And the World Bank Group, improving debt transparency remains our top priority. In lower and lower-middle-income countries, IDA provides critical support, including to the sustainable development finance policy and the performance and policy actions that countries undertake on an annual basis to address shortcomings. And by the way, we had last week on Saturday an IDA Day where these points were reiterated by the donors as well as supported by borrowing countries. We also continue to build capacity of debt management offices, helping countries design sound debt policies and improve the public disclosure of that data. We're also strengthening the bank's data reporting system by reconciling borrower-reported data with information from creditors and making the system more comprehensive and granular. And we have seen some progress. More countries now produce high-frequency and detailed reports, and our debt transparency heat map shows that only 20% of the IDA countries do not disclose debt data today. This is down from 40% 4 years ago. Let me finish with a word on private capital mobilization to generate jobs. Despite years of talks, private capital never arrived at scale. The issue isn't the lack of funds, but poor conditions. Regulatory uncertainty, currency risk, and political instability, which keeps investors away. To change this, we are working around 5 pillars. First, regulatory certainty. Our M300 initiative, our effort to connect 300 million people in Africa to electricity together with the African Development Bank, is a testing ground for reforms that can drive private investment. Secondly, political risk. We are streamlining our guarantees offerings and already have a 30% increase in issuance. Third, currency risk. We're expanding local currency financing. Fourth, Fourth, junior equity. We launched Frontier Opportunity Funds to spark early-stage investment. And fifth, securitization. We are partnering with investors to package loans and unlock large-scale capital. These, these points that I just mentioned are closely coordinated and discussed with the Private Sector Investment Lab that Ajay Banga has convened with private banks, private investors, so we get a continued feedback on how we can respond better to the private sector needs and encourage them to take equity or provide financial stakes in developing countries, and particularly also in the most challenging environments. So we hope that these ideas could be useful for Sevilla. The World Bank supports a constructive meeting that delivers realistic, actionable outcomes, that brings together stakeholders, setting a strong agenda for the way forward to generate the jobs that developing countries need. So please count on the World Bank Group to be an active partner in Sevilla. Thank you very much, and back to you, Bob.

Axel, thank you so much. As usual, very candid and helpful, and we appreciate it very much. And we certainly look forward to seeing you in, in Cévy, but we're also going to be, I hope, seeing you in between as we work hard on getting the best agreement we can. I'm now going to invite Mr. Bo Li, who's the Deputy Managing Director of the IMF, to make a statement. He's with me here. Mr. Li, go ahead.

Thank you, Bob. Excellencies, ladies and gentlemen, thank you for the opportunity to address this year's Financing for Development Forum. As we approach the 4th International Conference on Financing for Development, the need for us to come together to support the development agenda of our members has never been greater. The resilience of the global economy is being tested again. Major policy shifts are reshaping the global trading system and have increased uncertainty. These significant shifts have resulted in a downgrade to the global growth outlook. Last week, We released our latest World Economic Outlook. We are not forecasting a global recession, but the global growth is projected to drop to 2.8% in 2025 and 3% in 2026. Risks are intensifying, including risks to their development agenda. Countries should undertake policies focused on ensuring macroeconomic and financial stability, reducing internal and external imbalances, addressing increasingly difficult policy tradeoffs, and implementing bold and durable reforms to reinvigorate productivity and revive growth. The IMF is doing everything possible to help our member countries adapt to this new environment. We are mobilizing funding and adapting our lending. We have provided over $350 billion to nearly 100 countries since 2020 including unprecedented levels of concessional support through the Poverty Reduction and Growth Trust, PRGT, and also through our Resilience and Sustainability Trust, RST. Still, there is much more to do. FFD4 provides an opportunity to take decisive action to accelerate efforts to achieve the development agenda, I would like to stress 2 critical priorities. First, strong domestic reforms. This would unlock more inclusive growth, ensure sustainable revenue mobilization, and improve governance and transparency. Domestic resources remain the bedrock of country-led efforts for sustainable development, and many countries could boost the money available to them through tax revenue reforms and capacity building. More effort is needed to cut non-priority spending and redirect resources towards sectors like health, education, well-targeted social safety nets, and growth-enhancing public investments. Second, FFD4 needs to support global innovation and coordination on financing for sustainable development among development partners. Partners must help with policy advice, capacity building, and financial support. At the IMF, on our surveillance function, the forthcoming comprehensive surveillance review will ensure the IMF stays agile and we strengthen our analysis and advice on monetary, fiscal, exchange rate, and the financial sector policies. The review of financial sector assessment programs will guide efforts to deepen macrofinancial analysis in bilateral surveillance and produce cutting-edge analysis of risks from changes in the financial system, such as the rise of nonbank financial institutions, crypto assets, new payment platforms, and the use of AI. On capacity building, we will also continue to make capacity development more flexible and tailored, and to better integrate it with our policy advice and program design. And this includes our latest initiative on domestic resource mobilization, our new platform called Global public finance partnership. Turning to our lending instruments, the recent charges and surcharges reform by the IMF has significantly lowered members' borrowing costs, and we will continue to ensure full implementation of PRGT reforms. The forthcoming review of program design and conditionality will help ensure that Fund-supported programs are well designed to address macroeconomic imbalances while promoting growth. We will also continue to explore ways to strengthen our precautionary facilities, including in the context of the forthcoming review of short-term liquidity line. On the debt agenda, the IMF plays a leading role in addressing debt through our analytical work, our support of ongoing debt restructuring processes, and our engagement at the Global Sovereign Debt Roundtable. We plan to update the 2020 Stocktake on International Architecture for Resolving Sovereign Debt involving private sector creditors, and we will also finalize the review of the IMF-World Bank Debt Sustainability Framework for low-income countries. And last week, at the Global Sovereign Debt Roundtable, we released a sovereign debt playbook which will facilitate debt restructuring and debt management by developing countries. In conclusion, at a time of rapid development and great uncertainty in the world economy, the IMF will maintain its role as a trusted economic and financial advisor to the membership, a reliable lender of last resort during crisis, and a champion of strong policy frameworks. Thank you very much.

Thank you very much, Mr. Lee. While I've got you, both of you together, perhaps I could, I could ask you one question. I'm going to do something as a lawyer I learned long ago. This is a very dangerous thing to do. I'm asking you a question to which I actually don't know the answer myself, and I have no idea what you're going to say. But I'd ask you to be, both of you, and I'll start with you, Mr. Lee, if you could be as candid as possible about saying, how can we actually improve the on-the-ground cooperation between the UN system, the UN agencies, and the IMF and the World Bank, because I think this is something that preoccupies a lot of us as we look at competing resources, competing plans as to how we as donors can play a role, but also I think among a number of debtor countries and countries that are receiving assistance, that sometimes it doesn't seem to be as well coordinated on the ground as it could. So I'll just leave that to you. And I'll ask Axel to, to have the last word, if you could, if you could perhaps just engage with us a bit on that.

Thank you, Bob, for that question. Maybe let me quickly— maybe 2 points, 2 observations from me in terms of promoting on-the-ground collaboration between the UN system, the World Bank, and the IMF. My first observation is that what we have found could be a very powerful way to strengthen coordination is what we call country platform, country platform. And this country platform has to be country-owned, country-driven, and country-managed.

Yes.

Of course, international partners will support countries to manage such a country platform, but typically when there is a country platform, there is strong collaboration among international partners, including the UN system and the Bretton Woods institutions. We have seen some country platforms in some of our member countries working very effectively, such as in Egypt, and including development finance, In our PRGT lending and also in our RST lending, we found countries with strong convening power, countries with strong platform typically has generated a lot of synergies among international partners. My second observation is that in the last couple of years, both the World Bank and IMF have taking initiative to strengthen collaboration among the Bretton Woods institutions and the UN agencies, including on development finance, including on climate finance. There are many ongoing projects in many countries where we see close collaboration between the Bretton Woods institutions and the UN agencies. I personally traveled to a number of developing countries in the last couple of years, I see stronger and stronger collaboration on the ground. I think the leadership in the Bretton Woods institutions and also the UN agencies are taking the initiative to facilitate and also to support stronger collaboration and also to support countries to establish and to drive the country platform that could provide a powerful tool for close collaboration among international partners. I stop here for now.

Thank you very much, Mr. Lee. Axel, I'll give you the last word of this component of our discussion.

Well, thank you. I think the way I would argue is that we are at our joint best when we are operational, we are relevant for the countries, and focused, meaning results-focused. And that to me is seen particularly where we have a very strong cooperation with executing agencies like UNICEF, WFP. You see it also with the WHO when it comes to, you know, COVID or pandemic issues. We work well together. We have also in that context also a lot of financial relationships. When I was at the UN, I mentioned I think it was around $12 billion that we have channeled over the last 6, 7 years through UN agencies. So there is a very strong link with the low-income agenda and with the fragile states where we work very, very well together. So my argument is the more operationally we are, the better we are in the cooperation. Clearly, what helps is when we are present in the field, and that is in actually 140 countries, and in all low-income countries we are represented. So that is of enormous help. I think where we are then less effective, probably to be self-critical, is in countries where that operational relevance is not immediately clear. And then it becomes then a much harder way to, to look how we can best complement each other. But I would certainly say where it matters most, low-income countries, that is a very effective relationship. And I think we can continue to improve. But I think as long as we focus on getting support to the people that need our support, I think we do a good job. That would be a little bit my thing. So it is a more nuanced answer.

Good. Thank you so much, Axel, and thanks for being with us. It's much appreciated and we really do appreciate it. I'm going to now invite the Forum to begin consideration of Agenda Item 2, Subitem A. To hold the special high-level meeting with the Bretton Woods institutions, the World Trade Organization, and the United Nations Conference on Trade and Development. Just need to pause for the podium one minute. Oh, we're going to just pause to let you depart. Thank you so much for doing this. It's great. Yeah, that was And I'm going to invite the speakers to the podium if you'd like to come up. Is that right?

Yes, Jerry.

Yeah.

Yes, I'll try to. How are you?

Thanks very much. I appreciate very much the ongoing. cooperation and close relationships that we've been able to establish with our colleagues at the Bank and at the Fund. I'm now going to ask His Excellency Riyad Al-Kharif, who's the Deputy Chair of the International— of the IMF and Financial Committee of the Fund, to make a statement. Excellency, you have the floor.

Thank you very much, and let me begin Thank you, Mr.

President.

I would like to begin by extending my appreciation to the President of ECOSOC, Ambassador Ray, for his kind invitation to speak at this very important gathering. And I would like to echo the point that you raised in the opening remarks, that it is important that we ensure constructive dialogue among all stakeholders pertaining to this discussion, and I thank you for your leadership. I am honored to address you on behalf of His Excellency Mohammed Al-Jadaan, the Saudi Finance Minister and the Chair of the International Monetary and Financial Committee, known as the IMF. Today, I will focus my remarks on the economic outlook and the main policy priorities for the IMF membership, which we discussed in the IMF during our Spring Meeting last week. I will then touch on the role of the IMF from the perspective of its core functions of surveillance, lending, and capacity development. Historically, this was the first time that the IMF met as a 25-member body after adding the 3rd chair of Africa, and I think this is a significant milestone in enhancing the inclusiveness and raising the voice of underrepresented regions which dominantly have low-income countries. So I think you all would agree that this is an important milestone that will strengthen the voice and representation of the African region. The IMFC main agreement was reflected in the IMFC Chair Statement issued after the Plenary last Friday, as well as the Dera'iya Declaration. And for those who do not know, Dera'iya It is a beautiful, historic city in the Kingdom of Saudi Arabia, which the deputies of the IMF convened their IMF deputies meetings for the first time and worked collectively to produce the Deraa Declaration. And let me take this opportunity to thank all members for their unwavering support. As you all know, the world economy is at a pivotal moment. Soaring trade tensions have fueled uncertainty. Market volatility, and risks to growth and financial stability. This past week, during the IMF-World Bank Spring Meetings, key policymakers representing the entire membership came together to discuss these pressing issues. We had many formal and informal constructive discussions which helped reduce the uncertainty, which is very important at this global conjuncture. The path ahead is nonetheless challenging. The outlook is clouded by weak growth and high public debt, and I hope the previous speakers highlighted this very important issue. Meanwhile, wars and conflicts are imposing a heavy humanitarian and economic toll. Securing peace is essential to restoring stability and fostering sustainable growth. However, there are some potential transformative forces at work, which includes digitalization and artificial intelligence, that can have both opportunities but also challenges if not managed very well. The IMFC concurred that we must harness these transformative forces to build a more prosperous future while stepping up efforts to strengthen economic resilience and break from the low-growth, high-debt path. And we remain committed to work together to address excessive global imbalances and support an open, fair, and rule-based international economic order. First, we must pursue sound macroeconomic policies and advance well-calibrated, well-sequenced, and well-communicated structural reforms to boost private sector-led growth, productivity, and job creation, which is important to a lot of countries, including low-income countries. We will also deepen our pivot toward growth-friendly fiscal consolidation to ensure debt sustainability and rebuild buffers where needed, while being mindful of the distributional impacts. Strengthening the efficiency of public spending and supporting growth-enhancing public and private investments are key in this context. Central banks remain committed to maintain policy stability and price stability in line with their respective mandate and will continue to adjust their policies in a data-driven and well-communicated manner. We will also continue to monitor and tackle financial vulnerabilities and risks to financial stability while harnessing the benefits of innovation. We will continue to support countries as they undertake reforms and address debt vulnerabilities and debt service challenges. Given the recent decrease in official development assistance, particular attention should be given to low-income countries and fragile and conflict-affected states. The Poverty Reduction and Growth Trusts remain key to assist the important part of this membership. In terms of debt, we remain committed to stepping up the G20 Common Framework's implementation and enhanced debt transparency. In the IMF, we look forward to further work on the Global Debt Roundtable and the review of low-income country Debt Sustainability Framework. We encouraged the IMF and the World Bank to advance the implementation of the 3-pillar approach to address debt service pressures in countries with sustainable debt paths. The IMF plays a key role as a trusted advisor and a champion of strong policy frameworks. The IMF reaffirmed its commitment to the institution and looked forward to discussing how to ensure that the Fund remains well-equipped to meet future challenges in line with its core mandate. The IMF supported further sharpening the focus of surveillance to bolster countries' economic resilience and macroeconomic and financial stability. To this end, we look forward to the comprehensive surveillance review which will set the priorities and modalities of future surveillance, and the review of the financial sector assessment programs to ensure that financial surveillance is in step with evolving financial stability risks. When it comes to lending, we look forward to strengthening further the effectiveness of IMF-supported programs through the review of program design and conditionality. We look forward to assessment of the Global Financial Safety Net, and I'm really pleased to highlight that recently in the IMF Deputy Governors meetings, for the first time we had very significant engagement between the IMF and regional financing arrangements, which was very productive. We support further efforts to strengthen capacity development and ensure the sustainability of its financing, and to further integrate the policy advice and program design as set out in the 2024 Capacity Development Strategy Review. The IMFC also welcomed IMF work with the World Bank on the joint domestic revenue mobilization, and I think this is a key aspect, especially for low-income countries, to generate domestic resources. Regarding the IMF governance, which is very important, The IMF remains committed to a strong, quota-based, adequately resourced IMF at the center of the global financial safety net. We have advanced the domestic approvals for our consent to the quota increase under the 16th General Review of Quotas, and we look forward to the finalization of this process. Realignment in quota shares should aim at better reflecting members' relative position in the global economy while protecting the voice of the poorest members. However, building consensus among members on quota and governance reforms will require progress in stages. And in this context, IMF members agreed on the Dera'iya Declaration on the way forward with regards to the IMF quota and governance reforms. The Dera'iya Declaration was prepared by the IMF deputies, as I mentioned, in their meeting in Diriyah in the Kingdom of Saudi Arabia earlier this month. This was the first-ever IMFC meeting that has been held in the Kingdom of Saudi Arabia, and we are really delighted to see the membership coming together and addressing a very key reform agenda in the IMF. We look forward to working with everyone in the future to ensure that the Fund remains relevant and well-equipped to meet the global challenges. I stop here. Thank you very much.

Your Excellency, thank you so much. We really do appreciate your presentation and I look forward to working with you in the days ahead. The Forum will now hear video statements from 3 intergovernmental representatives, namely Her Excellency Elizabeth Svantesson, who is the Chair of the Development Committee; His Excellency Sakhar Abdullah Al Maktoum, who is Chair of the General Counsel at the World Trade Organization, and His Excellency Paul Beckers, President of the Trade and Development Board of UNCTAD. So I would ask our team to please play these 3 videos. Thank you.

Hello everyone, greetings from Washington. I just chaired my first meeting of the Development Committee and I want to share a few key messages. We are living in difficult times and many developing countries are struggling to fight poverty, and grow their economies. And to succeed, we need to work together. Governors showed strong support for the World Bank Group and its work, the value of how the Bank helps countries through financing, knowledge, partnerships, and by bringing people together. They also welcomed recent steps to make the Bank more effective and focused. One important topic that we talked about and which which also is one of the priorities for the Bank to work with, was jobs. Over 1 billion young people will enter the workforce in the next 10 years. Governors strongly supported the Bank's focus on job creation, especially for women and young people. And they also highlighted the key role of the private sector in creating jobs. And to support this, Governors encouraged the Bank to invest in infrastructure, improve education, and help the private sector grow. Energy was also another big topic, and Governors underlined the importance that the Bank keep working with partners to give 300 million people in Africa access to electricity by the end of this decade. Governors also stressed the importance of climate action. Last year, the Bank committed to making 45% of its financing climate-related. And Governors asked the Bank to keep helping countries prepare for and respond to natural disasters, and to respond to client demand to invest in climate adaptation and mitigation. Another key area is IDA, the World Bank's Fund for the poorest countries. Governors thanked donors for supporting IDA21 and look forward to using its resources to meet urgent needs. In today's world, partnerships are more important than ever. Governors are committed to working together within the World Bank Group and with the IMF, the UN, governments, businesses, and civil society. Together, we can share knowledge and pool resources, grow economies, but most important of all, we can improve lives. Finally, the Committee looks forward to the upcoming UN Conference on Financing for Development in Sevilla. There, the World Bank Group will share its focus on results, long-term development, and increasing financing to meet global needs. Thank you, and I wish you all productive discussions today. Now more than ever, international cooperation matters. Let's keep working together for our shared development goals.

Excellencies, ladies and gentlemen, assalamu alaikum wa rahmatullahi wa barakatuh. It's a privilege to address this distinguished gathering at the 2025 ECOSOC Forum on Financing for Development, followed up Special High-Level Meeting with Bretton Woods Institutions, WTO, and UNCTAD. Allow me to begin by expressing my sincerest apologies for not being able to join you in person this morning due to prior commitments in Geneva. Nevertheless, I'm grateful for the opportunity to addressing you through this video message in my capacity as Chairperson of the WTO General Council. This year's Forum comes at a crucial juncture to maintain momentum toward a shared ambition for a successful 4th International Conference on Financing for Development. The task of collectively addressing the persistent and emerging challenges of sustainable development has never been more pressing. The intersection of international cooperation, trade policy, and the 2030 Agenda for Sustainable Development lies at the core of today's dialogue. Trade continues to be a powerful enabler for of poverty reduction and inclusive growth, particularly for developing countries and least developed countries. However, rising global tensions and economic uncertainty reinforce the critical need for multilateral cooperation and a transparent, rules-based global trading system as a foundation for stability, resilience, and sustainable development. This year marks the 30th anniversary of the WTO, fitting to reflect on the achievements and commitments made by 166 members over 3 decades in helping to lift over 1.5 billion people out of extreme poverty. In my role as Chairperson of the General Council, I remain dedicated to fostering open and constructive dialogue among members and to ensuring that we carry forward the momentum into our preparation for MC14 in Cameroon 2026. In this regard, the collaboration between UNCTAD, the Bretton Woods Institution, and the WTO plays an indispensable part. Each institution brings complementary strength to our shared mission. Excellencies, ladies and gentlemen, I wish you productive and insightful discussion over the coming days, discussion that I trust will further strengthen our collective resolve and international cooperation for development. Thank you.

It is an honor to address this Assembly in my capacity as President of the Trade and Development Board of UNCTAD. Gatherings like this remind me of an old saying: if you want to go fast, go alone; if you want to go far, go together. And that spirit of shared purpose, of deliberate and determined cooperation, is exactly what this moment calls for. And I want to thank the President of ECOSOC for bringing us together to reflect, refocus, and recommit. As we near the conclusion of the Financing for Development negotiations in Sevilla, this Forum gives us a chance to take stock. After months of hard work, are we being bold enough? Are we ensuring that ambition is matched by action? And I would like to specifically mention trade, UNCTAD's core focus, and debt. Let me begin with trade, a well-established engine of development. Trade has long been a force for connection and opportunity. It has brought prosperity to many, lifted millions from poverty, and built bridges between regions. But today, that engine is under strain. Increasing uncertainty in trade and investment policies is threatening the stability that development depends on. And as always, it is the most vulnerable countries that feel the tremors first. As the UN system's focal point for the integrated treatment of trade and development, we at UNCTAD cannot overstate the importance of trade as a traditional engine of growth. Trade must remain a driver of opportunity, not a source of risk. And that means integrating trade, investment, technology, and productive capacity into the very heart of our development financing agenda. And these are not optional extras, they are essentials. We must also recognize the deep link between national and global conditions. Domestic and international environments are not separate tracks. They are the same road. No country can mobilize resources, attract investment, or sustain reform without an external context that is fair and stable. And that brings me to debt. In 2023, developing countries spent $1.4 trillion servicing debt. That's $1.4 trillion not going to schools, hospitals, climate adaptation, or digital infrastructure. And this is not just a technical challenge; it's a barrier to development. It's about real trade-offs that governments are being forced to make. Looking ahead, we are preparing for the 16th session of UNCTAD this October in Vietnam. Its theme: Shaping the Future, Driving Economic Transformation for equitable, inclusive and sustainable development is a clear reflection of the moment we are in. The future will not shape itself. If we want a development path that is resilient, green and just, we will need to chart it together. At a time when old growth models are showing signs of strain, and when global cooperation is being tested, We need to make sure development is not the forgotten casualty of larger tensions. Both FFD4 and UNCTAD XVI are key opportunities to show that we are capable of collective action, and that development remains at the centre of our shared agenda. Because the challenges are shared, and so must be the solutions. UNCTAD stands ready to continue working with all of you across institutions and regions to help build a global economy that is fairer, that is more inclusive and more sustainable for all. Thank you.

I want to thank each of those who have spoken, including Riad, for your being here today. And if you're more comfortable, you can leave the podium because we will be going on to the next portion of the discussion. And I'll give you a minute to do that. So we're now going to turn our attention to our 2 guests on the podium who've become good friends of all of us here in New York: Vita Poon from the IMF and representing the the government of the UK, and Matteo, who's here to talk very much about the work of the World Bank. And we're going to have 2 separate discussions that's going to be chaired, one by Bina and one by Matteo. We really appreciate both coming here today. I'm going to ask just to make a couple of housekeeping things. We all know that time is limited, So statements will be restricted. I'll let them decide what the time limit will be, and they can— we can decide how things will go. There is an automatic cutoff. It's a kind of a ruthless machinery-driven exercise that produces immediate silence. And so it's like many things where you are talking but no one can hear you. So, at that— when that starts to happen, I suggest you just stop talking and we'll move to the next speaker. We have to try to get as many inscribed speakers on the board as we possibly can. And now it's my pleasure just to pass the baton to Birgitta, who is going to be moderating this discussion. Madam Moderator, the floor is yours.

Thank you, Bob, and good morning to everybody. I've not done one of these before, so if the machine is too brutal— I hope it's not too brutal, but anyway, I hope we have a very good discussion. But thank you to Ambassador Ray, first of all, and welcome to everyone for our deep dive on IMF issues and our contribution to the FFD agenda, which actually follows a very wide-ranging discussion that executive directors and ECOSOC members had in Washington in early March. I should also say I'm very pleased to see many CSO representatives representatives present today, some of you whom I met during the Spring Meetings last week, and I'd be very happy, of course, to engage further on IMF issues at any time. A lot has happened since we last met in March, and it is undeniable that major policy shifts have pushed global trade and market uncertainty to historical levels. As Deputy Managing Director Bo Li mentioned earlier, the IMF's World Economic Outlook which was published last week, downgraded growth for 2025 by 0.5 percentage points to 2.8% in 2025, with markdowns for every region. Now, how the economic outlook unfolds in the coming period is subject to huge uncertainty with unpredictable impacts on economic output and inflation. We will need to closely monitor how the impact of the initial tariff shock and varied country-level exposures to it translates into trade diversion, supply chain disruptions, greater asset price volatility, and tighter financial conditions, all of which have very complex macroeconomic spillovers. This global picture is also evolving against the context of rising debt levels in many countries, as rising yields and widening sovereign spreads in emerging markets further complicate the already challenging fiscal landscape. The IMF's Fiscal Monitor published last week noted very clearly that debt risks were already elevated before the start of this year and that debt levels may rise further if revenues and economic output decline more significantly than current forecasts due to increased tariffs and weakened growth prospects, which can increase the demand for fiscal support at a national level. Furthermore, the Fiscal Monitor estimates that a significant rise in geoeconomic uncertainty could lead to a public debt increase of approximately 4.5% GDP in the medium term. All of what I have just described throws fiscal trade-offs for policymakers into very sharp relief as they grapple with building financial buffers, keeping debt sustainable, whilst also meeting urgent spending and investment needs for the future. And it's precisely for this reason that I'm grateful to Ambassador Rhea for agreeing to create some time for us a bit later on to have a dedicated session amongst EDs and some ECOSOC members to discuss debt challenges as they pertain to emerging markets and low-income countries in more detail. Given all of this, I cannot stress enough how the FFD is an important opportunity to put a spotlight on how IFIs, especially the International Monetary Fund, need to double down on efforts to support macroeconomic and financial stability for all, which is a crucial prerequisite for accelerating and achieving economic growth and development. Now, the Fund's role as the world's lender of last resort is well known to most of us, and its sizable financial firepower has not only helped countries tackle various balance of payment crises, but actually also been deployed in a precautionary fashion in some cases to support countries with strong economic fundamentals to actually prevent crises from materializing. The Fund also made several important reforms in the last couple of years to double the size of our concessional financing envelope from pre-pandemic days, to lower the cost of members borrowing, and to make its precautionary facilities more useful for qualifying members to help them confront sizable and persistent systematic risks. But I do want to spend the next 55 minutes before I turn over to Matteo to exchange views on how the IMF is helping and can do more to help its members in the coming period through continued rigorous and independent macroeconomic analysis and granular and actionable policy advice on areas from fiscal policy to transformative trends such as financial digitalization and climate change, as well as crucially capacity development on themes as wide-ranging from macroeconomic forecasting, monetary policy modernization, public financial management, and domestic revenue mobilization to really build the strong policy frameworks that Deputy Managing Director Boli mentioned at the start, which are really necessary to help countries, including LICs and fragile states, weather the economic uncertainty and unpredictability ahead. I want to first invite His Excellency Mr. Krzysztof Czajewski, the ECOSOC Vice President, followed by the designated CSO representative, Mr. Kamal Rambaruth from the Institute of Economic Justice in South Africa, to intervene, to be followed by Ingrid Solberg, the IMF Alternate Executive Director for the Nordic-Baltic Constituency, who will talk about the importance of surveillance. And last, but certainly not least, Mr. Mohamed El-Erashed, our distinguished IMF Executive Director for Saudi Arabia, who, given the Kingdom's leadership on capacity development issues, will speak to the issue to provide some color on why this is a vital, but actually sometimes overlooked, part of the Fund's contribution to supporting the FFD agenda. I will then open up briefly for comments and questions. I see a request list, So, Bob, you might need to help me navigate through that and wrap us up in time so that Matteo, on my right, can chair a session on World Bank matters before we wrap up, I think, by 1 PM. Ambassador, over to you.

Thank you.

Thank you, Vidya. It's good to see you again. As you did, I also recall with good memories our meeting in Washington in early March between the ECOSOC Bureau and the IMF and the World Bank Group in the lead-up to the FFD Forum. Now, today's meeting is part of the ECOSOC FFD Forum, so it's more traditional and cyclical, it's never— it's never like— you shouldn't spare the moment to— and it's good to emphasize that it's never too many of the meetings like that and it's to better understand each other and I'm so glad to see so many colleagues from Washington coming to us, to New York today. I believe that back in March, but also on other occasions, many of us realized how much much more homework we all have to do in pursuing the deepening of the dialogue between the United Nations and the international financial institutions. We need to continue to deepen mutual understanding of what our respective institutions are doing, where we are coming from, and what our primary goals are. There is still much to do for us to start speaking the same language, and I will be presiding the operational activities segment of the United Nations, which is overlooking the development system of the United Nations in May this year, and it's a— I hope it will also be a good opportunity to get together again and to speak the same language. In the current political and global economic outlook, and taking into consideration the current trends in financial and financing development, I believe that we need less silos and more synergies, also here in the UN, but also between our institutions. We need mutual trust and joint efforts. Instead of blaming each other for not doing enough or being too intrusive. I think I don't need to be more specific for all of that to understand what I'm referring to by saying that. In this context, let me say 2 of my takeaways from our meeting in March, which I recalled in the beginning, and I just— this is my input to our discussion today. First is that while referring to the global debt crisis, We shall primarily explore how high debt servicing costs impact development of the specific countries, also giving into consideration the complex economic situation that you also referred to today, with the trade and other things that have been disrupted. This is according to the IMF, the institution which, with vast expertise, data, and involvement into solving debt crises and issues worldwide, expertise which I believe that the UN should be very much open to. In this vein, I guess my question to our distinguished representative of the IMF would be how the FFD4 should tackle that problem of the debt servicing cost so that it would be part of the solution rather than create more uncertainty around the global conversation on debt. Another takeaway for me was that the IMF and the World Bank want to advance their work in countries in fragile situations and conflict and post-conflict settings— that also was mentioned by Mr. Riyad from Saudi Arabia today— and are keen on having the conversation about those specific countries and their needs within the UN. I personally believe that this is commendable, that we should keep the momentum for this conversation. focusing both on prevention and developing resilience, as well as the peacebuilding efforts and development that is interlinked and interconnected, in my opinion. So, ladies and gentlemen, these would be my introductory reflections. Just 2 points: debt servicing costs, peacebuilding, and fragile situations, the conflict and post-conflict settings, development, resilience, prevention, it all comes together. With that, I would like to wish everyone an interactive, interesting, and engaging discussion in this session. I hope that they can deepen our mutual understanding, and I'll be very much open to listening to the other interventions. Thank you so much.

Thank you very much for those comments and very good points, of course, on focusing on debt servicing costs, but also thank you for mentioning how we can jointly support countries in fragile settings. Actually, this is a topic I want to come back to also towards the end, because I suspect that other speakers will also touch on how the Fund works in these settings as we go along in this conversation. So, thank you for those 2 points. I think let me draw on our CSO representative, Mr. Kamal Rambaruth. The floor is yours. I'm not sure where you are, but hopefully—

I'm over here.

Yes. Okay, over to you.

Thank you for our 3 minutes. Funds and banks that were promising to save the world only 6 months ago have turned inwards and are now trying to save themselves from their biggest shareholder. Earlier this month, fearing US withdrawal from the IMF, the US representative at the Fund made a plea to the new US government to stay. She reminded the world that, I quote, The IMF is a good deal for the United States. As US Executive Director, I engaged regularly to help shape and support IMF lending in a manner that helped advance US interests and reduced Chinese influence. She also argued that the 16th IMF Quota Review actually bolstered the US vote share. Excellencies, we are stuck. Are we stuck? In a changing world, unable to create governance structures for economic, monetary, and financial sovereignty of the Global South, what of the Spirit of Monterrey? The systemic debt crisis has shown that while developing countries may have membership in the IMF and World Bank, these are shareholder-based institutions that serve the interests of their largest shareholders. We need a UN sovereign debt mechanism to replace the shareholder governance structure with a democratic one, one that is inclusive, one that is legitimate. This is not duplication. This is democracy. We cannot reduce the international financial architecture to the IMF because it has become dangerous for global economic decision-making to rely on an institution in which one country has a veto power. We support the proposal by the LDC Group to initiate a UN intergovernmental process to review the governance structures of the IFIs. We propose their mandates and roles are included in this comprehensive review with an ecosystemic perspective. Excellencies, these institutions will not reform themselves. Multilateral UN processes like this are needed. We cannot afford to freeze with despair in this interregnum. We can only find hope in knowing that new worlds are not born, that they are built.

Thank you.

Thank you very much for your comments. I will now turn to Ms. Solberg.

And thank you, Ambassador Rey, for giving us the opportunity to contribute to this important process. The IMF has a strong role to play to help countries maintain macroeconomic and financial stability and achieve sustainable and inclusive growth. One of the Fund's most important tools, perhaps the most important, is surveillance. By monitoring global and national trends, the IMF identifies potential threats to domestic and external stability offering guidance to member countries on necessary policy adjustments. Informed by its nearly universal membership and 8 years of experience, the IMF's bilateral surveillance and policy advice help countries align their economic strategies with the SDGs by promoting sustainable growth, job creation, and development. The bilateral surveillance focuses on fiscal, monetary, and financial sector policies, but also on structural reforms critical to macroeconomic stability, such as governance, social spending, climate change, gender, digitalization, and advice on trade. The Fund's multilateral surveillance includes analyzing economic linkages and policy spillovers between countries. The latest examples are the report published last week addressing the consequences of new trade policies and increased uncertainty. The Fund has also published in-depth analysis and policy advice on protecting vulnerable groups amid rising food and energy prices, mobilizing climate finance, the social acceptability of structural reforms, and addressing debt vulnerabilities. The coming year, the IMF will complete a comprehensive review to set priorities for its surveillance in the years to come. The aim is to ensure that Fund surveillance and policy advice stay agile and even more tailored and relevant, helping member countries achieve sustainable and inclusive growth. It is an important review, and the Nordic and Baltic countries that I represent want the Fund to continue to promote the benefits of an open, rules-based, an inclusive global economy and identify cooperative solutions. We also want the Fund to continue to cover macro-critical issues such as governance, climate, and gender policies in its surveillance. Before I conclude, I want to say a few words about the role of SDRs. As you know, SDRs represent an international reserve asset that can be exchanged to freely usable currencies. To maintain confidence and trust in this IMF instrument, it is important that its use respects the rules mandated by the IMF Articles of Agreement. This entails respecting that creating new SDRs requires a long-term global need to boost reserve assets. And to be clear, SDRs are not free money. The use of SDRs incur a cost in the amount of the SDR interest rate which is above the more concessional terms that many low-income countries rely on. Also, by providing unconditional liquidity, the SDR allocation can delay necessary adjustment and reforms which are essential for long-term economic stability and prosperity. I believe that we all share a commitment to realize sustainable development and agree that we cannot afford a retreat from multilateral cooperation. The Financing for Development Conference this summer is a crucial opportunity to agree on actionable deliverables. By taking into account the role of the IMF and its tools, the outcome document will facilitate constructive cooperation going forward, achieving our shared development goals.

Thank you.

Thank you, Ms. Solberg. Over to Mr. Al-Rashed.

Thank you, Ms. Poon, and good morning, everyone. It is a pleasure really to join you today at such an important moment. We must remember that without strong institutions, countries cannot mobilize domestic resources, manage risks, or unlock private investment. IMF capacity development is crucial in that respect. It does not complement surveillance and lending; it is a pillar in its own right, helping strengthen macroeconomic frameworks, enhance resilience, and support sustainable development. It delivers real results, from rebuilding public financial management systems to improved debt transparency and helping stabilize fragile economies. This brings me to how capacity development is delivered. IMF-CD takes many forms. It includes hands-on technical assistance, customized policy advice, and training delivered through in-person, virtual, and blended formats. Importantly, capacity development is country-driven, meaning it is tailored to each country's own priorities and domestic context. And today, delivery is increasingly happening through regional settings. Bring the Fund closer to its members, promoting peer learning, and better understand country needs. The IMF has been expanding its regional footprint through regional offices in key parts of the world. Those are designed to coordinate capacity development delivery, policy dialogue, and regional engagement. This decentralized model is proving highly effective in delivering more impactful and responsive support. The latest addition in the IMF regional offices is the regional office in Riyadh, Saudi Arabia. In 2024, Saudi Arabia entered into a 10-year, $279 million partnership with the IMF strengthening capacity development, making the Kingdom the second-largest bilateral contributor to the IMF-CD. Saudi contribution represents about 11.5% of the IMF externally funded capacity development budget in the financial year '25. This partnership is structured around 3 pillars, each supporting different but complementary dimensions of capacity development. Pillar 1 focuses on strengthening capacity and post-conflict restructuring in MENA region. Through this pillar, Saudi Arabia funded the creation of the IMF Regional Office in Riyadh. Also, the office serves as coordination hub for policy dialogue, training, and knowledge exchange across the Middle East and North Africa, and it has already delivered major milestones. The Riyadh office co-hosted the inaugural Al-Ula Conference for Emerging Markets, bringing together ministers, central bank governors, and academics from 28 countries to discuss challenges like economic fragmentation and financial stability. The office also coordinates closely with regional bodies such as Arab Monetary Fund and the GCC Secretariat to promote peer learning and strengthening regional economic governance. In addition, Pillar I supports the Middle East Technical Assistance Centre, or METAC for short. METAC works span 14 countries in the region, including many fragile, conflict-affected states. In the past year alone, METAC delivered more than 160 capacity development activities, an increase of 20% compared to the year before. Concrete examples include supporting Lebanon in modernizing its tax administration, helping Iraq strengthening central bank operation. This shows how impactful the regional model can be, particularly when targeted support meets urgent institutional needs. The second pillar expands capacity development support to Africa through regional technical assistance centers in the region. Through these centers, the Fund has helped countries strengthening revenue system, improved financial sector supervision, in addition to modernizing customs and improving governance. In one case, the average revenue growth was boosted from 19% to 27% in just one year. This shows that regional delivery model works beyond the Middle East and it is making a difference globally. Pillar 3, our third pillar, channel support to global thematic funds which focus on key challenges such as public financial management, financial sector stability, anti-money laundering, and better data. So the Office plays an important role in coordinating these efforts. Through its thematic fund, the IMF has helped advancing public investment reform in Pakistan, financial integrity in Jordan, banking supervision in Djibouti, and building fiscal and debt data from scratch in Yemen. These results show that thematic funds offer powerful ways to address cross-cutting global issues that impact development outcomes. From Saudi Arabia's experience establishing regional offices and contributing to capacity delivery has been extremely rewarding. At a time of declining official development assistance globally, voluntary contribution to the IMF capacity development represents a highly effective way to channel support where it is most needed. Importantly, Saudi Arabia also participated in the multi-donor initiatives, and a prime example is Somalia Country Fund, where Saudi Arabia's long commitment is helping rebuild the institutional foundation of a country emerging from decades of fragility. Yet, we must recognize that the work is not done. First, scaling up capacity development in fragile, conflict-affected states must be a top priority. Without strong institutions, instability persists and development gains we seek remain elusive. Second, securing sustainable capacity development financing is crucial. We must carefully prioritize delivery, align new regional centers opening with need, and expand the donor base. Third, the coordination and cooperation across AFIs and capacity delivery partners is key. Leveraging each institution's comparative advantage would help maximizing the impact, avoid duplication, and enhance spending efficiency. With that, I'll stop here. Back to you.

Thank you, Mr. Awrashed, and thank you very much for bringing to life some of the country examples of capacity development done by the IMF. I should really emphasize that the IMF's work in this area is really subject to continuous improvement. We really listen to what countries need and really adapt the capacity development development efforts in that regard. I should say, in case the audience isn't aware, capacity development actually accounts for around 30% of the IMF's country operations, and low-income countries actually receive the largest share of our capacity development activities. Actually, I should say, countries in fragile settings, which Mr. Malhoush referred to, had the fastest growth in capacity development delivery for the period from 2022 to 2024, with a stark increase of 54%. A lot of the CD is focused on improving public finances, which we talked about in various fora, but the Ambassador, Mr. Szczeski, referred to this morning as well. Given the importance of improving fiscal frameworks, helping countries with their spending efficiency, boosting domestic resource mobilization, but also enhancing debt management, all of which are vital to macroeconomic stability. I know there's a long list of speakers, and I do want to make sure we get to the second civil society speaker and those at the end as well, so I think the best way to do this, I will call on you, but bear in mind it's 11:23, and I do want to reserve a couple of minutes at the end to answer questions. Bob has given me strict instructions to keep you to 2 minutes, and I think if you surpass 2 minutes, the machine might do something. So I think first we have up the representative from China.

Mr. President, today's meeting is very timely. In today's turbulent world, unilateralism, protectionism, and economic bullying are running rampant Developing countries face severe shortages of development funding and progress on achieving the SDGs is severely lagging. With the FFD4 only 2 months away, the international community should uphold the spirit of solidarity, cooperation, and win-win to jointly address challenges and promote common development. First, uphold multilateralism. No country is immune to global challenges. Withdrawing from groups and agreements is not the solution. Multilateral cooperation is. We must firmly safeguard the purposes and principles of the UN Charter, uphold the international system with the UN at its core and the international order based on international law, resolve disputes through dialogue, and promote win-win cooperation. Second, uphold multilateral trading system. The U.S. has arbitrarily imposed tariffs on over 180 countries, infringing upon their legitimate rights and interests. Violating WTO rules and undermining the rules-based multilateral trading system and destabilizing the global economy. The international community must stand united against unilateralism, protectionism, and economic bullying, jointly safeguard the multilateral trading system and rules with the WTO at the core, and promote inclusive economic globalization. In response to the reckless tariffs, China has stepped up with necessary countermeasures, not only to safeguard its own legitimate rights and interests, but also to uphold international rules, order, fairness, and justice. As the world's second-largest economy and a responsible major power, regardless of how the international landscape evolves— The microphone is cut off.

I think your time is up, I'm afraid, but thank you for your comments. I've got Palau next.

Mr. President, I have the honor to deliver these remarks on behalf of the 39 members of the Alliance of Small Island States, AOSIS. We welcome this timely engagement with the Bretton Woods institutions, the WTO, UNCTAD, especially following the Spring Meetings. Smile Island developing states continue to face structural challenges and external shocks compounded by the impacts of climate change. Yet the current global financial system doesn't adequately reflect our unique vulnerabilities. We'd like to highlight 3 urgent priorities. First, AOSIS calls for more affordable and accessible financial terms for all SIDS. Traditional eligibility criteria like GNI per capita fail to adequately capture our multidimensional vulnerabilities. We encourage the use of tools like the Multidimensional Vulnerability Index in allocating concessional finance and urge support for the World Bank's work on climate vulnerability index and small— and their small state strategy. Second, we call for the alignment between the UN-recognized category of SIDS and how small states are treated across the institutions. SIDS deserve tailored support that responds to our distinct circumstances, such as geographic isolation, limited economies of scale, and climate risk. Third, AOSIS calls for enhanced representation and participation within the governance structures of the World Bank and the IMF.

Current structures reflect a post-World War II model.

As SIDS advanced the Antigua and Barbuda Agenda for SIDS, which was adopted last year through the General Assembly, we must have a stronger voice to articulate our realities.

Mr.

President, the international financial system must evolve to reflect the realities of those most vulnerable. AOSIS remains committed to building a just, resilient, and inclusive system for all SIDS.

Thank you.

Thank you very much indeed. I just wanted to say that the speakers' list is closed, so I'm going to go through the list in order. Mexico is next.

Thank you.

Excellencies, colleagues, Mexico is grateful for this timely dialogue on the evolution of the role of the IMF in advancing the financing for development agenda. As we approach the 4th International Conference in Seville, it is fundamental that we think about how international multilateral institutions can more effectively support countries to achieve sustainable and inclusive growth. The work of the IMF in supporting countries with balance of payments needs through policy advice, financing, and capacity development has led to valuable lessons. It is fundamental that we adapt assistance to national realities. Programs that align with domestic priorities and long-term development plans tend to generate better results. The success of interventions depends not only on financial support but also on the capacity and space of the country in terms of implementing reforms effectively. Strengthening institutional and human capital should accompany any technical and financial commitment. The conditions— policies should be carefully assessed in order to avoid undesirable and unintended social impacts to promote inclusive and equitable growth. The IMF has contributed significantly to strengthening macroeconomic frameworks. Where conditions have made this possible, their participation has facilitated fiscal reform, broadening opportunities for employment, and improving social results, demonstrating that macroeconomic stability and sustainable development can and should go hand in hand. At the same time, the current global context requires adaptation. Geopolitical changes, climate vulnerability, and the global economy that is more multipolar are putting the relevance and legitimacy of the Bretton Woods institutions to the test. Countries should undertake substantive reforms in governance and reflect on the diversity of their membership to strengthen transparency and trust. Thank you.

Thank you very much for your statement. I've got Mali up next.

I'd like to make a few observations. I'd like to begin by questioning our method of work. We've left our capitals, some of us have traveled thousands of kilometers, and the time limit for speaking is just 1 minute 15 seconds. It used to be 2 minutes. We need to rethink our working methods. As for this panel, we can't keep doing the same thing and expect different results. With regard to the panel, Mali is a longstanding partner of the World Bank, the IMF, and other institutions. However, I must say that the time has come to begin reforming To be more effective, IFIs must align their programs with national priorities. They must ensure transparency in their procedures as well as in timeframes for projects, as well as be more flexible on conditions, on the prohibitive rates of interest on debt service, and the complexity of instruments that assist countries in crisis. Lastly, it's important to find appropriate solutions to the pressing issue of the exponentially rising debt of developing countries through policies of debt burden restructuring, extending deadlines for repayment, reducing interest rates, or revising timelines for repayment. They must also reduce a systematic use of austerity measures. Mali hopes that the Cotonou conference will be a pivotal and irreversible stage as we move toward profound reform of all of our IFIs, which they are in dire need of. Thank you very much.

Thank you very much for that. I've got Zambia up next.

Thank you very much, Chair. Firstly, let me just recognize the role that IMF and World Bank play in the Interagency Task course on financing for development, very important for the FFD follow-up, and then also just to thank you for hosting us in Washington, D.C. in March. I want to just acknowledge the work that the IMF and World Bank have done so far. I think it's reflected in the publications that you have on FFD4 and not the World Bank publication that is there online. These publications talk about the progress that has been made so far over the theirs to respond to the situation we have. Most of these things are reflected in the document so far. However, the issue of the financing gap remains a challenge and the issue of resilience remains questionable. The issue here is how will member states respond in Spain to these core issues and how will the IMF and World Bank also respond to increase— to narrow the gap and at the same time increase resilience. From our viewpoint, the issue of DRM, domestic resource mobilization, remains key. In addition to that, we think that the narrative on jobs needs to remain strong. As a matter of fact, jobs and economic transformation remains a key issue. We think that the focus on jobs and economic transformation needs to be sustained, not just across one Spring Meeting. We suggest that it be followed through in the next annual meetings, because that captures both the issue of scale and resilience. Lastly, we just want to invite IMF and World Bank to make some very concrete announcements in Spain. Expectations are high, and we also welcome any work that you can do on assessing the amount of the gap that will be closed from the commitments that will be presented in the document. Thank you very much.

Great. Thank you very much. I've got Morocco next, followed by Brazil and then Cuba.

Thank you, Madam Moderator. As we are paving the way for FFD4, we are conscious that today's global context reminds us of the urgent, strong, and coordinated action that we need to ensure an efficient reform of the international financial architecture. In this regard, my delegation would like to highlight 5 key priorities. First, despite vulnerabilities, middle-income countries often lack affordable and concessional financing, my country calls for eligibility criteria that goes beyond GDP. Second, on debt sustainability, we call for an enhanced coordination and faster implementation of the debt treatments. The resolution of the debt crisis is essential to meet African continent's special needs, in which over 60% of African countries spend more on debt servicing than on healthcare.

Third, my delegation welcomes the ongoing reform of the World Bank Group.

We consider that a bigger, better, and more effective institution must be one that places country ownership at its core, with more flexible instruments and greater emphasis on resilience. Fourth, it is essential to reshape a revitalized multilateral system that ensure to all countries to engage in a fair, open, and inclusive trading system. Fifth and finally, a massive scale-up in climate finance, particularly for adaptation and loss and damage, is crucial. The African continent, which contributes at least to global emissions but suffers disproportionately, must be at the heart of global climate solidarity.

I thank you.

Thanks very much. Brazil?

Thank you very much. The 4th FFD Conference will take place at a particularly difficult moment for the international multilateral system. Financing for development is a positive agenda that is an important pillar in the North-South dialogue. It will be crucial that we achieve ambitious results in order to mobilize the financial means of implementation for the 2030 Agenda. It will also be the measurement of our ability to function as a multilateral system and an important milestone in the preparation for the UNFCCC's COP30 in Brazil. Following the Brazilian G20 presidency's focus on integrating the global financial and climate agendas, Brazil and Azerbaijan will guide, in consultation with parties and different stakeholders, the Baku to Beijing roadmap towards $1.3 trillion, with a view to mobilizing the trillions of dollars needed for a just climate transitions in developing countries. We count on your support in these endeavors. Now, with regards to our discussions here in the FFD Forum today, the debt crisis is perhaps the single greatest challenge for developing countries to achieve the 2030 Agenda. Developing countries are spending $1.4 trillion per year in servicing debt, compared to $212 billion in ODA in 2024. Yesterday, we heard that there's an expectation that ODA will be cut by half this year, This is not the responsibility of a single country, as no less than nine donor nations have announced a decrease in ODA. Today, there's an export of capital from poor countries in the global south to the developed countries in the north. Beyond see the common framework RST, IDA, PRGT. What are the existing mechanisms, and what can the IFAs and MDBs do to reduce these imbalances? There's a G. 77 proposal for yearly emissions of SDRs by the IMF? What should be the technical parameters on the debate regarding this issue, such as preserving the SDR characteristics as a reserve asset? Thank you very much.

Thank you for those questions. Cuba next.

Thank you, Madam Chair. The Associate Director of the IMF stated take responsibility for some of these issues. We wish to ask how we can ensure that the IMF can be fully aligned with the Climate and Sustainable Development Goals.

Thank you.

Thank you very much. I think I have got Ms. Emma Bergeson next from Christian Aid.

Thank you very much. I am also speaking on behalf of the civil society FFD mechanism. I'm just going to respond to 3 issues that were raised in the discussion today. First, we've heard that some members discuss a fear of duplication, but as the IMF so often reminds us, the IMF is not a development institution. It considers itself to be prevented from directly supporting human rights, and as we've heard last week and today, it's now recommitting to so-called core functions. So what institution exactly is left to ensure debtor countries have a voice in debt restructurings, for example, or that policy advice helps create an enabling macroeconomic environment for the fulfillment of the 2030 Agenda, climate commitments, and human rights? We don't see any duplication there. We've also heard about the Fund's role in tackling debt challenges. During the negotiations of the Summit of the Future, member states requested the IMF to review gaps in the global debt architecture. Then a few months later, the IMF decided that this paper will not in fact address gaps in the global debt architecture and discuss proposals such as a sovereign debt workout mechanism, but will be limited to the role that private creditors play in today's debt landscape. Why? Because it already knows that some of its largest members don't like these types of proposals. So it's decided that's not worth the discussing. What does that tell us about the role the IMF plays as a trusted expert institution that even-handedly works for all its members? Finally, we also heard discussion on the progress of IMF governance reforms. The latest announcement that we also heard about today actually pushes back promises made to make progress on IMF quota realignment by this June. Instead, the latest promise is for this to now happen by next year, once again pushing this can down the road. The events of the last week should leave us all with one very clear message heading into Sevilla, namely that it's ill-advised and dangerous for global economic decision-making to rely on institutions that have such undemocratic governance structures.

Thank you.

Thank you, Emma. I've got Venezuela next.

Thank you, Madam Moderator. Thank you, Madam Chair. It seems that the Bretton Woods institutions have joined in conflict and some powers against our countries. This has led to hardly transparent policies and the reports that are published in referencing Venezuela. These actions have occurred even during the worst moments of the COVID-19 pandemic. The IMF is acting in an erratic way and is hardly acting in solidarity as occurred during the COVID-19 pandemic when our country was prevented from accessing these resources. This is a reality that still to date has not been correctly Even when we see the opposite, we do not want to think that this institution is party to the economic aggression against our country. If this is the case, this institution should undertake some internal reflection. Venezuela has had 16 successive quarters of growth through its own efforts, even leading countries in the region. Who are not subject to these barbaric unilateral coercive measures like our country is. The most recent report of the IMF makes it clear that this institution is biased and is not particularly professional in terms of its relations with Venezuela. Its investigative work on our country did not use appropriate sources. We invite the institution to work with states in seeking solutions to these countries while respecting the country's sovereignty and institutions. Venezuela will continue to work on national unity, clearing anything in its way that prevents its national development. I thank you.

Thank you. I have 3 speakers left: UN-Habitat, Customs Cooperation Council, and IRENA.

The IMF plays a pivotal role in shaping global financial stability and influencing national conditions through fiscal and macroeconomic frameworks that can enable public investment in sustainable development goals, including in cities. I would like to focus on the urgent need to scale up investment in social and physical infrastructure in urban areas, particularly in housing, services, and systems that are essential for rapidly growing cities. UN-HAFTAT is advocating for a closer alignment between development finance and urban investment needs. I will offer 2 recommendations. First, increase investment in cities. International financial institutions, including the IMF, play a critical role in shaping financial conditions. While the IMF may not directly finance infrastructure, it can support national frameworks and macroeconomic policies that expand access to funding for cities. Second, strengthening subnational finance. This includes optimizing own-source revenues, fostering equitable and transparent intergovernmental transfers, and improving access to external finance at the city level. By working with the IMF and development partners to implement these measures, we can ensure financial systems support sustainable urban growth and leaves no one behind.

Thank you. I've got the Customs Cooperation Council next and then Irina.

Thank you, Chair.

The Customs Cooperation Council, also known as the World Customs Organization or WCO, serves as the voice of the international customs community. Our 186 members, of which 3 quarters are developing countries, are responsible for managing around 99% of world trade. Customs administrations play an integral role in domestic revenue mobilization, especially in developing countries where customs contributes between 40% and 65% of tax revenues. Many of the actions proposed in the FFD IV Outcome Document particularly those related to policies for domestic public resources and international trade as an engine for development, cannot succeed without customs serving as an effective implementing agency. We're currently working very closely with both IMF and the World Bank in several initiatives that facilitate legal trade and promote fair revenue collection, but we still need to do more And as I have mentioned before, customs is a strategic partner in achieving the objectives of the FFD4 outcome document. For this reason, WTO stands ready to strengthen our collaboration and finding future initiatives that allow customs to contribute more to domestic revenue mobilization and the flow of legal trade. Thank you, Chair.

Thank you.

And, uh, final word to Irina.

Thank you, Chair. Global investments in energy transition technologies reached a record high of $2.1 trillion in 2023. However, despite this progress, funding remains insufficient to meet the ambitious development and climate targets set for 2030 and beyond. Half the world's population, living in more than 150 economies outside Brazil, China, and India, received just 10% of the world's energy transition investments. investments. Africa has received less than 1% of global energy transition financing in recent years, highlighting the stark geographic disparity in capital flows. IRENA, the lead intergovernmental agency dedicated to renewable energy, is committed to facilitating the global transition by working together with members and partners to accelerate investments in this area. We are focused on unlocking the finance necessary to scale Clean energy systems, particularly in regions like Africa, Central Asia, Southeast Asia, and other developing economies, which remain critically underfunded. The financial gaps in these regions are not just a challenge but an urgent priority. Closing these gaps will require concerted effort to bring together international collaboration, innovative financial solutions, and country-led platforms that can direct support where it is most needed. IRENA's World Energy Transitions Outlook estimates that over $5 trillion in annual investments are needed to meet the 1.5 Celsius climate goal by 2050. With only 5 years until the 2030 deadline, we must ramp up investments to meet socioeconomic, energy security, and energy access goals. Governments, bilateral and multilateral donors, and the private sector must collaborate to address the high cost of capital without exacerbating developing countries' debt burdens. This will require innovative risk mitigation instruments beyond existing mechanisms, such as guarantees, concessional finance, insurance products, and blended finance. In summary, we need to pool resources and expertise, ensuring coordinated global efforts to address financing challenges.

Sorry, I think you got cut off there, but thank you for your comments. I think, Bob, you're hurrying me on, but let me, maybe before I turn to Matteo, sort of give 4 overarching comments and responses to everyone's very valuable comments. I think the first thing I would say is I heard a lot of appreciation, but also suggestions and, of course, criticisms about the role of the IMF and our work in contributing to financing for development. Let me just say upfront that, as an institution, we are always open to engagement, not only at the Spring Meetings and the Annual Meetings, but bilaterally as well in different formats. We are working with IMF management and staff also to improve the way in which CSOs are engaging on specific reviews. A number of people talked about the Comprehensive Surveillance Review, but we also have the Review of Conditionality and Program Design. There, we very much welcome CSO input in that. I think the second thing I wanted to say is on the kind of big question of multilateral cooperation. I think, needless to say, certainly from our perspective, there is deep, very deep, deep interest in preserving an open, balanced, and integrated but fair global economic and trading system, and that requires all of us to really invest in well-functioning international economic institutions like the IMF, like the World Bank, because they provide countries, no matter how large or small you are, with the machinery for consultation, the machinery for collaboration, and the machinery for constructive conversations to resolve differences where they arise. You will notice a lot of these words in Article 1 of the IMF's Articles of Agreement, so we intend to fully live up to that. The third comment I would make is a lot of folks around this room talked about the importance of the debt issues and addressing debt vulnerabilities, and a number of you noted the importance of managing the issue of increasing debt service. Which, of course, is squeezing out fundamental spending needs on health and education and otherwise. I think here, I think Matteo, I'm sure, will share with me the urgent need that we all feel from the IMF and the World Bank to be more concrete in how we help countries address that. We've talked about more speedy and timely restructuring processes. We've also talked about the importance of implementing the 3-pillar approach. which also, by the way, includes the importance of domestic economic reforms, which the Deputy Managing Director Buly mentioned this morning. But we also need to find ways to make sure that we have resilience for the future. How do you avoid the buildup of debt unsustainably before you have to restructure it? I think we will continue our course to deal with these issues as urgently as possible. Then finally, just a brief word on quota and governance. governance reform. I know very much, of course, this is top of minds for folks here, and IMF Deputy, His Excellency, mentioned it this morning. I mean, there was a Chair's Statement issued at the Spring Meetings last week, and all the IMF members reaffirmed our commitment to the Fund being a strong, quota-based, and adequately resourced institution at the center of the global financial safety net. We still have advance some of us our approvals for the 16th General Review of Quotas. We also recognize that realignment in quota shares should really aim to better reflect members' relative positions in the world economy. But as the IMF Deputy from Saudi Arabia mentioned, and Chair mentioned, we do have to recognize that building consensus amongst members on quota and governance reforms will require progress in stages. That is why the Doha Declaration that the IMF's Chair mentioned is currently our way forward. I'm sure we'll have a lot of time in other fora to discuss these very important matters. Over to you, Matteo, I think, for the World Bank segment, and I think we'll have a chance at the end to come back very briefly on some of the comments that were actually directed at both institutions before turning back to the Chair.

Thank you.

Thank you, Vidya, and thank you, Bob. Excellencies, distinguished colleagues, it is my great pleasure to address the Forum today and moderate the discussion on the World Bank Group contribution to the Financing for Development agenda. Let me start by echoing Vida in welcoming CSOs' representatives and take the opportunity to thank you again for your input to our discussion, also during our meetings in Washington. We meet at a crucial time. As pointed out in the previous session, a lot has happened since our meeting in March— policy shifts in global trade, increased uncertainty, reduced growth prospects, new inflation risks, and last but not least, multilateralism under scrutiny. This is a moment of reckoning, but also of opportunity to drive change, especially for the most vulnerable. In this context, milestones like the FFD4 must be seen as an opportunity for us to rethink how we serve our members, allocate resources and deliver real impact, motivated by traditional values of solidarity and cooperation. At the World Bank Group, we started this process 2 years ago when we launched the so-called Evolution Roadmap. We are creating a better, bigger, more effective Bank, one that is faster, more agile and more impactful through its unique blend of finance and knowledge. We, shareholders, working closely with President Banga and management, strengthened our financial model, implementing the G20 Capital Adequacy Framework recommendation and introducing financial innovation to create a platform to attract more resources from shareholders and, importantly, other interested stakeholders. Some shareholders have already responded, providing extra resources that have increased our lending headroom. We also improved our operational model, increasing our efficiency and effectiveness launching a renewed Knowledge Compact and establishing a new scorecard to better track results and strengthen monitoring and accountability. With the FFD4 approaching, now we have a shared responsibility to build on these and other innovations for a stronger financing framework for sustainable development. The hard truth is that financing— the financing gap for the SDGs is unlikely to be fully closed by 2030. It is important to increase resources for development, but we must be realistic. The decline in ODA from traditional donors requires us to double down on domestic resource mobilization, development of domestic capital markets, private capital mobilization, and addressing aid fragmentation. All this is not only to have more resources, but also to make the financing for development infrastructure more robust and more sustainable. However, volume of financing should not be our only goal. Our responsibility is to deliver concrete and measurable results— provide effective solutions to fight extreme poverty, reduce inequality, while protecting the planet. This should motivate us to be smarter, more selective, more innovative and more impactful— making every dollar count more. And this is what the FFD4 Conference in Seville should deliver: concrete solutions and measurable outcomes. It is a complex agenda in a challenging global environment, but by working together and supporting each other's strengths, we can seize this moment to drive real, lasting progress. So I really look forward to our discussion today, and let me first invite His Excellency Mr. Lok Bahadur Thapa, Permanent Representative of Nepal and Vice President of ECOSOC, who will be followed by our CSO representative, Ms. Ruggie Diallo, from the International Trade Union Confederation. And after that, my World Bank Group Board colleague, Mr. Zarao Kibwe, Executive Director for Africa Group I, will talk about World Bank Group priorities, financial resources, sectors of operation, and structural reforms in client countries. Ambassador, over to you.

Thank you, Moderator Mataro and Excellencies, distinguished guests, delegates, as highlighted by the moderators, we are meeting at a very pivotal moment in terms of the financing for development. To bring the SDGs back on track, to consolidate our efforts of eradicating poverty, reducing inequality and addressing climate change, and to bridge the huge SDG financing gap. We need to significantly increase investment in the SDGs from all resources. The World Bank has played a very vital role in promoting sustainable development, putting poverty eradication at its top priority over the years. Its contribution to the FFD agenda is huge and substantial, and its role is critical, from sustainable development finance to private sector mobilizations, to helping mobilization of domestic resources, to debt sustainability and capacity building, to innovative financing solutions. Its extensive development expertise and knowledge, immense global outreach, policy influence, and ability to foster partnerships are important to achieve the SDGs. The World Bank's Evolution Roadmap is pivotal in enhancing its impact and effectiveness in addressing global challenges. Maintaining focus on the mission to eradicate extreme poverty and delivering on the core goals of the Roadmap is vital. Similarly, climate actions and resilience, private sector mobilizations, and debt sustainability are some areas we need to focus on to enhance effectiveness and development impact. The 21st IDA replacement is an important step in mobilizing more concessional finance to low-income countries in achieving their development goals. Its timely effectiveness and operationalization is critical. In terms of further enhancing the concessionality, lending terms could be improved, including longer loan tenors, longer grace periods, lower lending spreads and other fees, while ensuring the financial sustainability of MDBs. As a major source of financing, the World Bank must recognize that foreign Fragmentation remains a significant obstacle to development effectiveness. These issues encompass difficulties in donor coordination, along with the proliferation of documents, strategies, and platforms. While addressing these issues, we must prioritize country ownership and leadership. Stretching existing balance sheets by adjusting capital adequacy rules could enable the Bank and other MDBs to increase lending capacity substantially. It should step up local currency financing and deepen domestic capital markets. Hybrid capital can help to a great extent as well. Implementing de-risking strategy is both practical and essential for encouraging private sector investment. These measures help reduce perceived risk attract private capital to development projects, and bolster the broader efforts of the World Bank and MDBs to amplify their impact. Similarly, leveraging sovereign wealth funds and pension funds can significantly contribute to mobilizing additional financing resources. Moving on, I would like to share that the banks should also focus on specific sectors and structural reforms. Investment must be diverted to the areas that help poverty eradication, job creation, and sustainable development. In this regard, I believe sustainable infrastructures and urban development, climate and energy transitions, education and skills for the digital economy, food system and agriculture transformations, and strengthening the health system should be the areas to focus. I thank you.

Thank you, Ambassador. And now let me give the floor to Ms. Diallo.

Thank you, Executive Director Bougameli. I am speaking on behalf of the CSO mechanism from the International Trade Union Confederation. Distinguished delegates, this forum must address a crucial question. Acknowledging that the billions to trillions mantra was a fantasy as the World Bank grew chief economist has said, what substantive changes are needed? The World Bank Group's evolution process is far from what is needed. It is primarily focused on mobilizing private capital, essentially redoubling on proposals that have demonstrably failed to deliver on the SDGs, particularly, particularly in the poorest nations. These nations have minimal voice and representation in the Bretton Woods institutions. Instructed by its main shareholder to return to its core mission, the World Bank is now promoting a job strategy that merely repackages its decade-old From Billions to Trillions agenda with insufficient attention to job quality. Decent work is not a long-term aspiration but a fundamental human and workers' right. Our global economic and financial architecture must be reformed accordingly. To the 3 pillars presented in the World Bank's job paper at the Spring Meetings, we offer this alternative. First, public sector-led investment that steers economic development and reduces inequality, maintaining the public nature of foundational infrastructure including care, education, water, and energy. Second, reconsideration of the deregulation agenda promoted by the Knowledge Bank through products like Be Ready that privilege business interests over worker protections. Third, ambitious targets centered on the ILO's decent work agenda established through tripartite negotiations between governments, employers, and workers. The World Bank Group's More and Better Jobs indicator must incorporate living wages and fundamental labor rights. Without rigorous accountability measures, private investments alone cannot deliver shared prosperity. As World Bank President Banga stated in April, quote, the World Bank was not born of altruism but of strategic design. Its original purpose, shaped by US interests, was to forge a global economic landscape ripe for private sector investment, unquote. This approach questions the institution's legitimacy. It is time for global economic governance to move to the UN. Civil society calls for a UN intergovernmental process to review IFI's and MDB's governance role and mandate, ensuring a multilateral system that aligns with human rights, substantive gender equality, and the SDGs, promotes labor rights, and genuinely serves people's needs. Thank you for your attention.

Thank you. Bob, you want to say something?

Just a reminder to people that if you do want to get on the speakers list, if you could press your microphones, delegates, to participate in the discussion. I see 2 have come up already, so there may be a few more we'd like to hear from. Thank you.

Thank you, Bob. And so now, Mr. Zarao, give way.

Thank you, Dean, and thank you, Bob. It's good to be here again after our fruitful engagement in March. The World Bank Group continues to implement its evolution agenda aimed at boosting financial capacity, enhancing operational efficiency, and delivering greater development impact on the ground. The discussion held last week during the Spring Meetings underscored the importance of scaling up resources, both concessional and domestic, deepening resilience, expanding private sector engagement, and strengthening services. The World Bank has in place a robust democratic process to identify development priorities. A prime example is IDA, where donors and borrowing countries engage every 3 years to determine critical development priorities for financing. Specifically, for IDA21, the agreed focus areas include people, planet, prosperity, infrastructure, and digital transformation, whereas jobs, fragility, conflict, and violence are among the cross-cutting issues. Equally important for the World Bank and its members are the global challenges, as we have learned from the pandemic, the drivers of poverty are no longer confined within the national boundaries, but they transcend those boundaries. These focus areas are not just blanket priorities, but they include clear deliverables such as enabling 300 million people access affordable energy in Africa by 2030 as part of Mission 300. Secondly, the Bank is committing $9 billion annually to support agribusiness. Third, the bank is committed to enabling 1.5 billion people have access to affordable and quality healthcare. Third, the bank is committed to supporting women have access to broadband and localization services, including financial education and job opportunities. It also intends to support 250 women with social protection. Focusing especially on the poorest and most vulnerable. And lastly, the Bank is supporting 180 million more women and women-led entrepreneurs with capital just to run their businesses. But in all what the Bank is doing, knowledge is central. For instance, you have all heard that the High-Level Advisory Council on Jobs convened by the President of the World Bank identified 5 sectors with substantial job creation potential, that is agribusiness, healthcare, tourism, infrastructure and energy, as well as local manufacturing. But this does not mean that these sectors are of equal importance in every country. It's through the Knowledge Bank that the Bank will be able to identify which sectors are relevant in which country. Regarding the most effective and Avenues to further increase financial resources for developing countries. Meeting today's immense development needs requires innovative approaches to mobilize both public and private resources. The World Bank Group, through Evolution Agenda, has introduced new instruments such as hybrid capital, the Livable Planet, and One World Bank Guarantee Platform to catalyze private capital at scale. In this context, the International Finance Corporation plays a pivotal role in mobilizing private investment in emerging, supporting small and medium-sized enterprises, and scaling solutions across sectors such as agribusiness, clean energy, financial inclusion, and digital services. IFC's growing toolkit of blended finance instruments, risk-sharing facilities, and upstream advisory services are vital to expanding private sector-led development. However, we underscore the public finance remains foundational. The World Bank is committed to support clients' efforts in strengthening domestic resource mobilization, deepening local capital markets, and enhancing debt transparency and sustainability. The World Bank Group also reaffirmed the critical role of concessional finance. The International Development Association remains the cornerstone of support for low-income, fragile, and vulnerable countries. As emphasized by our governors during the Spring Meetings, IDA is increasingly recognized not only as a development tool, but a global security essential for fostering stability, prosperity, and peace in an increasingly volatile world. Safeguarding and strengthening IDA resources is therefore a shared global responsibility. Colleagues, let me share with you the areas that the World Bank is currently championing as key areas for the reform. The World Bank Group supports investment that drives inclusive growth, creates jobs, and builds human capital. Priority sectors include those 5 sectors that I've mentioned as the job-rich sectors. Private sector development remains fundamental. Strengthening the business environment, promoting entrepreneurship, expanding access, and supporting MSMEs are essential to unlocking inclusive and sustainable growth, particularly for job creation among youth and women. At the same time, we must underscore the importance of structural reforms that strengthen institutions, promote financial inclusion, enhanced governance, as well as vibrant private sector. Across all engagement, resilience must be mainstreamed, whereby addressing debt vulnerabilities, enhancing fiscal sustainability, and building greater preparedness against shocks, including climate-related risks. In closing, the World Bank Group stands ready to continue partnering with member countries and the international community to advance a bold, inclusive, and result-driven development agenda as we look forward to bringing FFD4 to fruition, whereby the World Bank Group will showcase how the evolution agenda is delivering on the ground. Back to you.

Thank you, Darao. So let me now move to the speaker list. As before, 2 minutes for each speaker. We start from Iceland and then we have Ms. Ahmed from the World Bank Group Iceland.

Thank you, Chair. As progress towards the SDGs is off track, and with ODA under pressure in many countries, it's clear that we need innovative ways to address financing challenges in order to move the needle on meeting development needs and enabling climate action. To this end, the World Bank evolution process is commendable, and the Bank is well equipped to deliver on many of the key issues for financing for development. We would like to highlight 3 of these. First, in addition to its innovative efforts to increase its lending, the Bank plays an important role as a mobilizer of private capital. In a context of shrinking ODA, every dollar must have a catalyzing effect, and the horizontal nature of the Bank is conducive to exacting this change. Moving forward, this emphasis will only be more salient. Second, gender equality is a precondition for economic development, and the protection of human rights is vital for peaceful societies that leave no one behind. With its New Gender Strategy, the Bank has taken an important step to lead on this issue. Economic potential is not fully realized unless the entire population is empowered. Third, enhanced domestic resource mobilization through progressive, pro-poor fiscal systems, strong debt management, and sound regulatory environments are important not only for increasing the resilience of economies, but also for creating favorable investment conditions. In this regard, the Bank's role as a provider of technical assistance is vital to make that a strong tool for development. In closing, it's our joint responsibility to ensure that the World Bank remains a constructive partner for developing countries, recognizing that grant funding remains an important aspect of the Bank's financial model.

Thank you.

Thank you. Ms. Hamed.

Good day to everyone. I just want to reinforce that the World Bank's contribution to the Finance for Development is a forward-looking agenda and it has priorities that include domestic revenue mobilization, developing domestic capital markets, mobilizing private capital, as well as enhancing crisis preparedness and resilience. We also have on the agenda addressing debt vulnerabilities, including solvency and liquidity challenges, but debt transparency and debt management is also key. Increasing aid effectiveness to reduce fragmentation and supporting jobs and growth is also an important part of the World Bank's agenda. Creating jobs is central to our development approach, with 1.2 billion young people entering the workforce over the next decade and hundreds of them may not find employment, potentially destabilizing societies, intensifying illegal immigration, threatening security, and hindering growth. The World Bank ensures that job creation is an explicit aim of our projects. Not just a byproduct of it. Our goal is to help countries build dynamic private sectors and convert growth into local jobs by unlocking opportunities where people already live. This means strengthening sectors like energy, infrastructure, agribusiness, healthcare, tourism, and expanding manufacturing in mineral-rich countries. As identified earlier by my colleague Zara, we're taking the 3Pact approach, and all of it is designed to make sure that domestic resource mobilization is a key development agenda for job creation, and we're working to broaden the base of DRMs in our partner countries. Thank you, and back to you, Chair.

Thank you. Now I've got Yemen, followed by Mr. Chigliatto from the World Bank Group and Ms. Paoli from Christian Aid. Yemen.

Thank you. Yemen values the World Bank's continued partnership despite our challenging context. We welcome the recent Board discussion where most members supported continued group engagement in Yemen, recognizing our commitment to honor either obligations and the results being achieved. We propose 3 priority areas to enhance the group effectiveness. First, implementing a differentiated approach for fragile context. Projects in government area and non-government area can benefit all Yemenis through our national institutions, not through third parties. The group should adopt flexible operational modalities that recognize varying security conditions while maintaining whole-country impact. Second, it's important to expand the financial resources resources through approving all our pending project pipelines before the fiscal year end, aligning the IDA21 with our National Development Plan, and developing innovative financing instruments for conflict-affected states. Third, the World Bank should strengthen risk mitigation mechanisms through expanding IFC guarantees to encourage private investment in Yemen infrastructure and energy infrastructure. And mobilizing mega insurance products with relaxed requirements for fragile states. We also called for creating blended finance solutions tailored to high-risk environments. Yemen has demonstrated commitment to reform through digitizing the revenue administration, which increased the resources mobilization by 79%. We can attract crucial private capital to complement public investment in post-conflict reconstruction, and we think we can do it with the World Bank group, if there is any easy access to the current instruments beyond IDA benefits. Thank you very much.

Thank you. Now we've got Marcos from the World Bank Group.

Thank you, Matteo. I'd like to say a few words on the Shareholding Review, a topic that I know is very important here at the UN. Also very important in other forums such as the G20. You will recall that last year the G20 leaders discussed reforming institutions of global governance and they agreed on the need for enhancing representation and voice of developing countries in the decision-making of multilateral development banks. This year at the Bank, the Shareholding Review is currently underway in line with the mandate given by our governors, in which every 5 years we must engage in a cycle of assessing shareholding. What we call the Lima Principles provide the framework for our discussion with a dynamic formula in which we assess misalignments, comparing voting power with countries' GDP and their contributions to IDA. And in this periodic review, we are aiming to achieve a more equitable balance of voting power, recognizing that all voices are important. The Lima Principles also expresses that our governors are committed to protecting the voting power of the smallest poor members. It is also important to say that the review is a fully board-led process where management has no decision-making. At the board, we are working with a strong collaboration spirit to achieve the strongest possible commitments, and our board believes that the shareholding review serves to strengthen multilateralism. We have also agreed to include wider voice issues within the current review, as has been done also in the past. And finally, on the timing, although we don't have to conclude deliberations in October, the Board will report to Governors at the Annual Meetings this year. Brett, back to you.

Thank you.

Thank you, Marcos. Now I've got Ms. Pauli, Christian Aid, followed by Nigeria, Spain, Mr. Krake from the World Bank. Ms. Paoli, please.

Thank you, Chair.

I'm Mariana Paoli, speaking on behalf of Christian Aid and the CSO FFD mechanism. Addressing climate, biodiversity, and ecological crises depends on decisive global action and depends on shifting financial flows from North to South, increase the fiscal space, and secure public grants at scale to address the needs of impacted communities and enable a just transition. That's why a reform of the international financial architecture is most needed to address cross-cutting matters on these issues in every chapter of FFD4 outcomes. Bretton Woods institutions must substantially reform before playing a bigger role in climate finance.

First, Because the finance model approaches based on private sector-first approaches are not delivering.

AJ Bang admitted recently that the billions-to-trillions agendas have failed. So leveraging de-risking guarantees could take away precious resources, public resources, from other instruments, especially because we know that private finance is insufficient and limited for mitigation. It often neglects adaptation and is completely inadequate for loss and damage. So putting profits before needs will not address the climate crisis. Second, because we know that the governance of these institutions are largely controlled by developed countries. So if we really, really looking at climate finance to meet the needs of communities in Global South, they have to be delivered through instruments that are more democratic. democratic, where developing countries have more voice and participation. Third, because, well, these institutions, while championing climate finance, are still funding fossil fuels. We need new additional grants-based finance at scale, and to achieve that, we need FFD4 outcomes that can deliver that reform. The time is now.

Thank you. Let me now give the floor to Nigeria.

Thank you, Mr. President. The IMF continues to play a critical role in Nigeria's economic journey through financial assistance, technical support, and capacity building. Just 2 weeks ago, the Fund completed its Article IV consultation with Nigeria, recognizing the important steps we have taken to stabilize our economy, build resilience, and lay the groundwork for sustained growth. Key reforms such as ending central bank financing of fiscal deficits, removing inefficient fuel subsidies, and unifying the exchange rate have significantly strengthened our macroeconomic framework. These efforts have not gone unnoticed, with Fitch Ratings recently upgrading Nigeria's credit rating to B with a stable outlook, signaling growing investor confidence in our reform agenda. Despite this progress, we still face significant challenges, particularly in building macroeconomic buffers, lowering inflation, and promoting private sector-led growth. This is where we believe the IMF and other international financial institutions must step in with stronger support for countries undergoing and undertaking bold homegrown reforms. At the recently concluded 2025 Spring Meeting, the World Bank Group reaffirmed his vision of a world free of poverty on a livable planet, backed by a planned $50 billion financial capacity expansion over the next decade. Through balance sheet optimization, hybrid capital, and portfolio guarantees, this initiative aims to equip countries like Nigeria with critical resources to tackle urgent development needs and build long-term resilience. Financing for development must be catalytic Going beyond project funding to truly transforming lives. For Nigeria, this means leveraging World Bank Group resources to address urgent priorities, including poverty reduction, creating jobs, ensuring food security, and expanding sustainable energy access.

I think you were cut off, so the next speaker speaker would be Spain.

Muy buenas tardes.

Very good afternoon. Allow me to mention some of the priorities for Spain that the World Bank Group should focus on to increase its effectiveness and impact in development. Firstly, the Bank can reduce the time that it takes for processes. Secondly, we can promote mutual trust with other banks to achieve the harmonization of the environment, social, and governance frameworks and regulations. Thirdly, we can improve project design to support solid national projects. And fourthly, to improve execution, it's crucial that we strengthen the institutional capacity of partner countries to achieve results and impact in sustainable development. And fifth, the Management of the portfolio could also be better managed in order to improve projects and improve strategies for containment and including results with development partners. Sixth, as regards the most viable ways to increase financial resources aimed at development, it's good to continue to implement the G20 recommendations and also to implement other innovative methods such as special drawing rights for development banks. Nevertheless, this increase in resources should not worsen the debt sustainability issue. Seventh, there should be strong national appropriation and alignment with sustainable development practices and policies in the countries and greater cooperation with the United Nations in all contexts, especially the most fragile ones. We need banks and the United Nations to achieve a more just, sustainable, and inclusive future.

I thank you.

Thank you. Let me now move to the last speaker, Mr. Kraake from the World Bank Group.

Thank you. We discussed in this session the World Bank Group's contribution to financing for the development agenda. And no wonder, as an institution with an annual lending volume of $120 billion, the institution and the executive directors have quite a lot to tell on what we contribute to this agenda. The key question is probably, are we focusing on the right things with what we are contributing? I would argue overall, yes. Firstly, because we are quite demand-driven. Clients don't take loans from the World Bank if they don't believe in the programmes and projects. And since we're here at the United Nations, secondly, the question is probably, does this really contribute to the global agendas we all agreed to, namely the 3 UN framework conventions and the SDGs? And to track that, I think the World Bank came up with quite an innovative approach through the so-called World Bank Group scorecards, where we agreed to focus on 22 indicators that measure progress of the institution together with its clients. So whenever it should get boring in these sessions here, I invite you to have a look at the World Bank Group Scorecard to see if there's really progress on the key issues that we want to achieve collectively here. And there, also for the representatives of civil society, you'll find the details on climate action, like the number of gigawatts installed on renewables, as well as people made more resilient to climate shocks, but you also find the details of how many people we actually provide social protection services or how many girls can go to school. So there is a mechanism to track progress of the institution. Probably we also should at some point of time reflect if doing these meetings after the Spring Meetings is the ideal format to progress on what we want to do together. I think the initial idea was that finance ministers would show up here as well; that didn't work out. Maybe we should reflect on the format and also on the timing if we always do this after the the Spring Meetings or sometimes even before, in the same week at the beginning. We feel that also in the Financing for Development discussion.

Thank you, Michael. So we have another speaker, Mexico.

Excellencies, colleagues, the evolution of the World Bank The World Bank reflects their desire to deal with a challenging global environment. The reforms in the framework and strengthening strategic alliances are important and appropriate steps to support states in achieving inclusive and sustainable development. As we look to the future, we think that the World Bank should focus its efforts on addressing the impacts of climate change, strengthening human capital, driving digital development and addressing the growing debt crisis in developing countries. We should leverage knowledge and evidence-based data and improve practices to support growth in local contexts, in addition to financial resources to strengthen national financial institutions, promote inclusive growth, and support transparency and development in the private sector. In terms of priorities, it's important to increase universal healthcare coverage, strengthen sustainable and resilient infrastructure, and drive a dynamic private sector, and to consolidate local institutions that address fragile situations as we prepare for Seville, the help from Bretton Woods institutions will depend on our ability to adapt. We must update governance structures, improve representation of developing countries, and build greater trust in multilateral cooperation. Mexico reaffirms its availability to work with all partners in order to achieve more inclusive, resilient, and development-focused international financial architecture. Thank you.

There is another speaker, Burundi.

Thank you, Chair, for giving me the floor. Burundi would like to sincerely express the gratitude for the role of the World Bank and IMF for countries in development. The World Bank has spared no effort to finance development and has played a very important role in the construction of infrastructure, energy production, development of human capital, as well as further revitalization of our economies and That further capital be provided for financing of structural development. Thank you.

Thank you. Thank you all for a very useful discussion. Thanks for your words of appreciation, for your suggestions, also for criticism that we will take as suggestions to do better or maybe to communicate better. So I think I have time to respond to some of the points.

Please go ahead. Let me just thank you both, Matteo and Veda, for your contributions, and now you both have an opportunity to respond to what you've heard, and then we'll move on.

Thank you, Bob. So I also want to thank my Board colleagues, because you already responded to some of the questions on the country ownership and the country driven model that we use at the Bank on the shareholding structure and the shareholding review we are discussing. Let me add a few words on jobs. From the Ambassador of Zambia in the previous session, there has been a clear request to continue the discussion on jobs, and this is definitely the case. At the Annual Meetings, we will show what we are doing and what we plan to do going forward. Jobs remain at the core, at the centre of our strategy. In that regard, just to respond to a comment from the CSO, I would say it's not mostly focused on private capital mobilization. Private capital mobilization is one of the instruments that we are using to mobilize more resources. We take care of job quality. It's not only the amount of jobs but also the quality of jobs. In that sense, I would say that we are going also to respond to the call for workers' protection in that regard. And it's also an agenda with significant focus on public sector investment, and this is very much related to investment in infrastructure, and if you would just make the connection with Mission 300 and energy, that is an agenda where the private sector can help, but clearly the public sector— is a public sector agenda. There have been some comments also in the previous session on fragile and conflict and violence situations. We are in the process of reviewing our strategy. We just started our work. The plan is to continue the work over the summer and after the summer. There will be extensive consultation with shareholders, clients, private sector, and civil societies I invite civil societies to address those issues, those related to the new FCV strategy during our meetings, our usual meetings at the annual meetings in October. And the idea is to finalize the strategy by the end— by the beginning of 2026. In the same way, we are planning to start a discussion on small states. This is very important for the reasons that have been mentioned in the intervention today. We will start this discussion before the summer and hopefully we will get with a strategy and approach there that is innovative and effective later on in the year. Another key point that is something that Bob raised in the previous session is partnership. As you know, the World Bank Group has been strengthening partnership significantly, not only with the IMF and the UN, but with the other multilateral development banks or regional development banks, but also with a series of co-financing agreements with bilaterals that are very important to mobilize resources and use all the resources that are available to our goal and to our mission. Then climate finance. You know, we have extended the Climate Change Action Plan to June 2026, so what is written in there is still valid and this drives our our action with— and now we have a 45% climate co-benefits commitment, and half of it is planned to go to adaptation and resilience. And so this is just to respond to one of the comments from the room. And I would say that for the moment, this is all for me. Thank you.

Great.

Thank you, Matteo, and thank you again to all the comments. And may I just recognize the Ambassador from Nepal for his opening remarks as well for this segment. Maybe just one final couple of points— 2 final couple of points I just want to pick up, which I didn't manage to address earlier, is maybe to pick up on what the representatives from Mexico and Nigeria also talked about in terms of the importance of IMF programs adapting to national realities and domestic priorities to help achieve achieve better and more sustainable results. I couldn't agree more with that, and indeed, this is a subject which is at the heart of the IMF's forthcoming review on program design and conditionality. Of course, the scope of this review is still to be determined, but I would say that there are 2 questions that are certainly on my mind in terms of how we can go about thinking about programs for the future, which is firstly how programs can better consider the political and social realities of implementing macroeconomic reform. It's what we call the political economy of conditionality in internal speak, but I think you all know what I mean here. And I think the second question, which also CSO representatives picked up on, is how should we really think about, you know, how we focus on analysis of social protection and ensuring the provision of essential public services? How do we ensure these are preserved in IMF programs? This is very important to us as an institution. I would note that, at country level, the Fund engages on macrocritical distributional issues and frequently advises countries on how you improve public financing efficiency to ensure sufficient and growing amounts of spending for social areas like health and education, but not only those areas. And I would kind of remark as well that the share of fund programs that actually included measures to protect social spending increased from 23% in 2019 to about 71% in 2024. So, we will keep that under kind of monitoring and review, but these are some of the really salient questions that we hope to cover, I think, as part of the review. The second thing I just wanted to mention is the focus on resilience, which I've heard loud and clear in this room. As I said in the previous session, the Fund's lending toolkit is very well known, and there's actually a precautionary element of that toolkit. But I think, given the heightened uncertainties I talked about right at the beginning of these 2 sessions, we really need to double down on how we can help countries build buffers, improve their institutional resilience. This doesn't just apply to debt issues. On debt, I talked about the importance of addressing vulnerabilities now and restructuring now, but also preventing the buildup of unsustainable debt. This does— I think some of you referred to the importance of robust action to ensure accurate debt data provision and sharing. We need stronger debt management. We need greater confidence building, actually, between borrower countries and the investor community through more transparent debt disclosures and actually communication of future borrowing plans, which all help to build greater confidence in the overall debt landscape. But I would also just maybe echo what Mr. Al-Rashed and Ms. Zellberg said during my segment about how the Fund's capacity development and provision of macroeconomic advice, a lot of which does happen privately, how this really helps build economic resilience for many countries, really to prevent economic mismanagement, but also to help fundamentally build macroeconomic stability. To maybe take a leaf out of the ECOSOC Vice President's book, which he spoke on earlier, I think we do need to find synergies and we need to find real stories of how the institutions have helped individual countries. Mr. Al-Rishad talked about how, in one case, the IMF's capacity development actually helped boost revenue growth in one country from 19% to 27% in just one year. Somebody else during this session today talked about how IMF advice and collaboration with authorities on the ground actually stopped central bank financing of the budget, which is not insignificant. Significant as a step. And, you know, elsewhere, the Fund has helped modernize central banking practices. It's helped countries introduce national payment systems, something that, you know, many of us may take for granted. And, you know, for low-income countries, you know, the IMF has done a lot to improve currency reform, to put institutions and processes in place for banking supervision, and actually to, you know, improve payment systems. and improve the oversight of financial monetary policy. I think these are all things that may sound quite technical, but at the end of the day, these are all fundamental to macroeconomic reform and financial stability, without which we can't actually progress sustainable financing and financing for development. But I would agree with Matteo. He said in the middle of his remarks earlier that I think we can communicate these stories better, and we can always do better to incorporate feedback, including from our CSO colleagues, on how things are working on the ground. So I would invite all of you in this room to do that, and I look forward to continued engagement, as Mr. Clark has said, not just at Spring Meetings and Annual Meetings, but in the periods in between as well.

Thank you.

Bob, can I say now?

You can say at least 3 words. Let her rip.

I just realised that I forgot to address one comment from the representative from Christian Aid related to the private capital mobilisation. I want to reassure all of you that that agenda is not an agenda to take resources out of development; it's just the opposite. It's an agenda to bring more resources into development. The board of our institution is very much committed to that, so the idea is that if there is private capital coming into the World Bank projects or come into development is because they want to get development outcomes, the development outcomes that we want to get as an institution. So it cannot be the opposite, and the Board is paying a lot of attention to that, so don't worry about that.

Well, I want to thank both Matteo and Veda for coming, for making the trip together with so many colleagues who've come. I want to thank all of you for your contributions to the discussion. I think we all know that these discussions will continue in other fora. We're meeting tomorrow for the PREPCom meeting, so this is an ongoing dialogue that will not quickly come to a conclusion. But I really do want to thank the those who've come from the Bretton Woods institutions, from the World Trade Organization and from UNCTAD, and all I can say is I firmly believe that these discussions should become a regular part of the work that we do at the United Nations and frankly should be a regular part of the work that takes place in Washington as well. We need to have more conversations, more dialogue, more intense discussions about how we can go forward in order to really make progress and frankly convince the governments of the world and also convince the citizens of the world that what we are doing is producing more value for them, greater prospects for prosperity, and greater opportunities Going forward, and as long as we live in our silos where we don't concentrate on the bigger picture of what we're trying to do, the more skeptical the global population will be as to whether we're actually working together to achieve success. We have a credit. We speak. We've spoken about an investment gap. We have a. Credibility gap, and we have a trust gap as well. And we need to know that we need to mind these gaps, as I think they still say on the London Tube. And it's not a bad idea for us to think the same way. So I'm going to now briefly pause the meeting to allow my colleagues to step away so we can rearrange for the closing segment of the Forum. I would ask everyone not to goof off too much because we still have some remarks from the DSG as well as some other things that we have to do, matters of a technical nature which have to be approved by the group. So before we hear closing statements, I would invite the forum to turn to agenda item number 3, which is entitled Adoption of the Report, for which you have before you the document E/FFDF/2025L.1. The draft procedural report contains information On the organizational aspects in the opening meeting of the Forum. It will be further updated by the Secretariat under my authority as President of the Council and issued as a procedural report of the Forum's meetings for consideration by the Economic and Social Council. Are there any comments on the draft report? I dare you.

No.

Okay.

May then I take it that the Forum wishes to approve the draft report as contained in document E/FFDAF/2025/L.1 as orally corrected, if that's necessary, and to entrust the President of the Economic and Social Council, i.e., me, with the support of the Secretariat, with finalizing the report to include all the proceedings of the Forum with a view to its submission to the Economic and Social Council. I might just add by way of oral addition, since I'm told I'm allowed to do that, that if any of you feel that having been cut off you had other things that you would like to say, please submit those comments and those remarks to the Secretariat so they can be included as a matter of the record. I'm hearing no objection to any of these things, which is quite wonderful. It is so decided. Thank you. Now, in my notes it says that the DSG is supposed to miraculously arrive. Is she here?

Yes.

She's coming. Good. I'd ask you to welcome the Deputy Secretary-General. Perfect timing. Madam Secretary-General, we've had— Deputy Secretary-General, we've had a very lively discussion and we'd now like you to please provide us with some comments and remarks as you see things. And following you, I'm sorry to say you do not have the last word, I do, so I will be saying some things to conclude the session. Please.

Thank you very much, Your Excellency. Bob Rae, President of ECOSOC. It's great to see everyone in such a full room, and I can feel that there's been a lot of discussion here that will help boost the momentum as we go to Sevilla. Excellencies and dear colleagues, as we conclude this year's Financing for Development, I'm going to try not to offer a summary, but really follow the tone in sounding that urgent call for action, because there is a few weeks to to go and we can make the most of it. We will be considering critical decisions ahead of us in the FFD4 process, and tomorrow marks the beginning of the 4th Preparatory Committee session, followed by the 2nd intersessional, to advance negotiations on the outcome document. The renewed global financing framework that we are about to deliver has to meet the scale and urgency of the moment, and over the past 2 days we've heard again and again that we're in the midst of a development crisis. At its core, exacerbated by geopolitical tensions, lies a chronic failure of the global financial system to deliver adequate, equitable and predictable financing to those who need it most. Yet, if we act with determination and solidarity, the Seville Conference can mark a historic breakthrough. As we've heard, we must deliver a more effective, inclusive and responsive financing system, one that's moving resources towards clear outcomes and really delivers results on the ground. It does mean aligning our financial flows with real development gains and ensuring that they reach the communities, countries and sectors where the needs are greatest. And we also need to change how we think about financing. It cannot continue to be fragmented, but rather having that opportunity of a collective outcome. Financing must be a catalyst for the transformations that we call for. Designed to put economies on a more sustainable, equitable, and resilient pathway, and it should reflect the leadership and priorities of developing countries, placing them at the centre of decision-making. Their role is not to follow but to shape the agenda, and here we can bring the expertise and the varied experiences in co-creating that future— fair access to resources and enhanced capacity to thrive the global to thrive in the global economy. But let me say that the capacity piece of this, I hope that we are talking about the capacity of systems to deliver on the scale of the resources that, should we ask for and come through the door, we can implement. Encouragingly, the draft outcome document already points in the right direction. It includes robust proposals for expanding the role of public development banks, reducing the cost of capital, scaling up liquidity management management support and reinforcing the global financial safety net. It also sets out critical reforms to the international debt architecture and calls for more inclusive and representative global economic governance. All these were discussions that we had in Washington last week. But turning these reforms from paper to practice will require your continued leadership and engagement, and I'd like to invite all of us to take part in the Severe Platform for Action, which brings together governments and other key stakeholders to launch high-impact initiatives aligned with the outcome of the conference. It must go beyond a good outcome, ambitious outcome, to actions in the field with governments and stakeholders. These efforts should be forward-looking, grounded in our UN Charter, and built around clear goals and concrete timelines and dedicated resources. 5 years to the SDGs, This should give us the impetus to accelerate those actions. The submission window, I believe, is open until the 1st of May. I encourage us all to lead and partner and mobilize and really turn commitments into coalitions and ideas into implementation. As we continue to say, Sevilla must be more than just the FFD Conference. It really must be a turning point towards a new chapter in financing for development. So let me seize the opportunity to again thank Ambassador Ray for his leadership here and really creating that momentum around the world to get us into Sevilla with mighty big ambition. Thank you.

Thank you very much, DSG. It's great to have you with us and we are all committed to working hard between now and Sevilla and also to making Sevilla a place of dialogue and I think that we really can have a successful meeting. If I may just say a few words to all of you, even if you don't want me to, I will anyway, so I'm going to go ahead. Colleagues, I want to thank all of you for coming and I want to thank all of you for listening and I want to thank everyone for recognizing one of the things and the features about this hall and all of the great halls of the United Nations These are places where we don't only talk, we also listen, and where we don't always agree, sometimes we disagree. And we have a— we've heard today a range and a diversity of voices, including from civil society as well as from nation states, and we've heard from people who represent their governments in Washington at the World Bank and the International Monetary Fund and also people who represent those same governments here at the UN, and they may have slightly different perspectives because of the circumstances in which we're working, but our task is to break down these differences and to figure out ways of coming to a broader agreement about how we need to go forward. And in that regard, I want to just stress that I always talk the language of challenge, and not the language of success or failure. We all recognize we have challenges, and we recognize as well that we've not always lived up to every commitment that we've made. And those of us who occasionally have a responsibility to confess our sins do so, I think, with all humility and recognizing that we don't live in a perfect world and we're not perfect people. But what I want to do suggest to you is that the multilateral system is the best we've got. There is no other system that can help us to deal with what are global problems. Yes, nation states must take ownership, and yes, we must respect all nation states in their determination to exercise their sovereignty. But that sovereignty should not take place at the expense of anyone else. Let's be clear about that. We all have a responsibility to each other to recognize the things that we have in common and the things we must create in common. And we have created some magnificent, strong, vibrant institutions. And these are institutions that need to be further strengthened and cared for. Because they can very quickly be undermined. And the values that underlie these institutions, the values of trust, the values, yes, of efficiency, the values of capability and of innovation, these are values which we have a responsibility to continue to press forward with. I think what we've heard in the last few days is that it's not about mobilizing resources only. It's about mobilizing people. People.

Us.

Governments and institutions are not impersonal things. They're run by people, and we still have an obligation to really move people. So let's take some institutions like debt, for example. Not all debt is bad. We need debt in order to invest. Debt is not an evil thing. Governments go into debt sometimes for good reasons, sometimes for bad, as do individuals. But the question is, how can we create the space and opportunity for people to invest in their own development and to improve the lives of their people without preventing them from spending money in other areas where they also need to invest. We have a variety of actors who are here representing different institutions. I think the actors need to be brought together on a more regular basis and we all have to work from the premise That we all have jobs to do, which we need and require mutual respect. We cannot speak the language of denigration in speaking about what it is these institutions do. Toutes ces institutions avec lesquelles nous travaillons.

These institutions that we work with are institutions that were established by governments due to. The pressing need for emphasizing cooperation and the need for platforms that can coexist and that must cooperate to carry out the work that they do. We've spoken about the issue of private resources. Private resources are vital for economic development. Let's be realistic here. Let us accept the reality that in all countries citizens have decided that markets must work.

Markets are the inverse of evil. They are a means of allocating resources in an efficient way and of creating greater possibilities for innovation, change, and prosperity. This is not an ideological proposition on my part. It's the common sense of what most countries have— the vast majorities of countries have agreed is an essential part of what they do, not the only part of what we do. But it is an essential part of what we do and we will not be able to address the issues that we're tackling on climate finance, on creating sustainability unless we mobilize people working in the private sector to come with us, to come with us on this journey. Trade, as I said yesterday, is not a 4-letter word— well, actually it's a 5-letter word, but it's certainly not a 4-letter word. Trade is essential for the prosperity that we need in order to be able to provide for ourselves and our children. And that we now have blockages to trade and unpredictability to trade and a lack of knowledge as to what's coming next hurts investment, it hurts the self-interest of every single country on the planet. The people who say, I want to do things that are only in my interest, well, the lesson of civilization is that we all need to work together in our self-interest, but if we don't think about the common interest, we're in trouble. And if we don't think about what's beyond the horizon, as my Prime Minister has said on many occasions, Then we are finding ourselves in a situation where we're ignoring the interests of future generations, which this assembly decided that what happens to future generations is actually important. We need statistics, we need data, we need information, we need to be able to measure, we need to know how we're doing and how to do it better. And on each one of these things, we need to understand that it's this multilateral system of ours, which is not over and above us, it's with us, it's in us, this spirit of cooperation, the spirit of working together. It's important for us to remember the words that we repeat over and over again, and that is that the ultimate goal of financing is to ensure our private good and also to ensure our public good. And that's what financing is for. Financing is not a thing unto itself; it's a thing with a purpose, and that purpose is common. So I want to close by thanking all of you for your continuing contributions to the challenge that we're facing. It's important that we broaden our own horizons a bit as we look and listen to others who are working in different circumstances and who come at it from a different perspective. But it's critical that we work together. I want to thank you all, and let's keep going, and let's keep this momentum moving as we head to the conference in Seville and to reaching a new agreement, the Seville Agreement, which will move us forward in a better way. Thank you very much. Merci beaucoup. So I now have to read one last thing. I'd like to remind delegates the 4th session of the Preparatory Committee of the 4th International Conference on Financing for Development will take place tomorrow, Wednesday, and on Thursday in this very chamber. And with that, I hereby declare closed the 2025 session of the Economic and Social Council Forum on Financing for Development Follow-up.