(1st plenary meeting) Preparatory Committee for the Fourth International Conference on Financing for Development, Third Session

Good morning, colleagues. I declare open the third session of the Preparatory Committee for the Fourth International Conference on Financing for Development and call to order its first meeting. Ministers, distinguished representatives, Ambassador Rui Viegas, with whom I am honoured to co-chair this committee, would like to take this opportunity to welcome all of you to this third session of the Preparatory Committee for the fourth International Conference on Financing for Development. I will now deliver my opening remarks. Excellencies, Ministers, distinguished delegates, Ladies and gentlemen, it is an honour to welcome you here at the third session of the Preparatory Committee for the Fourth International Conference on Financing for Development. As we hold this very important third session, for our PrepCom, for the International Conference on Financing for Development, many developing countries are confronted by structural challenges which are deep-rooted when it comes to financing their development. This is nothing new. But these challenges haven't been fully taken into account in previous efforts to enhance the financing for development system. One of the major reasons we find ourselves in this situation is the extractive nature of these countries' economies, which still depend too much on natural resources but often lack sufficient control to derive all benefits therefrom. This has This has a limiting effect on their ability to respond to global shocks. It means these countries are more vulnerable to environmental and financial shocks. And in 2023, the SDG summit highlighted two major factors. First, we are far from achieving the SDGs. And second, the main reason behind this failure resides in the failure to deploy the means necessary to reach that goal. Fundamentally, we have two issues a rupture or break in the social contract at national level and a crisis in multilateralism at international level. Many countries have not mobilised sufficient financing and economic models used to date do not meet current needs. There is therefore an urgent need to rethink this model to address financing for development in a way which favours partnership and interdependence rather than dependence. In that context, the Fourth International Conference on Financing for Development is a unique opportunity to reset the world's economy and put it on a sustainable trajectory. This is a win win situation and allows us to set the to lay the foundations for a more equitable economy. One of the major challenges in this new approach is modernizing fiscal and tax systems. Particularly, this is a major challenge for African countries. The collection of taxes in Africa is more costly than in other regions of the world. In 2021, only 0.24% of global official development assistance was allocated to fiscal assistance in Africa, which is a very tiny amount when we look at the actual needs. Because of this, there is a need to allocate at least 10% of official development assistance to digitising fiscal administrations and strengthening local capacities. Another major challenge is illicit financial flows. In 2019, African countries lost around 46 billion dollars because of capital flight and unfair fiscal practices. It's vital that we adopt measures to streamline expenditure, including clarification of commercial exchange and cracking down on trade practices which harm Africa. Turning now to the question of debt, many countries have seen their debts rise. in a significant way between 2013 and 2020 because of the depreciation of local currencies. Because of this, there's an urgent need to ensure that financial instruments are more affordable and flexible, particularly with loans in local currency, which could considerably alleviate pressures on the finances of developing countries. Credit rating agencies also play a role in this dynamic because of unfair ratings which deny certain countries access to financing at reasonable rates. This is a point we would like to and must insist on. There's also a need to ensure that developing countries can access financial resources for their development. With that in mind, FFD4 must be a catalyst for addressing systemic challenges and rethinking the role of multilateral institutions such as the multilateral development banks. These institutions must further focus on long-term loans with prolonged grace periods, increase their capital and ensure that they have more flexible mechanisms for the financing of development. This in order to ensure that financing is sustainable over the long term. And to do so, there's a need to change the current economic model. At present, around $600 billion leave Africa every year towards other countries. And these funds are needed in Africa for development. There's therefore an urgent need to create an enabling environment for investment in Africa. including through the promotion of carbon markets and industrialisation initiatives. If we wish FFD4 to be a genuine opportunity to transform the world's economy, then it's vital to adopt a value chain approach which recognises the interconnectedness between sustainable peace and sustainable development. We must rethink old economic models, creating new forms of financing and partnerships for a more equitable and prosperous future for Africa and the world. Excellencies, distinguished delegates, the international financial architecture today is like a house built around 80 years ago. Its foundations have started to crack. its walls as well, and its roof is starting to cave in. However, we still inhabit it, pretending that a few cosmetic touch-ups will be enough. But our world has changed. Africa today represents 17% of the world's population, but only 4% of votes at the IMF. This disparity is no longer acceptable. The current economic situation of the world no longer the current governance of the world's financial institutions no longer reflects the world of the 20th century. Our countries, which represent the majority of the world's population, remain underrepresented in these policy and decision making bodies. We therefore call for a root and branch reform of the system, a review of quotas in international financial institutions, a heightened representation of developing countries on decision-making bodies, and a reform of the international monetary system to reduce dependence on the dollar. The legitimacy of the international system depends on its ability to reflect the interests of all its members. Today, reforming global governance isn't an option, it is a necessity. A system which means that most of humanity isn't able to take the decisions which affect them is doomed to failure. The time has now come to build a new international financial architecture which truly reflects our multipolar world. Excellencies, distinguished delegates, This third session marks a new phase in planning the outcomes we wish to see to guide global financing after Seville, which will take place from the 30th of June to the 3rd of July, 2025. Since our last meeting, we have made significant progress. On the 17th of January, the co-facilitators circulated the zero draft of the outcome document followed by a presentation session on twenty two january which allowed us to gather initial reactions we very much appreciate the constructive commitment member states have shown we'd particularly like to thank the co facilitators for their efforts in drafting the zero draft namely avoiding previously agreed language and vague commitments, putting forward concrete commitments and actions, and advocating bold reforms, including at the architectural level, in line with the Pact for the Future. The zero draft provides a strong foundation for negotiations. It is now up to us to refine and strengthen the text through dialogue and collaboration. The roadmap offers a structured path forward, allowing engagement at both technical and high-level discussions, including the active involvement of permanent representatives. As we forge ahead, the participation of officials from the ministries of foreign affairs and finance along with other relevant stakeholders is crucial. We also aim to create a space for political engagement at the fourth session alongside the 2025 ECOSOC forum on financing for development. We encourage you to urge your delegations to attend the spring meetings in Washington DC scheduled for later this year to also participate in the 2025 EcoSOC Forum on Financing for Development and the fourth session of the Preparatory Committee. In conclusion, before I pass the floor to my fellow co-chair, we remain committed to working with the Bureau and co-facilitators to ensure an inclusive, open and transparent process. Your ongoing engagement and active participation will be essential to our collective success. I thank you and now I invite my co-chair to make his opening statement. Thank you, Ambassador of Burundi.

Ministers, Excellencies, distinguished delegates, a short remarks from my side as co-chair. It is an honor to address you today as we embark on this critical stage of our discussions. Allow me to share with a very brief reflection on where we stand, focusing on three points. The scale of the challenges before us, this process is an opportunity and the zero draft has a good point of departure for addressing them. And the third point, the need to work together to agree upon actionable solutions given the high cost of inaction and alternative, a fragmented and inefficient response to global challenges. The scale of the challenges before us is immense. And while total financing for sustainable development grew by 22% between 2015 and 2022, it did not keep pace with the 36% increase in annual financing needs. The zero draft offers a good basis for negotiation. It presents concrete measures that focus not only on the volume, but also on the type and quality of reforms necessary for us to achieve an impactful SDG investment. Importantly, it highlights action needed at all levels and from various sources, local, national, regional, and international, public and private, and proposes a strengthening framework for monitoring and follow-up. We stand at the crossroads. Either we work together on this basis, striving to mobilize resources, implement policy reforms, and align global financial flows, or we go our separate ways, muddling through individually in silos. The cost of inaction is, in our view, too high, we face compounding crises from climate change to debt distress and economic inequality that will drive up future costs and deepen instability. FFD4 grants us an opportunity to make a difference together, setting the stage for a collective course correction. At the same time, We should not ignore what is going on in the world. FFD4 is not immune. It's not a bubble. Unity, political will, and sense of purpose are key, more than ever before. The United Nations continue to serve as a vital platform for multilateral agreement and convergence, as we saw just last week. with the outcome of the organizational session of the Intergovernmental Negotiation Committee on a convention framework for international tax cooperation. If we are to succeed, we need constructive engagement from all delegations. Let us, as Abraham Lincoln once said in his first inaugural address, let's listen to our better angels, and in this spirit embark on the first reading of the zero draft. I thank you, And I again give the floor to my colleague co-chair, Ambassador of Burundi.

I thank His Excellency, Mr. Luis Vinas, Ambassador of Portugal and co-chair. I now invite the Preparatory Committee to hear a pre-recorded video statement by the Deputy Secretary-General of the United Nations, Her Excellency Amina Mohammed. Please play the video.

Excellencies, distinguished delegates, ladies and gentlemen, it is my pleasure to address today's session. Finance is a fuel of development. FfD4 prevents a significant and perhaps the last major opportunity before 2030 to unlock finance on the speed and the scale we need to deliver the sustainable development goals. It's time to face facts. Despite progress, there's a yawning gap between commitments made and commitments delivered. Financing gaps for developing countries stand at an enormous $4 trillion per year. Many developing countries are overcome by debt, and our global financial system is unable to provide a safety net to shield countries from shock. Only through bold change can we meet the promises we have made to current and future generations. For countries to meet the SDGs, including climate action, they need international support and an enabling environment. They need credible financing strategies with governments squarely in the driving seat, and they need urgent respite from crushing debt burdens. Too many countries are diverting vital resources from sustainable development towards servicing unsustainable levels of debt. The fourth International Conference on Financing for Development must deliver on all of this. Building on the ambition of the SDG Summit outcomes and the SDG stimulus and the pact for the future, we must ensure that we continue to walk towards a financial system that is fit for purpose by lowering the cost of capital for developing countries, by making our global financial architecture inclusive and representative of the world of today, and by enabling countries to build economies that protect people and planet alike. Meanwhile, Open trade unlocks the door to development progress. It must be protected. A new era of protectionism serves absolutely no one. At the same time, we must ensure access to the technologies and knowledge needed for green and inclusive development. Now to the business at hand. The zero draft of the outcome document put forward by the co-facilitators provides the foundation for Member States' negotiations. It strives to be a blueprint for financing inclusive, sustainable development. My message to you is simple. We need higher ambition to meet the investments needed to grow our economies. At this point in deliberations, negotiators often allow ambition to be scaled back. But now is not the time to let our ambition slide. I urge you to follow the lead of the co-facilitators and aim for an ambitious deal that can be a game change for development. The people we are here to represent are relying on you, and they simply can't afford a weak outcome. And so I urge you to seize the opportunity in front of you in the zero draft and deliver on this vision. Ladies and gentlemen, the world needs a decisive break with the policies of past decades. Developing countries have a vital role to play in the global financial system of the future, a system that is transformed, a system that is equitable, and a system that serves to build a better world and a life of dignity for all. I wish you successful deliberations. Thank you.

I thank her Excellency, the Deputy Secretary-General of the United Nations. I next invite the representative of the host country of the fourth International Conference on Financing for Development, Mr. Sergio Colina Martin, Director General for Sustainable Development Policies at the Ministry of Foreign Affairs, European Union and Cooperation of Spain to make a statement.

Thank you very much, Chairs, Excellencies, distinguished representatives, colleagues. It's an honour to address you on behalf of Spain at this third preparatory session for the fourth International Conference for Financing for Development, which as you're aware, we're honored to be hosting in Seville in June and July this year. This event, as you all know, marks the start of a vital movement towards rethinking sustainable development and how we finance it. As such, as already pointed out by the co chairs, mobilising political will for all countries will be vital, especially given the cost of inaction in terms of global trust and ultimately credibility in the multilateral system itself. Because of that, this conference is a unique opportunity to commit to necessary reforms of the financial architecture to ensure that financing can reach the places it is most needed. We cannot allow this opportunity to pass us by. We therefore cherish the hope that together we can garner the meaningful consensus we need. The zero draft of the declaration is, of course, a good starting point, and allow me to sincerely thank the work of Norway, Zambia, Nepal, and Mexico in preparing this document, which will be the basis of our discussions and negotiations starting from now. We understand that this is a balanced document with concrete proposals, as has been mentioned. The proposals are often ambitious and very often are in line with the humble proposals made by Spain. Allow me therefore to highlight a few key issues of this zero draft, which we believe will be important to retain and strengthen in the final version. First, mobilising public domestic resources domestic public resources rather is fundamental. We therefore would point to the negotiations on the UN in the context of future conventional tax matters. We need to ensure that we have national capacities here. and step up the fight against illicit financial flows, including the creation of a global asset register as proposed in the initial zero draft. In terms of SDR special drawing rights, we have a steadfast commitment to channel at least 50% of these. towards new areas and we urge other countries to do the same on the path towards a bill. In terms of debt, Spain defends the systematic harmonised inclusion of systematic debt suspension clauses as proposed in the zero draft for pandemics, environmental crises, etc. We therefore would urge the draft to be sensitive to all creditors, public and private alike, and to systematically take into account the needs of middle income countries. We also think it's very important to continue to make progress with debt swaps, debts for SDG swaps, and the UN Paris Club and other spaces and partners can help us to effectively address matters linked to debt sustainability in a comprehensive and sustainable comprehensive and inclusive fashion. As already pointed out, we support reform of the international financial architecture to ensure that these institutions are more representative and inclusive. We therefore have decided in Seville to bet out the commitment to reach gender equalities on the boards of international financial institutions. We need, though, I think, to have a clear deadline for this, such as, for instance, 2030. This is not yet in the zero draft. We need to also look at domestic legislation and we continue to throw our weight behind the 0.7% goal of GNI for official development assistance. And we're also mindful of the fact that this assistance will continue to be vital, but it will not be enough. And that's why work has been done and we should strengthen the work on the effective mobilisation of private financing too. Spain agrees with the importance of local capital markets, blended finance instruments, local currency denominated loans and the importance of national development banks, which need to be strengthened alongside other measures. We therefore welcome the fact that appeal has been made to heighten efficiency And this should include gender throughout the entire financing chapter. We think there's a need to step up these cross-cutting approaches, including for financing and recognizing the roles of all levels of government depending on local context to ensure that we can fully achieve the SDGs in all territories and communities. Because of this, we have also bet on a strengthened follow-up mechanism for this agenda, so we can track the value add as we progress to Seville and establish a strengthened monitoring mechanism allowing us to look at all agreed upon commitments which have been reached and do so in a more effective way. We believe that it is important to ensure that there's measurement of development which goes beyond GDP, which is truly multidimensional in its tracking of sustainable development. And to do so, we have done work on this to propose alternative metrics at the international level. Distinguished delegates, representatives, ultimately we hope that Seville will be a true global alliance allowing us to close the financing gap for sustainable development and allowing us to implement the SDGs with constructive, integrated participation from all stakeholders at every level. As you know, you can count on Spain. We also trust that we can count on the active and constructive participation of all of you throughout this process. Thank you.

I thank the Director General for Sustainable Development Policies at the Ministry of Foreign Affairs, European Union and Cooperation of Spain. I now invite Ms. Norma Salomé Munguia Aldaraca, Director General for Global Affairs at the Ministry of Foreign Affairs of Mexico, to make a statement.

Thank you very much, co-chair. Good morning, Madam Deputy Secretary General, Excellencies, distinguished delegates. Mexico is honored to address this distinguished Assembly at the third session of the Preparatory Committee for the Fourth International Conference on Financing for Development. As one of the co facilitators for this process alongside Norway, Nepal and Zambia, we reiterate our unwavering commitment to the promotion of an inclusive, ambitious and solution oriented financing agenda. This should respond to the challenges of our time and free up the potential of sustainable development for all people. Recent years have made it clear that we need to make great efforts to address persistent global inequalities in an era of volatility, geopolitical tensions, climate emergencies and health emergencies, which means we must act effectively. The fourth International Conference on Financing for Development is an opportunity to strengthen the international financial architecture so that we can tackle these challenges with the resources required by sustainable development. This session of the Preparatory Committee is a pivotal moment. Over the last year, we have worked tirelessly to ensure that there is a transparent, inclusive and ambitious process. Laying the foundations for transformative action in Seville. More than 300 contributions from member states, international financial institutions and civil society have helped shape our discussions, informing both the elements paper of November 2024, as well as the zero draft of the outcome document presented on the 17th of January 2025. These contributions reflect a clear consensus. Incremental approaches will not suffice. We must reconfigure the international financial architecture, unblock large scale sustainable investments and close financing gaps. On six years ago in Mexico, we embarked upon a deep transformation of public policies to ensure that the wellbeing of persons placed at the center of our agenda. In a short space of time, we have achieved, among other things, to remove more than 5 million persons from poverty, reduce inequality, increase education and education, investment in education and health, and overcome the COVID crisis without increasing the indebtedness of our country. We've also been able to rebuild settlements struck by hurricanes and climate hazards. These are results which wouldn't have been possible without an international context which was favourable towards our national policy for complementing our resources with other resources, domestic and external, for financing, including the creation of novel instruments for issuance of sovereign bonds and micro securities. These are vital days to ensure that we can make progress. Our deliberations will continue, therefore, to be bold and aligned with current global realities. There is a vital concern that we must examine here, a pressing need, which is the increasing rise of global economic fragmentation. As uncertainties about geopolitics are on the rise, this is also the case for concerns about repercussions of that on financing for development. The fragmentation of the economy interrupts global value chains, it limits access to critical materials for the green transition and it weakens efforts to bring about a circular economy. Protectionist policies and trade restrictions can generate inefficiencies which can affect economic growth and affect our collective capacity to move towards a more resilient economy. To mitigate these risks, our frameworks for financing should be visionary, integrated and able to strengthen multilateralism itself, so that that can strengthen long term development. To tackle these challenges, we must bet on innovation and ambition. We need to improve and strengthen the functioning of the international financial system to promote sustainable development, harnessing technological advances and promoting inclusive growth. Financial mechanisms should be forward-looking, ensuring that investment in sustainability, the digital transformation and gender equality, as well as resilient infrastructure, are all central parts of our strategy. Innovation is not an option, it is a need and we must take advantage of emerging tools such as blended finance, green bonds and digital solutions to allocate resources equitably, efficiently and properly. As co-facilitators, Mexico, Nepal, Norway and Zambia have led an inclusive and participatory process ensuring that all voices are heard and reflected in the final outcome. We have worked together to ensure broad based participation, allowing all regions to actively contribute to the construction of this financial framework. This process is an unparalleled opportunity to strengthen the financing for development ecosystem and ensure that financial flows, public and private alike, are not just fostering economic growth, but also climate resilience, social inclusion and long term prosperity. Mexico's legacy in this process is well known from Monterrey in 2002 up until today and our commitment to Seville in initiating negotiations for the outcome document. We. While we do this, we call upon all states to participate constructively, pragmatically and with the strength of shared urgency. Seville needs to be a conference with results. The international community is duty bound to act. We cannot allow this moment to pass us by without deep reflection, allowing us to strengthen tools for financing for development to create a fairer, more resilient and more sustainable world. In keeping with our commitment to equity and accessibility, Mexico has made a contribution to the preparation of this conference with the goal of strengthening its legitimacy and ensuring participation, representation rather, of the most vulnerable countries. We have therefore promoted the participation of academic experts in civil society, as well as ensuring that there are sufficient resources for interpretation and logistics so that this is an inclusive event which leaves nobody behind. Mexico stands ready to work with all in ensuring that we have an inclusive, visionary and transformative outcome for our conference. Let us make sure that Seville is a milestone on our path, our shared path towards a future where finance serves improving the well-being of people and our life together on Earth. Thank you.

I thank the Director General for Global Affairs at the Ministry of Foreign Affairs of Mexico. The Preparatory Committee will now take a brief pause to allow the podium to be rearranged. Please remain seated.

Thank you.

Angela.

Last speaker he says, I can add you.

He says last speaker is.

Thank you.

Yeah.

Dear colleagues, we're going to resume. I now invite the Preparatory Committee to begin its consideration of agenda item three entitled Adoption of the agenda and other organisational matters. I invite the Committee to now turn its attention to the proposed organization of work for the third session, which was circulated as document A/CONF.227/2025/PC/CRP.1/Rev.1. Are there any comments on the proposed organization of work? I see no requests for the floor. May I take it that the Preparatory Committee approves the proposed organization of work for its third session contained in document A/CONF.227/2025/PC/L1/Rev.1? I hear no objection. It is so decided. I now invite the Preparatory Committee to turn to draft decision A/COF/227/2025/PC/L1 entitled Dates of the fourth session of the Preparatory Committee for the fourth International Conference on Financing for Development, which my counterpart and I have submitted as co-chairs. Are there any comments on the draft decision? I see no requests for the floor. May I take it that the Preparatory Committee wishes to adopt draft decision A/CONF.227/2025/PC/L1? I hear no objection. It is so decided. Are there any comments after the adoption of the decision? I see no requests for the floor. The Preparatory Committee will now take a brief pause. That seems to already have been done. That is done, in which case I will hand over the floor to my co-chair to continue to chair the meeting.

I invite the Preparatory Committee to consider agenda item six, consideration of the draft outcome document of the conference, under which I have the pleasure to give the floor to Ambassador Shola Milambo, Permanent Representative of Zambia, to present the zero draft of the outcome document of the fourth International Conference on Financing for Development. I thank the permanent representative. Sorry, the floor is yours.

Thank you very much. Distinguished chairs, Secretary General of the conference, welcome. Honorable ministers, distinguished delegates, ladies and gentlemen, it's such a pleasure to be here this morning to present to you the zero draft of the fourth international conference on FFD. On behalf of the co-facilitators of the outcome document on financing for development, Mexico, Nepal, Norway and Zambia, we are truly honored to present the zero draft of the outcome document of the fourth international conference on financing for development in this session of the preparatory committee. The zero draft has been developed based on substantive comments and rich feedback received on the elements paper during the second session of the Preparatory Committee. We are grateful for the input provided and have made every effort to ensure that the zero draft reflects your priorities and contributions, as well as our shared objective as co-facilitators to deliver an ambitious and action-oriented document. Excellencies, distinguished delegates, Let me highlight some of the specific commitments and proposals in the zero draft. The zero draft starts out by recognizing that the world is facing a sustainable development crisis with the SDGs off track, poor growth prospects, rising systemic risk, and deepening financial divides between developed and developing countries. It is this very challenging global context that renewed global financing framework for sustainable development is called for in the draft outcome document. This renewed financing framework supports a sustainable development investment push with additional and innovative financing mobilized from all sources and in all areas. In all these areas, we need both national and international action. We aim for a balanced text that underscores the importance of country-led financing strategies, plans and framework, while aligning international cooperation and international architecture with national priorities and needs. The opening session on the global financing framework highlights key cross-cutting priorities for financing, in particular, those areas that require a combination of public and private financing, and need to be addressed in domestic and international financing policies. Like the Addis Ababa Action Agenda, the Zero Draft also underscores domestic public resources as crucial for financing sustainable development. It emphasizes the importance of transparency and accountability in fiscal systems and their alignment with sustainable development. It commits to support developing countries in this regard. It also includes a robust package of actions to address illicit financial flows, such as the regulation of professional service providers and establishment of an annual ECOSOC special meeting on financial integrity. And it includes commitments to strengthen national development banks as a key but often underused source of long-term financing. On private business and finance, The zero draft notes that private investment in sustainable development has remained below expectations raised in the Addis Ababa agenda 10 years ago. This is at least in part due to high cost of capital and misaligned incentives. Overcoming these challenges through systemic reforms at national and global levels is essential to bridging the SDG investment gap. The zero draft highlights the need to evolve enabling environments to focus on sustainable development investment. It also calls for focusing blended finance on impact rather than on leveraging ratios alone and in developing standardized approaches and standardized metrics to measure impact. The zero draft also commits to advancing sustainable finance with a focus on double materiality and interoperability. Excellencies, distinguished delegates, and ladies and gentlemen, international development cooperation is key to the 2030 agenda, as it complements countries' efforts to mobilize domestic resources. However, the shift in allocation of development cooperation away from long-term investment in sustainable development, fragmented support, and inadequate country ownership undermines its effectiveness. Reforms are needed to align international cooperation with country priorities and honor commitments and focus on sustainable development outcomes. The zero draft calls for among other things, strengthening the ODA to developing countries target to 0.7 of donor GNI, gross national income, and 0.2% to LDCs and a commitment to increase the share of ODA programmed at country level, along with an invitation to the Development Assistance Committee to develop a measure and target for this. The draft also supports scaling up lending of multilateral development banks through capital increase and rechanneling of special drawing rights through MDBs. It underscores the importance of reforming and revitalizing the development effectiveness agenda and advancing a development cooperation architecture that strengthens dialogue, coherence and norm setting. Ladies and gentlemen, I have the distinguished honor to really hand over the mic to my co-facilitator from Mexico, Ambassador Alicia, to continue with the rest of the presentation of the zero draft. I thank you.

Thank you very much, Ambassador. Excellencies, distinguished delegates, I would also like to welcome you all to the third session of this PrepCom. Let me continue with the presentation. On trade as an engine for development, the zero draft acknowledges the challenges posed by rising tariffs and restrictions, as well as the disruption to multilateral trade. Developing countries need strength and capacities to integrate into value chains and benefit from commodities trade. The zero draft recognizes the need to balance policy space for transformation with a rules-based approach and to avoid excessive trade restrictions. It commits to developing trade related physical and digital infrastructure and providing tailored support for LDCs and other vulnerable countries to benefit from trade integration, including through exports of critical minerals and other commodities. On debt, high debt levels and borrowing costs have constrained countries' abilities to invest in SDGs. Systematic, Systematic support for heavily indebted countries and faster, deeper and further debt restructuring are crucial to refer to restoring fiscal space and ensuring sustained investment in sustainable development. The zero draft puts forward commitments to reconciling and strengthening responsible borrowing and lending principles and enhancing their implementation. It commits to enhance fiscal space for countries faced with high borrowing costs through initiative housed at an international financial institution. This initiative could provide coordinated financial and capacity support. The draft also ambitions the initiation of an intergovernmental process at the UN to close gaps in the debt architecture and explore options to address debt sustainability. On systemic issues, systemic risks and inequalities persist in the international financial system, reform is needed to create a fairer, more responsive global monetary and financial system that supports developing countries and to foster macroeconomic stability. The zero draft includes specific measures to advance governance reforms, including by restoring base votes in IMF quotas to support small economies. It outlines the creation of a new playbook for SDRs that would introduce rules-based approach to issuance and ex ante agreements for rechanneling SDRs. It seeks to advance credit rating reform and promote long-term model based rating by official entities and systematic engagement with private credit rating agencies at the ECOSOC. On the chapter on science, technology and innovation, drive sustainable development but are hindered by unequal access and inadequate infrastructure. Coordinated efforts are required to close digital divides, support national capacities, and regulate technological advancements, including AI and fintech, to maximize benefits while mitigating risks. The zero draft supports as well mission-oriented STI roadmaps and an assessment of major obstacles to international technology diffusion. It includes a commitment to development financing plans and coordinating investments in digital public infrastructure and digital public goods as part of national financing frameworks and technical support from partners through country-led platforms. The draft also proposes to consider exploring principles for safe, equitable and inclusive development and use of AI in fintech. High quality data and statistics are essential for financing development. They enable informed decisions and effective monitoring. Strength and follow up mechanisms are crucial to ensuring sustained progress in financing for development. The zero draft includes a request for the interagency task force on FFD to propose a concise set of financing indicators to measure the progress and implementation of the FFD agenda. It proposes deeper discussion in the FFD forum through a biannual review cycle of action areas. The draft also includes an invitation to countries for presenting their progress and challenges in implementing the FFD outcomes at the forum in a similar format to voluntary national reviews on SDG implementation. Excellencies, distinguished delegates, during this session of PrepCom, we will hear your feedback, your comments and response on the specific proposals in the zero draft. With the text displayed on the screen, we will begin the chapter-wise and section-wise discussion this afternoon and we will continue until Friday afternoon. In the interest of time, we will not reflect your comments and feedback in the text on the screen. We are confident that you will highlight specific areas and proposals that may require further attention or refinement, as well as any gaps you have identified in the zero draft. Your insights, which you will share, are crucial to arriving at an ambitious consensus in Seville. We remain committed to work tirelessly to develop a final agreement that encapsulated your priorities and represents a truly shared global vision for financing for development. Once again, we extend our sincere appreciation to all member states and stakeholders for your valuable engagement and input in this process so far, and encourage you to continue such constructive engagement in this process. And with this, I really thank you.

I thank the permanent representative of Zambia and the DPR of Mexico for introducing the zero draft on behalf of the four co-facilitators. And I thank all co-facilitators and their teams for the preparation of the draft. In accordance with our programme of work, the detailed consideration of the draft will begin at the first informal meeting at 3.00 p.m. this afternoon. The Preparatory Committee will now take a brief pause to allow the podium to be rearranged before the ministerial session later. Please remain seated.

Say again. Hi, how are you? Hi, good to see you again. Hello, how are you? Thank you.

Yes.

Okay.

Distinguished delegates, I now invite the Preparatory Committee to begin its consideration of sub-item B of agenda item 4. Preparations for the Conference, substantive preparations, in order to hold a ministerial on the team bringing political momentum to the negotiations of the FFD4 outcome document. Um, on, on my behalf and on behalf of the permanent representative of Burundi, uh, I'm pleased to welcome you all to this discussion. As you know, the ministerial are part of a continuous effort to galvanize political commitment and ownership of the FFD throughout its preparatory process. This session will offer a space for high-level government representatives to reflect on the zero draft and share their priorities and suggestions toward achieving an ambitious and action-oriented outcome document. We are very grateful to count on the participation of the Secretary-General for the conference and the USG for Economic and Social Affairs, Mr. Lee Jun-hwa, along with a panel of ministers and vice ministers from both developed and developing countries. In particular, His Excellency Ahmed Kushuk, Minister of Finance of Egypt, His Excellency Mereta Sewasie Awake, State Minister of Economic Cooperation of Ethiopia, Her Excellency Maria Luisa Ramirez Coronado de Flores, Vice Minister of Foreign Affairs of Guatemala, and Her Excellency Getu Jorshie, Vice Minister of Finance of India. The lead discussion will be discussants will be Mr. Dirk Meyer, Director General for Development Cooperation of Germany, and Mr. Achim Steiner, Administrator of the UNDP. It is our hope that this discussion provides the political steering needed for the beginning of the negotiation process, signaling possible paths of convergence towards much needed collective action to unlock financing for the SDGs. We look forward for their contribution and your active engagement in the interactive segment moderated by Mr. Mahmoud Mouyeldine, Special Envoy on Financing the 2030 Agenda, whom I also welcome. Thank you. I will now give the floor to the Secretary-General of the Conference and the USG DESA, Ambassador Li Jinhua. The floor is yours.

Thank you. Thank you, Ambassador. Excellencies, distinguished delegates, it is my pleasure to welcome you to the third session of the Preparatory Committee for the Fourth International Conference on Financing for Development. I'm delighted to see increased ministerial engagement in this critical process. We appreciate your strong continued support. This breakthrough marks the start of negotiations on the FFD4 outcome document. The zero draft that the co-facilitators presented builds upon extensive consultations and your valuable contributions to the elements paper. This reflects our commitment to an ambitious and action-oriented document. As we move forward, Your continued constructive engagement and insights, highlighting areas for refinement or further attention, will be crucial for achieving a meaningful consensus ahead of the Seville Conference. Excellencies, we convened amidst the global sustainable development crisis. Progress towards the SDG has stalled, with setbacks in key areas, compounding crisis, Economic shocks, climate change, rising inequality, and geopolitical tension are undermining our sustainable development commitments. A core issue is the financing divide. Many developing countries face high borrowing costs, rising debt burdens, and constrained fiscal space, hindering their investment in sustainable development. Addressing this requires two urgent and interlinked priorities, a large scale impact focused sustainable development investment push and reform of the international financial architecture. First, a publicly led investment push is essential to mobilize and direct resources for SDGs. Public policies must guide the investments. Aligning tax systems, public budgets, and the regulatory frameworks to ensure the SDG impact. Concessional finance, strengthen the public development banks, and the greater domestic resource mobilization are key pillars to this effect. Private investment is crucial, but it will not fully align with public goals independently. Public policies must incentivize private finance for sustainable development through the use of the blended finance mechanism and regulatory reforms while fairly sharing the risks and rewards. Together, the public and private investments can drive transformative change. Second, we must reform the international financial architecture to make it fit for purpose in today's world. financing challenges has, have grown more complex and the current system is fundamentally inadequate to address them. Reforms are needed to reduce the capital costs, address the debt architecture gaps and improve the crisis response mechanisms. Equally critical is a more inclusive and representative governance of the global financial system. Reforms must preserve the policy space for countries to pursue the sustainable transformation while upholding transparent, rule-based approaches. This includes a reformed trade system and revitalized multilateralism supporting the implementation of the 2030 agenda. Excellencies, distinguished guests. The proposals outlined in zero draft aimed to address these challenges through a prolonged, a proposed global action framework. Successful implementation depends on broad stakeholder commitments and actions. To foster these commitments, we invite countries and stakeholders to present high impact initiatives in severe. These initiatives will translate our shared ambitions into tangible solutions, mobilizing financing, forging the partnerships, and accelerating implementation beyond the conference. The severe initiatives will be prominent at the conference and its follow up. My department will soon provide further information to facilitate a timely preparation and registration of the order initiatives. I look forward to your deliberations on the outcome document and your commitments to actionable steps, transforming the global framework into the action agenda. Now is the time to turn the vision into action for a sustainable, inclusive, and resilient future. Let's seize this moment. Thank you, Mr. Chair.

I thank the Mr. Li Junhua for his remarks. And I now hand over the proceedings to the moderator, Mr. Mohieldin, to conduct the panel discussion. Sir, the floor is yours.

Right, good morning and thank you so much, co-chair, and very grateful for the opportunity. to have this thankless job as a moderator of what could be very much promising based on the cooperation of the excellent panelists to be an interactive, not very much choreographed, no statements unless they really fully insist on that, just to know more about what we are prepared for. Um, do we have a bold agenda? Is the, uh, the draft that we have today bold enough to reflect the ambitions? Is it practical by being technically feasible and, um, politically feasible? I listened very carefully to the very distinguished speakers in the first session and just now as well by Mr. Lee and the earlier statements by the co-chair, the co-facilitators, and the host country. So it seems, unfortunately, that what the Secretary-General of the UN has been warning us about for many years now, that if we are suffering from deficit of trust, we are going to be serious implications, including what now mentioned by the Secretary General of the conference, Mr. Lee, that we are suffering from a development crisis. You have a deficit in trust, you have a surplus in variety of crises. And actually, this collaborative approach to have the new framework for finance for development opening a new chapter in Seville, in Spain, not just to accelerate the work and efforts towards achieving the SDGs, but to prepare us for the post-2030 world and getting us better practical framework for financing sustainable development. We need to think in a system approach that we don't really have the luxury of preferring one line of finance or investment over the other for reason that we'll be hearing just now. Public, private, domestic and external finance need to be mobilized in order to achieve the goals of sustainable development. Trade. which is reflected in the zero draft, is suffering from great deal of restrictions and global fragmentation. Before the pandemic, we have around 1,000 trade restrictions. Recently, the count reached almost four times of trade restrictions, causing more fragmentation and the serious implications of trade tensions, if not trade wars. Uh, debt, I think every speaker earlier mentioned the problem that we are suffering from when it comes to debt, the World Bank, um, reports call it the silent, um, uh, crisis. the untad report world of debt is telling us that countries are spending more on the cost of honoring their debt obligations more than what they spend on education health and essential services put together STI science technology innovation is reflected as well in the zero draft is it bold enough again do we see a collaborative model in the STI the importance of artificial intelligence. There is the usual reference as well to what's called the systemic issues about the international financial architecture, which is not a new thing that had been put actually in Monterey. Even before Monterey, we have seen the reference of reforming the international financial architecture that shouldn't really be just narrowed down to reforming the Britain was an institution. The international financial architecture is much bigger and broader than that and we'll hear more from the distinguished speakers about their views in all of that. The text is a global text, but it has the national emphasis because it is negotiated by representatives from capitals. But as many had mentioned earlier, it has serious implications when it comes to local communities and individuals. SDG started us by emphasizing that we should leave no one behind. The distinguished professor of economics at Oxford, Paul Collier, is warning us that we are not just leaving people behind, we are leaving countries and cities behind. I just encourage you to have a look at his book on the new economics of neglected places. Then we have the solutions as demonstrated by many, including the two Nobel Prize winners who authored another book by the title Poor Economics, Banerjee and Duflo. If we are serious about about this issue of theory of change and getting matters better, we need three things, finance reflected in this zero draft, technology with our good mention to it, behavioral change through regulatory structure that need to be improved. Experience, as we are told by the World Bank and the UNDP is emphasizing the importance of data systems. finance and implicate and implementing all of that at the local level by better capacity building. These are the lessons of the MDGs to the SDGs. This is the title of the report, Global, National and Local Impact. Is there a level missing? Yes, it's the regional. dimension that we need to tackle as well. And I appreciate if the speakers are going to say something about the importance of the regional dimension of cooperation when it comes to that. It's not just the global or the national or the domestic level, it's that regional dimension, especially when we are suffering from serious global Um, um, geo- economic, geopolitical tensions, so we have seen many regions are trying to get their act together in order to fill the gaps, so I had a better prepared kind of, uh, talking points. than the one that I just shared with you. But this is basically what I'm trying to encourage. I know that every distinguished speaker had great staff and their own minds put in preparing us for good talking points, but I encourage you to free yourselves from that as much as you can in order to have a discussion and dialogue. I did a bit of research on the background of the distinguished speakers so there could be some follow-up questions as if they allow me to do that. Each speaker will have five minutes of the four as outlined by the co-chair, who are our speakers, and they are all in the program. Minister Ahmed Kozok, the Minister of Finance of Egypt, Her Excellency Ms. Samerta Suasu Awik, the State Minister of Economic Cooperation of Ethiopia. Then we have Her Excellency Ms. Maria Luisa Ramirez Corondo, De Flores, the Vice Minister of Foreign Affairs of Guatemala, and Ms. Geetu Joshi, the advisor of the Department of Economic Affairs of the Ministry of Finance of, um, of India, and as mentioned as well by the co-chair, we'll have a, uh, a, a, a, a, a, a, a, a, two discussants, a lead discussant, he will be speaking from the lectern here, Mr. Dirk Meyer, the Director General for Development Cooperation. I hear, I listened to a couple of his interventions before, including in areas related to illicit flows and the role of institution investors, perhaps while he's preparing his notes, can really reflect on that as well, because those are two important aspects that could be enhanced in the text. And then, of course, we have the distinguished administrator of the United Nations Development Program, Mr. Achim Steiner. Can we start, please, with Mr. Khoukhouk, the Minister of Finance of Egypt, to share with us his insights. Up to five minutes, you have the floor, Mr. Minister.

Thank you so much, Mr. Moderator. Thank you for also giving us and encouraging us to speak from our heart and to speak from our practical experience and to share with you some insights that we would like as emerging market and countries to be reflected in this great work that we are all trying to push together. And I will try to be brief, but it's very clear, everybody in this room, is clear about the challenges and I don't need to repeat it because we all know it, we can spend hours and hours talking about it, we can speak about our countries, about our continents and about our emerging markets at large and even about the global economy and mention so many challenges. And financing is at the core of it. And draft report that we all explored is a very good report. It has all the right sections, all the right titles, all the right parts, but I think it needs to be fleshed out more in the coming months. It needs to be fleshed out with integrated, innovative, applied ideas that can work and that can work at scale and that can deliver to our countries solutions for the challenges that we are all aware about. We don't need to overemphasize the challenges more because they are clear and we're living them and we are facing them. We need solutions and by the way there are a lot of good ideas around, just need to be figured out, drafted in a way that can be applied at a global and at scale. and that we need to have the courage to push it. But there are a lot of good ideas that has been implemented, tested over the past years. And I will speak about few of them in the coming few minutes. We are all after more financing and as our dear moderator mentioned, we need to mobilize resources, public, private, international, local, we need to mobilize resources left and right. One of the key issues is about sustainable financing. And I can tell you not in five minutes, in hours, the difficulty an emerging market would face in doing that. We were the first country to issue successfully, by the way, very successfully, green bonds and green loans in the region, in the MENA region. but it was a very suffering and difficult process. And I can imagine so many countries that would need, that will not have the capacity and the capabilities to do that and to suffer also from the same and getting the same financing cost as it would do in a traditional bond issuance. We need to find a way to bring down the cost of sustainable financing and this can be done by having and by accelerating the use of guarantees by MDBs and by advanced economies. And this is happening. We were able also to do it a few years later when we issued a green loan with a guarantee from MDBs. And that was a very successful transaction that allowed us to do the same financing that we did on our own few years ago, but at half the cost that we did it by having this. So it works, we need to do that. We have announced a few years ago also on the COP 27 in Egypt in Sharm El-Sheikh, the sustainable that coalition, which is a coalition that is trying to come up with innovative ideas that swaps, that for investment and other ideas that can bring innovative solutions at scale. And I encourage that we all push together regardless of the name, there are a lot of other ideas that is also out there and we need to bring all this together. Because this is the key. If we are able to do that, this can be a turning point. Last year, Egypt was able to do with one of its great creditors and very good allies, the United Arab Emirates, the biggest FDI deals in our history and I think in the continent. And this had a big part of it was a debt swap. And suddenly, we were able to reduce our external debt significantly by around $12 billion. and to reduce our domestic debt by $24 billion. And guess what? It was a win-win for everybody. It was a win for the creditor by having an investment that would give them higher rate of return and was a big gain for the country, for the borrower by having this big switch and reduction in our debt and saving huge amount of debt service that is allowing us this year to increase the spending on health and education by 30%. 30 in one year. I think on private sector financing, this is key and a lot can be done. I'm, I'm very brief, but I can tell you a lot of those stories, but we have to find a way to reduce and encourage the private sector. and make the private sector financing more capable of moving and more capable of taking risk. And for this to happen, we need to reduce the cost of borrowing for them. We need to reduce the risk sharing for them. And this need also blended financing mechanism at scale and it needs a lot of innovative financing tools to be introduced and it's available. MDBs have those tools. Advanced economies have those tools, advanced countries and markets have those tools and can offer them. We just need to have the right framework to bring them and to allow it to be also allocated to the private sector so that they can come and do more financing and avail more support for countries. Finally, resource mobilization. We don't need to ignore this very important also dimension and we need to do our homework also as countries. And I think this is key and there is huge room for improvement there. We can learn a lot from each other, but digitalization is key. Widening the tax base is key. Dealing with exemptions and loopholes is key. And I think we can learn a lot from each other, but digitalization is offering us an opportunity that we shouldn't be missing. This year, by doing few reforms in our country, in Egypt, in my country, by few reforms and by accelerating the digitalization and by building some sort of partnership, we're seeing revenues, tax revenues growing by 40%, four zero in the first seven months of this fiscal year. So it's a huge opportunity and digitalization can have a big room. So my final comment and my final advice is that this zero draft report, which is great, need to be flushed with a lot of applied experiences. If you just search around for good ideas, for applied ideas, for things that happened and that can be brought with not what happened but how it happened and we can all learn from it, then I think this report can end having tons of ideas that can help us deal with these challenges and allow us to have a better future. Thank you.

Right, and thank you so much. And better future is the aim of this document. Honourable Minister, you mentioned that we know the challenges. Can we please have practical solutions that we can use but you emphasize as well that these solutions need really to be applied at scale. Perhaps when we go back to you, as we'll do with the rest of the panelists, can I just have two questions that you can think about them and then we'll go back to you. One about your role in the Debt Sustainability Forum and what kind of practical solutions in addition to the debt swaps for development, debt swap for nature and climate, what are you thinking about as a group? And then you heard the the co-chairs and the facilitators emphasize the importance of responsible lending and borrower responsibility for being responsible when they borrow. Could that be extended as well to domestic debt, not just the external debt? And those are two issues in addition, of course, to what would come from the floor of more questions directed to you, Excellency. But many thanks for that. Let me turn now to Her Excellency Minister, State Minister of Economic Cooperation of Ethiopia, Minister Suwasa, the floor is yours. I saw just a few days ago an excellent preparation by Spain that was in Barcelona, the integrated national financial framework. You spoke about the importance of systems and how to handle matters, including mobilization of finance and dealing with debt issues. So those two are expected from you in addition to anything that you will be sharing with us in the minutes allowed to you. Thank you.

Thank you, Mr. Moderator. Again, very delighted to be here participating in the preparatory conference, follow up also from the great conversations that we were having in Spain. For a country like Ethiopia, again, reflecting on the crisis, the magnitude of the challenge that we face in terms of gaps in development is critical. All of us know the challenge that we faced as a nation, also global challenge that come from COVID, droughts and conflicts. This is an environment where we're trying to chart the development course of the country. For this, we find ourselves in a situation where we are forced to examine to the various source of financing available for Ethiopia. And we examine why we are far from achieving the goals that we set out to achieve, the SDGs. Examining the financial path that we're in indicates that there's a huge gap in financing in spite of the efforts that we are undertaking to stabilize macroeconomic environment, to mobilize domestic financing resource, to mobilize external financing from development cooperation. So here we are with a challenge of trying to balance out how do we deal with the debt situation that we're in as a country, both domestic and external debt, and ensure a coordinated approach at national level, and this includes also regional and local level development and humanitarian interventions. Without a coordinated approach, we find resources are not effectively utilized, that we are not properly monitoring our development outcomes, that we lack the international system in itself being coordinated and interlinked closely following the challenge that we have as a country. The fronts are multiple, which means we are addressing issues of human development, creating the right environment for private sector to invest. And I agree with my brother from Egypt, without derisking, without the right kinds of guarantees, attracting private sector into our context is difficult in spite of improvements in regulatory environment and improvements in ease of doing business. So the ask for my country would be how do we ensure we have a coordinated monitoring framework that allows that we are tracking what all MDBs are doing, that the international system coming together to back support happening at the national level? Do we have legal instruments, again at country level, to allow for this tracking and coordinated mechanism to happen? And really what do we do when the gaps are there? So unless we are quicker in our moves, I think we risk or find ourselves in a situation of geopolitical tension, we find ourselves not moving to the scale and the increase in population that we have. And so without that genuine interaction of humanitarian development peace nexus that we often talk about, we will be in that difficult spot once again. So the outcome document for me needs to emphasize this coordination mechanism internally in the country, regional, domestic, local level, also coordination at the international level to ensure that we have a mechanism whereby we are looking at the various supports coming in and ensure that when we look at the private sector, that we are tapping into those that can impact development as well. So this is the overall feedback, uh, that we have on the outcome, the draft outcome document. Thank you.

Right. Um, thank, thank you so much, honorable minister. Um, um, to, to, to the point and, um, very efficient and, uh, concise and you saved us a few minutes and seconds. Can I, can I come back just to you again because you mentioned this, uh, systemic approach in handling issues and you were very eloquent in Barcelona as you are eloquent now. to discuss issues related to coordination. So what if coordination is not really up to your expectations between the different players? You spoke about the MDBs, the multilateral development banks, and you are suggesting that we can really do a better job in this area. But there are other players as well, like the bilateral development agencies, private sector, especially through philanthropies. So where are you dividing the responsibility between the global level and the national level in enhancing coordination? And what can we expect, especially in the text, to be more forceful in pushing that kind of coordination?

Let me start with the national level coordination. We all know to unlock the potentials of a country like Ethiopia, which has large geographical space, is very diverse both in landscape, population size, age group. We know that our development efforts have to be multi-sectoral in approach, and they have to ensure that they are based on foundations that allow for sustainable development, that we are not going back to correct development interventions. nor losing development interventions coming from crisis. So again, at national level and regional level, we underscore and we see the importance of having this coordinated structure to allow clarity as to where we are charting, what is missing in this space, how we can allow for private sector to come in, even as we look into the various gaps that are around. To do this, and because I sit at the Ministry of Finance, and I know my colleague from Egypt also sees this, there are pressing multisectoral needs and demands also, and also partners coming in and stepping in to promote various kinds of approach and programs. Had the international system in itself been coordinated, we would be advancing key areas such as energy, logistics, and others which we feel infrastructure development alongside human development interventions. So a coordinated approach both from bilaterals, multilaterals to allow us to move along priorities of the national government is key. And that coordinated structure, I believe, will allow us to regularly monitor, evaluate, and push things forward. Thank you.

Right, excellent. Thank you so much. And many of the interventions as well, I think in a subtle way are encouraging us to get rid of the unnecessary tension between financing for development, financing for climate, financing for nature. At the end of the day, when they come to local communities, Those who are living there, they don't really mind where the source of funding is. They are more careful to know the eventual impact and the good coordination between these kind of lines of business. Another area of false dichotomies and trade-offs, what we see of those, the fans of what's so called global public goods versus country platforms. We don't really know. Why there, the tensions, but we know that we cannot really do better job in the global public goods or global public bads like health pandemics or climate unless you have better engagement at the country and local, uh, level. Can I just ask as well the distinguished participants and excellencies based on the good request of the secretary, if you have an interest to intervene from the floor, make yourself known to the secretariat. You are allocated three minutes if you are speaking on behalf of the country, on behalf of the group, you have five minutes. Can I now turn to Her Excellency the Vice Minister of Foreign Affairs of Guatemala, Excellency Maria Luisa Ramirez Corandreu de Flores. The floor is yours, madam.

Thank you very much for giving the floor, Mr. Moderator, and a very good morning to all of you. I'm honored to participate in this important space where we are reflecting about the need to give technical and political impetus to negotiations for the outcome document for the conference scheduled to take place in Seville. The global framework at present means we are duty bound to examine and transform existing mechanisms for financing for development, which have shown themselves to be insufficient to meet to modern day challenges. And really, this space is where we need to be reflecting on what's worked and what we need to rebuild or do differently. This is then a critical juncture where multilateralism, a fundamental pillar for cooperation, is facing unprecedented challenges. Difficulties faced by humankind over recent years have all exacerbated this state of affairs. At the Summit for the Future held in 2024, the Secretary-General of the United Nations, Antonio Guterres, highlighted the need to reinvigorate multilateralism so it is able to contend with current global challenges. Because of that, it's vital that we step up and renew our commitment by adopting a more inclusive and effective approach, which takes into account the complexities of today's world. Only genuine and decisive collaboration will allow us to overcome the global threats we face and to build a safer future where there is well-being for all of humankind. This conference will only have a genuine impact if world leaders pledge ourselves unwaveringly and tangibly to its implementation. Declarations on their own will not suffice and we need active leadership which can foster structural reforms promoting international cooperation and guaranteeing that the agreements reached have an effect above and beyond Seville. Will willingness to act should be reflected in the allocation of resources and adoption of specific policies and establishment of effective accountability mechanisms? This is a matter we need to address. We can't just keep designing policies and looking for financing because we ultimately need to have accountability, otherwise everything will not be sustainable for development. In Guatemala in 2024, we reformed the code of ethics for the executive branch of government because we saw the need to crack down on corruption and to promote further transparency in our culture. We need to ensure that public servants can ensure that there is a well-being for the population and development besides. Therefore, as a government in here, I'd like to show an example of what we've done in Guatemala. We promoted a project to facilitate housing to our citizens. This was called Mi Primera Casa, my first house in Spanish, ensuring that there was financing for this welfare program. So this was very long term financing that was made available at an advantageous rate to ensure these people could benefit. Such efforts, in my view, should be stepped up in other countries. and we should always seek the common good of our citizens and we should seek to influence the region and in so doing the entire world. Official development assistance continues to be a vital source of financing for many developing economies, especially those facing structural challenges which should be duly taken into account. The UN Conference on Trade and Development in a 2023 report highlighted that assistance for development has reached record levels, but actually it reduced in more than 70 developing countries. That means that this has had an impact on where more than 3 billion people live. Another example I'd like to touch on is that flows of ODA, have showed a downward trend over recent years, which poses a threat to the implementation of the 2030 agenda. We are seeing ever more financing for via debt, but through non, but very often we risk the face of overly burdensome debt. which means that other approaches have to be taken at the country level. I'd like to conclude by reiterating Guatemala's commitment to multilateralism, which is what should bring us together. Ultimately, we need transparency as we look at how we channel financing and achieve sustainable development. We cannot allow there to be backsliding on the gains we have already achieved. It's time to act with responsibility and commitment to ensure that agreements reached at Seville have a genuine impact. With political will and effective cooperation, we will build a much more equitable and inclusive future for all and leave nobody behind. Thank you.

Right, thank you so much, Madam Vice Minister, for your Insightful intervention, uh, you highlighted, um, uh, good cases from your home country, especially areas related to affordable housing, and you mentioned multilateralism, and you shared legitimately so concerns about ODA, those who are still comfortable that are still in the old world when it comes to ODA, I think, um, the future of ODA. is not what it used to be. This is based on a recent assessment report by the Center of Global Development. It's available and the title of Future of ODA. I don't know how can you see it. If you are very optimistic, you can see it flat in relative terms, in real terms is declining as the honorable vice minister mentioned. Is it a trend, is it metacyclical, is it because of the tough geopolitics, is it because of wars? But I encourage you to have a view on this. And until that is fixed, you need to figure out how can we enhance not just the draft, but the implementation of the recommendations of the benefits of official development assistance. Now it's the turn to be given to the advisor to the Department of Economic Affairs of the Ministry of Finance of India. is Geetu Joshi. Your country hosted successfully the G20 and many of its good outcome documents matters are being addressed now. You had an intervention as well warning us not just about bringing the benefits of cooperation but the dangers of leaving some critical issues without solutions including debt to countries not just low income but vulnerable countries at large. I'm happy to give you the floor, Madam Advisor.

Thank you, moderator, and good morning, excellencies and distinguished delegates. At the outset, I'd like to thank the co-facilitators for their efforts in drafting the zero draft of the outcome document for the fourth International Conference on Financing for Development. And we appreciate the expanded focus of the outcome document on middle income countries, small island developing states, as well as conflict affected nations with proposed mechanisms for tailored financial support. We call for a balanced, inclusive, transparent, and action oriented outcome document with clear timelines and implementation plans. I'd like to assure you all of India's support in constructively engaging in this process. While FFD4, the previous conferences have established key financing principles, a significant gap remains between commitments and actual aid to the global south. Therefore, urgent action is needed to bridge this divide. Ongoing conflicts have also derailed the SDG progress in developing countries. And in this current geopolitical climate, rebuilding trust and solidarity is crucial. We welcome the efforts to establish a robust global financing framework that prioritizes the needs of developing countries by fostering innovation and cooperation. Reforming the international financial architecture was taken up, as we said, as you rightly mentioned, during the G20 presidency of India. And that has carried forward in several international fora. And what we'd like to see is greater representation of developing nations in the international institutions, which is critical to enable equitable resource allocation. While domestic resource mobilization is essential, The developing countries capacity to access financial resources and to design and implement public financing policy will depend on the capitalization, coverage, coherence and consistency of international financing mechanisms. Greater alignment is needed between national priorities and regional and global financial policies. Financing for development requires rethinking how international partners can best support national ownership, capacity building, coordination, and accountability. Policy coherence at all levels must ensure that development cooperation strengthens national policies. At the same time, developing countries must have the policy space to determine their own development pathways as imposed standards may not align with the unique challenges. The outcome document rightly emphasizes the need for greater focus on concessional finance and grants to the developing countries to achieve the SDGs. Additionally, what is required is engagement with credit rating agencies to address the rating rigidity for improving private capital flows to developing countries. Prioritizing actionable financial mechanisms such as blended finance, de-risking instruments, and green bonds can also be instrumental in driving tangible progress. Unilateral trade measures often presented in the guise of environmental protection impose undue burden on developing countries. The draft actually acknowledges these concerns, however, it does not sufficiently address them to ensure a fair and equitable multilateral trading system. It is also important that there is a clear distinction between development finance and climate finance to prevent the dilution of resources dedicated to sustainable development. The recent decision of the new collective quantified goal risks shifting responsibilities onto the developing nations, undermining global climate commitments and exacerbating the significant development challenges they face already. India underscores that climate financing must adhere to equity and the principle of common but differentiated responsibilities and respective capabilities. We urge better coordination and strengthening of existing mechanisms rather than creating duplicative structures. New efforts must build on and complement ongoing initiatives to maximize impact and efficiency. To craft a bold, technically sound, ambitious, and politically feasible outcome, deeper political engagement is essential. We propose enhanced outreach, in-depth discussion among all stakeholders, and a strengthened dialogue between negotiating blocs to foster mutual understanding and consensus. This will ensure a more inclusive and widely accepted outcome. Finally, placing sustainable development at the core, collective action is essential to bridging the financing gap and upholding a shared commitment to deliver a financing framework that works for all, leaving no one behind. Thank you. I'll stop here.

Thank you so much, Madam Advisor. If we'll have time we'll go back to you a couple of questions, especially about this issue again of ODA and the CBDR or the common but differentiated responsibility. I remember as well that your country at the state level had the first SDG-based budgeting, which is an issue that we need to discuss as well in the context of DRM. But now, Let me give the floor to the Director General for Development Cooperation and the UN Agenda 2030, Social and Ecological Transformation, Climate at the Federal Ministry of Economic Cooperation and Development of Germany, Mr. Dirk Meyer. The floor is yours. Thank you, sir.

Distinguished delegates, of course, it's a privilege to address you today at this moment in our preparations for the fourth international conference on financing. And of course, first of all, a big gratitude to the co-facilitators. It is your job to really prepare such document which we are talking, discussing and negotiated on. Germany is fully aligned with the European Union statement which will be delivered in this interactive session. Allow me beyond that some overarching reflections, five points for the further discussions. First of all, I think we must reaffirm our unwavering commitment to gender transformative approaches, the promotion of human rights, and the pursuit of good governance, these principles and the respect for the international rule of law, this together forms the cornerstone of a global financing framework entered in multilateralism and collective action. And furthermore, we also welcome from the German government the integration of climate and biodiversity. finance, recognizing its pivotal role in advancing sustainable development. And I do know that this point is even more political than it has ever been. Second point, we must confront the enduring challenge of inequality. We all know that inequality significantly impedes our ability to address global issues effectively. So therefore, anything that helps reducing this topic is helping to push forward the finance for development. My third point in this context, it is imperative to address persistent political and economic imbalances between the so-called global north and global south in global governance. We do think that we must continue efforts to reform, as from many speakers mentioned, international financial institutions in order to enhance the representation and voice of developing countries, paying particular attention to the needs of the most vulnerable. As you all know, the German government pushed forward the World Bank reform over the last years. I think we did make steps forward. And it was also good that we pushed forward the ways how to mobilize private sector and introduce innovative financial instruments. What we have to pay attention now is that we have to carry on, that we shouldn't lose pace, and that we shouldn't fall back in a integrated, also coherent system together with the regional development banks. Fourth point, our focus should now shift towards strengthening and advancing existing institutional structures instead of establishing new frameworks that demand As we all know, significant time and resources, we should concentrate our efforts on developing practical solutions to address our most pressing challenges. Fifth, and that has something to do with national debates, rigorous monitoring and follow-up of these actions underpinned by enhanced accountability are essential for building trust in multilateral cooperation. For this reason, we fully support the development of a concrete and actionable outcome document supported also by a robust follow-up mechanism. As you know, in many also of the donor countries, we do have critical discussions on development policy, and this is an instrument that is crucial for us to also take position and be clear in internal debates on developing policy. So let me conclude in this era of intersecting global crisis, we must remain resolute in our commitment to strengthening multilateralism and collective action. In Germany, we do interpret national interest also in that respect. It is one and the same in that. So, with that, the zero draft paves the way for an ambitiously renewed financing framework. Germany stands ready to engage constructively with all delegations and we are happy to put and give our input into the next discussions on the outcome document and the next state in preparing our big conference in June. Thank you very much.

Thank you very much, Mr. Mayor, for your five specific points and for linking the national interests to the international perspective, and for your suggestions for the draft that is going to be negotiated. So now I have Mr. Achim Steiner, the administrator of the UNDP, the United Nations Development Program. Mr. Steiner, you'll be speaking from your seat up there. You heard the panelists and the lead discussant, and all are coming with very practical perspective. UNDP is very much in the middle of all of that and the humanitarian challenges, the development issues, the climate and the issues related to providing solutions, including providing capacity building. This is one issue. The second, UNDP with international organizations and IFIs have been instrumental in advancing the integrated national financial framework. It's an old kind of a promise. Do you see more promise of it for the future? Third and final on my side, and you are free as always to take or skip any of what I suggested to you as a good friend, the role of institutional investors, including pension schemes, insurance, And UNDP has been very much behind the establishment of the IDF, the Insurance Development Forum, you see our role as well of that in addition to what you were prepared to share and all of that within the good time constraint that you know. Thank you. Yeah, you can speak here. The mic at UNDP at the back, please.

against excellencies, ladies and gentlemen. It's always a temptation to immediately seize the opportunity when my dear colleague Mahmoud poses questions. I will happily answer them and I think sitting from up here as you have put it, it's also a very apt position from which to look at the landscape of development financing and financing for development that clearly is facing perhaps its greatest tests both in terms of fundamental assumptions that were still articulated in Addis Ababa and here we are in the year 2025, but also looking forward now to Seville and to look at FFD4 as a moment in which fundamental tenets of international cooperation and therefore also financing for development are very much at the center of what happens next. We know that our record over the past decade has been a mixed one, whether it is in terms of financing in its own right or also in our ability to deliver on the SDGs and the 2030 agenda. We know that we find ourselves in a financially stressed set of circumstances today and therefore as we prepare for Seville, I first of all want to congratulate the co-chairs and co-facilitators for delivering an outcome document zero draft. as many of you might also agree, this is not a given in our times and therefore it is something that we, I think, can certainly focus on and work on. Where we are right now is in an international set of realities that are both characterized by shocks from COVID, high interest, high inflation, high debt, right through to also the geopolitical and chronic defunding or under financing of many commitments that are there. It is a reality that you pointed to just now and with all the capacity building in the world, let us be clear, finance is the blood in the veins of our economies, of our global economy, of our international architecture for cooperation. We cannot simply replace either the notion of public sector commitments or public sector capacity institutions with notions of finance be it private sector or otherwise that are not part of an internationally agreed set of commitments. We know that we are facing in many countries at the moment a situation and the latest data from the IMF confirms that where countries are not even able to pay the interest on their foreign debt without raiding in inverted commas their health and education budgets. It's a situation that is systematically impoverishing and locking many countries, dozens of countries into a development pathway that is not forwards and upwards but at best stagnation. We also know that from the experience of the past 10 years that simply looking as you put it, Mahmoud, to ODA and the international financing agreements, be it the 300 billion out of Baku, be it the continuous reference to a SDG gap in terms of trillions or the biodiversity commitments around, again, hundreds of billions are in themselves at the moment not necessarily the most confidence inspiring pathways forward. We have to come to Seville with a very clear understanding that these fundamental tenants of investing in one another have to be reaffirmed, perhaps in a more contemporary, a more diversified and a more impact oriented way. So let us be clear, the needs for financing are not diminishing because the capacity or the willingness of nations to cooperate with one another are diminishing. In fact, the opposite is true and I don't need to remind you of all the implications from climate, planetary, but also economic and social parameters that are ringing alarm bells. We also have to go to the core that yes, indeed, public finance and private finance do need to be. more in a leveraging relationship. We can do a great deal to help countries build their capacities to bring innovative new financial instruments, such as, for example, Uruguay that pioneered with a few other countries, the sustainable link performance bond. And yet, we also have to acknowledge that in many of the regulatory frameworks in developing countries, we have to rapidly look at how we can create, first of all, the incentives, secondly, the fiscal policy responses. that can also de-risk either in perception or in reality the disincentives to invest. The $2 trillion out of $3 trillion invested last year in renewable energy, electricity generating infrastructure, those $2 trillion did not reach many of the most energy poor countries. In fact, only 2 to 3% arrived on the African continent and yet an energy investment revolution is underway in other parts of the world. We also have to address credit rating agencies. The current subjective assessment that is distorting for many poorer countries, their ability to go onto the world's capital markets to attract equity investment are fundamental to being able to move forward. UNDP remains deeply committed and I end on that note, to continue to both support the preparatory process leading up to Seville, but also to continue to build on the extensive work that we have taken seriously over the last 10 years. out of Addis Ababa, the integrated national financing frameworks, together with our UN system today in 86 countries, we are supporting national governments and authorities in looking at their options of financing, as we are also with our Tax Inspectors Without Borders initiative, helping countries to deal with the kind of exploitation of tax loopholes. I end by saying, despite everything that is happening around us, let us not lose sight of ambition. The urgency and imperative is clear. We spend almost every day in these halls here reiterating them, but so are the opportunities and possibilities, and it is essential that Seville be a moment where we remind the world of the returns on investment of cooperation and co-investing in one another. Thank you.

Right, thank you so much, Mr. Steiner, as always, concise to the point and offering some suggestions as well. based on experience in the field. Right, so when we have new evidence, rules may change. So, but we still give the representatives of the group more time to speak. Can I suggest please that each of the distinguished participants to take the floor for up to three minutes, representatives of the group, of a group will have 60 seconds more and we'll see how it works because we have more interest than anticipated in participating in this session, which is good. But we need. Yeah. All right. Okay. So, well, we can do more as well. A few seconds for the group with the generosity of the secretariat of the panel. Thank you so much. All right, well, we'll see how it works, but the idea is to finish on time and to give every group and every country a chance. And of course, the representatives of organizations and civil society as well are requesting the floor. Can I start, please, by the EU, followed by Suriname representing the CARICOM, and then Kyrgyzstan on behalf of LLDCs.

Thank you, Chairman. I have the honor to speak on behalf of the European Union and its member states. And let me start by thanking the co-chairs for steering us through this process and, of course, our four co-facilitators for the zero draft. Chair, we confirm our active and constructive engagement in this process. Indeed, the issue already is highly prioritized on the EU's political agenda, including tomorrow in a discussion in Warsaw under the Polish presidency of the EU 27 foreign ministers, precisely on FFD4 and the conference. Three points. First, in this challenging global context, the F4 process has to make good on the high ambitions set out in the Pact of the Future of bridging the financing gap for achieving the SDGs. We can only achieve this with concrete and realistic actions with a focus on impact on the future of people and the planet. The implementation of these actions must be monitored and followed up. Accountability will also build trust in multilateral cooperation, as the Minister from Ethiopia also said, and I very strongly underline. Second, we will have to be more coherent, more inclusive, more effective, more efficient with the resources that are available. Nothing can be taken for granted, and we must persist in mobilizing public, private, domestic, and international resources. And all stakeholders will have to do their part. All stakeholders will have to do their part. We should focus on improving and building on existing structures, ongoing work, and processes. We have to reinforce complementarity of work within global economic governance while fully respecting relevant mandates. Third, we must explicitly target inequalities within and between countries, between men and women, and different segments of society. Action should be benchmarked against the measurable impact that it can be expected to have on reducing and overcoming inequalities. Chair, this week we will comment on each segment during the informal part of the meeting. As a general reflection, we support as a starting point the strong focus on country level and the importance of national financial architecture, national responsibility and ownership. Some of the specific priorities mentioned in the document we strongly support, and they include enhancing fiscal systems, both for revenue and expenditure, improving enabling environments for investment at all levels, mobilizing private capital and finance through innovating financial instruments and de-risking mechanisms, and at the same time systematically considering, dear friends, cross-cutting issues and development multipliers, such as Anti-corruption, good governance, human rights, gender equality, economic empowerment of women and youth, human capital and skills development, science and tech innovation, all those. This is not just the right thing to do. It is the smart thing to do from an economic perspective. Financing for climate, biodiversity, and the environment, and for other dimensions of sustainable development are closely interlinked, and the synergies must also be captured. Work on the development effectiveness agenda with a strong focus on impact must be reinvigorated as well. Now, we have also identified, as you can imagine, a number of issues on which we have questions and concerns and which would require further clarification, context, and better balance on our side. And these will be unfolded during the week. And there are also some issues that we see as still lacking or missing entirely from the text. Now those include, dear friends, financing of the peacebuilding agenda, peacebuilding. Over 40% of people in extreme poverty today are in conflict-affected countries. Peacebuilding, the need for broadening the donor base, and opportunities that the green transition and the circular economy offer. Now, again, absolutely not least, We should address the issue of robust follow-up and monitoring. I reiterate our request on process. Clarity, predictability and focus will be of utmost importance. The process should be inclusive and transparent. We ask the co-facilitators to ensure that all stakeholders are not only heard but have appropriate visibility over the process. I close by reiterating the commitment of the European Union's Member States to engage fully and constructively with all delegations, stakeholders and partners in this process. It's a hugely important process. We cannot fail in this one. We will not fail in this one. We will work hand in hand and we will succeed. Thank you.

Right, um, thank you so much, Excellency, and many thanks for bringing this issue of peace building as well into the discussion. Can I, can I suggest, um, um, a reference to that important, uh, uh, uh, uh, uh, uh, uh, uh, knowledge product based on experience between the World Bank Group and the UN system on the pathways to peace in which issues related to investment in human capital, infrastructure, resilience and development as one of the prerequisites in dealing with the challenges of peace and dealing as well with issues related to fragility in the short term by combining humanitarian finance to development finance, but when all of our engagement will need to be system and on budget, even for the most vulnerable countries. A useful piece that still stood the test of time, tough times. Can I ask please Suriname on behalf of CARICOM to take the floor, please?

Thank you, moderator, for giving me the floor. Distinguished co-chairs, I have the honor to deliver these remarks on behalf of the 14 members of the Caribbean Community, CARICOM. We align ourselves with the statement to be delivered by Iraq on behalf of the Group of 77 and China. As we continue our shared journey toward achieving the 2030 Agenda for Sustainable Development, CARICOM remains steadfast in our commitment to the principles of inclusivity, equity, and resilience. We are, however, mindful of the unique challenges faced by our region, which include vulnerabilities to climate change, small size, and limited fiscal space. These challenges not only hinder our progress to sustainable development, but require urgent and targeted action within a renewed financing for development framework. CARICOM's priority for this preparatory process are framed within the broader context of ensuring that financing mechanisms are responsive to the specific needs of developing countries, particularly the special circumstances of small island developing and low-lying coastal states. Our priorities, when addressed, will foster the transformative changes needed to advance resilience and sustainable development within our region and for our peoples. For this reason, it is imperative that the fourth International Conference on Financing for Development delivers on ensuring support for the implementation of the Antigua and Bermuda Agenda for SDs in line with its targeted actions. CARICOM continues to emphasize the urgent need to enhance financing to address the adverse impacts of climate change. The Caribbean region is among the most vulnerable to climate change impacts, including but not limited to the rising sea levels and extreme weather events that threaten lives, livelihoods, economies and ecosystems. In this vein, we continue our advocacy and call for increased and more predictable financing for climate adaptation and mitigation, maintaining the separation between treatment of climate finance and development finance. In our quest to achieve economic independence and resilience prosperity, we stress the critical importance of addressing the debt vulnerabilities and unsustainable debt levels confronting SIDS. The unsustainable debt burden is not of our own construct and it, it, and is exacerbated by external shocks, including the COVID-19 pandemic and more frequent and intense natural disasters, many of which result from climate change. To this end, we urge the international community to support the proposals for the creation of a more inclusive rules-based debt architecture that enables debt restructuring and relief while safeguarding our ability to invest in our development priorities. We must also reiterate the call for support of the Small Island Developing States Center of Excellence and believe that the SIDS Debt Sustainability Support Service will assist in addressing the liquidity challenges in the region. Innovative financing mechanisms, including debt swaps, must be explored to allow for sustainable investment in resilience building initiatives. Similarly, we remain fully supportive of the Bridgetown Initiative and believe that it also contains many proposals which, if implemented, will shockproof economies. Distinguished co-chairs, this year's Financing for Development Conference will be an opportunity for the international community to take bold action and set tangible deliveries to address the current financing challenges and systemic issues. The reform of the international financial architecture to strengthen the voice and representation of developing countries in international decision-making, norm-setting, and economic governance must be prioritized to enable all nations, irrespective of their size or economic status, to partake in the shared prosperity in an equitable and sustainable manner. The strengthening of international tax cooperation and policies that enhance transparency, investment in infrastructure, capacity building, technology transfers and the means of implementation for progression of the 2030 agenda are mechanism to foster sustainable development and inclusive growth for the region. Colleagues, the cultural and creative sector remains a priority for our Member States who view economic diversification as key to resilience building in this regard. We call for solutions and innovations that are tailored to our realities and aligned to our sustainable objectives that will bring about social equity, environmental protection and long-term prosperity. In conclusion, As we engage in the process, we underscore the importance of strengthened multilateral partnerships that will prioritize the needs of the most vulnerable where no one is left behind. Let us work together and use this opportunity to channel our political will and technical expertise to deliver a framework that is transformative, just, and sustainable. The Caribbean community is committed to play an active and constructive role in this endeavor. I thank you.

Right, um, thank you so much, um, for these, um, suggestions and especially on the emphasis on, uh, securing, uh, predicted finance to deal with, um, crises. Can I alert your Excellency and the distinguished participants in this session to an important report on closing the crisis protection gap by using innovative but affordable financial means, including long-term insurance for dealing with what's called future proofing our world against crisis. There is a report under this title with the practical suggestions in areas related to vulnerability to countries and their exposure to a variety of shocks, natural shocks and unfortunately man-made shocks as well. Can I ask please the distinguished speaker from Kyrgyzstan on behalf of LLDCs to take the floor please?

Thank you Mr. Madaraiya. I have the honor of delivering this statement on behalf of the group of landlocked developing countries. At the outset allow me to express gratitude to the co-chairs for facilitating this crucial third session of the PrepCom. Excellencies, the LLDC welcomed the zero draft outcome document and appreciate its recognition of the unique challenges faced by all countries in the special situations, including the LLDC, LDCs and the SIDS. It's essential that the outcome document reinforces the concerted efforts to address the special needs of these countries. in line with Agenda 2030 and the Pact for the Future, ensuring that no one is left behind. In this context, the outcome document must contribute to achieving the objectives of the programmes of action for vulnerable countries, including the new programme of action for the LLDCs for the decade 2024-2034, adopted by the General Assembly on 24 December last year. The programme of action serves as a comprehensive framework to advance the specific development priorities of all LLDCs. In this regard, allow me to highlight reflections and priorities for the LLDCs regarding the zero draft outcome document. Excellencies, on the global financial framework, we reiterate the importance of recognizing both the challenges of the countries in special circumstances and the opportunity to leverage the program of actions for LLDC. We urge distinguished co-facilitators to reinforce the recognition of the new program of action in the zero draft and to ensure that its priority actions are fully integrated into all financing for development frameworks and initiatives. On domestic public resources, the group welcomes the commitment to increase the tax to gap ratio to 15%, which remains above the median level for the LLDCs, and to combat illicit financial flows. We stress the need for the targeted capacity building in contract negotiation and fiscal regimes for extractive industries, as well as support for integrating climate and disaster risk considerations into fiscal planning. On foreign direct investment, we highlight the persisting challenges LLDCs face, with the group accounting for just 0.13% of the global FDI stock. We strongly welcome the call for the timely establishment of the Infrastructure Investment Financing Facility as a major priority for LLDCs. This will help to address the considerable infrastructure gap, estimated at USD 510 billion in transport infrastructure alone. We also emphasize the need to commit to promoting the transfer of knowledge on infrastructure finance, project preparation, and implementation support. On climate finance, we underline that the new program of action for LLDC includes, for the first time, a priority area on climate change and resiliency, recognizing LLDC's unique climate vulnerabilities. Over the last decade, LLDCs suffered more than 20% of global droughts and landslides, affecting approximately 18% of the world's impacted population. At the same time, we welcome the recommitment to climate financing and call for the explicit recognition of LLDCs among vulnerable countries facing disproportionate adaptation needs. On international trade, we emphasize its crucial role in LLDCs development, noting that LLDCs currently account for only 1.2% of global trade despite representing over 7 million of the world's population. Six LLDCs remain in the process of acceding to the WTO and require capacity building and technical assistance to complete the process and meet trade commitments. Increased financing and investment in trade-related physical and digital infrastructure, including in transit corridors, are very essential. We welcome the focus in the zero draft on e-commerce and digital trade, which can help mitigate LLDCs barriers to physical goods trade. On debt and debt sustainability, we highlight LLDCs acute vulnerabilities with two thirds classified as facing at least a moderate risk of external debt distress. We encourage expanding eligibility for the debt sustainability support services to include heavily indebted LLDCs. excellencies. In conclusion, LDCs in other countries in special circumstances require bold actions and unwavering commitments. The newly adopted program of action for LDCs provides a transformative framework to accelerate sustainable development and ensure that no one is left behind in achieving the SDGs. I thank you for your kind attention.

Right, thank you so much. the distinguished speaker on behalf of the LLDCs of Kyrgyzstan. And of course, if we are to apply the recommendations of the program of action, the LLDCs as an acronym will not stand for landlocked developing countries, but it will be for land-linked developing countries, which is an ambitious acronym. Ambitious acronym. So, yeah, now we are turning to the distinguished speakers on behalf of countries. Can I start, please, with the presidential envoy of the Russian Federation, please, to take the floor?

Good morning. Distinguished Mr. Moderator, distinguished co-chairs of today's important meeting. First of all, I would like to thank the speakers for their thorough discussion and interesting comments. I would like to place the focus on the role of private business in achieving the sustainable development goals and financing the 2030 agenda. The Addis Ababa Action Agenda determined that the mobilization of sufficient financing for development will not be possible without the active involvement of private capital, but we would like to, and we do place a particular focus on the development of… Small and medium enterprises unfortunately today have not been mentioned a great deal, but they are what is creating jobs, the bulk of the available goods and services for the population, which makes a fundamental contribution to combating poverty, but they also pay taxes, and those taxes should form the basis of the internal development resources domestic development resources for every country. Therefore, it's important to make sure that they can grow unhindered. However, unfortunately, they constantly face problems and I'm not going to list all of them today because there's not enough time to do that but I would like to note that more and more often, Those problems are compounded by politically motivated unilateral trade and financial sanctions and their excessively broad interpretation by banks and international corporations. In that regard, we believe it is important to develop standards and rules for the regulation and incentivising of the development of small and medium enterprises at the UN level, which could then be used and implemented in national legislation. in every country. We place particular emphasis on the introduction of digital platforms To support the work of SMEs, and it's important that they have, there be free access or open source coding for those platforms. Russia has created just such a platform. an innovative digital platform which makes life a lot easier for MSMEs. It helps them with their accounts and bookkeeping and it helps the state to have a full database and collect taxes which then make a significant contribution to carrying out social programs. The contribution of SMEs to the consolidated budget in Russia as a result of the introduction of these platforms has recently risen by 10%. And that sum in Q1 and Q2 of 2024 was around 28%. Right, thank you so much.

I'd like to thank the distinguished speaker, the presidential representative of the Russian Federation. And, um, well, there are more demands, uh, for speakers, uh, so adjusting again the time. So we'll see the color is blinking earlier at perhaps two minutes. And we'll have the first round speakers, South Africa, followed by Yemen, Antigua and Barbuda, Maldives, and Belize. South Africa, please.

Thank you, Chair and moderator. We thank the co-chairs for the zero draft and believe that it is a solid foundation to work from. Under our G20 presidency, South Africa has identified inequality as the most significant threat to our collective future. This inequality is most prevalent in the global south and is manifested through critical challenges such as lack of adequate and affordable financing and crippling debt that forces many countries to abandon their development programs. Co-chairs, the higher cost of capital is a significant constraint to economic growth and development. South Africa has thus launched an ambitious cost of capital commission to investigate the issues that impair the ability of low and middle income country to access sufficient, affordable, and predictable flows of capital to finance their environmentally responsible and socially inclusive development plans. This commission will deliver a comprehensive expert review on the issues impacting the cost of capital for developing economies, which could help address future debt sustainability issues and the related fiscal space challenges for financing the SDGs. South Africa has affirmed the critical importance of FFD by putting it squarely on the agenda of the G20 finance track. As we build momentum with our work, we will provide input across all finance work streams to the fourth international conference on financing for development, while also working to ensure full implementation of the civil outcome.

I thank you, Chair.

Thank you, Madam, and all the best of luck for South Africa for hosting the G20 meeting this year. Now, the floor is for the distinguished speaker from Yemen, please.

Thank you, Mr. Moderator. Yemen aligns itself with the statement delivered by the LDC and the statement to be delivered by the Group of 77 and China. We thank the co-facilitators for preparing the zero draft, and we welcome this opportunity to contribute to your discussion. Uh, the world faces unprecedented, uh, sustainable development crisis that demand urgent actions for Yemen experiencing compound challenges of conflict, debt stress and climate vulnerability. The stakes could not be higher. While the zero draft provide foundation for addressing these challenges, we must enhance its ambition to deliver transformative change. Looking at the introduction you laid, Mr. moderator, and the questions put before us, Yemen sees three critical areas that require our attention. First, regarding emerging priorities, we must address the growing financing divide between developed and developing countries, particularly for nations in conflict. The current international financial architecture remains insufficient to meet the needs of countries facing complex emergencies. The zero draft should strengthen provisions for comprehensive debt treatment, enhance other commitment with binding timeline and integrated humanitarian development peace financing. Second, on the potential breakthrough, we see opportunities in Article 47 to 51 on debt sustainability and Article 38 on development cooperation. This section could be strengthened to establish dedicated financing mechanism for countries in crisis. Third, to enhance political engagement, we need regular high level dialogue focused especially on financing solutions for countries facing complex challenges. This should include strengthening coordination mechanism between humanitarian and development actors and enhanced participation of affected countries in shaping financing framework. Yemen stands ready to engage in these negotiations and looks forward to contribute to the discussions in each session. Thank you.

Thank you, Excellency. Can I ask, please, the distinguished speaker representing Antigua and Barbuda to take the floor, please?

Thank you, Mr. Moderator. Antigua and Barbuda, along with those of SIDS, are acutely vulnerable to external shocks. Therefore, our special circumstances must be considered at all times and the acknowledgement that SIDS remain a special case for sustainable development. Vulnerability must not just be a recognition of our agility. Support must be provided to build our resilience. The MVI is one such support measures. The MVI, however, needs to be reflected appropriately in the draft. I wish to commend the draft for its inclusion of the SIDS Debt Sustainability Support Service. The continuous cycle of debt poses significant obstacles to the sustainability and development goals of SIDS and LDCs. The establishment of the DSSS is critical in breaking this cycle. It's important that within the text that we fully outline the types of support required for the implementation of the DSSS and also ensure a robust institutional home is identified. Antigua and Barbuda support the language on the SIDS Centre of Excellence. Nonetheless, the draft document must amplify support for the Antigua and Barbuda agenda for SIDS, the ABASS. Financing for development can and must be a driving force for realizing the goals and principles of the ABASS. The nexus between development finance and climate finance cannot be overlooked. Our survival hinges on the ability to mobilize resources that addresses both developmental and climate related adversities we encounter daily. I urge greater inclusion of language on climate finance and its distinction from development finance. The differences in responsibilities between developed and developing countries must be explicitly articulated in the outcome document. Phrases like we commit must delineate clearer pathways for mutually accountable partnerships, ensuring that roles are defined, clearly understood, and obligations are met. My delegation remains committed to this process and will use every opportunity to engage going forward.

Thank you, Excellency. Can I ask, please, the distinguished speaker on behalf of the Maldives to take the floor, please?

Thank you, Mr. Moderator. I thank the co-facilitators for an excellent zero draft. Increasing financing for development alone cannot correct our course for sustainable development. Unsustainable debt has shackled the development aspirations of most developing countries. The path to sustainable debt management is difficult to traverse for countries with limited state and technical capacity. This is why the Maldives has been advocating for innovative debt instrument, one that would allow creditors to write off a portion of a country's debt or reduce the interest rates based on country's investment in resilience. Debt forgiveness for resilience building ensures that countries are rewarded for investing in resilience. It simultaneously reduces their debt burdens, easing financial pressure, And as a result, it frees up more fiscal space for critical investment.

I thank you.

Thank you so much. Can I ask please the distinguished speaker on behalf of Belize to take the floor, please?

Distinguished ministers, excellencies, the multilateral system is failing the most vulnerable and SIDS are bearing the brunt of its shortcomings. To be truly effective, FFD4 must deliver five critical outcomes.

One, a quantum leap in international public finance, not just more, but better, adequate, predictable, accessible, and concessional finance with streamlined processes. CIDs cannot build resilience while drowning in debt. Two, a commitment to decisively reduce capital costs for CIDs. Three, a bold endorsement of key SIDS priorities building on a base and that can facilitate those outcomes. A seat at the table, greater SIDS representation in global financial governance. The full integration of the MVI.

We need a finance system that acknowledges, not punishes, SIDS vulnerabilities. A robust debt restructuring system and the operationalization of the debt sustainability support service.

Scalable, tailored, innovative financial instruments that work for SIDS.

Belize's blue bond project proves this is possible.

Mechanisms to lower borrowing costs ex ante and ensure automatic debt relief in times of crises.

A credit rating methodology and debt sustainability analysis that work to foster increased investments in resilience building that offsets structural vulnerabilities. Radical transparency in finance flows that distinguishes ODA from climate finance and other types of finance. We must stop the double counting, ensure clarity and maximize effectiveness. Finally, a clear deadline for delivery, no later than 2030. Promises without timelines are empty.

I thank you.

Thank you so much. Can I just remind the the next speakers that we need to release the our excellent interpreters after thanking them for their exceptional work at 10 past 1. So I ask please the speakers to be more brief and it's a good test of efficiency and impact at the same time. Can I ask please the distinguished speaker on behalf of Cuba to take the floor please?

Thank you distinguished colleagues. Ten years on from Addis Ababa and five years on from the end of the 2030 Agenda, both instruments are far from being fulfilled. The promise of the SDGs has been walked down and appears to be impossible to reach. Among other causes, we see a lack of solidarity and political will among the richest nations and the persistence of an unjust international order with financial institutions which show few signs of being democratic and fewer still of being transparent. Comprehensive reform of the international financial architecture must include financial institutions as well as their governance structure to ensure that developing countries are prioritised. The debate on reform should take place within the context of the United Nations. It is urgent to facilitate long term financing and improve technical assistance programmes as well as technology transfer and development of capacity, offering preferential conditions to developing countries and taking into account their specific circumstances. In addition, we continue to see non-compliance with ODA commitments. ODA should be the principal conduit for international cooperation. There are also unilateral coercive measures which are against the UN Charter and international law. These must cease. They are a major obstacle for the developing countries they are wielded against. For example, Cuba has had to endure an unjust and criminal embargo by the USA for more than 60 years. That makes this very clear. Colleagues, we can no longer expect that today the same International architecture will work after all, it hasn't been able to work to take into account the interest of the south. Seville is a key opportunity to make good on these deficiencies. I thank you.

Thank you so much. Um, now, um. The remaining speakers are Ghana, Canada, Bangladesh, Jamaica, Philippines, Australia, and then a representative from the civil society. Can I please ask the distinguished speakers to be more brief to give everyone a chance to take the floor. It's Canada now, please. Apologies, Ghana.

Since the last preparatory committee meeting in December, the international development landscape has shifted into a more adverse position and dramatically so. In such an evolving context, we cannot afford an outcome document that is disconnected from today's global realities. While we appreciate the co-facilitators efforts in presenting a useful foundation in the zero draft, Ghana believes that to be truly reflective of the overwhelming aspirations, the outcome document must be significantly strengthened. The Addis Ababa agenda sets a high benchmark for financing for sustainable development, and it is imperative that the FFD4 outcome document uphold those standards and build upon their ambition. One area where Ghana sees room for improvement in this is the debt and debt sustainability section. The current text does not go far enough and in some instances, a regression in the Addis commitments. The proposals in the zero drafts do not match the scale or urgency of the crisis and we accordingly reaffirm our call to establish a multilateral sovereign debt workout mechanism that prioritizes the development in debt treatment. and to comprehensively overhaul the credit rating system. The debt and debt sustainability section is a non-negotiable priority, and we additionally stress that urgent need to reform multilateral development banks to expand long-term concessional lending, increase their capital base, and enhance lending in local currencies. For Ghana and most developing countries, a weak debt section in this outcome document will render it ineffective and inadequate in addressing the financial….

Right, thank you so much, Ghana. Thank you so much, Excellency. We are all constrained of time. I know that you'd like to speak for more, and you have a lot of substance to share, but many thanks. Can I ask, please, the distinguished speaker on behalf of Canada to take the floor, and thank you as well, Canada, along with Jamaica, for the exceptional work that you did both as co-chairs of the Friends of the Finance for Development Process. Canada? Followed by Bangladesh.

Thank you, and thank you for highlighting this. One of the areas of work identified by Canada under its G7 presidency this year is financing for development, including private capital mobilization with a focus on infrastructure. So we'll be happy to work with this group and also with South Africa G20 presidency to align and converge on this important issue. Thank you for the draft zero. I would like to make three points with respect to Canada's perspective on the document. Uh, first, we are of the view that the Addis Ababa action, action agenda remains a relevant and comprehensive framework. To this end, the FFD four outcome document should provide a clear action oriented vision on how we can accelerate the implementation of Addis agenda. with a greater focus on addressing present challenges and navigating the current development landscape. The zero draft is a step in the right direction, but could benefit from strengthened narrative that links at this to present moment and outlines concrete realistic proposal to mobilize all sources of financing in support of the SDGs. Second, beyond generating more financing, the outcome document must take a holistic approach to enable longer term policy actions that foster good governance Uh, strong institution and robust financial systems, um, and, uh, third, there's no doubt.

That strengthening cooperation between public institutions and the public and private sectors is going to unlock the success of our actions, it's therefore urgent to boost initiatives and existing mechanisms so that we can avoid costly duplication and further fragmentation, which would undermine our efforts to have the best possible impact on development. We think that the next version of the outcome document should recognize the progress already made in other forums as well as their mandate and respective roles. We're keen to work with one and all throughout this preparatory session to better pinpoint our efforts. The speaker's cut off.

Right, thank you so much. May I ask the distinguished speaker on behalf of Bangladesh to take the floor, please? Yeah, go ahead, sir.

Thank you, Mr. Moderator. Uh, we commend the co-facilitators for this, uh, zero draft of the outcome document, which addresses, uh, the multidimensional financial needs of the developing countries. Uh, we wanted to highlight a few points where the FFD outcome document should come stronger. Particularly first, the document lacks a clear framework for supporting graduating LDCs. We call for an institutionalized and extended international support measures for assisting graduating LDCs. FFD document must lead to a more sustainable debt framework, particularly when there is a lack of transparency and governance issues leading many developing countries undertaking massive infrastructure projects with minimum practical utility. Illicit financing of flows actually cost developing countries many times more than what they receive in terms of ODS, uh, FFD must address this by establishing a UN led multilateral mediation mechanism for asset recovery and return, um, ensuring food and energy security is critical, particularly for net importing developing countries. Disruptions in this sector can drive inflation, economic instability, worsening debt distress. We must ensure food and energy security. Finally, the climate vulnerable countries like ours, governments are forced to divert resources away from the productive sectors. We must ensure investment in productive sectors so that the productive sectors remain unaffected. And last but not the least, universal access to life saving medicines and technologies must be guaranteed to ensure development. The COVID-19 pandemic served a timely wake-up call for this in this regard. I thank you.

All.

Right. Thank you so much. Can I ask, please, Jamaica to take the floor? Our distinguished speaker from Jamaica.

Thank you, Mr. Moderator. Jamaica aligns with the statement delivered by Suriname on behalf of the Caribbean community. FfD4 is an important conference in my country as it will address issues related to the urgent need to address the gap in SDG financing for the implementation of the 2030 agenda. While global progress towards attainment of the goals is slow, Jamaica's made human efforts to ensure that its progression is further along. As I highlighted in Jamaica's policy statement at the 79th session of the UNGA, Jamaica has been building its resilience. Our macroeconomic fundamentals today are stronger than they have been over the last 50 years. However, as demonstrated by the passage of Hurricane Beryl and Tropical Storm Rafael last year, our susceptibility to these events, which have been exacerbated by climate change, have had a deleterious impact on the development and macroeconomic gains we have made over the years, and as such, have stymied our efforts to attain SDGs. It is for this reason that we welcome the FFD process as it seeks to foster, and we think it is important to foster an inclusive and equitable economic system to enable countries to respond to crisis in a resilient manner. For Jamaica, it is important in the conference seeks to strengthen the voice and representation of developing countries in international economic decision making, facilitate implementation of innovative finance mechanisms, promote financial inclusion and improved access to concessional financing, and development assistance as well as climate financing and incorporate climate resilient debt clauses in agreements with MDBs, which would suspend payments on loans for countries affected by natural disasters. Jamaica remains committed to this process, including in the context of our co-chairmanship of the SDG Stimulus Leaders Group and the Group of Friends on SDG Financing. We look forward to the support and commitment of all Member States in raising our level of ambition so that the outcomes from FFD4 will be transformational in delivering a better present and ultimately securing a more sustainable, just and peaceful future Thank you.

Thank you, Madam. Can I ask, please, the senior speaker from the Philippines to take the floor, please?

Thank you, Mr. Moderator. Building up on the points raised by the speakers earlier, the Philippines welcomes the opportunity to provide our inputs on the zero draft of the outcome document. It is vital that we anchor discussion in the realities on the ground. The global landscape has shifted dramatically and has become increasingly complex, and such challenges have disproportionate impacts on developing nations and overall makes achieving our sustainable development goals by 2030 even more challenging. Therefore, the document must go beyond simply reiterating existing commitments and address emerging risks with urgency. This calls for heightened international cooperation, innovative solutions, and a renewed focus on effective financing for development. Our call is for equitable support for developing countries without crowding out the interests of middle-income economies, which despite our gains remain vulnerable to external shocks, rising debt burdens, and the uncertain and intensifying effects of climate change. This forum's outcome document must emphasize the need for a just and resilient financing framework that leaves no country behind. To this end, we welcome the outcome documents recognition of the need to address diverse needs, however, it must equally recognize the principle of, of differentiated responsibilities, which entails the financing commitments and policy responses reflect the varying capacities and levels of development among countries. We hope an outcome document that is not merely a wish list, but a call to action and a commitment to concrete measures and tangible solutions to drive sustainable development and inclusive growth. Thank you.

Right, the time is now 10 minutes past one. I therefore like to thank the excellent interpreters and release them based on the rule. And we will hear the two remaining speakers. only in English or the language of their choice. But I think Australia will speak in English, followed by the civil society representative, and then we may have one minute or more for other speakers. Australia, please.

Thank you, Chair. Australia would like to make three quick points. First, it is critical for the FFD4 outcome to reaffirm commitment to the 2030 Agenda for Sustainable Development and its 17 Sustainable Development Goals. we need to strongly reaffirm our commitment to building a sustainable, resilient, prosperous, peaceful, just and inclusive world by 2030. The 2030 Agenda is the indispensable guide to what we are working towards through FFD4. Two, as one of the greatest challenges of our time, Australia strongly supports prioritising climate change adaptation and mitigation in FFD4. Sustainable development and combating climate change are interlinked challenges that must be addressed in a connected way. If we treat each challenge as a silo, we will fail. Addressing climate and development challenges requires our collective efforts including drawing on and scaling up financing from all sources. Third, FFD4 must ensure that no one is left behind. We urge all countries to commit to a compact with their citizens. This compact is to not only undertake difficult domestic reforms, to strengthen economic growth and domestic resource mobilization, but to direct increased financing to benefit the most vulnerable, particularly through strengthening social protection systems, developing and implementing disaster risk reduction strategies, and supporting gender equality, including marginalized groups. Thank you, Chair.

Thank you so much to Australia. Can I as well thank the good representative of Cabo Verde for his understanding not to take the floor. Apologies because of the time constraint. Can I ask please the representative of the Civil Society Third World Network to take the floor. Thank you.

Dear Excellencies, Ministers, delegates, colleagues and friends, I speak on behalf of the Civil Society Financing for Development Mechanism. The origins of the Financing for Development Initiative and its first conference in Monterrey in 2002 are rooted in the collective initiative of nations to address the systemic asymmetries that define the international financial architecture. as well as the imperative of expanding policy and fiscal space for structural transformation toward economic, monetary, and financial sovereignty of the global south. The Monterrey Consensus understood that market-based exchange rates ensconced within an international currency hierarchy, recurrent balance of payments problems, and sovereign debt distress, The deregulated flow of capital and global imbalances cannot be resolved on the national terrain and reveal their steep social and economic costs through recurrent exogenous shocks and financial crises. While mobilizing financial resources to achieve the sustainable development goals is critical, the FFD agenda is not limited to merely the material and financial dimension. Rather, FFD is about acting on the awareness that without systemic change, the equity and effectiveness of financing for sustainable development remains a mere illusion. Second, with regard to the role of the UN in global economic governance, the Monterrey Spirit asserted that the inequities and dysfunctions of the global architecture, such as the need for a functioning debt restructuring system or the adverse cross-border spillovers from the monetary policy decisions of reserve currency issuing countries, requires global action and international cooperation through the UN's intergovernmental role in economic and financial norm setting, and change making. This Monterrey spirit must be reinvoked in FFD4 through actionable outcomes coherent with an enabling international environment for the right to development and in alignment with principles such as common and differentiated responsibilities that...

Thank you so much. I'd like to thank again the representative from the civil society for her Uh, points, and again, apologies for the time constraint, um, from our, um, four distinguished, uh, um, panelists, only have a request for a few seconds from the honorable Minister of Finance of Egypt, and then I'll turn the floor to the co-chairs, um, honorable Minister.

And I know that we are all need to run, so I'll be very brief. I had a question that was mentioned by the moderator about the sustainable debt coalition. And the idea here is not about this coalition itself, but about a lot of other initiatives that are there represented and advocated by emerging markets and by developing countries. I think we should all bring all those together. But just for the sake of clarity, this sustainable debt coalition, which was launched in 2019 in Egypt, is Uh, uh, uh, coalition that brings around 12 African countries together, uh, this is trying to create the fiscal space for countries to pursue climate and SDG ambition without constraining their high debt burdens. It's working to address the barriers by promoting concessional finance instruments to alleviate that burden. It's also advocating for instruments like that for climate swaps and that for development swaps. And we have delivered on a lot of those, by the way, for some of our countries that will natural swaps and other blended financing. So it's basically trying to put in action a lot of those financing instruments into action by helping each other, by promoting this and by talking on behalf of those countries in a very conforming So I would highly encourage all of us to support each other and to bring this under one general theme for the June conference so that we can have one voice and one initiative. Thank you.

Right, one voice, one initiative, and it's not just because of the time constraint that the moderator I cannot summarize the various inputs from the distinguished panelists and the important interventions from the floor and from the discussants, so we'll leave that as well to the good system that we have in reflecting all of your points. to advise and share them with everyone who is interested in this important process. So there is going to be no summary. I have just one request. Can I just ask you to join me in thanking the panelists for a job well done in representing their views under the constraint of time? And now it's my duty to turn the microphone to the co-chairs. Thank you.

Thank you. My sincere thanks to Mr. Mohiddin for the very skillful way in which he managed the discussion and also the time constraints. It's always good to have a good maestro. And I also thank the distinguished speakers and participants for their substantive and valuable contributions. We have thus concluded our, completed our program of work for this meeting. The Preparatory Committee will reconvene this afternoon at 3:00 p.m. to begin consideration of the draft outcome of the document. Information on the program of the Preparatory Committee is available on the FFD website as well as on the iGov portal. Thank you for your participation. The meeting is adjourned. Thank you.