Second Committee, 7th plenary meeting - General Assembly, 81st session

Good morning, colleagues, Excellencies. The seventh meeting of the Second Committee is called to order. I invite the Committee to begin its joint consideration of agenda item 15, entitled Microeconomic Policy Questions and its sub-items A to G, together with agenda item 16, entitled Follow-up and Implementation of the Outcomes of the International Conferences on Financing for Development. The documentation under these items is listed in today's journal and on e-Gov. We will proceed first with introduction of reports. I would like to remind the introducers of reports that the time limit for one introduction is four minutes, although some flexibility will be exercised when two or more reports are introduced in one statement. I first invite Her Excellency Ms. Fancy Chepkemoi, Permanent Representative of Kenya to the United Nations Office in Geneva and President of the Trade and Development Board, to introduce under agenda item 15A, the report of the Trade and Development Board on its 78th Executive Session in Geneva, which was held in February 2026, from 2 to 6 February. which is also contained in document A/81/15, and to provide an update on the 73rd session of the Board, the report of which will be issued as document A/81/15, which is a part two. Your Excellency, you have the floor.

Madam Chair, I have the honor to address this committee in my capacity as the President of the Trade and Development Board of At the outset, I would like to congratulate you and the Bureau on your election. A year ago, UNGTA 16 adopted the Geneva Consensus, asking UNGTA to align its work into the efforts being made elsewhere to implement and shape development agenda. This is where...

Could you please check the audio? if it's coming to the delegates so they can follow closely the presentation. Your Excellency, you can retake your statement.

All right, Madam Chair, allow me to start again. I have the honor.

Apologies for this technical problem. Allow us a few moments that we can try to resolve it. Is this microphone working? Try with that one.

Hope you can hear me with that. Okay, all right. I'll take it again. Madam Chair, I have the honor to address this committee in my capacity as the President of the Trade and Development Board of UNGCTAD. At the outset, I would like to congratulate you and the Bureau on your election. A year ago, UNGCTAD 16 adopted the Geneva Consensus, asking UNGCTAD to align its work into the efforts being made elsewhere to implement and shape development agenda. This is where the work we do in Geneva and in New York find their synergies and reinforce each other. Notably, for the first time in more than three decades, the Trade and Development Board is tasked with adopting an omnibus resolution as the main outcome of its regular session, with the goal of capturing and advancing consensus on the key development issues. Madam Chair, let me highlight three priorities of the board this year, which complement the work of this committee and reflect three crucial areas where developing countries need both immediate answers and long-term efforts. First, what is the cost to move goods? Second, what is the cost to borrow? And third, what it takes to secure a fair share of the investment driving artificial intelligence? The cost of moving goods for more than 80% of the world trade by volume moves by sea through a handful of passages of utmost geopolitical importance. Nearly a billion people live in highly vulnerable countries, such as the LDCs and SEEDs that import their energy. Disruptions have raised the cost of fuel and fertilisers and, consequently, the cost of food. The ultimate bill of these disruptions land first and foremost on the poorest of households, for whom food and healthcare are increasingly less affordable. Our duty, therefore, is to help build resilience beyond logistics into energy and food security and development policy itself. Second, the cost of borrowing. Debt service now competes directly with the spending that development itself requires. The Seville commitment answered with a mechanism that had not existed before. Creditors forum have multiplied for years, while borrowers have had no shared space of their own. Until now, the Borrowers' Platform is that space, open to all net borrowing developing countries, with UNCTAD serving as its secretariat. And third, the investment driving AI. Foreign direct investment grew last year, but the growth was driven largely by a few mega projects above all data centers for AI. Meanwhile, renewable energy, infrastructure and manufacturing declined, and key sectors such as water and sanitation, health and education lacked. Moreover, AI investment remained concentrated in a limited number of economies, which could create isolated digital enclaves instead of contributing to structural transformation. Many countries, mostly in the global south, are absent from the main discussions on AI governance. What they need is a way in and a seat where the rules are made. Madam Chair, our task in Geneva and in New York alike is to make sure no one is left behind by truly advancing development. The members of the Trade and Development Board are committed to working together in building a future of prosperity shared by all. I thank you, Madam Chair.

I thank the President of the Trade and Development Board for her statement. I now would like to invite Ms. Luis Maria de la Mora, Director of the Division on International Trade and Commodities at UNCTAD, to introduce under agenda item 15A by a pre-recorded video statement the report of the Secretary-General on international trade and development as contained in document A/81/277. I would kindly ask to play the video.

Chair, Excellencies, Distinguished Delegates, it is my pleasure to present the Secretary-General's report on international trade and development. Today, trade continues to grow, but the rules and conditions under which trade takes place have become less predictable. For developing countries, this means higher levels of uncertainty that increase costs. making it for them harder to leverage trade to support investment, diversification, and sustainable development. I would like to leave you with three messages today. First, global trade is resilient, but that resiliency is uneven. Global trade reached approximately $36 trillion in 2025. Merchandise trade grew by 6.6% and services trade by 8.8%. Developing economies are increasingly important to this growth. South-South trade grew by around 80% between 2020 and 2025. These are important signs of opportunity. But the headline numbers conceal growing pressures. Higher tariffs, non-tariff measures, export controls, and other trade measures are changing market access conditions. Firms are reorganizing supply chains and, in some cases, moving production or relying on intermediary economies. For large and diversified economies, these adjustments can be costly but manageable. But for smaller developing economies, least developed countries, and small island developing states, the choices are much narrower. A country dependent on a small number of exports or imported energy cannot simply replace markets or suppliers overnight. This brings me to my second message. Predictability is itself a development asset. The value of the multilateral trading system, it's not only that it reduces barriers, it gives governments, firms and investors a clearer basis on which to make long-term decisions. The report therefore calls for renewed commitment to a universal, rules-based, open, non-discriminatory and equitable multilateral trading system with development at its center. My third message is that restoring predictability must be accompanied by practical action that helps developing countries trade. This means improving transparency around trade measures and reinforcing core disciplines where policies in one economy have significant effects on others. It also means reducing the everyday costs faced by exporters, complex customs procedures, divergent standards and duplicative conformity requirements. And it also means helping developing countries build the productive capacity they need to benefit from new opportunities. South-South trade, digital services, And changing supply chains can all support diversification, but only where countries have the infrastructure, skills, digital connectivity, and productive capacity to participate effectively. So restoring a fully effective multilateral dispute settlement system is also essential to building confidence in the rules. Excellencies, the message of the report is straightforward. Trade continues to happen and is still creating opportunities. But countries can only seize those opportunities when they can plan with confidence. Restoring predictability, reducing unnecessary trade costs, and strengthening the capacity of developing countries to participate are therefore central to preserving the development promise of international trade. UN Trade and Development stands ready to support member states through analysis, consensus building, and technical cooperation. I thank you. Chair, Excellencies, distinguished guests.

I thank Ms. De la Mora for her statement. I now invite Mr. Oliver Schrank, Chief of the Policy Analysis and Development Branch in the Financing for Sustainable Development Office of the Department of Economic and Social Affairs, to introduce in one intervention the following reports of the Secretary-General. Under agenda item 15, the report on international financing system and development, contained in document A/81/322. Under agenda item 15, the report on international coordination and cooperation to combat illicit financial flows, contained in document A/81/269. And under agenda item 16, the report on follow-up to the implementation of the outcomes of the International Conferences on Financing for Development, contained in document A/81/336. Mr. Schwank, you have the floor.

Thank you, Madam Chair. Good morning, colleagues. With your permission, I will change the order of the presentations. I will start with report A/81/336 on follow-up to and implementation of the outcomes of the International Conferences on Financing for Development, because that provides the overall picture on progress on financing, and then I'll go to the international financial system and illicit financial flows last. On the report on the FFT outcomes, the main message here is that implementation of the CVA commitment is advancing across all action areas, but in an extremely challenging global environment. So despite some of these areas of progress, we also see areas of great concern and even regression as well. Let me start with the advances and just to give some examples on domestic resource mobilization, we see concrete progress and positive engagement in the process on the UN Framework Convention. On development cooperation, one very encouraging example is that with the already agreed reforms by the multilateral development banks, We estimate that an additional $600 billion in lending capacity can be unlocked. We already heard about some of the positive aspects, the resilience in trade. Implementation of the debt package of the CDR commitment is advancing in all its four pillars, and I'm sure the colleagues in UNCTAD will also speak to this. I thought I'd highlight one aspect in particular, the IMF and the World Bank have just concluded the review of the debt sustainability framework for low-income countries. And in this review and in the changes, some of the changes made respond quite directly to recommendations in the CVIA commitment, for example, to better incorporate both climate risks, but also investments in climate resilience in those assessments. So those, I would say, are notable areas of progress. In many cases, this progress is also supported and driven by initiatives of the Seville Platform for Action. At the same time, it's very important to recognize that this is happening in a very, very challenging global context, and the overall picture on development financing is very concerning. We see, unfortunately, stagnating domestic resource mobilization rates for the last few years in developing countries. As the President has already mentioned, FDI while growing globally, is becoming increasingly concentrated and bypassing vulnerable countries in particular. Official development assistance has fallen, and we've seen the steepest cuts in history in the last year, with further cuts projected. And some key aspects of financial architecture and governance reform laid out in the CVA commitment are also stagnating or not moving ahead in this challenging global context. At the same time, this global context of increasing fragility shocks already was the backdrop to negotiations for Cevier. So the Cevier commitment does contain many commitments that would enhance resilience of countries, that would strengthen the international architecture to better prevent and respond to such stocks. So our assessment is that full and timely implementation of the CVA commitment would help countries better deal with these new realities and remains a critical priority. I will just mention one or two areas for further guidance by the committee in this area that might be useful. One is that, as many of you will know, we have established a network of national focal points following the encouragement in the CVA commitment for countries to nominate such focal points. Many of you have nominated them, and there's an active work program and very productive exchanges among those focal points ongoing. The Committee could consider encouraging the appointment of national focal points in all countries to further strengthen these discussions. The Committee may also wish to consider how to prepare and provide guidance for the organization of the high-level dialogue on financing for development, which is scheduled to take place in September 2027 back-to-back with the SDG Summit. Let me go to the second report, that's A/81/322, the International Financial System and Development. This report explores the theme of shocks and crisis in more depth, in particular with regard to its implications for the international financial system and for the international financial architecture. So in my brief summary, I will focus on those aspects in particular. As you know, the last year has seen a renewed shock to the global economy emanating from the conflict in the Middle East and the closure of the Strait of Hormuz. But that is only the latest example in a series of global shocks that have led to trade disruptions and that have impacted developing countries through multiple channels. The report highlights three issues that are of relevance for the international financial system. First, the challenges that this brings to countries and to the global financial safety net that supports them. The fact that prevention and pre-arranged financing becomes more critical, and the interrelation between this fragility, fragmentation, and the ability to advance global policy reform. On the first point, many countries entered the COVID shock in 2020 with healthy fiscal and external buffers. But since then, these buffers have largely eroded, so they are ill-prepared to deal with additional shocks. And this is the situation many of them are faced with today. So with the further increase in energy prices, disruptions in trade, the rising global interest rates, many countries do not have the macroeconomic policy space to respond to these. And this could also, if these disruptions continue, of course, increase demands on the global financial safety net. And similarly, that global financial safety net, which is large, is still very uneven in access. The one almost universal layer of it, the International Monetary Fund, has provided record resources and support over the last few years to support developing countries, but that has also put its own finances under strain. So with additional shocks, there's a risk that these pressures both on countries and on the global financial safety net, could be exacerbated. Second point to make, all this underlines the importance of investing more in precautionary measures and crisis prevention. Again, we report on many areas of progress, where the toolkit for precautionary lending for investment in enhancing resilience has expanded in recent years. We also highlight that the multilateral development banks and public development banks are a very complementary part of the international financial system to the financial safety net, because from recent experiences, we have seen again that they are able to lend countercyclically, that they are able to increase lending in moments of crisis. So it only underlines the importance of strengthening this aspect of the development finance landscape to also increase the level of liquidity that can be provided during moments of crisis. Third, we note that in a context of more difficult global relations and fragmentation, it has also become more challenging to advance some of the IFA and governance reforms suggested in the Seville Commitment. So we have seen only very limited progress in this area. both on the side of further expanding and updating the toolkit in the safety net and in lending, but also on the critical question of governance reforms in the international financial institutions, which have not advanced since Seville. On further policy guidance, the committee could consider reforms to the international financial architecture and the safety net to address the increased frequency and severity of shocks. The Committee may also wish to follow up on the encouragement in the SIVIA commitment to consider channeling special drawing rights through the MDB system to expand MDB lending capacities. Yeah, maybe I'll leave it at those two. And then the third report, A/81/269, on international coordination and cooperation to combat illicit financial flows. This report is the first report on financial illicit flows since we had the first special meeting of the ECOSOC on financial integrity, which is an innovation introduced in Seville. So we are taking advantage of that, and the report expands on the theme that also was at the center of this first special meeting on financial integrity, which is to bring together the various communities of practice, standard setting bodies and mechanisms that work on the aspects of illicit financial flows, but often in silos. And that's tax cooperation and tax related illicit flows and the money laundering and beneficial ownership efforts and the crime and corruption cluster. So the special meeting for the first time brought these different communities, the standard setters together and elicit some interesting messages and recommendations around how to exploit those complementarities and how to strengthen the efforts of all by enhancing coordination. And this is the first aspect of the report and some of the key recommendations around how to further improve that cooperation. And the report contains specific recommendations that came out of those discussions of how to take advantage of this coordination, for example, on how to overcome silos in the efforts by improving information sharing, facilitating access to key to information for all relevant public entities across these silos. Another cross-cutting theme that the report addresses is the question of regulation of service providers that are involved in all aspects of illicit financial flows. We still do not have a systematic cross-country picture on regulatory frameworks for such professional service providers, and this is something that the committee has asked the secretariat to carry out. We have so far not been able to do this due to budgetary constraints, but such a mapping is now underway and this is something that you can look forward to. I spoke on tax earlier, so maybe one other aspect on the tax to highlight is the UN Committee of Experts on International Cooperation in Tax Matters. In its current CYCLE is also working on very specific products to help countries fighting tax-related illicit financial flows. So the committee is preparing guidance, for example, just to give you one example, on using artificial intelligence to detect fraud and for better risk assessments on illicit financial flows. We, of course, also provide updates in the areas of anti-money laundering and corruption. But let me get to the last point, which is what are areas of further policy guidance by the committee. The committee may wish to provide guidance to standard setting bodies on how to enhance interoperability of data information sharing systems, building on the theme of the special meeting. The committee may want to provide further guidance on how to move forward on global discussions on standardizing regulatory regimes, which could be based on the mapping carried out by the Secretariat. I'll leave it at that. Thank you.

I thank you, Mr. Xiong, for the presentation. Now, I would like to invite Ms. Penelope Hawkins, Acting Head of the Debt and Development Finance Branch in the Division on Globalization and Development Strategies of UNCTAD, who is joining us virtually. She will introduce under agenda item 15C the report on external debt sustainability and development as transmitted in a note by the Secretary General and contained in document A/81/258. Ms. Hawkins, you have the floor.

Thank you, Chair. Excellencies, the year 2025 and the first quarter of 2026 provided no evidence of improvement in the predictable or sufficiency of external finance to developing countries. And indeed, the cost of finance remains a real concern for these countries in particular. UNCTAD's latest World of Debt report, which is out today, shows that rising debt costs are stalling development. While the total external debt stock of developing countries reached an estimated 12.3 trillion US dollars in 2025, this has been growing at a slower rate of just 2% over the last five years. So this is not a story of gorging on debt. Instead, as the report shows, debt service costs continue to outgrow debt, sorry, debt service costs continue to outgrow debt stocks. The burden is uneven. External debt service of least developed countries now amounts to 18% of both export earnings and an equivalent amount of government revenue. Sub-Saharan Africa spends almost 16% of government revenue on external debt service. more than double the average for developing countries, excluding China. There are signs that worse is yet to come. The conflict in the Middle East, higher for longer interest rates, and the third annual fall in official development assistance are just some of the signs that the cost of new external debt finance is generally higher than the cost of the debt it is replacing. So upward pressure on average interest rates and total interest rate costs are expected. In response to rising external borrowing costs, developing countries have been turning to domestic sources of finance. Since the pandemic, domestic public debt has grown more than three times faster than external public debt. And in 2024, domestic debt instruments accounted for over 80% of general government debt. Shifting to the domestic sources of debt can reduce external vulnerability and even increase policy autonomy. But the sad fact is that it comes at a premium in developing countries, a premium of close to three percentage points. And growing domestic debt also comes with risks, as it typically has shorter tenors and can create both concentration and contagion risks and also crowd out private credit. The report summarizes several advances arising from the July 2025 severe commitment. I have time to highlight only one. The Borrowers Platform was launched in April 2026 with untied support, And next week, the first governing council of the Borrower's Platform will convene their ministers of finance and central bank governors to start the first annual cycle of the platform. Finally, if we are to close the SDG financing gap, both external and domestic finance will need to rise by about one third. At the national level, this requires stronger fiscal frameworks, better debt composition, improved debt management capacity and transparency, and a greater role for national development banks. At the multilateral level, we need scaled up concessional and local currency lending, expansion of SDR rechanneling, strengthened global and regional financial safety nets, and we need to reverse the decline in official development assistance. I thank you.

I thank Ms. Hawkins for the connection and for also presenting the report. I now invite Ms. Anu Peltola, Director of the Statistics Service of UNCTAD, who also is joining us virtually, to introduce under agenda item 15D, pursuant to General Assembly resolution 80/126, the dedicated section of the Sustainable Development Goals Pulse Report, which is available on the UNCTAD website and also has been posted on Second Committee's place on e-delegate. Mr. Peltola, you have the floor.

Thank you, Chair, Excellencies, distinguished delegates. It's my honor to present the key messages of the joint note by UN Trade and Development and UN Office on Drugs and Crime on illicit financial flows in response to your request and to our mandates as custodians of Sustainable Development Goals indicator 16.4.1. Allow me to highlight three messages. First, tackling illicit financial flows is essential to financing development. At a time of widening financing gaps and uneven progress towards the SDGs, preventing losses from illicit financial flows is more urgent than ever before. These flows drain resources needed for development, fuel corruption and organized crime, and weaken governance and public trust. Data are essential to point to channels and areas prone to illicit finance. to recover assets and strengthen domestic resource mobilization. Put simply, resources lost through illicit finance are resources not available to build schools, staff hospitals, offer housing, create jobs, and finance countries' own development priorities. Second, measurement is bringing results. Through the joint work of UNCTAD, UNODC and the UN regional commissions, 23 member states have applied the agreed methodologies to measure illicit financial flows, and 11 are updating estimates for global reporting, additionally, and the first tax-related IFF data were reported last year. These statistics are being used to identify vulnerabilities and risks and target policy action, and they reveal significant levels of illicit financial flows ranging from 5 to 30% of official good straight value of countries. In Ghana, data helped identify the most vulnerable areas in sectors such as gold, cocoa, and oil. According to national authorities, reforms informed by this evidence contributed to a documented 78% reduction in illicit financial flows between 2019 and 2023. In Burkina Faso, measurement findings informed stronger customs controls, enhanced risk analysis, and improved cooperation among national institutions. Countries are increasingly institutionalizing this work within national statistical authorities, tax administrations, customs, and other agencies. We are encouraged by growing demand for support to do these analytics. More than 40 member states are seeking that support. To respond at scale, UNCTAD and UNODC are advancing data-driven and AI-enabled solutions. Our objective is to equip national authorities with digital tools to analyze transactions that can hide illicit financial flows and identify anomalies and risks to inform action. Countries have vast amounts of data. We just help them turn that into actionable analytics and intelligence. The third final point is the significant implementation challenge. Member States have repeatedly requested stronger support from the United Nations, especially the Second Committee has done so. The Pact for the Future and Seville Commitment call for robust measures to combat illicit finance. At your request, dedicated positions were approved in 2024, but they have not become available. When our project with UN regional commissions ends in 2026, support capacity will fall well below demand. Closing these data gaps is a prerequisite for tracing and recovering resources lost through illicit financial flows. Yet these gaps remain largest in countries most vulnerable to their impacts. Excellencies, Allow me to conclude with a forward-looking observation. The internationally agreed framework for SDG indicator 16.1 focuses on cross-border illicit financial flows. Many illicit activities also occur within domestic economies. Domestic tax evasion, hidden income or criminal proceeds can erode domestic resources, weaken institutions and finance crime, even without a cross-border transfer between countries. We should extend these methodologies and tools to capture domestic illicit finance. Country experience shows that IFF data analytics can help governments generate evidence to inform reforms and protect resources for sustainable development. I thank you for your support and partnership as we build alliances and pool resources to scale up technical assistance, strengthen analytics and deploy technology solutions, including AI-powered tools for customs for near real-time detection, measurement and prevention of illicit financial flows. We'd like to invite the committee to reaffirm its commitment to target 16.4, underscore the importance of supporting national authorities, and guide the UN system in helping member states implement these commitments of the 2030 Agenda, the Pact for the Future, and the Seville Commitment. I thank you, Chair.

I thank Ms. Peltola for her statement. Members will recall that upon the proposal of the Chair and pursuant to General Assembly Resolution 80/127, The Committee decided at its first meeting held on 1st of October to invite the Secretariat representative to introduce under agenda item 15E the pertinent section of the World Investment Report. Accordingly, I invite now Ms. Nan Li Collins, Director of the Division of Investment and Enterprise of UNCTAD, who is joining us virtually to introduce under agenda item 15E the relevant section of the World Investment Report, which was transmitted through the note by the Secretary-General, contained in document A/81/229, and which also is available on the Second Committee place on e-delegate. Ms. Collins, you have the floor.

Chair, Excellencies, Distinguished Delegates, thank you for the opportunity to present the World Investment Report. Global foreign direct investment rose by 6% in 2025 to $1.6 trillion, despite geopolitical tensions and high financing costs. Much of the increase, however, is highly concentrated and reflected flows through financial centers. The top 20 host economies received more than 80% of the global flows. FDI accounts for about half of developing economies' external finance and brings productive capacity and technology. Yet the most vulnerable economies receive only a small share. Inflows to least developed countries rose by 21%, but it was concentrated in a few resource-rich countries. In small island developing countries, FDI remained modest. SDG-related investments also picked up, but the recovery was uneven and concentrated in a few sectors and a small number of countries. In developing countries, greenfield project value rose by 11% and international project finance by 26%, driven mainly by digital infrastructure and telecommunications. Investment in renewable energy slowed overall, while investment in water and sanitation, health, and education continued to lag. These are the sectors where development needs to remain acute. Manufacturing, a traditional pathway to integrate into global value chain and development, also weakened. Greenfield investment in industries linked to global value chain fell by 13%. The report highlights fast growth of a few strategic sectors, which include advanced technology, AI infrastructure, semiconductors, critical minerals. Their share of global greenfield investment rose from 16% in 2020 to 44% in 2025, almost half the total new growth. Yet, low-income and lower middle-income economies attract only about 10% of these strategic investments, less than half of their share in other sectors. Without urgent action, this concentration risks widening the gaps that the SDG agenda aims to close. The outlook for 2026 faces downward pressure. The report sets out five investment policy priorities for developing countries. First, focus on a few strategic opportunities that match national capabilities. Second, use industrial policy selectively to address gaps in skills and infrastructure, rather than trying to match the subsidies of large economies. Third, manage national security risks through targeted, transparent measures. while keeping an open investment environment. Fourth, use investment promotion and aftercare to turn disruptions into new investment opportunities. Fifth, strengthen regional integration to build larger markets and production networks. International cooperation must support these efforts to keep cross-border investment environment predictable in a more turbulent world. What matters now is not only how much investment there is, but where it goes and what it builds. I invite you all to read the report for a more comprehensive analysis of these trends and our policy recommendations.

Thank you.

I thank Ms. Collins for her statement. I now invite Mr. Juan Jose Martinez-Badillo, Chief of the UNCTAD New York Office, to introduce under agenda item 15G pursuant to General Assembly Resolution 78/133, the dedicated section of the Creative Economy Outlook on promoting creative economy for sustainable development, which has also been available to delegations through eDelegate. Ms. Martinez-Badillo, you have the floor.

Thank you, Chair, Excellencies, Distinguished Delegates. It is my pleasure to introduce a dedicated chapter of the Creative Economy Outlook 2026. The full report will be issued later, but the dedicated chapter has been issued separately. Through the delegates, you will be able to find it there or bilaterally if you need to have access, we can facilitate it. UNCTAD worked with UNESCO, ILO, UNID and WIPO to prepare an assessment covering the breadth of issues on their respective mandates. which we hope will provide a solid basis for your deliberations. The main message we have is that the creative economy can contribute to economic diversification, innovation, employment, and inclusion, but tangible development gains are not automatic. Effective policies and institutions need to be in place to allow creators, MSMEs, and communities to participate in markets, retain economic value from the work, and benefit from decent employment. A first step is to improve how we measure the creative sector. UNCTAD's revised statistical framework provides, for the first time, a comprehensive approach linking creative industries with production, employment and trade. Preliminary estimates covering 150 countries indicate that the creative economy accounted for approximately 6.7% of gross value added in 2021. These are very large aggregate numbers if we consider that our previous estimates show this sector accounting for up to 7.3% of GDP and 12.5% of employment. While considerable data remains, particularly for developing countries, this is an important baseline from which to move forward and to guide policy. UNIDO finds that the manufacturing of creative goods makes a meaningful contribution to manufacturing value added and generates a significant share of manufacturing employment. Being MSMEs centered, the creative economy can provide practical opportunities for industrial upgrading and diversification. On their side, ILO finds that creative work continues to be characterized by high levels of self-employment, informality, and project-based employment, often lacking adequate social protection. WIPO On this report provides evidence to highlight the importance of intellectual property and rights management systems for commercialization, access to finance and domestic value retention. Digital distribution and generative AI are creating new challenges in these areas, such as authorization, attribution and fair remuneration. Further, as highlighted by UNESCO, persistent gender inequalities and digital barriers affect creators and particularly women, such as skills gaps, algorithmic bias, limited online visibility, and technology-facilitated violence. UNESCO highlights the link of the creative economy and climate and environmental strategies. Taken together, the overall assessment of the agencies that prepared the report is that while the creative sector is a significant global employer, its workforce has a high degree of self-employment, informality, and profound gender and digital disparities. We identified a series of recommendations, including, and I will give you just a few of the highlights, strengthening statistical capacity, mainstreaming the creative sectors into industrial diversification and export strategies, improving intellectual property and collective rights management system, and adapting labor and social protection frameworks to the realities that creators and cultural professionals face. Further priorities include advancing gender equality, inclusive digital participation, building digital and AI skills, and integrating environmental consideration and investment in cultural heritage into policy. Finally, the report highlights that effective implementation requires cooperation. This means coordinated support from the UN system with the participation of the private sector, civil society, and academia. to effectively achieve the development gains that the creative sector promises. I thank you, Madam Chair.

I thank Mr. Martinez-Badilla for the presentation. In accordance with the practice of the Main Committees, I now invite delegations to make comments or pose questions on the reports and other documents that were introduced. The floor is open. Delegates that would like to take the floor are invited to indicate their wish to speak by pressing the microphone button. I don't have any requests for the floor. That means the reports were very clear to you. So we can thank the presenters for introducing their reports, for their time with the committee, and leave them a few moments to leave the podium, and then we continue with the discussion and conversation that we have in our agenda item. Thank you.

I now invite the Committee to begin the joint general discussion of agenda item 15 and its sub-items A to G, and agenda item 16. Before giving the floor to the first speaker, I would like to remind delegations that the agreed time limits for statements during the joint consideration of agenda items are five minutes for statements made on behalf of groups, and three minutes for national statements and by intergovernmental organizations and the United Nations system. The list of speakers has been prepared on this basis, and I intend to implement these time limits strictly, including as necessary by means of automatic microphone cutoff. To assist speakers in time management, a countdown clock will be projected on the screens in the meeting room. It will start blinking red to indicate that the speaker has one minute left to conclude the statement. Delegations are requested to submit longer versions of their statements by e-mail to estatements@un.org. I thank speakers in advance for their cooperation. I now give the floor to the distinguished representative of Uruguay on behalf of the Group of 77 and China.

Thank you, Mr. Chair. I have the honor to deliver this statement on behalf of the Group of 77 and China. At a time of heightened uncertainty in the global economy, the group reaffirms the critical importance of macroeconomic stability, structural transformation, and resilient and inclusive growth strategies that support developing countries in their implementation of the 2030 Agenda for Sustainable Development, as well as their national development priorities. International cooperation must be grounded in solidarity, equity, and the right of every country to pursue policies tailored to its national circumstances. We must build an open and steady recovery of the world economy, step up macroeconomic policy coordination, and create a peaceful, stable, open, and inclusive environment for international development. Therefore, we stress the need to address systemic imbalances in the global economy through a more inclusive and development-oriented macroeconomic policy environment, as well as national macroeconomic fundamentals. This includes addressing the high cost of capital for developing countries, improving access to international liquidity, and strengthening the rules-based, non-discriminatory, open, fair, inclusive, equitable, and transparent multilateral trading system with the World Trade Organization at its core. We also support advancing WTO reform so that it can better serve all our economies. Mr. Chair, The Group reaffirms the need to ensure that developing countries have the necessary fiscal space for achieving the SDGs and their national development objectives. However, the high debt servicing obligations and borrowing costs continue to constrain fiscal space and their resources. The Group therefore supports strengthened international cooperation to address debt vulnerabilities and welcomes efforts towards a more effective, predictable, and equitable international debt architecture that facilitates concessional and blended finance, de-risk private investment, and facilitate access to capital markets on fair terms. The Group emphasizes that effective domestic resource mobilization is best achieved when national efforts are matched by international support and cooperation, including official development assistance, concessional financing, capacity building, knowledge sharing, technical cooperation, and inclusive and effective international tax cooperation. At the same time, the sovereign right of each country to determine its own national priorities and fiscal strategies must be fully respected. The group rated its its condemnation of the imposition of unilateral coercive measures that are contrary to international law, especially in the Global South, which seek to deny its right to development, including the drawing up of false lists of alleged state sponsors of terrorism. Mr. Chair, financial inclusion also plays a vital role in unlocking sustainable development. The group emphasizes the need to expand access to affordable finance for micro, small, and medium enterprises, including women and youth-owned businesses. Efforts to enhance digital literacy and participation in the digital economy can strengthen financial resilience and help ensure that no one is left behind. The group stresses the need to scale up long-term, affordable, and predictable financing for developing countries aligned with their national development strategies. Going forward, we support a focused and inclusive approach to ensure the full, timely, and effective implementation of the global financing commitments. Such a process must preserve hard-won gains that support the priorities of developing countries and advance progress across all dimensions of sustainable development. The Group of 77 and China underscores the adoption of the Compromiso de Sevilla, the outcome of the Fourth International Conference on Financing for Development. This renewed framework builds on the Addis Ababa Action Agenda and aims to urgently close the $4 trillion annual.

I thank the representative of Uruguay, speaking on behalf of the Group of 77 and China. I now give the floor to the distinguished representative of Indonesia on behalf of the Association of Southeast Asian Nations, ASEAN.

Thank you, Chair. I have the honor to deliver this statement on behalf of the Association of Southeast Asian Nations, ASEAN. ASEAN lends itself with the statement delivered on behalf of the Group of 77 and China. Chair, geopolitical tensions, geo-economic fragmentation, debt vulnerabilities and volatile capital flows weigh on the development prospects of developing countries. Disruptions affecting maritime, energy and trade routes have demonstrated how shocks translate into commodity price volatility. Higher logistic costs and disruptions to supply chains, and we are also concerned by rising unilateralism. protectionist measures and fragmentations in global trade. ASEAN underscores the importance of open market, resilient supply chains, and a rules-based international economic environment. ASEAN demonstrates resilience. ASEAN economy expanded by 4.9% in 2025 and is projected to grow by 4.5% in 2026. Merchandise trade expanded by 13.7% to 4.4 trillion US dollars, while FDI inflows increased by 10.1% to 245.7 billion US dollars. Chair, under the Philippines chairship and the theme, Navigating Our Future Together, ASEAN seeks to strengthen connections towards shared prosperity. As 2026 marks the first year of implementation of ASEAN 2045, our shared future, ASEAN highlights three priorities. First, strengthening economic integration and safeguarding open and resilient trade. ASEAN remains committed to a rules-based multilateral trading system with the WTO at its core. ASEAN underscored working together to advance WTO reform. ASEAN will strengthen energy security and connectivity, including through the ASEAN Power Grid. ASEAN is working towards the entry into force of the upgraded ATIGA, while leveraging the Regional Comprehensive Economic Partnership and promoting MSME participation in global value chains. Second, mobilizing investment and financing for a sustainable and resilient future. ASEAN is advancing the ASEAN taxonomy for sustainable finance and developing the mitigation, co-benefit and adaptation for resilience MIRS guide, while the ASEAN Infrastructure Fund and ASEAN Catalytic Green Finance Facility have a pipeline of 30 projects amounting to US$19.4 billion for 2026-2028. ASEAN has prioritized sustainable and resilient ASEAN capital markets, regional payment connectivity, and financial health. At the global level, ASEAN underscores the importance of translating their SEFILA commitment into implementation. This includes advancing an international financial architecture that provides developing countries with affordable and predictable financing, addresses debt vulnerabilities, and strengthening the voice and representation of developing countries in global economic decision-making. In this regard, ASEAN looks forward to the 2026 IMF World Bank Group Annual Meetings hosted by Thailand from 12 to 18 October. Third, harnessing digital transformations as an engine of inclusive development. ASEAN has concluded negotiations on the ASEAN Digital Economy Framework Agreement and is preparing for its implementation. Digital transformation must remain inclusive, supported by stronger cooperation, on digital payments, cybersecurity, data governance, and artificial intelligence. Chair, ASEAN reaffirms its commitment to strengthening complementarities between ASEAN 2045 and the 2030 Agenda, including through the Complementarities Initiative 2.0. ASEAN will continue to advance shared prosperity across and beyond our region. I thank you, Chair.

I thank the representative of Indonesia speaking on behalf of ASEAN. I now give the floor to the distinguished representative of Palau on behalf of the Alliance of Small Island States.

Chair, I have the honor to deliver the statement on behalf of the Alliance of Small Island States, and we align ourselves with the statement delivered by G77 and China. Chair, one year ago, we came before this committee following the adoption of the Seville Commitment with a simple message. Implementation would be the true measure of our collective success. One year later, that test has begun. The global financing environment has become even more difficult. ODA fell sharply in 2025, debt burdens remain elevated, and the cost of capital continues to constrain investment while geopolitical tensions and fragmentation are diverting resources and attention away from sustainable development. For SIDS, this macroeconomic Macro-economic trends determine whether we can build resilient infrastructure, respond to climate change, provide essential services, and invest in our people. This is why the unique circumstances of SIDS require special consideration. Our structural vulnerabilities do not disappear because national income increases. Crossing an income threshold does not make our countries less exposed to climate disasters, sea level rise, or external shocks. Yet, Chair, income continues to play an outsized role in determining access to concessional resources and international support. AOSIS, therefore, renews its call to urgently integrate and operationalize the MVI into the policies and frameworks of international financial institutions and organizations, including in decisions concerning access to concessional finance and international support measures. Similarly, graduation from development assistance must reflect readiness and resilience and must never become a financial cliff. Such an economic precipice only lends itself to greater uncertainty and greater debt, and the urgency of reform is nowhere clearer than in debt. For SIDS, scarce public resources continue to flow away from development towards debt service, from debt often incurred following climate disasters not of our own making. In this regard, AOSIS reiterates our call for reform of the G20 common framework, including expanding its accessibility to SIDS irrespective of income classification and for the full operationalization of the SIDS Debt Sustainability Support Service. We also look forward to meaningful progress to the United Nations intergovernmental process on sovereign debt. That process must be ambitious and move us towards an international debt architecture that is fair, predictable, timely, and development-oriented. Mr. Chair, we must equally address the conditions that make financing more expensive for our countries. The discussions this year on sovereign credit ratings have highlighted longstanding concerns for CITS around access, transparency, and the treatment of structural vulnerability. Financial exclusion also persists through the risk in the loss of correspondent banking relationships and regulatory requirements that can disproportionately affect small jurisdictions. At the same time, the imposition of unilateral coercive measures, particularly against one of our members, continues to restrict trade, investment, and access to finance, further compounding existing vulnerabilities. Mr. Chair, the international community does not need another diagnosis of the problem. What we need is delivery. Delivery on the promises made in the 2030 agenda. Delivery on the vision of the Antigua and Barbuda Agenda for Seats. Delivery of the commitments in the Sevilla commitments. This means a fair international debt architecture. It means a greater voice and representation for developing countries in international financial institutions. Delivery means no one is left behind. I thank you.

I thank the representative of Palau, speaking on behalf of Alliance of Small Island States. I now give the floor to the distinguished representative of Australia, speaking on behalf of Canada, Australia, and New Zealand.

Thank you, Chair. I am pleased to deliver this statement on behalf of Canada, New Zealand, and my own country, Australia. We wish to make four points on agenda items 15 and 16. First, it has been not much more than one year since the adoption of the Seville Commitment. This was a hard-won outcome at a challenging time, and CAHRS wants to see it remain an important catalyst for advancing action across the financing for development agenda and for achieving the Sustainable Development Goals. We want to focus on operationalising this landmark agreement rather than relitigating and renegotiating the same issues through resolutions under items 15 and 16. We must give the Seville commitment the space and the chance to succeed and to drive the direction of development finance for the decade as envisaged. If we can adequately focus on protecting what was agreed in Seville, the international community will be better placed to make progress on the SDG financing gap. Secondly, as we heard from our keynote speaker on Monday, Diversifying the sources of financing in support of sustainable development is critical. Resolutions under items 15 and 16 provide an opportunity to advance this discussion by focusing on issues like trade, international financial systems, and combating illicit financial flows. This means building strong national and international institutions, optimizing external and domestic financing flows and fiscal frameworks, combating illicit financial flows through targeted action, and fostering development-oriented investment partnerships with ample consideration for localised approaches. We also need to ensure ODA and development finance is well targeted at the most in need. Third, impact should be at the centre of everything that we do here. Cairns wants to see inclusion remain a focus of discussions under these items. If our societies are to prosper and economic and development gains are to be sustainable, we must advance equality, including gender equality. We can also help ensure the impact of our work by focusing on the specific value add the second committee can contribute and ensuring our incomes are meaningful, our outcomes are meaningful and relevant to our communities. Creating new processes, expanding institutional roles or convening new dialogues where forums already exist risk diluting our efforts, fragmenting resources, attention and our impact, and ultimately undermining progress. And finally, Cairns wants to see member states implement the commitments of resolution 80251 and second committee revitalization in the resolutions under these items. That means streamlining texts, greater discipline, clarity and brevity in creating mandates, supported by concept notes and introducing mandate review clauses and sunset and retirement clauses. This is not simply a box ticking exercise. Concept notes for new mandates, as outlined and agreed by member states, should provide the rationale, objectives, and expected impact of a new mandate, how the mandate fits within the existing mandate landscape, indicative financial implications, the technical secretariat focal point, and a UN system implementation lead, as well as the mandate implementation timelines. Similarly, we are not calling for review and retirement clauses for the sake of it. Review clauses mean that work to progress a mandate is evaluated, supporting better accountability for the promises we make. We have collectively committed to these actions and we need to deliver if we are to make Second Committee and these outcomes meaningful and impactful. Thank you.

I thank the representative of Australia, speaking on behalf of Cairns. I now give the floor to the distinguished permanent representative of Jamaica, speaking on behalf of the Caribbean community.

Thank you, Chair. I do have the honor to deliver this statement on behalf of the 14 member states of the Caribbean community, and we align with the statements of G77 and China and AOSIS. For Caribbean countries, small domestic markets, narrow production and export bases, and the dependence on external trade leave limited room to absorb shocks. Intensifying climate-related disasters often result in losses far beyond our fiscal capacity, while disruptions to tourism, supply chains, and food and energy imports rapidly erode revenues and raise costs. These pressures lead to increased borrowing, which perpetuate a cycle of debt and significantly constrains our fiscal space to invest in sustainable development. For CARICOM, the full and timely implementation of the Seville commitment to address the financing constraints that perpetuate this cycle remains critical. Its commitments on debt sustainability, more accessible development finance, and investment in resilience are directly relevant to our ability to protect public services and finance long-term development. An inclusive, fair, transparent, efficient, equitable, and effective international tax system also remains essential to mobilizing resources for sustainable development. Negotiations on a United Nations framework convention on international tax cooperation provides an opportunity to advance such a system, complementing implementation of the Seville commitment. The inertia of the international financial architecture reform demands urgent attention. CARICOM maintains that strengthened participation of developing countries in international economic decision-making, norm setting, and global economic governance remains critical in ensuring that the system is able to deliver. CARICOM reiterates its call for affordable, predictable financing, including dedicated concessional windows for small island developing states and simpler access to development and climate finance. We are concerned by the sharp decline in ODA and call upon our development partners to honor their commitments. Chair, the international financial system's reliance on income-based metrics as a measure of development continue to disadvantage SIDS. Many are classified as middle and high income countries, but such classifications overlook our vulnerabilities and exclude us from concessional support precisely when it is most needed. CARICOM therefore calls for the full operationalization and practical application of the MVI, in the financing frameworks of international financial institutions and multilateral development banks, as well as the development and use of complementary measures of progress that go beyond GDP. The ABAS must guide support for our region. We welcome the establishment of its monitoring and evaluation framework and call for sustained financing to turn ABAS priorities into national results. Increasing debt burdens remain a major challenge to public investment in sustainable development in our region. In this regard, we welcome the operationalization of the SIDS Debt Sustainability Support Service and call for adequate resources and effective delivery. Debt for climate and debt for nature swaps should generate meaningful fiscal savings with transparent terms and manageable transaction costs, alongside broader solutions where debt is unsustainable. Chair, the remaining years for the implementation of the 2030 Agenda must bring measurable progress in closing financial gaps and protecting the development gains of vulnerable countries. As discussions look beyond 2030, CARICOM calls for continuity in support for small developing states and sustained implementation of the Antigua and Barbuda Abbas through 2034. We further urge our partners to move expeditiously in honoring the Seville commitment in efforts to ensure that we leave no one behind. CARICOM remains committed to constructive engagement in this committee and to advancing policies that will redound to the benefit of present and future generations. I thank you.

I thank the permanent representative of Jamaica, speaking on behalf of CARICOM. I now give the floor to the distinguished representative of Angola, speaking on behalf of the African Group.

Mr. Chair, I have the honor to deliver this statement on behalf of the African Group. For our group, macroeconomic cooperation must strengthen countries' ability to invest in their people and transform their economies. It's a value should be reflected in reliable public services, productive business, and decent employment. African countries continue to pursue reforms, mobilize domestic resources, and deepen regional integration. However, persistent external shocks, high financing costs, and shrinking fiscal space continue to limit the ability of African countries to translate their efforts into sustainable development gains. Our priorities are anchored in 2030 Agenda and the African Union Agenda 2063, including its second 10-year implementation plan. Mr. Chair, we call for international financial architecture that gives developing countries a stronger voice and effective representation in decision-making. Strengthening a global financial safety net is essential. Countries facing shocks need to support it timely, predictable, and affordable. We call for expanded concessional financing, stronger regional financial arrangements, and voluntary rechanneling of SDRs through multilateral development banks. Credit assessments must reflect countries' economic realities and long-term prospects. Transparent methodologies, reliable data, and stronger national analytical capacities are essential to reducing unjustified financing costs. As we highlighted during the general debate, we welcome the launch of the African Credit Agency yesterday in Mauritius, an important step towards addressing longstanding African concerns regarding the methodologies, assessment of global credit ratings agencies. Dear colleagues, debt vulnerability remains a central concern when debt servicing absorbs resources needed to schools, health services, infrastructures, and Consequences are felted across generations. We call for a timely, fair and coordinated restructuring with effective participation by all creditors categories. Prolonged uncertainties must not continue to weakening countries capacities to invest. Debt sustainability assessments must account for development needs, climate vulnerabilities, and the long-term benefits of investment in people and productive capacities. As we highlighted during the general debate, the priority must be the full, timely, and current implementation of the SIVILIA commitment, translating these commitments into concrete actions and measurable results at country level. We support the call made by the PGA for a dialogue on debt within the United Nations, bringing debtor countries, creditors, and development partners together to advance a fair and sustainable solution. We also highlight that during the general debate, the African group supports the intergovernmental process and the United Nations' vision in the Seville commitment to make recommendations for closing up in the debt architecture and exploring options to address debt sustainability. the Borrowers Platform, and the work of a response of sovereignty borrowings and lending offers opportunities to ensure that borrowers experience informed solutions. Mr. Chair, mobilizing resources requires also preventing their losses and IFFs. We call for a strong cross-border cooperation, information exchange, and active recovery and returns. The African group remains its commitment to a United Nations framework convention on international tax cooperation. For Africa, this process must ensure an equal voice in shaping international tax rules, fair taxing rights, and stronger capacities to combat tax evasion and illicit financial flows and mobilize domestic resource revenues. Excellencies, trade and investment must support structural transformation. The Africa Continental Free Trade Area provides a framework for expanding regional markets, developing country value chains, and retaining greater value within African economies. Releasing these opportunities required investment in infrastructures, technology skills, and access to financing, including for small businesses.

Women, and young entrepreneurs.

We call for a macroeconomic cooperation that supports their national and regional efforts, respect national ownership, and makes financing work for development. I thank you.

I thank the representative of Angola speaking on behalf of the African group. I now give the floor to the distinguished representative of Bahrain on behalf of the Gulf Cooperation Council.

Thank you, Mr. Chair. It's an honour for me to present this statement on behalf of the Gulf Cooperation Council, Mr. Chair. Our discussions on the international economic system are being held at a time when that system is undergoing challenges as a result of increasing pressure on supply chains, price increases, and energy supply problems. These challenges have effects on international markets and on the prices of basic products and the ability of states to fund their development. While the world's economies are facing these challenges, the states members of the Gulf Cooperation Council are enhancing their capacities, diversifying their economies and guarantee economic growth. the states have implemented various economic reforms to guarantee diversification, economic diversification, supporting all sectors to attract investment. The states are also playing a role in the energy markets. Their funds are a source of capital and investment at the international level. the Iranian aggression that our countries are fighting and the threats to our infrastructure, vital, essential infrastructure and economic centers don't seem to be considered as a regional concern. They have repercussions on the world economy. That increases the risks of transport being cut off and of logistical costs increasing. These consequences are even more serious when they affect maritime passage. It's not a matter just of maritime rights. This is a project for the whole world. The threats to maritime security have effects on the economic markets and on prices of commodities. And in particular, these are consequences for developing countries. The UN report for 2026 has stated that the closure of the state of Hormuz has caused shocks for energy supply with the increase of energy costs and food. The Secretary General has drawn attention in the report with regard to sustainable development that a number of countries, developing countries, are counting on products that are channeled through the state of Hormuz. The threats to navigation through the Bab al-Mandab Strait are another challenge. So these challenges are targeting our territories and we are also affected by the closure by Iran of the state of Hormuz and the effects on maritime security. And the closure of the Strait of Bab al-Mandab has made us realize the importance of the freedom of navigation and that what we are seeing here is a threat to energy security and international markets that also compromises development. We state that Iran cannot undertake any measures that threaten energy security or that violate UNCLOS. We renew our call to the international community to condemn these violations, to take a firm position to guarantee the security of these maritime straits. We call for the full implementation of Resolution 2817 to preserve international peace and security in the region and to preserve international trade as well. and energy security. The states members of the Gulf Cooperation Council will play a pioneering role in contributing responsibly to supporting the international economy, enhancing international competition, and supporting sustainable development efforts. Thank you very much.

I thank the representative of Bahrain speaking on behalf of the Gulf Cooperation Council. I now give the floor to the distinguished representative of Gambia, speaking on behalf of the Least Developed Countries.

Thank you, Chair. I have the honour to deliver this statement on behalf of the Group of Least Developed Countries. The group aligns itself with the statement delivered by Uruguay on behalf of the Group 77 and China. Chair, the LDC group underscores that international action and macroeconomic policy and development financing must enable our countries to translate national development efforts into lasting gains. LDC needs an international financial trading system that enables them to overcome structural constraints, withstand shocks, and pursue economic transformation. The civil commitments provide the impetus for the reforms needed to expand access to financing and increase fiscal space. The fulfillment is urgent as declining assistance and heavy debt service constrains our government's ability to sustain essential services and invest in development. Accordingly, full and timely implementation of the must deliver predictable concessional finance, effective debt relief, and a stronger LDC voice in international financial decision-making. In this connection, we welcome the launch of the Borrowers Platform and the consensus outcome at this year's Financing for Development Forum. Chair, allow me to highlight four priorities. First, we call for the protection and urgent restoration of development cooperation. Preliminary OECD data shows that bilateral ODA from DAC countries to LDCs fell by 25.8% in 2025. Development countries must reverse these cuts, fulfill their ODA commitments to LDCs, and provide predictable multi-year financing in accordance with national priorities. We reiterate our call for multilateral, development banks to advance civil ambition to potential triple lending capacity. This must deliver more grants and highly concessional resources for LDCs. We also underscore the importance of expanding the channeling of special drawings rights and strengthening the international financial safety net. Secondly, debt and crisis response mechanism must preserve fiscal space before development gains are lost. LDCs now devote around 18% of both export earnings and government revenue to external debt service. Creditors must expand debt clauses to cover a broad range of shocks and reserve liquidity during crisis. This must complement timely, orderly, and fair restructuring that delivers effective relief with stronger creditor coordination and private lender participation. We call for urgent operationalization of the proposed facility for coordinated liquidity and debt management support. The working group on responsible sovereign borrowing and lending should reinforce shared responsibility for preventing unsustained debt accumulation. Third, national ownership must be matched by an enabling international environment. LDCs remain committed to domestic resource mobilization, second public financial management and stronger national financial systems. International support must reinforce these efforts in accordance with nationally determined priorities, including through stronger national development banks and expanding concessional local currency lending. We call on development partners to double support for domestic revenue mobilization by 2030. The Group calls for strengthening international cooperation to combat illicit financial flows and facilitate the recovery and return of stolen assets, backed by sustained technical assistance and the release of approved resources. IMF and World Bank shareholders must strengthen LDC voice and representation. Fourth, Mr. Chair, financing must support structural transformation and resilience. Building in the LDCs narrow export basis constrains our country's ability to benefit from trade. We call for a development-centered multilateral trading system, effective WTO dispute settlement, and stronger regional integration and South-South cooperation to expand market access. Rapid operationalization of the International Investment Support Center should help LDCs attract private finance and SDG-aligned foreign direct investment that support diversification, local value addition, and climate adaptation. Chair, the 2027 DPO8 Midterm Review and Financing for Development Forum, more secure collective action for responsible institutional and partnership. Our countries cannot afford to have persistent financing shortfalls, curtailed their development ambitions. Predictable development finance must give LDCs the means to invest in their people, build resilience, economies, and pursue sustainable development. I thank you.

I thank the representative of Gambia, speaking on behalf of the LDCs. I now give the floor to the distinguished representative of Libya on behalf of Arab Group.

Thank you, Mr. Chair. I have the honor to deliver this statement on behalf of the Arab Group. I would first of all like to thank the Chair of the Committee and the members of the Bureau for all of their efforts. The group expresses its appreciation to the Secretary-General and the Secretariat for the report. The Second Committee is essential for promoting economic growth and macroeconomic questions, as well as prosperity. The Arab economy has grown by 3% last year, and in order to preserve these achievements and to build upon it, the Group reiterates the need to guarantee complete concessional financing to take into account our needs and to respect national ownership and priorities in the area of development. The Group reiterates its support for the engagement of its cities and to work on the basis of the Addis Ababa Action Plan. And to take into consideration the amount of $12 billion to facilitate financing and to address the debt burden, and also for the restructuring of the international financial system to strengthen developing countries. Economic recovery in our region. is carried out in different ways. And we call for a multilateral system that is based on rules to eliminate barriers to economic activity. We call for greater investment in energy, food And this in accordance with national priorities. It is also important to increase climate financing and adaptation funding and adaptation measures. And we reiterate the importance of the recovery of countries affected by disasters and conflicts and their reconstruction. This includes Arab countries to ensure the return of job opportunities and production opportunities. Maritime security remains essential for trade. The Arab Group reiterates the fact that the closure of the Strait of Hormuz and disruption in the Strait of Bab el-Mandeb has negative repercussions on the global economy, particularly when it comes to rising prices of financing, transport and energy costs, in addition to pressure in various different areas. We condemn the closure of the Strait of Hormuz and the disruption of the Bab el-Mandeb Strait. These measures constitute a threat to energy security at the international level and a threat to international trade. Iran must take no measures that contradict international law or the United Nations Convention on the Law of the Sea. We reiterate the fact that we cannot achieve sustainable development without peace, and there can be no peace without sustainable development. 90% of economic infrastructure in Gaza must be taken into consideration. We express our solidarity. with the Palestinian people in its resistance, as well as its inalienable right to development. And we condemn measures taken by the occupying power. And we call for a removal of constraints and the embargo, and for reconstruction and recovery, be it in Gaza or in the West Bank. We categorically reject policies adopted by Israel as relates to forced displacement. And we call for the creation of a Palestinian state that is independent. And we support Lebanon and Syria and call for their reconstruction and for the preservation of their independence and territorial integrity. By way of conclusion, Mr. Chair, We stand ready to promote cooperation between states of the South, as well as development partnerships, and to work with ESCWA to ensure follow-up on the Seville commitment in accordance with the established timeframes and criteria. In order to take into account the needs of our population and strengthen joint efforts to achieve the SDGs by 2030. Thank you, Mr. Chair.

I thank the representative of Libya speaking on behalf of the Arab group. I now give the floor to the distinguished representative of Cuba speaking on behalf of a group of like-minded countries.

Mr. Chair, Cuba has the honor to take the floor on behalf of the following group of like-minded countries, Belarus, Burundi, China, Democratic People's Republic of Korea, Equatorial Guinea, Eritrea, Iran, Laos, Mali, Nicaragua, Niger, Russia, Uganda, Zimbabwe, and my own country, Cuba. The full version of this statement will be submitted for publication. We reaffirm our readiness to engage constructively in the work of the TUCI. guided by the purposes and principles of the charter in all the entirety and interconnectedness, including sovereign equality and non-interference in the internal affairs of states. Developing countries continue to face severe challenges, growing debt, restrictive financing conditions, increased food and energy prices, unilateral coercive measure as known as UCM, protectionist, climate change, and technological and digital divides. A major obstacle to sustainable development, which cannot be ignored in our discussions, is the continued promulgation and applications of UCMs, including those with extraterritorial effects. Such measures disrupt banking and payment channels, deter trade, shipping, and insurance, increase transaction costs, and restrict access to financing, food, medicine, energy, and technologies. Several member states continue to experience the adverse effects of unilateral coercive measures, including Belarus, the Democratic People's Republic of Korea, Iran, Nicaragua, Russia, Venezuela, Zimbabwe, and Cuba, with a recent and unprecedented energy siege imposed by the US to deny the arrival of fuel to my country. Their consequences extend beyond states, affecting the development and well-being of hundreds of millions of people. The use of access to energy, financial flows, trade or essential supplies as instruments of political pressure is unacceptable. We therefore reiterate our call for the complete, immediate and unconditional lifting of all UCMs. We also reject the use of tariffs and other trade or climate-related restrictions as instruments of unilateral pressure or economic coercion. In this context, We welcome the designation of 4th December as the International Day against UCMs and reaffirm our commitment to raising awareness of their impact on sustainable development. Chair, following the Sevilla commitment, our priority must be to translate agreed commitments into concrete and timely actions. In this regard, the group highlights five priorities. First, reform of the international financial architecture can no longer be postponed. Developing countries need greater voice and representation in global economic governance and greater access to financing. Second, the growing debt burden requires fair and timely solutions because it's diverting critical resources from health, education, infrastructure, food, energy, and sustainable development. We call for effective debt restructuring and relief. Third, international trade must serve development with a fair, equitable, inclusive, and non-discriminatory and rule-based multilateral trading system, and a special and differential treatment for developing countries. Four, international cooperation must be strengthened, and developed countries must fulfill their respective ODA commitments, maintaining South-South and triangular cooperation as a complement, not a substitute, for North-South cooperation. Fifth, closing technological and digital divide is essential to ensure artificial intelligence and other emerging technologies contribute to development rather than create new sources of inequality, dependency, or exclusion. Chair, with 2030 rapidly approaching, commitments must be matched by implementation, adequate resource, and genuine international cooperation. We will continue to defend the purposes and principles of the Charter of the United Nations and to promote sovereign equality, non-interference, international cooperation, and the right to development. We cannot pledge to leave no one behind while tolerating economic coercion that deprives entire nations of the resources and tools they need to develop. Only through genuine and inclusive multilateralism, solidarity, and full respect for the Charter can we advance the development and well-being of our people. Thank you so much.

I thank the representative of Cuba, speaking on behalf of a group of like-minded countries. I now give the floor to Her Excellency Geneva Bangura, Deputy Minister of Foreign Affairs of Sierra Leone.

Thank you very much. At the inception, Sierra Leone aligns itself with the statements delivered by Uruguay on behalf of the Group of 77 and China, and by Namibia on behalf of the African group, and by the Gambia on behalf of the least developed countries. Global pressures are intensifying, inequality is widening, debt burdens are rising, climate change and food insecurity are worsening, digital divides persist, and development finance is stably declining. Reforming the global financial architecture Tackling illicit financial flows and implementing the United Nations Tax Convention are essential to creating a fair and favorable environment for developing countries. The priority areas for my delegation in advancing microeconomic policy rest on a follow-up mechanism for implementing the Sevilla commitment at both national and international levels, reversing the decline in official development assistance, advancing a United Nations convention on debt scaling up climate finance, and curbing illicit financial flows. Building resilient economies requires stronger domestic revenue mobilization, supported by technical assistance to reinforce statistics Sierra Leone. It also requires measures to expand private sector investment, facilitate cross-border trade, and develop commodity value chains that support economic growth. At the same time, promoting transparency and creating an enabling environment for doing business are essential to building confidence and attracting domestic and foreign investments. International financial institutions, regional development banks, and national development banks should therefore tailor their programs to the fiscal challenges facing developing countries. Their support should include flexible financing, concessional loans, climate finance, and green bonds for both women and youth-led enterprises in sectors such as tourism, agriculture, climate action, and peace building. In line with the Sevilla commitment, Sierra Leone

I. I thank the Deputy Minister of Sierra Leone for her statement. And I give the floor to the distinguished representative of Belarus.

Thank you, Mr. Chair. International trade remains the key driver of sustainable development, economic growth, and food security. We see new drivers as well that can give it an impetus, primarily innovation, digitization, and AI technologies. However, this positive potential, unfortunately, is offset by a growing number of barriers. The conflict in the Middle East has dealt a serious blow to the global economy and global trade. The violations or disruptions of supply chains as a result of the conflict are leading to rising energy prices, prices for fertilizers and transport costs. All of this is affecting countries, particularly developing countries and their economies. In addition to these new challenges, we still have the relatively old problem of illegal unilateral economic sanctions. Belarus, once again, is forced to declare that the practice of weaponizing the global economy through sanctions, which undermines the principles of free and fair trade, is unacceptable. The Republic of Belarus, like many other countries, continues to feel the negative impacts of this. We call upon states that have introduced unilateral economic sanctions to immediately lift them. Last year, at the 16th UN Conference on Trade and Development in Geneva, the Geneva Consensus was adopted, which confirmed the central role of the multilateral trade system and determined UNCTAD's priorities for the coming four years. at that time, 170 countries, a record number, demonstrated unity in their efforts to reform global economic institutions for more just and inclusive development. Unfortunately, the commitments made to combat unilateral coercive measures and to strengthen the trade system remain on paper for the time being, because real barriers continue to intensify. In these complex and contradictory global circumstances, prospects for global trade growth and sustainable development directly depend on strengthening new hubs of economic growth. Regional associations, the SCO, the EAU, and ASEAN, and global structures that represent the global majority, such as the BRICS, are becoming key elements in the new trade architecture. The development of interregional integration and coupling the efforts of these structures could help create conditions to overcome global crises. The Republic of Belarus, as an active participant in the Eurasian Economic Union and the Shanghai Cooperation Organization, firmly intends to continue its work in this regard. Thank you.

I thank the representative of Belarus. I now give the floor to the distinguished representative of India.

Thank you, Mr. Chair. India associates itself with the statement of Group of 77 and China. We thank the Secretary-General for his reports. Trade uncertainty, costly borrowing, heavy debt burdens, and falling official development assistance make it harder to meet people's needs. Disruption to food, fuel, fertilizers, and finance leave governments with fewer resources to advance the Sustainable Development Goals. Our shared task is to ease these pressures. A fair trading system is a part of that effort. India supports a rule-based system centered on world Trade Organization, we reform the pressure consensus, special treatment for developing countries, and food security. Effective settlement of trade disputes helps smaller economies define their interests. For trade to support development, we must also address unilateral climate-related trade measures, including carbon border charges on imports and unilateral coercive measures that hinder progress. Mr. Chair, alongside fair trade, developing countries need affordable finance and a greater voice in international financial institutions. Guarantees can attract long-term investments, while local-currency financing reduces exchange rate risks. During our BRICS chairship, India brought together governments, businesses, and new development banks to discuss these financing needs. Making finance affordable also requires fair credit ratings. Transparent methods, better country data, and dialogue with rating agencies can help ensure risks are not overstated and borrowing costs are not unnecessarily high. These efforts must go hand in hand with transparent debt information, responsible borrowing and lending, and stronger capacity to manage debt. Mr. Chair, India's own experience shows how digital public infrastructures can bring financial services to more people and improve public spending. Digital taxing systems also help improve tax collections. International corporations can strengthen these national efforts. India supports actions against illicit financial flows and recovery and return of assets. We are participating actively in negotiation of the UN frame convention on international tax corporations, and we are the first developing country to contribute voluntarily to the UN Trust Fund for International Corporation in tax matters. Mr. Chair. India looks forward to sharing its experience and working with partners so that our commitments and bringing tangible benefits to the people. I thank you.

I thank the representative of India. I now give the floor to the distinguished representative of Mexico.

Mr. Chair, Mexico reiterates its commitment to a international financial architecture that is more inclusive and representative, as well as to a multilateral trade system based on rules that is open, transparent, and predictable. To turn these commitments into concrete development opportunities, it is essential that we combine trade policies, production and financial policies that strengthen the capacities of developing countries, that allow for their participation in resilient value chains and promote innovation and decent employment. Making sure that these benefits reach other sectors of the economy means reducing funding gaps, particularly for small and medium enterprises and women-owned enterprises, as well as recognizing comprehensive care systems as part and parcel of social and economic infrastructure that is needed for sustainable development. In Mexico, these efforts are accompanied with instruments that make it possible to guide financing in the direction of national priorities, such as sustainable taxonomy, the updating of the sovereign sustainable finance reference framework, and the issuance of sovereign bonds linked to the SDGs. Chair, investment requires complementarity. The private sector is a fundamental partner, but its contributions should not replace the responsibility of states nor that of the multilateral system to provide public goods. Fulfilling that responsibility also means making sure that the fiscal space is resilient against debt servicing. The debt needs to finance the future, not limit it, as our youth delegate said. Mexico recognizes recent progress and believes it is necessary to strengthen restructuring mechanisms, improve data and sustainability analyses in the face of multidimensional vulnerabilities and climate risks. and to move in the direction of debt swaps or to ensure contingencies in the face of external shocks. Effective cooperation will strengthen collective action, and Mexico is promoting cooperation, horizontal cooperation based on solidarity that is results focused, including South-South and triangular cooperation. Together with Ireland, South Korea and Zambia, Mexico co-chairs the Group of Friends for Effective International Cooperation for Development. We are also, together with Germany, Switzerland, promoting the Group of Friends of Monterrey as a space for exchange and consultation to make progress on implementing the development financing agenda. Mr. Chair, less than four years off from ensuring the implementation of the 2030 agenda, we need to look at the Cobia commitment as a roadmap to ensure systematic change that will allow for access to existing sources of financing and make progress on sustainable development and the support for developing countries. You can on Mexico as a reliable partner of multilateralism that is committed to turning consensus into well-being for all people. Thank you very much.

I thank the representative of Mexico. I now give the floor to the distinguished representative of Indonesia.

Thank you, Mr. Chair. Indonesia aligns itself with the statement delivered on behalf of the G77 and China, as well as ASEAN, and wishes to add the following in our national capacity. Presented report highlight growing global uncertainty, geopolitical tensions, high borrowing costs, debt vulnerabilities, declining development assistance, and increasing geo-economic fragmentation. These challenges underscore the urgency of stronger international cooperation and more responsive global economic and financial system to development needs. Indonesia wishes to highlight three points. First, we must translate financing commitment into concrete development impact. With the annual SDG financing gap exceeding $4 trillion, developing countries urgently need stable, predictable, accessible, and affordable financing. We must strengthen domestic resource mobilization and multilateral development banks while ensuring that private finance complements rather than replace public financing. Indonesia reiterates its support for full, timely, and effective implementation of Seville commitment, guided by national ownership and development priorities. Second, we must advance reform of international financial architecture. Developing countries continue to face mounting debt pressures, while declining ODA is further constraining fiscal space. Reform must strengthen developing countries voice and representation, and improve debt treatment, expand access to affordable financing, and promote fairer and transparent credit rating methodologies. We also support more inclusive international tax cooperation and stronger efforts against illicit financial flows. Third, we must unlock new engines of sustainable and inclusive growth. Amid a changing global economy, we need greater opportunities to diversify, add value, and participate meaningfully in global markets. The creative economy is one such engine, creating jobs, empowering MSMEs and youth, fostering innovation and open new pathways in global value chains. This require greater access to finance, markets, technology and intellectual property based financing for creative industry, particularly in developing countries. And in this spirit, Indonesia will update the General Assembly resolution entitled Promoting Creative Economy for Sustainable Development, ensuring its relevance to the evolving global economic landscape. Mr. Chair, Indonesia stands ready to turn commitments into implementation and financing into tangible development results.

Thank you. I thank the representative of Indonesia. I now give the floor to the distinguished representative of Yemen.

Thank you, Mr. Chair. My delegation aligns itself with the statement delivered on behalf of the G77 and China and the Arab Group, as well as the LDCs, and we would like to add the following in our national capacity. Our discussion today takes place in an international economic context marked by growing pressure on developing economies, not only as a result of external shocks, but also due to structural imbalances in the international economic and financial system, the rising cost of capital, shrinking fiscal space, budgetary space, growing debt burdens, widening financing gap for financing the SDGs. We believe that to overcome these challenges, an integrated approach to financing for development is needed that establishes a link between macroeconomic stability, trade and investment, debt sustainability, domestic resource mobilization, and international tax cooperation. One of the fundamental challenges facing developing countries is the widening gap between their investment needs and the cost of the financing available to them. Therefore, increasing the volume of financing alone is not enough. It is also necessary to address financing terms, costs and accessibility. We underscore the importance of strengthening concessional, long-term, predictable financing, expanding guarantee and risk-sharing instruments, and enhancing the capacity of multilateral development banks to reduce the cost of capital and support investment in the most vulnerable economies. With regard to debt, we need an approach that places debt sustainability at the heart of international efforts. debt servicing and borrowing costs should not diminish the resources needed for investment in human capital, infrastructure and productive capacities. Strengthening domestic resource mobilization also remains essential. However, it must be accompanied by more effective international cooperation to combat illicit financial flows, recover assets, enhance international tax cooperation and build institutional capacities in developing countries. Mr. Chair, in the area of trade and investment, the challenge for the LDCs is not limited to market access, it also concerns possessing the productive capacities, infrastructure, and technology that allow them to fully benefit from this access. Accordingly, trade and investment policies should contribute to structural transformation, economic diversification, job creation, support for SMEs, strengthening food and energy security, and making the most of the opportunities offered by the digital and creative economies. These issues are particularly important for Yemen, where the war, which the terrorist Houthi militia, supported by the Iranian regime, continue to fuel, has weakened productive and financial capacities, damaged infrastructure, disrupted economic activity, and complicated the path toward recovery and development. We believe the CBI consensus and the Doha program of action provide an important opportunity to turn international commitments into practical results by addressing structural constraints facing LDCs and countries affected by crises. Thank you.

I thank the representative of Yemen. I now give the floor to the distinguished representative of El Salvador.

Muchas gracias.

Thank you, Mr. Chair. From El Salvador, Debates on macroeconomic policy and finance must be based on a simple premise: stability is essential, but its true value resides in making it into investment, productivity and better opportunities for our population. Our country has been going through a new stage with the restoration of security and peace, which has made it possible to rebuild confidence, give impetus to economic activities and create more favorable conditions for investment. And this process has been supported by the strengthening of public finances and reforms to sustain growth. We are working to turn that confidence into productive activities through incentives for strategic sectors, innovative instruments, the facilitation of investment and trade, and a close relationship with the private sector and our international partners. These efforts are starting to be reflected in greater dynamism in our exports, the diversification of production and increasing international integration. Tourism is also a visible sign of that transformation. At the same time, we are investing in capacities that will sustain our future growth, meaning that education, health, infrastructure and training of talent are among our priorities. We have also strengthened innovation through our economic policy, encouraging digital transformation and using AI to modernise the state. strengthen the productive sectors and create fresh opportunities for investment and growth. This vision also guides our position on financing for development. We need an international financial architecture that supports national transformations, that facilitates access to adequate financing, mobilizes investment, and better responds to the situations of developing countries and middle-income countries. supplemented by the efforts of South-South cooperation and triangular cooperation. With regard to international taxation, El Salvador will continue to guide its activities through legal certainty, the coherence of its normative framework, and the protection of its national priorities, avoiding duplication with existing instruments. For El Salvador, financing development means creating the conditions for stability to be turned into investment. investment into productivity and productivity into opportunities for our people. Thank you very much.

I thank the representative of El Salvador. I now give the floor to the distinguished representative of Malaysia.

Thank you, Chair. Malaysia aligns itself with the statements delivered by Uruguay on behalf of the G77 and China and Indonesia on behalf of ASEAN. Chair, financing for development remains a vital pillar of the 2030 agenda. Yet the financing gap now stands at $4 trillion a year, and it continues to widen. The severe commitment gave us a renewed framework to close it. The task now is to move from dialogue to delivery so that developing countries are not left behind. High borrowing costs and constrained fiscal space continue to hold back many developing countries. Malaysia therefore supports a development-oriented debt architecture, including fair and transparent debt restructuring. Multilateral development banks should also provide financing that is timely, adequate in scale, and aligned with national priorities. Equally important, developing countries need a greater voice and representation in the international financial institutions. Indeed, public resources matter just as much. Malaysia calls for ODA commitments to be fulfilled, including the target of 0.7% of gross national income. We also support a more inclusive, transparent, and equitable global tax architecture. For our part, Malaysia is broadening its tax base, digitalizing revenue collection, and rationalizing subsidies. We remain committed to net zero emissions by 2050, supported by instruments such as green sukuk and SDG bonds. Chair, A fair, rule-based, multilateral trading system remains an engine of inclusive growth. Malaysia will continue to champion South-South and triangular cooperation. We also stand ready to work with all partners towards a global financial system that leaves no one behind. I thank you.

I thank the representative of Malaysia. I now give the floor to the distinguished representative of Lao People's Democratic Republic. Mike, to Laos, please.

Thank you, Chair. The Lao PDR aligns its statement with the one stated on behalf of the Group of 77 and China, ASEAN and LDCs. We welcome this discussion to follow up on the FfD 4 outcome and advance the 2030 agenda. With less than four years, the SDG progress is uneven, whereas the complex macroeconomic pressures and growing development needs are facing developing countries. While taking note of progress made, we reiterate the need for the full and timely implementation of the Seville Commitment, supported by strengthened multilateral cooperation and concrete actions by development partners, multilateral development banks, and international financial institutions. For the Lao PDR, the issues of macroeconomic policies and adequate financing are more crucial than ever as we embark closer to LDC graduation. We view graduation as an important milestone, but not an endpoint, and remain committed to ensuring that our transition is smooth, sustainable, and irreversible. Through our smooth transition strategy, the 10th National Social Economic Development Plan, and an integrated national financing framework, we are working to strengthen macroeconomic stability and mobilize domestic revenues. along with aligning available resources with national priorities. Nevertheless, significant challenges are still there. Public debt, external shocks, limited fiscal space, and declining ODA constrain our capacity to invest in key development areas. Despite the commitment we have, predictable and continued international support remains indispensable, particularly during our transition from the LDC status. In this light, we seek sustained access to concessional and long-term finance and increased investments, among others. An open, transparent, rules-based, and multilateral trading system is equally essential to support our country's deeper integration into regional and global markets. We further support reforms of international financial architecture to make it more inclusive and responsive to developing countries' needs. This includes stronger representation and more transparent, predictable, and effective approaches to address debt vulnerabilities and other financing challenges. In conclusion, Chair, the LOPIDA look forward to enhanced global partnership and international cooperation to ensure that developing countries have the policy space, resources, and enabling international environment that is necessary to translate existing commitments into tangible development outcomes. I thank you.

I thank the representative of Lao PDR. I now give the floor to the distinguished representative of the Philippines.

Mr. Chair, The Philippines aligns itself with the statement delivered by the G7, G77, and China and ASEAN. Reports for this session agree on common trends. The global macroeconomic and geopolitical environment remains extraordinarily challenging, exacerbating a financing squeeze for developing countries. Compounding shocks are best understood as a new normal, where sustainable development must be protected and delivered under sustained pressure, uncertainty, and risk. The Philippines continues to implement measures that respond to immediate crisis and shocks, while protecting development gains and investing in long-term resilience. In our case, the middle income trap continues to pose a major challenge. However, there is progress we should recognize across all action areas of the Ceville commitment. We should build on this momentum for this session. The Philippines highlights the following. We should focus on strengthening institutions to scale up mobilization of domestic, public, and private resources. systems should be aligned with sustainable development, while multilateral frameworks should be tailored to the needs and priorities of developing countries. We should harness data as a policy tool for sustained, coherent and integrated efforts. We should be guided by this baseline in our work for this session. Much work is needed on delivering reforms of the international financial architecture. We look forward to advancing the intergovernmental process at the UN to close gaps in the debt architecture and exploring options to to address debt sustainability. We should continue efforts on inclusion of middle income countries in current debt treatment mechanisms. We should work on facilitating trade integration of developing countries through productive capacity building. We should build on progress towards establishing an equitable and effective international tax system, strengthen domestic resource mobilization, and fairness of international tax rules. The Beyond GDP process should be viewed through its role in facilitating the holistic implementation of financing for development commitments. We strongly support the promotion of the creative economy, fostering an enabling environment for the creative industry. Finally, the middle income countries role in the evolving global trade and investment system presents an imperative for greater support for the elaboration of a strategic plan of action for middle income countries. Thank you.

I thank the representative of the Philippines. I now give the floor to the distinguished permanent representative of Guatemala.

Mr. Chair, in the frame of this joint debate, Guatemala aligns itself with the statement delivered on behalf of the G77 and China. In our national capacity, we wish to underscore the importance of strengthening a fairer, more inclusive, and rules-based international economic system. particularly given the growing economic tensions, financial constraints and increasing development challenges. The system should allow all countries to participate fully in and benefit from the global economy under more equitable conditions. Guatemala agrees with the Secretary-General on the need to turn the commitments reached in Seville into concrete results. The full implementation of that commitment should help to mobilize greater resources for development, strengthen international cooperation, including South-South and triangular cooperation, and advance towards a more inclusive and representative international financial architecture. As a middle-income country, Guatemala reiterates that per capita income in itself does not adequately reflect the vulnerabilities, inequalities, and structural gaps faced by many countries. Guatemala therefore supports the development of measures in addition to GDP that allow for a more comprehensive assessment of national situations, while better guiding cooperation, technical assistance, capacity building and access to financing. Guatemala also considers it essential to strengthen an open, transparent, predictable and non-discriminatory multilateral trading system that facilitates the participation of developing countries in international markets. and favors their integration into regional and global value chains. Guatemala recognizes the important contribution of remittances to the well-being of families and local economies. The direct impact of remittances make it necessary to continue reducing transfer costs, promote financial inclusion, and avoid discriminatory measures that may hamper those flows. Lastly, Guatemala reaffirms the importance of ensuring that international development efforts consider different national situations and enable middle-income countries to overcome these structural gaps that continue to limit their sustainable development. Thank you.

I thank the Permanent Representative of Guatemala. I now give the floor to the Distinguished Representative of Rwanda.

Thank you, Chair. Rwanda aligns itself with the statements delivered on behalf of the G77 and China and the LDCs and African group and wishes to make the following remarks in our national capacity. Chair, for Rwanda, we are living attention that many small developing countries are facing. We are pursuing an ambitious program of national transformation through a resilient economy amidst growing decline in ODA, fragmented, unstable networks, and demanding debt burdens. Despite this, our economy grew by 9.4% in 2025, with similar growth being made per quarter in 2026. Unfortunately, strong growth does not make a small landlocked country immune from global instability. Inflation reached 15.7% year on year in August, and Rwanda continues to manage a significant merchandise trade deficit. Our policy response has therefore been to participate meaningfully in promoting macroeconomic stability while protecting investments in our national transformation. Rwanda's economic framework combines fiscal consolidation and debt sustainability with continued investment in productive sectors, domestic manufacturing, exports, human capital, and job creation. Chair, Rwanda's approach starts at home. By strengthening domestic resource mobilization, deepening financial markets, and improving public financial management, we are creating the conditions for truly productive investment. In 2025, Rwanda registered 2.6 billion USD in investment commitments across 799 projects expected to generate more than 38,000 jobs, and further turning these investment commitments into local enterprises, productive capacity, and lasting employment opportunities. But national reforms must be matched by international efforts to lower the cost of capital. The Seville commitment calls for action to address the higher borrowing premiums faced by African countries, including where risk ratings are comparable. We urge concrete follow-through alongside credit assessments that better recognize the long-term contribution of investment to growth and resilience. In this regard, we urge partners to fulfill their commitments and reverse the trend in declining ODA to ensure predictable support to achieve our agreed development goals in line with national priorities. Rwanda will continue doing its part. We expect the international system to do the same. I thank you.

I thank the representative of Rwanda. I now give the floor to the distinguished Permanent Representative of Burundi.

Mr. Chair, my delegation aligns itself with the statements made on behalf of the G77 and China, the Group of African States, and the Group of LDCs. One year after the adoption of the Sivia commitment, it is clear that we must now move from commitments to their effective implementation. As we approach 2030, the development financing gap remains considerable. while developing countries, in particular vulnerable countries and LDCs, continue to face increasing financial constraints. Allow me to mention five priority messages from Burundi. First of all, poverty eradication must remain at the heart of development financing. It calls for adequate and predictable resources that allow developing countries to invest in health, education, infrastructure, food security and social protection in accordance with their national priorities. Secondly, we must restore predictable, accessible and affordable financing for development. The decrease in ODA, in conjunction with the increase in the cost of energy, is reducing the budgetary space that is essential for development. BRUNY therefore calls for the rapid implementation of the Ceville Ceville commitments, especially with regard to financial financing and mechanisms that will make possible to preserve the budgetary space of vulnerable countries. Thirdly, debt solutions must preserve investments in development. Fourth, A more inclusive international financial architecture is essential. It is urgent that the international financial architecture be reformed in order to enhance the voice and representation of developing countries in international financial institutions and to facilitate their access to adequate resources. The mobilization of domestic resources is also essential. We therefore call for the enhancement of national capacities, international tax cooperation, and the fight against illicit financial flows through inclusive cooperation under the aegis of the United Nations. Fifthly, financing must accelerate structural change and enhance resilience. Lastly, Mr. Chair, it is time to make financing for development into a real lever for eradicating poverty, structural change, and resilience. I thank you.

I thank the Permanent Representative of Burundi. I now give the floor to the Distinguished Representative of Belize.

Thank you, Chair. Chair, as a small, open economy, Belize is exposed to climate-related disasters, volatile food and fuel prices, shifts in trade and market access, and elevated financing costs. These shocks reinforce one another, eroding fiscal space and reversing development gains. Our deliberations in this committee must be geared towards helping countries address these pressures while investing in their people. In this respect, Belize emphasizes three priorities. First, international financial reform must respond to the needs of small and vulnerable economies. Income per capita alone cannot capture the challenges facing small developing economies. Exposure to climate impacts, a narrowing economic base, and dependence on external markets shape both our financing needs and our capacity to withstand shocks. SIDS must have a stronger voice and effective representation in global financial decision-making, including on the boards of multilateral development banks. Decisions on financing must reflect structural vulnerability, supported by practical application of the Multidimensional Vulnerability Index. Second. Macroeconomic policy must strengthen domestic resilience and productive capacity. Belize is pursuing fiscal discipline while investing in public service, economic diversification, and energy transition. Debt sustainability assessments should recognize climate exposure and the benefits of resilience investment. Debt swaps and disaster-related debt pause clauses can help protect fiscal space, provide their terms are transparent and transaction costs manageable. These instruments must complement greater grant and concessional support, enabling countries to build resilience while pursuing fiscal discipline. Inclusive international tax cooperation is another part of this agenda. Mali supports the conclusion of United Nations framework convention that advances a fair, transparent, equitable, and effective international tax system, respecting national sovereignty and different national capacities. supports implementation by small administrations, and strengthens cooperation against tax evasion and illicit financial flows. Third, the Seville commitment must deliver tangible results. Seville should reinvigorate the 2030 Agenda, renew support for SIDS, and accelerate overdue international financial reform. For Belize, this means accessible grants and concessional finance consistent with the Antigua and Barbuda agenda for SIDS. year, achieving national ambition requires effective international cooperation and a predictable, rules-based international order. Belize stands ready to work with the partners to translate these commitments into lasting development gains. I thank you.

I thank the representative of Belize. I now give the floor to the distinguished representative of Mongolia.

Mr chair at the outset my delegation aligns itself with the statement delivered by Uruguay on behalf of the group of G77 and China I have the honor to deliver this statement for agenda item 15c on external debt sustainability and development Mr. Chair, since the adoption of the Ceville commitment, significant progress has been made in advancing key initiatives, including the launch of the Borrowers Platform and the establishment of working group on the guiding principles on responsible sovereign borrowing and lending. The further efforts are needed to translate these initiatives into concrete outcomes ahead of financing for development follow-up forum in 2027. In this regard, the second committee should continue to prioritize the external debt sustainability agenda at the core of the follow-up to the Sibilia outcomes. During the current turbulent global economic condition, I would like to also highlight that measures such as strengthening the global financial safety net, incorporating state contingency clauses into official lending instruments, and promoting debt for development swaps can provide immense opportunity for developing economies to increase fiscal space and channel resources towards development priorities, as well as strengthening resilience to present and future shocks. Mr. Chair, Mongolia can share its experience in maintaining debt sustainability and strengthening fiscal resilience. Over the past decade, Mongolia reduced its general government debt to GDP ratio 93% to 40%. The prudent debt management policy and the fiscal reforms were at the center of this achievement. Our experience demonstrate the importance of effective implementation of medium-term debt management strategies, which mandated consistent liability management operations and maintaining active investor relations strategies. As a result, with the lower risk premiums and upgraded sovereign credit ratings over the years, the government of Mongolia has paved the way for a sub-sovereign and private sector borrowers to access to international and domestic capital markets and enabled to mobilize significant resources available for development financing. Mr. Chairman, Mongolia stands ready to join the international cooperation to address that vulnerabilities and welcomes the efforts towards more effective, predictable, equitable international debt architecture. I thank you.

I thank the representative of Mongolia. I now give the floor to the distinguished representative of South Africa.

South Africa aligns itself with the statements delivered by the African Group and the G77 and China, respectively. We wish to make the following three points in our national capacity. First, with fewer than three years remaining until 2030, urgent action is required to address the persistent financing gap facing developing countries in the implementation of the SDGs. Closing the estimated SDG financing gap of $4 trillion requires enhanced domestic and international resource mobilization, with particular attention to reducing the cost of capital and improving the quality and accessibility of development finance. Second, we welcome progress in implementing the commitments agreed in Seville. including the establishment of the Boros platform and the Africa Credit Rating Agency, as well as the convening of the inaugural ECOSOC special meetings on credit ratings and financial integrity. In our view, these initiatives have the potential to advance more development-oriented financial policies. While these developments are encouraging, greater agency is required in implementing our remaining commitments. Third, Greater investment is needed in critical minerals beneficiation in developing countries, particularly in resource-rich nations. While Africa possesses a significant share of the world's critical minerals required for energy transition, it captures only a small portion of the associated value. In this regard, there is an urgent need for efforts that support value addition, sustainable extraction, technology transfer, financing and the meaningful participation of developing countries in global value chains. To conclude, Chair, let me respond to the pertinent question raised by the Under-Secretary-General, Lin Shunhua, in his opening remarks last Monday. South Africa concurs that the time has come for the United Nations to convene an international conference on energy. Given the central role of energy in sustainable development, industrialization and poverty eradication, such a conference could help mobilize global action towards a more inclusive, secure and sustainable energy future. Therefore, South Africa positively, I think this idea is worth considering. I thank you, Chair.

I thank the representative of South Africa. I now give the floor to the distinguished representative of Brazil. Microphone to Brazil, please.

Thank you, Chair. Brazil aligns itself with the statement delivered by Uruguay on behalf of G77 and China. The issues in the agenda today are deeply interconnected. The reports on these items illustrate a challenging macroeconomic environment marked by slower global growth, persistent debt vulnerabilities, constrained fiscal space, rising trade tensions, and continued financing gaps across much of the developing world. These dynamics risk exacerbating inequalities both within and between countries. In the severe commitment, we recognize that reducing inequality is essential for achieving sustainable development and committed to advancing concrete actions across all financing and policy areas. The priority now must be implementation. Effective macroeconomic policy making requires reliable data, sound diagnostics, and evidence-based recommendations capable of identifying the structural drivers of inequality and assessing the distributive impacts of policy choices. To support this effort, Brazil, together with Norway, South Africa, and Spain, is proposing to establish the International Panel on Inequality. By proposing neutral, science-based, and objective analysis, the panel would help strengthen national and international policymaking aimed at promoting more inclusive, sustainable economic growth. We invite all member states to join this initiative. At the same time, discussions on macroeconomic policy cannot ignore the persistent financing for development gap. Amid rising debt service burdens and declining ODA, developing countries are increasingly encouraged to mobilize domestic resources to finance their development priorities. In this regard, the negotiation of the UN Framework Convention on International Tax Cooperation and its two early protocols represent a crucial opportunity. A fair and more effective international tax system can strengthen domestic resource mobilization, expand fiscal space, improve macroeconomic resilience, and enable greater investment in sustainable development. It can also ensure that the benefits of an increasingly digitalized global economy are shared more equitably. If domestic resource mobilization is to become a central pillar of development finance, Developing countries must have a genuine opportunity to mobilize their own resources. We therefore encourage all delegations to engage constructively and ambitiously in these negotiations so that outcomes deliver meaningful progress towards more inclusive, sustainable and equitable international financial system. Thank you.

I thank the representative of Brazil. I now give the floor to the distinguished permanent representative of Panama.

Gracias.

Thank you, Mr. Chair. Panama aligns itself with the statements made on behalf of the G77 and China. There are only four years left to achieve the SDGs and their promise of well-being for all. However, the high cost of financing and the burden of the debt are reducing the ability of developing countries to invest in health, education, infrastructure and other priorities of our people. Given these limitations, we must speed up the application and implementation of what was agreed in Seville. The challenge is making compromises into available resources and better conditions of financing for developing countries. This requires measuring development beyond GDP and recognizing inequalities and vulnerabilities that are hidden behind the averages. When these situations are left out of the evaluations, they also are left out of the responses, excluding financing and cooperation for countries that need them. The same applies to tax and financial cooperation. Belonging to an international organization in itself doesn't guarantee development and it doesn't There is no replacement for the recognition of the challenges and strengths of each country. The use of discriminatory lists restricts access to financial services and to investment. The criteria for evaluating countries must be established and applied objectively, transparently and predictably, recognising the progress made by countries without imposing ever-changing requirements that prolong those restrictions. Mr. Chair, Panama is promoting private investment and public-private partnerships in tourism, construction and logistics to create employment and to increase development opportunities. We are therefore opting to strengthen connectivity, production and access to markets in rural areas, because we think that those areas' prosperity will help to reduce inequality. improve food security and increase opportunities throughout the country. National efforts must be backed up by international decisions that recognize the various situations, capacities and priorities of each country. Thank you very much.

I thank the permanent representative of Panama. I now give the floor to the distinguished representative of Thailand.

Chair, Thailand aligns itself with the statement made on behalf of the G7, Japan, China, and ASEAN. Developing countries continue to face a growing financial squeeze amid economic fragmentation and recurrent shocks, limiting investment in sustainable development. With four years remaining until 2030, we must accelerate implementation of the Seville commitment and translate international economic cooperation into concrete results. First, we need an open, inclusive, and development-oriented international trading system. Thailand remains a strong supporter of a rule-based, multilateral trading system with the WTO at its core. We support advancing the WTO reform to better serve all our economies. Amid growing uncertainty, we must preserve open and predictable trade and resilient supply chains. Trade should expand opportunities for developing countries, particularly by integrating local MSMEs into regional and global value chains. Thailand will continue to deepen economic integration through trade negotiations and economic diplomacy while promoting greater South-South trade and investment, including through the Thailand-Africa Initiative. Second, we must strengthen productive capacity through strategic investment. Investment should create quality jobs, strengthen local industry, and help developing countries move into higher value activities. Thailand is promoting investment in strategic sectors, including semiconductors and advanced electronics, digital infrastructures, and next-generation industries to strengthen technological capabilities and economic resilience. Third, we must move from commitment to implementation and financing for development. The severe commitment must translate into adequate, affordable, and predictable financing to help close the over 4 trillion US dollars annual financing gap. This requires lower borrowing costs, addressing debt vulnerabilities, expanding access to affordable finance, and strengthening international tax cooperation, alongside stronger voice and representation of developing countries in the MDBs and IFIs. We look forward to advancing dialogue on these issues at the 2026 IMF World Bank Group Annual Meetings in Bangkok in a few days' time. ODA remains important, especially for vulnerable countries, but we recognize that achieving the SDGs also requires stronger domestic resource mobilization, international tax cooperation, South-South and triangular cooperation, and action against illicit financial flows, including online scams. Share, Thailand's call for stronger multilateral cooperation and greater coherence across trade, investment, and finance in support of national development priorities. Through effective implementation of the Seville commitment and stronger cooperation across these areas, we can build an inclusive and responsive global economic system that delivers sustainable development for all. I thank you.

I thank the representative of Thailand. I now give the floor to the distinguished representative of Nicaragua.

Thank you very much, Chair. We are grateful for the opportunity to consider how international financing commitments can better meet the needs of developing countries. For Nicaragua, macroeconomic policy needs to be in the service of peoples. Economic stability should allow for greater investments in health, education, production, and infrastructure, and contribute to poverty reduction. Developing countries are making efforts to mobilize national resources and support their development priorities. However, the high cost of financing, debt burdens, and the difficulties in accessing external resources are reducing our margin for investing in the needs of our families. follow-up to the international conferences on financing for development should take the form of concrete actions, greater access to financing on favorable conditions, just and sustainable solutions to debt, and an international financial architecture that responds to the needs of developing countries. We reiterate the importance of strengthening international public finance and of keeping official development assistance commitments. Cooperation needs to be predictable, sufficient and respect the priorities determined by each country. It is necessary to advocate for an international financial system in which developing countries have a greater voice and participation. Decisions impacting the future of peoples should take their realities into account and respect the sovereign right of each people to determine their own development path. Nicaragua rejects unilateral coercive measures because they obstruct trade, financial transactions, international cooperation, and they directly affect the development opportunities of our peoples. We will continue to be watchful to make sure that financing commitments are turned into results. Development requires international solidarity, respect for sovereignty, and resources that reach where they are most needed. Thank you very.

I thank the representative of Nicaragua. I now give the floor to the distinguished representative of Lebanon.

Mr. Chair, Lebanon associated itself with the statement delivered by Uruguay on behalf of G77 and China, and Libya on behalf of the Arab Group. We would like to add the following remarks in our national capacity. We meet while we are witnessing uncertainty in the global economy. The full, timely, and effective implementation of the Compromisso de Sevilla must remain a priority. We must translate our commitments into concrete action to close financing gaps, mobilize sustainable investment, and advance reform of the international financial architecture. Mr. Chair, Lebanon attaches particular importance to the challenges facing middle-income countries. Classification based predominantly on per-income capita does not adequately capture countries' multidimensional vulnerabilities or development needs. Economic and financial shocks, debt burdens, inequalities, climate risks, and other conflicts and crises can rapidly reverse development gains. Countries must have access to a broad range of financial instruments, including concessional and non-concessional financing and other instruments that have lowered the cost of capital. Debt sustainability is equally critical.

High debt servicing costs diverts scarce resources from infrastructure, education, health, and productive investment.

Mr. Chair, for Lebanon, these challenges are immediate.

Despite exceptional difficult circumstances and the impact of conflict and regional.

Security developments, damage to infrastructures and housing, displacement and reconstruction needs have placed further pressure on limited national resources. The government's priorities are therefore focused on reconstruction and recovery, advancing reforms, and restoring confidence in the economy. Last week, the Lebanese cabinet approved the 2027 state budget, which introduces measures to strengthen tax compliance. Progress has also been made in advancing banking sector restructuring. And Lebanon continues its active engagement with the International Monetary Fund towards a comprehensive reform agenda. Yet, fiscal sustainability and development must advance together. Lebanon must preserve essential space for reconstruction, social protection, and productive investment. In this context, we seek to mobilize investment in sectors that can contribute to recovery and job creation, including construction, tourism, and technology, while promoting public-private partnerships and supporting MSMEs, startups, and the important contribution of the Lebanese diaspora.

National efforts, however, must be matched by international support.

For countries facing reconstruction needs, access to affordable and predictable financing is essential to turn reform into sustainable recovery. Mr. Chair, Lebanon looks forward to participating in the high-level meetings on financing to be held next week in Bangkok, including the first Governing Council meeting of the Borrowers Platform.

I thank you, Mr. Chair.

I thank the representative of Lebanon. I now give the floor to the distinguished representative of Cuba.

Mr. Chair, we align ourselves with the statement of G77 and China and AOSIS. Just over a year since the adoption of the Sivia commitment, we must move from promises to concrete results and the necessary reform of the international financial architecture. The financing gap to reach the SDGs is now more than $4 trillion per year. That is not just an abstract figure. That is hospitals and schools that are not being built, infrastructure that is not developed, and jobs that are not created. Macroeconomic stability must be measured not just by the GDP that is generated, but by how it is distributed to ensure the well-being of our peoples. Global public debt and the external debt of developing countries have reached record levels. It is alarming that in dozens of developing countries, debt interest payments are now greater than health or education expenditure. We need lasting solutions to tackle this serious problem, such as exchanges of debt for sustainable development or exchanges of debt for climate action. We also need better rechanneling of special drawing rights to those who most need them and better representation of developing countries in IFIs. The follow-up to SIVIA must result in concessional financing, technology transfer and capacity building. ODA remains well below its historic target and it can't be replaced by more unsustainable loans. We support the process to establish a UN framework convention on international tax cooperation, which is essential to combating illicit financial flows, tax evasion and tax avoidance. In accordance with the Cevier commitment, we call urgently for the lifting of unilateral economic, financial and commercial measures that hamper the economic and social development of the peoples against which they are applied. In this context, we denounce the fact that the collective punishment that the US is inflicting on my people is hindering its economic development and has a serious humanitarian impact because it impedes the normal functioning of hospitals, schools, homes, transport, infrastructure and the production of food and medicines because of the lack of fuel and energy for millions of people. Thank you very much.

I thank the representative of Cuba. I now give the floor to the distinguished representative of Sudan.

Thank you, Mr. Chair.

At the outset, Sudan aligns itself with the statements.

Delivered on behalf of the groups of the G77 in China, the African and the least developed.

Countries, and the Arab, and wishes to add the following remarks on its national capacity. Excellencies, the Seville commitment represents a rare moment of multilateral consensus and provides our shared framework for financing sustainable development. For countries in fragile and war-affected situation, its full implementation offers a vital.

The path towards stability and recovery.

As the global economy faces increasingly frequent and severe shocks, financing for development is more about safeguarding existing resources rather.

Than mobilizing new ones.

For Sudan, the ongoing war of aggression has magnified these challenges immensely, yet recovery relies fundamentally on our own effort. Therefore, our government has taken concrete steps to drive this process. On integrated national financing framework, Sudan has requested support to design and implement a specialized INFF, including a development finance assessment, a national financing strategy, and a strategic management of public assets, which will support post-war reform era. On financing reform and digitalization, we are actively reforming and digitalizing our financial system, revenue collection, and national accounts by bringing the informal sector and e-commerce into the tax system.

On compacting illicit financial.

Flows, illicit financial flows particularly concerning gold represent a direct drain on development, which experience demonstrates that with reliable data and institutions, these flows can be reduced by up to 78%. Sudan welcomes inclusion in international programs focused on measuring illicit flow and recovering. On debt relief and stabilization, Sudan has joined the.

Borrower platform and launched a strategic roadmap with the IMF to advance towards debt relief. On value addition and resilience, we are committed to adding value to our export.

Especially in agriculture and livestock, to generate revenue and build long-term economic resilience. Mr. Chair, countries in war are frequently cut off from international financing when they need it most. Our domestic reforms are designed to build trust and strengthen the institutions necessary to sustain access to finance and lay the foundation for lasting peace. To conclude, Sudan stands ready to work in partnership with all Member States to transform the ambitions of CVA into tangible results.

I thank you.

I thank the representative of Sudan. I now give the floor to the distinguished representative of Armenia.

Chair. Armenia welcomes the opportunity to contribute to the joint discussion on macroeconomic policy questions and financing for development. The global economic environment remains challenging. Geopolitical tensions, disruptions to global supply chains, volatility in international markets, and the impacts of climate change continue to constrain development prospects and place additional pressure on national economies. For many middle-income countries, these challenges are compounded by limited fiscal space, difficulties in accessing affordable and long-term financing, insufficient diversification of productive capacities, and vulnerability to external shocks. Development transitions can create additional challenges when declining access to concessional support is not matched by affordable alternative financing. As a landlocked developing and middle-income country, Armenia attaches particular importance to addressing these challenges. We believe that development needs cannot be fully by income levels alone. A multidimensional approach should also take into account vulnerabilities, resilience, productive capacity, fiscal space, and exposure to external shocks. This consideration should inform access to development finance and tailored international support. Diversification of external trade market is an important element of resilience. and sustainable growth for landlocked developing countries, expanding access to regional, international markets requires equitable, inclusive, resilient, and affordable transport connectivity, efficient transit, and stronger integration into regional and global value chains. Chair, financing remains fundamental to all these efforts. The development finance agenda continues to face significant challenges, including widening financing gaps, high borrowing costs, rising debt service burdens, constrained fiscal space, and declining development assistance. These pressures limit the ability of developing countries to mobilize resources and invest in their sustainable development priorities, addressing these challenges requires stronger support from international financial institutions, including multilateral development bank to expand access to affordable, predictable and long term finance and enhance capacity building in their policy planning and implementation. Armenia underscores the importance of translating the Sevilla commitments into concrete actions and ensuring that development finance is responsive to countries' diverse needs and vulnerabilities. In this context, Armenia supports the development of a strategic plan of action for mixed through an inclusive and member state driven processes. Anchored in national priorities and ownership, it should strengthen coordinated UN support, facilitate access to financing, technology, and capacity building, and advance implementation of existing commitments without duplicating frameworks or creating additional reporting burdens. Armenia will continue its active engagement with the like-minded group of MIX and with other partners to advance practical, tailored responses to their development challenges. I thank you.

I thank the representative of Armenia. I now give the floor to the distinguished Permanent Representative of Angola.

Mr. Chair, Angola thanks the Secretary-General for the report submitted on agenda item 15 and reaffirms that a stable, inclusive and development-oriented global economic environment is indispensable to achieving the Sustainable Development Goals. Developing countries continue to face high borrowing costs, constrained fiscal space and limited access to affordable long-term financing. We therefore call for the accelerated implementation of the Seville Commitment, including through timely and coordinated sovereign debt restructuring, expanded concessional and local currency financing, stronger multilateral development banks, and a more effective global financial safety net. Debt sustainability must preserve fiscal space for investment in education, health, infrastructure, and productive transformation. In this regard, Angola's experience with a debt-for-education swap, supported by the World Bank and MIGA, demonstrates how innovative financing arrangements can improve debt terms, redirect resources towards education, and create opportunities for young people. Strengthening domestic resource mobilization requires effective tax systems. enhance international tax cooperation, and decisive action against illicit financial flows, including through asset recovery and return. Angola was among the pilot countries identified in the work of United Nations Conference on Trade and Development, UNCTAD, and United Nations Office on Drugs and Crime, UNODC, on measuring illicit financial flows using internationally agreed methodologies. This experience reinforce our conviction that better data, stronger institutions, technical assistance and international information sharing are essential to identify vulnerabilities, close loopholes and retain resources for development. Angola therefore supports progress towards a United Nations framework convention on international tax cooperation, alongside effective mechanisms for asset recovery and return. Macro-economic cooperation must also translate financing into productive transformation. In this regard, the Lubito Corridor demonstrates the potential of strategic infrastructure investment to strengthen connectivity, regional integration, productive capacity, trade, and access to market across Southern and Central Africa. We call for a fair international financial architecture that provides developing countries with greater representation, adequate policy space, and predictable financing to advance sustainable development. I thank you.

I thank the permanent representative of Angola. I now give the floor to the distinguished representative of Kuwait.

In the.

Name of God, the gracious, the merciful. Thank you, Mr. Chair. My country aligns itself with the statement made by all of the groups that it belongs to. Chair, the international economy is undergoing exceptional circumstances marked by a slow in growth and a drop in development assistance. In order to address this, Kuwait calls for a reform of the international financial architecture To strengthen the representation of developing countries, we affirm the need to grant concessional financing and to reallocate special drawing rights and guarantee financing in order to build capacity without increasing the debt burden. Chair, protecting what has been achieved. must be done through maritime security and freedom of navigation. Resolution of the Security Council 2817. In accordance with that resolution, Kuwait condemns Iran's closure of the Strait of Hormuz, which jeopardizes freedom of navigation and maritime security through its proxies in the region. This closure is interrupting supply chains and leading to heightened costs. We call for guaranteeing maritime security and freedom of navigation in accordance with international law and UNCLOS. Kuwait is using its experience to strengthen its ability to address these challenges. The Kuwait Fund for Development has, since it was established in 1990, has contributed to the financing of more than 1,000 projects in many countries. We are strengthening our national capacities and sharing experience, and this is contributing to long-lasting achievements. We recently launched a rapid response fund in order to guarantee the continuity of basic services in crisis situations. We need to talk about the humanitarian crisis in Gaza. 92% of infrastructure has been affected. The unemployment rate is greater than 90 percent. Damage has reached more than 1.5 billion dollars. The State of Kuwait calls for support for the Palestinian economy and a guaranteeing of humanitarian assistance and for the strengthening of Palestinian organizations by supporting reconstruction efforts. In conclusion, we affirm that development is a responsibility, a shared responsibility that requires a reform of the international economic system in order to make sure that no state is left behind. Thank you.

I thank the representative of Kuwait. I now give the floor to the distinguished representative of Costa Rica, who will be the last speaker for this morning.

Thank you, Mr. Chairman.

Mr. Chair, the annual funding gap to achieve the Sustainable Development Goals is more than $4 trillion. At the same time, the reduction in official development assistance and growing debt service is reducing the fiscal space of developing countries. This situation is obvious. despite states' efforts to put their finances in order, for example, through more advantageous loans that release more resources for development. Allow me to refer to the following. First of all, we must make progress on reform of the international financial architecture. The high costs of financing, the limited fiscal space, and the growing debt burden require a more inclusive, representative and equitable system. Costa Rica calls for expanded access to concessional financing and to innovative instruments that respond to the needs and vulnerabilities of each country. Costa Rica believes it is essential to make the particular situation of those countries which, despite they have achieved upper income level indicators, they continue to face structural gaps and persistent vulnerabilities which have reached indicators along the levels of upper income countries. That needs to be made more visible. It's therefore necessary to keep working on metrics and classification criteria and access to cooperation and financing criteria which properly reflect the multidimensional nature of development. A more comprehensive understanding of these conditions is essential in order to address challenges such as poverty reduction and other substantive priorities in the Second Committee. Second, we need to make sure that debt is compatible with development. Debt servicing cannot continue to displace essential resources for health care, education, social protection and sustainable investment. We need more rapid and predictable mechanisms, greater transparency, and solutions that preserve the ability of states to invest in their development. Third, we need to mobilize public and private investment for sustainable development. Combined financing, guarantees, and other risk distribution, risk allocation instruments can help to mobilize capital provided that they produce a real and measurable impact on development and are in line with national priorities. Mr. Chair, the Seville commitment provides us with a roadmap.

I thank the representative of Costa Rica. We have heard the last speaker for this morning. The committee will reconvene this afternoon at 3:00 p.m. in this room to conclude the joint general discussion of agenda items 15 and 16. Please consult the live list of speakers for the latest list. I remind delegations that the deadline for the submission of draft proposals under agenda item 15 and its sub-items A to D and agenda item 16 is Monday, 12 October at 3:00 p.m. And the deadline for sub-items E to G of Item 15 is Wednesday, 14th October at 3:00 PM. The meeting is adjourned.