Amid High Debt Service Burden, Less Development Aid, Speakers Stress Urgency of Putting Sevilla Commitment into Action, as Financing for Development Forum Begins

With debt-service burdens in developing countries at a 20-year high in 2024 and official development assistance (ODA) falling by 23 per cent in 2025, United Nations senior officials and ministers from Member States underscored the urgency of translating commitments into action under the Sevilla Commitment - the global blueprint for financing sustainable development - as the 2026 Financing for Development Forum opened.

Held annually, this year's Forum - which runs through 24 April - will seek to build on the momentum of the Fourth International Conference on Financing for Development in Sevilla, Spain, in 2025, where the new commitment was made.

"Sevilla was a moment of choice," said UN Secretary-General António Guterres, stressing the need to keep promises to developing countries that are "starved of investment and drowning in debt" amid profound turbulence. Pointing to the conflict in the Middle East, he warned that its impacts are being felt "in real time" through rising costs of fuel, fertilizer and food, as well as disruptions to trade and transport.

Over $4 Trillion Sustainable Development Goals (SDG) Financing Gap; Global Financial System Reflects 'Economic Power Structures of the Past'

With government finances under strain and aid declining, he noted that the global financial system still reflects "the economic and power structures of the past", even as the financing gap to achieve the Sustainable Development Goals has grown to more than $4 trillion annually.

Outlining priorities under the Sevilla Platform for Action, he emphasized accelerating finance, ensuring debt supports development, and reforming the international financial architecture to give developing countries a stronger voice.

Annalena Baerbock (Germany), President of the General Assembly, described the Sevilla Commitment, which includes 280 actions, as "a success story for multilateralism". Appealing to ministers and representatives of all countries, she urged that "each of these actions needs to be translated into concrete, national-level outcomes, with clear ties to national priorities, domestic institutions and financing strategies".

The many voluntary initiatives being proposed in the Sevilla Platform for Action - some 130 by last count - should give inspiration to what is possible and empower Governments to act. Those measures, if implemented, can be "a lifeline for dozens of countries and billions of people we are here to serve", she emphasized.

Bretton Woods Institutions' Support for Members States to Weather Economic Toll

"The world is being shaken by a war that is inflicting a tragic human toll - and sending shockwaves through the global economy," said International Monetary Fund (IMF) Deputy Managing Director Nigel Clarke. Some regions - including Asia and Europe - are much more reliant than others on energy imported from the Persian Gulf. Meanwhile, much of sub-Saharan Africa relies on fertilizer imports from the Gulf.

"We know, for example, that raising domestic resources will continue to be essential for sustainable growth and development," he said. This often means broadening the tax base, including by closing loopholes that favour the advantaged. It also means redirecting precious resources to sectors like health, education, well-targeted social safety nets and growth-enhancing public investments. "As development budgets tighten, concessional financing should prioritize the poorest and most vulnerable countries," he said. The IMF is engaged with its member countries to determine how it can support through policy advice, capacity development and financial support.

"For low-income countries, we are now seeing slower growth and higher inflation across Asia, with pressures now spreading into Africa," said Paschal Donohoe, Managing Director and Chief Knowledge Officer of the World Bank Group. He noted that food price pressures could push an additional 16 million people into food insecurity, primarily in Sub-Saharan Africa, and that up to 15 million jobs could be at risk. "Overall, we are closely monitoring development impacts, and we are also coordinating with our partners to maximize responses to the economic effects," he added.

The World Bank Group's work on financing for development, he said, is anchored in one overarching question: how do we help countries build economies that convert growth into local jobs and unlock opportunity? In that vein, "no multilateral support can substitute for the policy and regulatory environment each country can create to attract the private investment that your economies need," he stressed.

Lok Bahadur Thapa (Nepal), President of the Economic and Social Council, opened today's session, stressing that the Forum provides "an ideal platform to assess our collective progress, share lessons learned from early implementation, and deepen cooperation in areas where support is most urgently needed".

Deputy Secretary-General Presents Financing for Sustainable Development Report 2026

Following the opening remarks, Amina J. Mohammed, Deputy Secretary-General, presented "Financing for Sustainable Development Report 2026" (document E/FFDF/2026/2). She said it delivers a diagnosis of a development system under strain, setting out five priorities for the year ahead - scaling up financing, directing flows where they deliver most, investing in resilience, strengthening cooperation and institutions, and investing in multilateralism itself.

Global Economic Outlook for 2026-2027: Ministers Illustrate National Efforts, Challenges to Financing

In the ensuing ministerial session, titled "The Global Economic Outlook for 2026-2027: Trends and implications for financing for sustainable development", guest speakers illustrated national efforts and challenges.

Swarnim Wagle, Minister of Finance of Nepal, described the country as "Exhibit A of a multifaceted crisis hitting a typical LDC [least developed country]," underscoring the pressures from war-driven fuel and food price shocks, slowing growth and rising inflation. While remittances had helped reduce poverty, he warned that prolonged conflict could reverse these gains and spur social unrest. Nepal has implemented fiscal measures, including halving petroleum duties and exhausting a stabilization fund, but space remains limited. With grants declining and public borrowing crowding out the private sector, the Government is prioritizing governance reforms, pro-investment legislation, and mobilizing private and diaspora capital to finance critical infrastructure and jobs.

Eva Granados Galiano, State Secretary for International Cooperation of Spain, highlighted concrete national actions to sustain financing for development amid global instability. Despite a sharp global decline in ODA, her country underscored that its Government has increased ODA by 13 per cent, reaffirming its commitment to development cooperation. It is also advancing innovative debt solutions, including launching and funding a debt-for-development swap programme and co-chairing the Alliance for the Debt Suspension Clause, aimed at normalizing debt pause clauses during crises. Emphasizing equity, she called for stronger taxation justice, including improved taxation of great fortunes, warning that "the risk is that inequalities keep rising, which could harm our democracies".

Stine Renate Håheim, Deputy Minister and State Secretary to the Minister of International Development of Norway, emphasized her country's continued national commitment to financing for development despite growing global challenges. Highlighting domestic follow-through on the Sevilla Commitment, she reaffirmed plans to scale up support for domestic resource mobilization in developing countries and remain a committed partner to the Addis Tax Initiative. She stressed that "Norway remains proud to maintain a high level of official development assistance allocating more than 1 per cent," even as global ODA levels decline sharply.

Putut Hari Satyaka, Deputy Minister for Development Funding of the Ministry of National Development Planning of Indonesia, emphasized Jakarta is advancing structural reforms to improve business certainty, reduce the cost of doing business, and strengthen the investment climate. It is also enhancing the quality of public spending by directing resources towards more productive and targeted uses. National efforts further focus on food and energy security through renewable energy, stronger food systems and more sustainable agricultural practices to support inclusive and sustainable growth.

Pasi Hellman, Vice-Minister for Development Policy at the Ministry for Foreign Affairs of Finland, underscored that domestic resources are the most resilient source of SDG financing, based on the assumption that "every country bears the ultimate responsibility of its own development". Acknowledging declining global ODA, he stressed the need to use public funds more "intelligently" to reduce risk and mobilize private finance. His country has provided long-standing technical assistance and political support to strengthen tax systems, improve tax-to-GDP (gross domestic product) ratios, and build strong institutions, including through digitalization. "Private money will come in if conditions are right," he said. "That means there is predictability, stability and rule of law."

Transforming the International Financial Architecture: Ministers Discuss Priorities for Reform

In the afternoon, the Forum convened a ministerial round table on "Transforming the international financial architecture: Priorities for reform", where speakers stressed that the system must become more inclusive, faster in crisis response and better aligned with sustainable development.

Kenyeh Ballay, Minister of Planning and Economic Development of Sierra Leone, said that the global economy faces growing strain. That is why it is essential to work towards making the global financial system more inclusive and equitable. "For African countries and least developed countries, limited voting power constrains abilities to influence decisions directly affecting our stability and development trajectories," she said. Those most affected by global shocks must have a direct seat at the decision-making table. Global financial rules often apply a uniformed approach that does not help least developed countries, she said, calling for flexible and tailored systems. "In times of crises, speed and accessibility are essential, and yet least developed countries face delays and stringent conditions," she added.

Fahad Al-Sulaiti, Director General of the Qatar Fund for Development, said that the global economic situation is currently crippling many countries' ability to help least developed countries. "We are very close to 2030, and we see the SDGs not being achieved," he noted with concern. "Everyone is talking about shocks" in education, in economy, in trade because of the wars in the Middle East and in Ukraine. There is currently major global concern about food security. "It's been very strange, and this is something we need to look into," he added, noting the shift in ODA. "We see other countries are suffering from currency depreciations which affects ODA," he explained further. He also stressed the importance of supporting the private sector, development banks, such as the World Bank, and utilizing the natural resources of every country.

Thomas Revial, Assistant Secretary for Multilateral Affairs in the Treasury of France, stressed the need to keep the matter of international financial system reform on the agenda. Stable public financing is essential to ease pressure on already overstretched Governments - and it depends on broadening the tax base and mobilizing private capital. "How can we mobilize more private capital?" he asked. As part of France's Group of 7 (G-7) presidency, Paris is focused on ensuring that financing is provided to reduce fragmentation and focus on what works best. It will aim to be inclusive and work with all partners in this effort. Paris is already working with the African Development Bank to try to establish a new African development framework. He emphasized the need to boost the resilience of most vulnerable countries and work on the Sevilla Commitment notably on the Borrowers Platform launched last week.