2025 ECOSOC Forum on Financing for Development Follow-Up

Let me begin by thanking His Excellency Bob Rae, President of the Economic and Social Council, for inviting me to speak at this important and timely forum. 

Indeed, time is of the essence. 

This year’s Forum plays a pivotal role in preparing for the Fourth International Conference on Financing for Development, which will take place soon. 

With only five years remaining to meet our deadlines for the 2030 Agenda for Sustainable Development, this Conference represents our most important opportunity to urgently close financing gaps and achieve our goals. 

The challenges to sustainable development are well documented. 

Conflicts are eroding gains and impeding progress. 

Tensions in global trade are affecting economic growth. 

Many countries continue to have challenges with rising debts and a limited fiscal space. 

Some are spending as much as 20 percent of their government revenue on servicing their debt – revenue that could otherwise have gone into sustainable development. 

It is fitting that this is referred to as a ‘debt trap’. Such traps jeapordize development. 

Meanwhile our inability to reform the international financial architecture is severely restricting capital access. 

It is fair to say that progress across the entirety of the Sustainable Development Goals hinges on our ability to close the financing gap, which stands at US$ 4.2 trillion per year. 

Since the adoption of the Addis Ababa Action Agenda, there have been positive signs of more domestic resource mobilization and greater collaboration across sectors. 

And the adoption of the Pact for the Future, last September, was a recognition of the structural impediments to ‘fixing financing’. 

This transformative step boosted calls to reform the global financial system, expand international trade, and reduce inequalities, particularly in developing countries. 

The responsibility, therefore, is now on us to deliver on these reforms. 

We must address the challenges that restrict access to financing for development. 

We must recommit to accessible, affordable financing. 

And we must work together to unlock the flow of capital, investment, and official development assistance to developing countries. 

Time is of the essence. 

Let us use this Forum to bridge divides, build trust, and lay the foundation for success in Sevilla, in Spain. 

Action is needed to reaffirm the Addis Ababa Action Agenda. 

Together we must work towards a successful outcome of the Fourth International Conference on Financing for Development, to ensure that no one is left behind.

Thank you. 

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