Nepal Contributes to “Historic Opportunity” in Preparing Outcome Document for International Conference on Financing for Development

Kathmandu: One of Nepal’s major milestones in multilateral diplomacy has achieved on June 18 as Nepal has contributed to the outcome document for the international conference on financing for development. According to UN News, UN Member States have reached an agreement on the outcome document for the Fourth International Conference on Financing for Development, which will be formally adopted at an upcoming summit in Sevilla, Spain.
Member States at UN Headquarters endorsed the finalized outcome document, known as the Compromiso de Sevilla (the Seville Commitment), following months of intensive intergovernmental negotiations.
Along with Nepal, the co-facilitators of the outcome document were Mexico, Zambia, and Norway. The outcome document was hailed as an ambitious and balanced compromise that reflects a broad base of support across the UN membership.
Nepal’s Permanent Representative to the UN in New York, Ambassador Lok Bahadur Thapa, called the outcome a “historic opportunity” to confront urgent financing challenges. “It recognizes the $4 trillion financing gap and launches an ambitious package of reforms and actions to close this gap with urgency,” he said, highlighting commitments to boost tax-to-GDP ratios and improve debt sustainability.
The third International Conference on Financing for Development, held in 2015, adopted the historic Addis Ababa Action Agenda. This latest agreement was reached despite sharp divisions on several contentious issues, culminating in the United States’ decision to exit the process entirely.
Under-Secretary-General for Economic and Social Affairs Li Junhua welcomed the adoption of the document, calling it a clear demonstration that “multilateralism works and delivers for all.”
He praised Member States for their flexibility and political will in finalizing the agreement despite the challenges.
“The FFD4 conference presents a rare opportunity to prove that multilateralism can deliver tangible results. A successful and strong outcome would help rebuild trust and confidence in the multilateral system by forging a renewed financing framework,” Mr. Li said.
The Sevilla conference, to be held from 30 June to 3 July, will mark the fourth major UN conference on financing for development, following Monterrey (2002), Doha (2008), and Addis Ababa (2015). It is expected to produce concrete commitments and guide international financial cooperation in the lead-up to and beyond the 2030 deadline for the Sustainable Development Goals (SDGs).
“We firmly believe that this outcome will respond to the major challenges we face today and deliver a real boost to sustainable development,” said Ambassador Thapa of Nepal.