Speaking on behalf of the Group of Middle-Income Countries (MICs) on the first day of the first session of the Ministerial Preparatory Committee for the Fourth Conference on Financing for Development in Addis Ababa, Ambassador Hilale outlined the challenges of financing for development sustainable development facing MICs.
In his statement, as Chairman of the PRI Group, the Ambassador highlighted that in charting the path towards the Seville Conference in Spain, scheduled for 2025, this Committee constitutes a crucial moment to assess the progress made in implementing implementation of the 2015 Addis Ababa Action Agenda on Financing for Development, as well as to identify concrete solutions to overcome the obstacles encountered by Middle-Income Countries in implementing the Goals of the Sustainable development of 2030.
The financing gap remains the main obstacle to achieving sustainable development in its economic, social and environmental dimensions, he added, stressing that despite their central role in the global economy, MICs continue to face major obstacles.
Despite having 62% of the world’s population suffering from poverty, MICs are often excluded from the necessary international support and access to finance to address their growing debt burden as well as a multitude of climate vulnerabilities and social inequalities, he noted.
Ambassador Hilale also highlighted the Rabat Declaration last February, which sanctioned the work of the fifth Ministerial Conference on middle-income countries.
This Ministerial Declaration launched a call for the overhaul of international cooperation in favor of the development of the PRI, he recalled, adding that the ministers pleaded for the inclusion of the PRI in the debt relief mechanisms. , increasing and strengthening the capital of multilateral banks for development as well as taking their needs into consideration during the processes of reform of the international financial architecture.
This first preparatory session in Addis Ababa, which will continue until Friday, will be followed by a second which will be held in New York in December and a third in Mexico in February 2025.
The work of these Committees will serve as a basis for negotiating the financing action program for sustainable development which will crown the Seville Conference.