(MENAFN- Trend News Agency) BAKU, Azerbaijan, July 1. Latvia took part in the 4th United Nations International Conference on Financing for Development, held in Seville, Spain, from June 30 through July 3, Trend reports.

The conference brought together global leaders, financial institutions, NGOs, and private sector actors to assess and improve the global financing system for sustainable development.

Speaking on behalf of Latvia, Parliamentary Secretary of the Ministry of Foreign Affairs, Artjoms Uršuļskis, emphasized the urgent need to address a range of global challenges, including pandemic aftershocks, armed conflicts, economic turbulence, and climate change, through coordinated and equitable financing solutions.

During the conference's opening session, UN member states adopted a joint outcome document expressing a renewed commitment to mobilize adequate development funding worldwide.

In discussions on reforming global financial architecture, Uršuļskis underscored Latvia's support for strengthening domestic resource mobilization in partner countries, especially through progressive taxation systems. He highlighted the importance of ensuring that fiscal reform boosts public revenues without overburdening the most vulnerable populations.

“Support for progressive resource mobilization ensures that those with greater capacity contribute more while protecting the least advantaged,” Uršuļskis said.

The Latvian delegation included representatives from the Ministry of Foreign Affairs and the Ministry of Finance. The delegation also featured the non-governmental organization Latvian Platform for Development Cooperation (LAPAS) and its members. LAPAS plays a key role in both implementing development cooperation projects and raising public awareness about global development issues.

Latvia reaffirmed its commitment to the UN 2030 Agenda and its Sustainable Development Goals (SDGs), focusing on prosperity and security for current and future generations. The country also voiced its continued support for international efforts to reform the global financial system, align aid with needs, and reduce poverty and inequality.

The Seville conference marked the fourth of its kind and is held only once every ten years. The previous conference was held in 2015 in Addis Ababa, Ethiopia. This year's gathering focused on reviewing the global sustainable development financing system to ensure sufficient and fair funding for SDG implementation.

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