Qatar Attends Plenary, Closing Sessions Of Financing For Development Conference

Seville: Qatar has participated in the Eighth Plenary and Closing Sessions of the Fourth International Conference on Financing for Development, held in Seville, Spain.

Minister of State for International Cooperation H E Maryam bint Ali bin Nasser Al Misnad, represented the State of Qatar in both sessions.

The conference concluded with the adoption of a comprehensive document affirming that financing for development should not remain synonymous with traditional aid, but rather should transform into a sustainable investment approach that leads to the creation of opportunities and economic growth in developing countries.

The document noted that reforming the global financial system is an urgent necessity, including enhancing the representation of developing countries in international financial institutions, improving borrowing conditions to align with development capabilities, and imposing fair taxes on wealth and environmentally polluting activities.

The document noted that reducing inequality between and within countries can only be achieved through transparent and equitable financing that takes into account the needs of vulnerable and marginalised groups.

In this context, it emphasised that the global debt crisis must not impede development.

Therefore, the document supported innovative mechanisms, including debt-for-development or climate investment swaps, automatic debt service suspension in emergencies and disasters, and the establishment of a global debt registry to enhance transparency and accountability.

It is worth noting that the Doha 2023 Declaration established the framework for the principles of economic justice and support for least developed countries, while the Seville Declaration is expected to operationalise these principles through a multilateral implementation platform based on innovative financing tools and new development alliances.

The Doha 2023 Declaration affirmed the recognition of accumulated challenges and acknowledged that least developed countries are suffering from accumulated crises, including the repercussions of the COVID-19 pandemic, climate change, rising debt, lack of financing and investment, and fragile supply chains.

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