The four-day meeting held at UN Headquarters has set the stage for significant discussions and potential reforms. It began with in-depth talks on international debt architecture, feminist fiscal policy for Sustainable Development Goals (SDGs), and global tax reform. These topics hold the key to shaping the future of global finance and development.

Unlock the Potential of Global Finance at UN Headquarters

International Debt Architecture

The four-day meeting at UN Headquarters marked the start of crucial discussions on international debt architecture. Ms. Mohammed emphasized that the SDGs have faced a setback and their revival hinges on unlocking the necessary scale and quality of finance. This includes loosening the grip of debt service that is currently crippling dozens of countries and safeguarding economies from external shocks. It is a complex issue that requires innovative solutions and collaborative efforts.In this context, the preparatory meeting following the first session in Addis Ababa in July has already received nearly 300 stakeholder contributions. These inputs will play a vital role in shaping the discussions at the main conference scheduled for June 2025 in Seville, Spain. The Elements Paper, which incorporates these proposals for transformative change across the Addis action areas, will be at the center of the discussions next year.

Feminist Fiscal Policy for SDGs

Feminist fiscal policy emerges as a crucial aspect of the meeting. It is recognized that a gender-responsive approach to fiscal policy is essential for achieving the SDGs. By integrating women's perspectives and needs into fiscal decisions, we can ensure more inclusive and sustainable development. This involves allocating resources more equitably, promoting women's economic empowerment, and addressing gender disparities in access to finance and public services.For example, specific measures could include providing targeted financial support to women-led businesses and initiatives. This would not only boost economic growth but also contribute to gender equality. Additionally, incorporating gender-sensitive budgeting practices can help identify and address the specific challenges faced by women in different sectors and regions.

Global Tax Reform

Global tax reform is another significant area of focus. Ms. Mohammed outlined key proposals under consideration, with domestic resource mobilization at the core. Ensuring that all developing countries can raise their tax-to-GDP ratio above 15 per cent is a concrete step towards strengthening their financial capabilities. This requires comprehensive tax reforms that address issues such as tax evasion, tax avoidance, and the improvement of tax administration systems.The conference is also grappling with the challenge of mobilizing private investment. Despite years of discussions, the desired scale and impact have not been achieved. There is a call for firm commitments to do better in blending different sources of finance, focusing on impact, utilizing instruments at scale, and aligning with national priorities. This requires innovative financing mechanisms and stronger cooperation between governments, the private sector, and international organizations.

Reforming Financial Architecture

The Deputy Secretary-General highlighted the important role of the FfD4 in fulfilling the vision of financial architecture reform. There is a call for bold ambition to create a debt architecture that truly empowers sustainable development. Proposals include expanding the capital bases of Multilateral Development Banks to enhance their lending capacity and effectiveness.Furthermore, the conference aims to transform Special Drawing Rights to make them more responsive and effective in addressing future crises. This requires innovative approaches and international cooperation to ensure that the financial system is better equipped to handle unexpected challenges.

Strengthening the Voice of Developing Countries

A key focus is on strengthening the voice and representation of developing countries in International Financial Institutions. This is seen as real and transformative change that can lead to more inclusive and effective decision-making processes. It involves ensuring that developing countries have a say in shaping global financial policies and strategies.For instance, measures could include increasing the representation of developing countries on the boards of these institutions and providing them with more resources and capacity-building support. This would enable them to play a more active role in addressing global financial issues and promoting their own development.In conclusion, the four-day meeting at UN Headquarters has laid the groundwork for important reforms and discussions. The proposals and actions put forward will have a significant impact on the future of global finance and development. It is a crucial moment for the international community to come together and work towards a more sustainable and prosperous world for all.