Submit your Article

Prime Minister KP Sharma Oli has called for justice and fairness in the global economic and financial system. 

The PM, who is currently on an official visit to Spain to attend the United Nations (UN)'s 'Fourth International Conference on Financing for Development (FFD4)', made this call while delivering a statement at the FFD4 Plenary on Monday.

The following is the full text of the PM's statement:

STATEMENT by Rt. Hon. Mr. K P Sharma Oli, Prime Minister of Nepal as the Chair of the LDCs and in National Capacity at the Plenary of the Fourth International Conference on Financing for Development (FfD4) 30 June 2025, Seville, Spain   

Distinguished Co-Chairs, Your Excellencies the Heads of State and Government, Mr. Secretary-General of the United Nations, Distinguished Delegates, Ladies and Gentlemen, I am pleased to deliver this statement on behalf of the group of the least developed countries. 

Let me begin by expressing heartfelt gratitude to the Government and people of Spain—for generous hospitality, and for warmly welcoming us into this historic and beautiful city. Excellencies, A decade ago, in Addis Ababa, the world pledged solidarity with the LDCs. 

The commitment was also echoed in the 2030 Agenda. We promised to leave no one behind and committed to uplift the furthest behind first. Ten years on, the world is making progress. Global GDP has grown—roughly from 75 trillion to 115 trillion. But inequality is rising—between and within nations. At the very moment when solidarity is most needed— Official Development Assistance is shrinking. 

Debt is suffocating the South—specifically, LDCs’ debt has tripled in the last decade. Trade is fractured. Growth is unequal. Investment remains weak, and poverty is persistent. Technology and innovation are advancing in leaps and bounds in developed countries. But the LDCs face a stark technological and digital divide—seriously hindering their economic and social progress. 

Poor and inadequate infrastructure continues to impede our potential. In global development forums, LDCs remain marginalized—their voices often unheard. Climate change strikes LDCs the hardest, although they emit less than 1 percent of greenhouse gas. After Addis Ababa— only four LDCs have graduated. 

Excellencies, 

Despite multiple challenges, LDCs are resolute to overcome them with the strength and ingenuity of their people as well as the support and solidarity of their development partners. This is also demonstrated by the 14 LDCs advancing toward graduation. 

Against this backdrop, the Sevilla Commitment we adopted today gives us a chance to change the course. It promises a renewed global financing framework for the realization of 2030 Agenda for Sustainable Development. The developing countries, particularly LDCs, strongly urge for its full implementation in good faith and high spirits. In this regard, we call for justice and fairness in the global economic and financial system. We stand for reform of global financial architecture. 

1. We urge our development partners to deliver 0.7 percent ODA commitment to developing countries; and to meet and go beyond 0.2 percent for the LDCs. 
2. We seek grants and concessional finance on fairer terms. 
3. We stand for rules-based and equitable global trading system where all countries accrue benefits.  We stand for vibrant private sectors connecting Global North and Global South through value chains bringing common prosperity to all.  We stand for a UN-led tax convention. 
4. We call for adequate climate finance that is concessional, predictable, and accessible. The Sevilla Commitment must serve as a vital catalyst for the development and progress of all the LDCs. It must also ensure a smooth, irreversible and sustainable graduation. Excellencies, Let me touch briefly upon my national context now. We are graduating from the LDC status in 2026. While our determination remains firm, we need robust support from our development partners to realize our development aspirations. Nepal is proud to have served as a co-facilitator of Sevilla Commitment—alongside Norway, Zambia, and Mexico. We thank all Member States for their trust. Excellencies, Let us implement the Sevilla agenda with urgency to overcome despair and to reignite hope: 
5. Hope for a fairer global governance system that respects all voices. 
6. Hope for partnerships built on solidarity. 
7. Hope for sensible investment in people and the planet.  
8. Hope for a better world where no country is left behind. Thank you!

French President Emmanuel Macron said on Monday that tariffs levied by powerful countries were often a form of “blackmail” rather than instruments to rebalance trade, Reuters reported.

His comments in a speech at the International Conference on Financing for Development in Seville, Spain, came with the EU negotiating a trade deal with the US before a July 9 deadline, though he did not specifically refer to the US or US President Donald Trump.

“We need to restore freedom and equity to international trade, much more than barriers and tariffs, which are devised by the strongest, and which are often used as instruments of blackmail, not at all as instruments of rebalancing,” Macron said, according to Reuters ​​​​​​.

Italy will issue nearly 500,000 new work visas for non-EU nationals from 2026 to 2028, a cabinet statement said on Monday, as part of a strategy to expand legal immigration channels in response to labour shortages, Reuters reported.

A total 164,850 people will be allowed in next year, aiming to reach a cumulative total of 497,550 new entries by 2028.

It is the second such move Prime Minister Giorgia Meloni has made since she took office nearly three years ago as the head of a right-wing coalition. The government had already decided to issue over 450,000 permits to migrants between 2023 and 2025.

Alongside rules to allow in new workers, Meloni has taken a tough stance against illegal arrivals, moving to speed up repatriations and curbing the activities of charities rescuing migrants in the Mediterranean, according to Reuters.

Canada will rescind a tax on big US technology firms, just hours before first payments were due, to allow trade talks between the two countries to restart, BBC reported.

On Friday, US President Donald Trump called off negotiations over a trade deal, describing the tax as a "blatant attack", and threatened higher tariffs on imports from Canada.

In response, Canada has said it will introduce legislation to remove the tax and would halt the collection of payments, which were due on Monday. 

White House economic adviser Kevin Hassett told Fox News on Monday that negotiations between the North American neighbours would "absolutely" restart as a result, according to BBC.