Prime Minister KP Sharma Oli is leaving for Spain next week to participate in the Fourth International Conference on Financing for Development. The United Nations has been organizing the conference to provide financial resources and facilities for the development of least developed and developing countries.
More than 50 heads of state, and heads of various regional financial institutions, including the International Monetary Fund, the World Bank and the World Trade Organization, will participate in the gathering. As Nepal is the chair of the Least Developed Countries (LDC) group, Prime Minister Oli will also represent Nepal as the leader of the LDCs.
The conference will focus on reforming the international financial architecture and addressing financing challenges to achieve the Sustainable Development Goals (SDGs). It will also assess progress on the Monterrey Consensus, the Doha Declaration, and the Addis Ababa Action Agenda. The event will also explore key areas of action, such as domestic public resources, private finance, international cooperation, debt sustainability, and international financial architecture.
The conference will address urgent financing needs for the SDGs, reform of the international financial system, and development effectiveness.
The aim is to address the urgent financing challenges that hinder the achievement of the SDGs, with focus on mobilizing large-scale capital, reforming the international financial architecture, and strengthening support, especially for developing countries.
Spain is a significant contributor to development financing, focusing on poverty reduction, addressing malnutrition and promoting the inclusion of persons with disabilities. Spain's development cooperation has included bilateral aid and support for initiatives such as “Aid for Trade” to enhance the integration of developing countries into the global economy.
The United Nations Economic and Social Commission for Asia and the Pacific plays a role in facilitating discussions and strategies related to financing for development in the Asia-Pacific region, including Nepal, with a focus on infrastructure development and the SDGs.
The Organization for Economic Cooperation and Development, meanwhile, monitors development finance and its characteristics, including its role in climate change adaptation and mitigation.
Spain allocates part of its bilateral Official Development Assistance (ODA) to key areas of poverty reduction and addressing malnutrition. It also supports projects that promote the inclusion and empowerment of persons with disabilities.
Nepal is actively engaged in discussions and initiatives related to financing for development, including infrastructure financing strategies for sustainable development. Nepal is also part of the Asia-Pacific region, where ESCAP plays a key role in facilitating dialogue and cooperation on financing for development.
Through the conference, Nepal hopes to overcome the challenges in mobilizing domestic resources and addressing the financing gap to achieve the SDGs.
