The world needs a rescue plan for sustainable development

Meanwhile, the global economy is slowing, trade tensions are rising, aid budgets are being slashed while military spending soars, and international cooperation is under unprecedented strain. The global development crisis is not abstract. It is measured in families going to bed hungry, children going unvaccinated, girls  being forced to drop out of school and entire  communities deprived of basic services. 

We must correct course. 

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That begins at the Fourth International  Conference on Financing for Development in Sevilla, where an ambitious, globally supported plan to invest in the SDGs must be adopted. That plan should include three essential elements.

First, Sevilla must help accelerate the flow of resources to the countries that need it most. Fast. Countries must be in the driver’s seat, mobilizing domestic resources by strengthening revenue collection and addressing tax evasion, money laundering and illicit financial flows through international cooperation. This would provide much-needed resources to prioritize spending on areas with the greatest impact such as education, healthcare, jobs, social protection, food security and renewable energy. 

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At the same time, national development banks and regional and Multilateral Development Banks need to come together to finance major investments. To support this, the lending capacity of these banks needs to triple, so that developing countries can better access capital on affordable terms with longer timelines.  

This increased access should include the re-channelling of unconditional reserve assets—or Special Drawing Rights—to developing countries, preferably through Multilateral Development Banks to multiply their impact. 

Private investment is also essential. Resources can be unlocked by making it easier for private finance to support bankable development projects and by promoting solutions that mitigate currency risks and combine public and private finance more effectively. Throughout, donors must keep their development promises. 

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Second, we must fix the global debt system. It is unfair and broken. The current borrowing system is unsustainable, and developing countries have little confidence in it. It’s easy to see why. Debt service is a steamroller crushing development gains, to the tune of more than $1.4 trillion a year. Many governments are forced to spend more on debt payments than on essentials like health and education combined.

The Fourth International Conference on Financing for Development in Sevilla must result in concrete steps to reduce borrowing costs,  facilitate timely debt restructuring for countries burdened by unsustainable debt and prevent debt crises from unfolding in the first place. 

In advance of the conference, a number of countries put forward proposals to ease the debt burden on developing countries. This includes making it easier to pause debt service in times of emergency; establishing a single debt registry to strengthen transparency; and improving how the International Monetary Fund, World Bank and credit-ratings agencies assess risks in developing countries. 

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Finally, Sevilla must raise the voice and influence of developing countries in the international financial system so that it better serves their needs. International financial institutions must reform their governance structures to enable greater voice and participation of developing countries in the management of the institutions they depend on. 

The world also needs a fairer global tax system, one shaped by all governments—not just the wealthiest and most powerful. The creation of a ‘borrowers club’ for countries to coordinate their approaches and learn from one another is another promising step toward addressing current power imbalances. 

The meeting in Sevilla is not about charity. It’s about justice and building a future in which countries can thrive, build, trade and prosper together. In our increasingly interconnected world, a future of haves and have-nots is a recipe for even greater global insecurity that will keep weighing down progress for all. 

With renewed global commitment and action, Sevilla can spark new momentum to restore a measure of faith in international cooperation and deliver on sustainable development for people and the planet. 

In Sevilla, leaders must act together to make this rescue mission a success. 

The author is secretary-general of the United Nations.