Overview

• The Fourth International Conference on Financing for Development convened on June 30 with over 50 heads of state and more than 4,000 representatives from governments, civil society and financial institutions.
• The United States withdrew on June 17 after rejecting the negotiated outcome document over governance and lending mandates, underscoring splits in global cooperation on poverty and climate finance.
• The Seville Commitment, expected to be adopted by July 3, proposes tripling the lending capacity of multilateral development banks, setting a minimum 15% tax-to-GDP ratio and scaling up private financing incentives.
• Activists and several Global South leaders have staged protests demanding debt cancellation, stronger binding commitments and more ambitious measures to close a $4 trillion annual development financing gap.
• Delegates face ongoing debates over the nonbinding agreement’s enforceability and ambition as they seek to align reforms with the 2030 Sustainable Development Goals.