Ethiopia has urged the 4th Financing for Development (FfD4) forum at UN Headquarters in New York to address global financial inequities.
At the third session of the Preparatory Committee (PrepCom) for the Fourth International Conference on Financing for Development (FfD4) being held at the UN Headquarters from February 10-14, 2025, Ethiopian State Minister of Finance, Semereta Sewasew, highlighted the urgent need to address the global financial divide in the upcoming FfD agreement.
With the FfD4 conference fast approaching in Seville, Spain (June 30-July 3, 2025), the State Minister called for an outcome document that is ambitious, practical, fair, and responsive to the realities faced by developing nations.
In her address at the Ministerial scene-setter aimed at building political momentum for the negotiations, the State Minister emphasized Ethiopia's key role in hosting the first preparatory session in Addis Ababa in July 2024, as well as the FfD3 in 2015, which resulted in the Addis Ababa Action Agenda.
Regarding the Draft FfD4 outcome document, she stressed the need for bold changes in both narrative and strategy, alongside a firm commitment from all stakeholders—UN, member states, and international financial institutions—to ensure the preparation and effective implementation of the document. She underscored the urgency of these actions, given the significant setbacks in achieving the SDGs, further exacerbated by challenges in development finance, geopolitical tensions, and rising disaster risks.
Advocating for innovative, equitable, and inclusive solutions tailored to the specific economic, developmental, and aspirational needs of the region, Semerta emphasized the need to drawing lessons from previous FfD agreements, particularly in addressing the unique challenges faced by Least Developed Countries (LDCs) and Africa.
The outcome document needs to fully address global financial architecture reforms, the International Development Cooperation framework, and Multilateral Development Banks to ensure inclusive and sustainable development finance pathways, she further stressed.