SEVILLE: Spain is set to host the Fourth International Conference on Financing for Development from June 30 to July 3 in the southern city of Seville, where world leaders, UN officials, and global finance stakeholders will gather in a bid to revive international development aid, as cuts spearheaded by former U.S. President Donald Trump and growing global instability derail efforts to meet critical 2030 development targets.
Around 70 heads of state and government, including French President Emmanuel Macron, South Africa’s Cyril Ramaphosa, and Ecuador’s Daniel Noboa, are expected to attend the rare high-level UN gathering. UN Secretary-General António Guterres, World Bank President Ajay Banga, and over 4,000 delegates from civil society, financial institutions, and the private sector will also be present.
The meeting comes at a time when international aid is facing what Guterres has called a $4 trillion annual funding gap. The crisis has been deepened by Trump-era reductions in U.S. foreign assistance and more recent aid pullbacks from countries like Britain, France, Germany, Belgium, and the Netherlands.
These funding shortfalls are already taking a toll. The UN refugee agency recently announced it would cut 3,500 jobs due to budget constraints, jeopardizing services for millions across conflict zones and refugee camps. From combating HIV/AIDS in Africa to supporting Rohingya education in Bangladesh, the retreat from aid is affecting some of the world’s most vulnerable.
Beyond shrinking aid, the summit will focus on reforming the global financial architecture, including the World Bank and IMF, which critics argue are outdated and structurally biased against the Global South. One key issue is the crippling debt burden on developing countries, many of which now spend more on interest payments than on health care, according to a recent report led by Nobel laureate Joseph Stiglitz.
The draft outcome document, agreed upon by all participating countries except the United States at a preparatory session in New York, reaffirms the global commitment to achieving the UN Sustainable Development Goals (SDGs). The text advocates for tripling development bank lending, predictable social spending, and fairer tax systems—including stronger representation for developing countries in global financial institutions.
However, the United States has expressed opposition, citing concerns over national sovereignty, interference in financial institutions, and “sex-based preferences”. This resistance has drawn criticism from civil society groups, with Christian Aid’s Mariana Paoli warning the outcome text fails to address pressing needs around debt relief and fossil fuel subsidies, and accusing rich nations of using U.S. obstruction as a shield to avoid meaningful reform.
Spain’s hosting of the event marks the first time a developed country has led this major UN initiative. The conference follows earlier editions in Mexico (2002), Qatar (2008), and Ethiopia (2015).
With just five years left to meet the 2030 development agenda, expectations are high—but skepticism remains over whether the international community will deliver.
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