FfD4: A crucial moment to rethink global finance for development

The global community is now preparing for the Fourth International Conference on Financing for Development commonly known as (FfD4), while it is coming nearer and nearer, the need for transformative financial action has never been urgent like before. As we are facing the severe impact of the climate change, and the changing landscape of the geopolitical tensions have impacted on widening the inequality to the global south with unfair and unjust debt crisis; FfD4 remains a pivotal platform for all the UN member states and financial entities to come together and realign international financial systems with the sustainable development goals.

The vulnerable nations are under the scrutiny of cutting down its development budget and budget for public services like education, health etc. from its revenue as it must fulfill its commitment through debt servicing. The financial gap to achieve the SDGs have widened since the pandemic as UN estimates that gap exceeded around $4.2 trillion annually for the developing countries.