Remarks by Archbishop Gabriele Caccia, Permanent Observer of the Holy See to the United Nations, at the General Debate of the ECOSOC Forum on Financing for Development (FfD) Follow-up
24 April 2024
Madam/Mr. Chair,
The Fourth International Conference on Financing for Development (FfD4), to be held next year in Spain, is undoubtedly a pivotal moment in the journey towards the realization of the 2030 Agenda. The conference will take place against a backdrop of global challenges, including significant backsliding on progress towards the Sustainable Development Goals.
The FfD4 follows closely on the heels of the LLDC3 and SIDS4 conferences, which will have occurred just one year prior. In this regard, the Holy See views the FfD4 as an opportunity for renewing global cooperation and commitment to bold action and respond to the needs of countries in special situations, ensuring the provision and mobilization of financing to address their priorities for development.
Madam/Mr. Chair,
The success of FfD4 will be gauged by its ability to offer concrete solutions to address the many challenges developing countries face regarding financing for development. Foremost amongst these, and an issue of particular concern for the Holy See, is the need to tackle the worsening debt crisis faced by many developing countries.
Debt plays an important role in development financing. Indeed, for many developing countries, debt has become an unsustainable burden that hinders their development. It is worrying that four in ten of the global population live in countries where the government spends more on interest payments than on education or health.[1] Such a reality is not compatible with sustainable development. My Delegation considers that a significant shift in the approach to debt is necessary to promote integral human development, social inclusion, and equity.
The Holy See acknowledges the potential for transformative change when bold ideas are aligned with political will and multilateral cooperation. In this sense FfD4 is an opportune moment to implement new forms of solidarity in the actions to reverse growing economic imbalances. Through debt forgiveness and debt restructuring, developing countries are released from unsustainable debt, enabling them to make critical investments in healthcare, education, job creation, and social protection.
Madam/Mr. Chair,
The Holy See looks forward to the FfD4 Conference and expects it to be a milestone in the journey towards a more just, equitable and sustainable world. It is the hope, as Pope Francis says, that “all nations be put in a position to meet the greatest needs of the moment through the reduction, if not the forgiveness, of the debt burdening the balance sheets of the poorest nations.”[2]
Thank you.
[1] Cfr. United Nations, Inter-agency Task Force on Financing for Development, Financing for Sustainable Development Report 2024: Financing for Development at a Crossroads.
[2] Pope Francis, Urbi et Orbi, Easter 2020, 12 April 2020.
