Summary
Over 70 countries, excluding the United States, gathered in Spain to address the financial gap between rich and poor nations, hoping to raise $4 trillion annually for global development. The meeting aims to tackle issues like debt, investment, and trade while pushing for reforms to fund health, education, and infrastructure. The U.S. disagreed with certain proposals and withdrew from the process.
Key Facts
- The meeting is called the Financing for Development meeting and is being held in Seville, Spain.
- It aims to address the $4 trillion annual financing gap for development and achieving the U.N.'s Sustainable Development Goals by 2030.
- More than 70 world leaders and representatives from various sectors are attending.
- The U.S. withdrew from the negotiations, disagreeing with proposals affecting international financial governance.
- The proposed Seville Commitment calls for tax reforms and increased lending by development banks.
- Developing countries will pay $947 billion in debt service this year, which is increasing.
- The U.N. Secretary-General mentioned that current financial efforts for development are insufficient.
