By Raju Lama
New York — Global leaders called for urgent and coordinated action to address mounting challenges in development financing as the Financing for Development (FFD) Forum opened at the United Nations Headquarters.
Opening the high-level forum, speakers highlighted growing concerns over a fragile global economy, rising borrowing costs, and declining Official Development Assistance (ODA), warning that these pressures are widening financing gaps for developing nations.
“This moment of crisis for development financing only further underlines the need to implement the Sevilla Commitment in full, and in a timely manner,” a senior UN official stated in the opening remarks.
Echoing the urgency, Lok Bahadur Thapa, President of the Economic and Social Council (ECOSOC), stressed that multilateral cooperation remains essential in addressing global financial challenges.
“At a time of deep uncertainty in the global economy, our collective response must be anchored in stronger multilateralism and renewed international cooperation,” Thapa said. “We must ensure that commitments translate into real financing solutions for the countries that need them most.”
The forum brings together government leaders, financial institutions, and policy experts to accelerate progress on sustainable development financing and review global commitments.
Speakers emphasized that without decisive global solidarity, efforts to achieve the Sustainable Development Goals (SDGs) could face significant setbacks.
“A strong commitment to multilateralism, international cooperation, and global solidarity is the only way to unlock the needed resources to advance sustainable development across the globe,” the opening statement added.
Reinforcing the call for action, ECOSOC President Thapa urged member states to move beyond dialogue and deliver tangible outcomes.
“Now is the time to mobilize political will and act with urgency,” he said.
“Delivering on the promise of the Sevilla Commitment is not optional—it is essential for our shared future.”
The Financing for Development Forum will continue with high-level discussions on debt sustainability, investment mobilization, and reform of the international financial architecture.
