Pedro Sánchez co-chairs an event on the margins of the United Nations General Assembly on the reform of the international financial architecture

UN Headquarters, New York (United States)

The event brought together the heads of state and government of Argentina, Bangladesh, Cape Verde, Ghana, Rwanda, Senegal, and other representatives from France, Costa Rica, the United Arab Emirates and Chile. In addition, the managing director of the IMF and the presidents of the European Investment Bank and the African Development Bank participated, along with other senior officials from the World Bank, the CAF, the Inter-American Development Bank and the United Nations.

The acting President of the Government of Spain recalled that development aid will continue to be a central issue, and therefore called for an increase in Official Development Aid commitments and the fulfilment of the objectives set. "Spain has just passed a law that enshrines the will to reach the UN target of 0.7% of GDP by 2030," he recalled.

The acting President of the Government of Spain, Pedro Sánchez, during his speech in the High Level Table on the reform of the international financial architecture | Pool Moncloa/Borja Puig de la Bellacasa

Pedro Sánchez has identified three key priorities to be addressed in order to multiply the resources available for sustainable financing. First, reform of multilateral development banks to increase the volume of lending on concessional terms to address global challenges and the needs of the most vulnerable, including in middle-income countries. Secondly, he highlighted the need to explore innovative tools and approaches, optimising the use of Special Drawing Rights received in 2021. Finally, he stressed the need for action to address the debt crisis, for restructuring processes to be carried out more quickly, and for middle-income countries to be included. In this regard, the acting Prime Minister stressed that debt-for-climate swaps and debt suspension clauses for natural and climate disasters can also be useful tools for the governments of the countries most vulnerable to the impacts of climate change.

With regard to the process of improving the international financial architecture, President Sánchez stressed the central role to be played by the United Nations. He reiterated Spain's desire to host the Fourth International Conference on Financing for Development in 2025.

The meeting allowed for a frank exchange from different regional perspectives - from Latin America, Africa, Asia and Europe - reflecting the importance of this issue. In response to calls from many developing countries for further reforms, the international financial institutions have built on the programmes that have been implemented over the past few years, inviting further action.

Non official translation