Algiers — The President of the Republic, Abdelmadjid Tebboune, delivered, Tuesday, a speech to the participants of the 4th International Conference on Financing for Development (FfD4), which is taking place in Seville, read on his behalf by Prime Minister,. Nadir Larbaoui, during the plenary session.
"In the name of Allah, Clement and Merciful,
Mr. President of the Government of the Kingdom of Spain, Mr. Pedro Sanchez,
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Mr. Secretary-General of the United Nations Organization, Mr. Antonio Guterres,
Mr. President of the United Nations General Assembly, Mr. Philemon Yang,
Your Excellencies,
Ladies and Gentlemen,
This fourth International Conference on Financing for Development is taking place in an international context where the development gap between countries is widening, the debt burden is growing heavier, not to mention the impact of climate change repercussions on the economies of several countries and the worsening of conflicts and wars, including what is happening in the Middle East, particularly in occupied Palestine and wounded Gaza, prey to a genocide against the brotherly Palestinian people who are struggling for the recovery of their legitimate rights and the establishment of their independent state with Al-Quds as capital.
Mr. President,
Ladies and Gentlemen,
Within this complex and volatile political and economic landscape, we envision this conference as a pivotal moment for renewing our collective commitment to advance toward a new era of effective multilateral action. We seek bold and actionable outcomes that will drive comprehensive reform of the international financial system, a system no longer suited to the profound transformations reshaping our world today and inadequate to meet the imperatives of sustainable development. The current architecture perpetuates structural deficiencies that intensify the marginalization of developing nations and undermine their prospects for achieving the Sustainable Development Goals by 2030.
This legitimate ambition finds its justification in the injustice suffered by the African continent, still overwhelmed by arduous challenges due to the scarcity of development financing sources and the worsening of the debt burden, particularly because of the costs of debt service and its interest which are five (5) times higher than the amounts obtained from multilateral development banks, which compromises the effectiveness of its development efforts and leads it into a spiral marked by rising financing costs, declining investment capital and limited structural transformation, thus reducing its capacity to guarantee stability and to contribute, at the required level, to the achievement of common well-being.
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The growing external debt constitutes one of the main obstacles that hinder the African countries, which makes imperative the launch of urgent global initiatives to address the debt issue, particularly through decisive measures, including debt burden relief and its total exemption for certain countries.
We are convinced that the multilateral system must be anchored in principles of justice and equity that serve the interests of all United Nations member states without exception. Therefore, we urgently require a fundamental restructuring of the global financial architecture while ensuring meaningful participation by developing countries in the governance of international financial institutions. This transformation must create decision-making frameworks that reflect the realities of our multipolar world and guarantee equitable access to development financing for all nations.
