Joint Statement by the Organization of African, Caribbean and Pacific States and the European Union for the Fourth International Conference on Financing for Development (FfD4)

The 77 members of the Organisation of African, Caribbean and Pacific States (OACPS) and signatory states of the OACPS-EU Partnership Agreement (SAMOA Agreement) and the 27 member states of the European Union (EU) reaffirm their commitment to achieving the United Nations Sustainable Development Goals (SDGs) and the 2030 Agenda for Sustainable Development. We call for a successful FfD4 that accelerates bold collective action towards a renewed global financing framework for sustainable development and reaffirms the indispensable role of multilateralism. 

We, the EU and its Member States and the members of the Organisation of African, Caribbean and Pacific States: 

having regard to  the Samoa Agreement, establishing among the 104 signatories a political partnership based on a shared commitment to multilateralism and the achievement of the 2030 Agenda for Sustainable Development and the objectives of the Paris Agreement on climate change, 

reaffirm  our strong commitment to the full and effective implementation of the 2030 Agenda for Sustainable Development and the Paris Agreement on Climate Change. Concerned by the low level of implementation of the 2030 Agenda, we stress, in this regard, the importance of mobilizing more resources; 

underline  our strong commitment to making FfD4 a success, accelerating action towards a renewed global financing framework for sustainable development. Building on the Addis Ababa Action Agenda, it is important to urgently accelerate action to close the financing gap and catalyse investments for sustainable development at scale, while addressing and responding to emerging and outstanding challenges;

reaffirm  our commitment to multilateralism and the rules-based international order centred on the United Nations, and our support for a rules-governed multilateral trading order with a stable, fair, secure, inclusive, transparent and predictable multilateral trading system, at the centre of which is the World Trade Organisation (WTO), being concerned  by the sharp increase in barriers to international trade and the significantly changed, fragmented and uncertain political, social and economic environment in which FfD4 is taking place; 

underline  the urgent need to strengthen resilience and close the global financing gap to achieve the SDGs through the effective use of all sources of finance – public and private, domestic and international – to support the implementation of the 2030 Agenda, as well as to increase cooperation, including through capacity building and technical and financial assistance, to address the challenges and reap the benefits; 

take into account  that the EU and its Member States have long played a leading role in supporting global efforts to promote sustainable development, addressing global challenges and tackling crises worldwide, including as the world’s largest provider of official development assistance (ODA), providing 42% of total ODA. While ODA is declining, we recall the collective commitment to increase and honour respective ODA commitments, including that of most developed countries to reach the 0.7% of gross national income (GNI) ODA target and the 0.15-0.20% of GNI ODA target for least developed countries (LDCs); 

stress  that the principles of development effectiveness remain relevant and must be respected by all development actors and call for a revitalization of the development cooperation architecture with a view to more effective, inclusive, coherent and efficient cooperation in order to produce effects on sustainable development; recall the limits of the gross domestic product (GDP) and highlight the need to take into account the OACPS Multidimensional Vulnerability and Resilience Index (OMVRI) or other indicators in the process of graduating countries from the list of ODA recipients, in order not to break the development trajectory, and therefore take note of the graduation strategy currently being developed by the countries of the Development Assistance Committee (DAC) of the Organisation for Economic Co-operation and Development (OECD);

stress  the importance of ensuring good public financial management and of working together to strengthen countries’ debt management capacities; concerned about the public debt burden in the OACPS countries, call for the effective and scaling up of successful initiatives, such as the G20 Common Framework for Debt Treatment and the work of the International Monetary Fund and the World Bank on a three-pillar approach to support vulnerable countries facing liquidity problems; stress the need to strengthen international cooperation on domestic revenue mobilisation and the fight against illicit financial flows, including tax evasion and tax avoidance, on combating money laundering and the financing of terrorism (AML/CFT) and fraud, and to establish fair and efficient tax systems; 

underline  the importance of mobilizing private finance for sustainable development, including leveraging domestic, bilateral, triangular and multilateral public resources to achieve results in terms of scale and impact. We should strive for the effective use of innovative financial instruments with financial additionality, including guarantees and other risk-sharing mechanisms, public-private investment funds, as well as green and blue bonds. Mobilizing private finance for sustainable development goes hand in hand with strengthening public institutions, policies and economic governance, and with creating an enabling business environment that encourages private investment. It also supports the mobilization of remittances and diaspora investments for sustainable development;

underline  the need to continue reforms towards a more inclusive, efficient, equitable and representative international financial architecture, fit for purpose to help address the global challenges of poverty eradication and the achievement of the SDGs. We underline the need to strengthen the representation and voice of developing countries in decision-making in multilateral development banks (MDBs) and other international economic and financial institutions, in order to continue to ensure the effectiveness, accountability and legitimacy of the institutions. We remain firmly committed to a strong and adequately resourced IMF with a central role in the global financial safety net. We support the implementation by MDBs of the recommendations of the G20 Capital Adequacy Frameworks Assessment with a view to unlocking additional MDB lending capacity and examining flexibility in accessing resources, while preserving their long-term financial sustainability, strong credit ratings and preferred creditor treatment. We welcome that the international community has met and surpassed the global ambition of USD 100 billion for the delivery of Special Drawing Rights (SDRs) to support vulnerable countries. The EU is playing a leading role in this regard and EU Member States have already pledged USD 37 billion in SDRs to the IMF Resilience and Sustainability Trust and the IMF Poverty Reduction and Growth Trust, with some USD 35 billion having been disbursed; 

welcome the  support provided to the OACPS Member States by the EU and its Member States, working within a “Team Europe” approach, through the “Global Gateway” strategy and its investment-led partnership model; 

are aware  that the Global Gateway Strategy has the potential to help OACPS Member States mobilize both public and private capital to implement sustainable, high-impact projects in the various areas of common interest, such as transport, sustainable energy, digital technology, education, research and health, and by fostering an investment-friendly environment; 

commit  to working together to improve the conditions for quality investment, strengthen partnership dialogue in this area and more broadly in the area of ​​development finance, and promote trade and investment agreements as well as standardization and regulatory frameworks; 

We look forward  to continuing to work together to mobilize financing for sustainable development to achieve the SDGs by 2030.