Third Financing for Development summit concludes with promise to boost public finances

16 Jul 15

The three-day international Financing for Development conference concluded today with participants agreeing on a series of bold measures to improve the financial systems of developing countries to support the new sustainable development goals (SDGs). 

The United Nations’ FfD conference, held in Addis Ababa from 13 – 16 July, brought together senior ministers from around the world to sign a new global development agreement, outlining how the goal to end extreme poverty by 2030 world would be financed.

Policy commitments include widening revenue bases, improving tax collection and combating tax evasion and illicit financial flows.

Developed countries also recommitted to achieve the aid target of 0.7% of gross national income for Official Development Assistance, with between 0.15% and 0.20% of GNI targeted on the least developed countries.

Additionally, private investment will be aligned with sustainable development, along with public polices and regulatory frameworks to set the right incentives. 

Issues such as health, climate change, technology, science, innovation, trade and capacity building will also be addressed.

It is hoped that the SDGs will enable poor countries to step up the fight against economic, social and environmental challenges.

An SDGs action plan will be adopted by governments globally in September.

UN secretary-general Ban Ki-moon said: “This agreement is a critical step in building a sustainable future for all. It provides a global framework for financing sustainable development.”

  • Judith Ugwumadu
    Judith Ugwumadu

    Judith writes about public finance, public services and economics across Public Finance International and Public Finance. She previously undertook reporting stints at Financial Adviser, Global Security Finance and The Sunday Express.

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