Delegates attending the third session of the Preparatory Committee (PrepCom3) for the Fourth International Conference on Financing for Development (FfD4) carried out a complete reading of the zero draft of the FfD4 outcome document. They also exchanged views on contentious issues related to the international financial architecture, including tax cooperation towards increased domestic resource mobilization for development.
According to the Earth Negotiations Bulletin (ENB) summary report of the meeting, the zero draft of the FfD4 outcome document contained eight main sections. These spanned the areas of: domestic public resources; domestic and international private business and finance; international development cooperation; international trade as an engine for development; debt and debt sustainability; systemic issues; science, technology, innovation, and capacity building; and data, monitoring, and follow up.
Among other issues, PrepCom3 discussed how best to tackle:
- illicit financial flows and financial governance issues, particularly those related to corruption;
- the changing landscape of official development assistance (ODA); and
- the need for climate financing, with many delegations noting this should be new and additional to, and separate from, ODA.
Many reiterated their positions on tax cooperation, with the first meeting of the Intergovernmental Negotiating Committee (INC) on the tax cooperation convention just finished. While the INC is only set to conclude its deliberations in 2027, PrepCom3 delegates reflected on how to best connect the two processes.
Debt and debt sustainability were also debated. Many supported reform of the governance structures of the main international financial institutions (IFIs) to advocate for developing countries. Delegates highlighted their priorities for science, technology, and innovation (STI), including closing the digital divide and ensuring equitable access to new technologies, such as artificial intelligence (AI). Calls were also heard for “a fit-for-purpose system for monitoring and follow-up to track the implementation of commitments.”
Delegates will meet for line-by-line negotiations of a revised outcome document at the end of March 2025, before reconvening in a formal session in late April 2025.
The ENB analysis of the meeting notes that according to an earlier circulated roadmap for FfD4, “intersessional meetings will be open to Member States only.” Members of civil society voiced concerns, calling for a more transparent process.
The PrepCom was established by UN General Assembly (UNGA) resolution 78/271, to make the organizational, procedural, and substantive preparations for FfD4. PrepCom3 convened in New York, US, from 10-14 February 2025. It brought together representatives from governments, intergovernmental organizations, civil society, academia, and the private sector.
FfD4 is scheduled to convene in Seville, Spain, from 30 June to 3 July 2025, ten years after FfD3 adopted the Addis Ababa Action Agenda (AAAA) – the “financing arm” of the 2030 Agenda for Sustainable Development. Having concluded in 2015, the parallel negotiating processes agreed two complementary frameworks to “enable governments to eradicate extreme poverty and hunger, and address the most pressing social and environmental challenges, such as economic inequality, climate change, and environmental degradation,” per ENB. FfD4 will seek to support reform of the international financial architecture as the 2030 deadline to meet the SDGs approaches. [ENB Coverage of PrepCom3 for FfD4] [SDG Knowledge Hub Story on PrepCom2 for FfD4] [SDG Knowledge Hub Story on PrepCom1 for FfD4]