With the notable exception of the United States, a large number of governments from around the world convened in Spain on Monday to address the widening wealth disparity and raise the trillions of dollars required to bridge it.
“The motor of progress is financing. In his opening remarks at the four-day Financing for Development meeting in Seville, UN Secretary General Antonio Guterres stated, “And at the moment, this engine is sputtering.” Many nations are facing mounting trade barriers, declining foreign aid, falling investments, and increasing debt loads.
The four-day summit is seen by co-hosts Spain and the United Nations as an opportunity to bridge the enormous $4 trillion (€3.4 trillion) annual financing gap in order to advance development, lift millions out of poverty, and assist in achieving the UN’s severely off-track Sustainable Development Goals for 2030.
There is hope that the world can address one of the most significant global challenges: ensuring that everyone has access to food, healthcare, education, and water, despite the fact that the meeting takes place in the midst of geopolitical tensions and global economic turmoil.
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