Addis Ababa: Hilale Tackles Challenges of Financing Sustainable Development in Middle-Income Countries

Addis Ababa - Morocco's Ambassador and Permanent Representative to the United Nations Omar Hilale outlined, on Monday in Addis Ababa, the challenges of financing sustainable development in middle-income countries.Speaking on behalf of the Middle Income Countries (MIC) Group on the first session of the Preparatory Committee (PrepCom) for the Fourth International Conference on Financing for Development on its first day in Addis Ababa, Ambassador Hilale highlighted the challenges of financing sustainable development faced by MICs.In his statement as Chairman of the MIC Group, Ambassador Hilale stressed that ahead of the Seville Conference in Spain, scheduled for 2025, this Committee offers a crucial opportunity to assess the progress made in implementing the 2015 Addis Ababa Action Agenda for Financing for Development, and to identify concrete solutions to overcome the obstacles faced by MICs in implementing the 2030 Sustainable Development Goals.The financing gap remains the main obstacle to achieving sus tainable development at economic, social and environmental levels, he added, stressing that despite their key role in the global economy, MICs continue to face major obstacles.Ambassador Hilale also highlighted the Rabat Declaration of last February, which was the outcome of the Fifth Ministerial Conference on Middle-Income Countries.This Ministerial Declaration called for reshaping international cooperation in favour of MICs' development, he recalled, adding that the ministers called for the inclusion of MICs in debt relief mechanisms, the increase and strengthening of multilateral development banks' capital, and the consideration of their needs during the reform of the international financial architecture.This first preparatory session in Addis Ababa, held until Friday, will be followed by a second in New York in December and a third in Mexico in February 2025.The works of these committees will serve as a basis for negotiating the action programme for financing sustainable development that will crow n the Seville Conference.Source: Agence Marocaine De Presse