On the occasion of the 4th International Conference on Financing for Development, held today in Seville, His Excellency Mr. Bassirou Diomaye Faye, President of the Republic of Senegal, participated in the high-level plenary session alongside several Heads of State and Government, as well as senior officials from international organizations.
In his address, the President of the Republic commended the warm hospitality of the Spanish authorities and expressed his gratitude for Spain’s steadfast commitment to collective global progress.
Addressing the structural challenges hindering sustainable development, the Head of State emphasized the urgent need for reform in global economic and financial governance to address systemic imbalances inherited from the past, which continue to undermine the internal development efforts of countries in the Global South.
Furthermore, President Bassirou Diomaye Faye called for a thorough review of the rating criteria used by financial assessment agencies, whose practices exacerbate the conditions for accessing credit and increase the burden of repayment for many low- and middle-income countries.
Below is the full statement delivered by His Excellency the President of the Republic at the Seville Conference on Financing for Development:
June 30, 2025 - Only the spoken version is authoritative
Mr. President,
Ladies and Gentlemen, Heads of State and Government,
Ladies and Gentlemen,
Before I begin, I would like to thank the Spanish authorities for the warm welcome extended to me and my delegation.
By hosting this Fourth International Conference on Financing for Development, Spain reaffirms its commitment to the ideal of progress for all at a time when the world is grappling with a multifaceted crisis that risks sidelining the development agenda.
I commend the Spanish government and the Conference Presidency for their effective stewardship of our discussions.
I also encourage the United Nations Secretary-General and all stakeholders mobilized around the Seville Commitment for Action, an ambitious document that marks a significant milestone in our collective pursuit of more innovative, inclusive, and effective financing for sustainable development.
However, stating our ambitions is not enough. Advancing on the path to sustainable and inclusive development requires action.
First, reforming global economic and financial governance is essential to correct systemic imbalances inherited from the past, which continue to hinder our internal development efforts.
This is why Senegal supports the call in the Seville Final Document for more inclusive and equitable global economic governance, including greater participation of Southern countries in the decision-making processes of Bretton Woods institutions, particularly the IMF and the World Bank.
Second, it is imperative to continue reforming international taxation to more effectively combat tax evasion and illicit financial flows, enhance transparency, and ensure that taxes are paid where wealth is created—that is, in the countries where companies conduct their activities and generate their profits.
In this regard, Senegal supports ongoing negotiations for the adoption of an international framework convention on tax cooperation.
Third, addressing the issue of debt requires particular attention. It is a high priority for us due to the overwhelming impact of debt burdens on our economies.
Senegal calls for a review of the rating criteria used by financial assessment agencies, whose methods and practices significantly increase the cost of accessing credit and repaying loans. We must agree on fairer, more efficient, and more predictable debt restructuring mechanisms, including automatic suspension clauses in the event of shocks.
This measure, outlined in the Seville Declaration, sends a positive signal that must be urgently implemented to mobilize financing for development.
Fourth, financing programs must address the specific needs of the most vulnerable countries, particularly African nations, Least Developed Countries (LDCs), Small Island Developing States, and middle-income countries.
Senegal supports the call to strengthen private financing mechanisms through innovative instruments while ensuring effective regulation to prevent "greenwashing" and guarantee a real impact on the Sustainable Development Goals (SDGs).
African countries also need access to substantial concessional and blended resources to finance sectors critical to their development, including Special Drawing Rights (SDRs), whose allocation system should be improved for greater equity.
Ladies and Gentlemen,
The new world order we aspire to will only become a reality if humanity and human values are truly at the heart of international relations. This requires making certain priorities indispensable levers for action: investment in education, access to healthcare, strengthening social protection systems, a just and equitable climate transition, and the empowerment of women and youth.
Achieving this vision is within our reach if we commit to building together a development financing model based on solidarity, inclusion, and resilience.
With its clear and ambitious roadmap, the Seville Commitment for Action offers us this opportunity.
It is now up to us to seize it and ensure its implementation with solidarity, determination, and responsibility.
Thank you.