Debt Relief Initiative Should Be Scaled Up at Multilateral, Bilateral Frameworks: FM Taye

Addis Ababa: Ethiopian Foreign Minister Taye Atske Selassie said debt relief initiative should be scaled up both at multilateral and bilateral frameworks to solve unsustainable debt burden as well as unlock investment to SDGs.The opening session of the Preparatory Committee for the Fourth International Conference on Financing for Development (FfD4), which will be running until 26th July 2024, kicked off today in Addis Ababa.In his keynote address to the event, Foreign Minister Taye revealed that the conference provides an opportunity for global reflection on the 2030 Agenda by advocating for the full implementation of this action agenda.'As we commence the preparation for the Fourth International Conference on Financing for Development in Spain next year, it is incumbent upon us to identify the gaps in the implementation of the Addis Ababa Action Agenda,' Taye noted.The minister particularly, suggested major points to meet the 2030 agenda.Accordingly, Taye said we must recognize that there are suffi cient financial resources globally to meet the 2030 agenda.'What is lacking is political will and commitment to deliver the necessary funds. The international community should thus galvanize the collective will to channel and deliver this much needed fund.'Moreover, he suggested the global financial architecture must be reformed to be more inclusive and equitable.'Developed countries should advocate for and support reforms in international financial institutions to ensure that their funds better address the needs of developing countries.'The foreign minister also stressed the need for revamping efforts to combat illicit financial flows and we should also support endeavors to enhance international cooperation.Developed nations in particular, should contribute their fair share to climate finance and other development projects."Developed countries should enhance their contribution to climate finance, including by operationalizing the loss and damage funding mechanism. This financial resource should b e directed towards building resilient infrastructure, enhancing social protective systems and supporting agriculture and energy generation projects to address both immediate and long term government goals.'Taye also emphasized on the debt relief initiative that should be scaled up both at multilateral and bilateral frameworks to solve unsustainable debt burden and unlock investment to SDG related projects.In this regard, 'we expect concrete commitment from lending countries,' the FM underscored.According to him, Ethiopia allocates a significant amount of finance from its annual budget to SDGs.'Consistent with our pursuit of maximizing domestic resource mobilization, we're implementing national flagship projects in social protection, tourism, digital technologies, and urban development sectors,' he stated.FM Taye also indicated that Ethiopia is also implementing the Green Legacy Initiative pioneered by Prime Minister Abiy Ahmed in which close to 40 billion seedlings are planted to curb the effects o f climate change, promote food security, and create jobs.Such national development initiatives should be supported by enabling international financial frameworks while Ethiopia stands ready to share its experience, he revealed.The minister also called for global financial institutions and developed countries should provide concrete support to Ethiopia's national efforts.Addressing the Addis Ababa Action Agenda, adopted at the Third International Conference on Financing for Development (FfD3) conference in 2015, Taye emphasized on the importance of identifing the implementation gaps.He hoped this conference lends opportunities to review achievements and gaps to revitalize our commitment and find innovative ways to implement the agenda.Source: Ethiopian News Agency