Mr. President,

I have the honor to deliver this closing statement on behalf of the Group of 77 and China.

We begin by once again extending our sincerest appreciation to the Government and people of the Kingdom of Spain for hosting this historic Fourth International Conference on Financing for Development. We are deeply grateful for the generous hospitality and excellent arrangements provided throughout the days of the conference, which have contributed to a conducive environment for dialogue and engagement.

Mr. President,

The Group of 77 and China recognizes that progress has been achieved. Compromise outcomes have been secured in a number of key areas of financing for development, particularly those of priority to developing countries. We acknowledge the important elements included in the outcome document that contribute to closing the financing gap, supporting the reform of the international financial architecture, and reinforcing commitments towards the achievement of development goals, including the implementation of the 2030 Agenda and its SDGs.

We are pleased to note the explicit recognition of the USD 4 trillion financing gap, and the call for concrete, urgent action to mobilize additional, innovative, adequate, affordable, predictable, and accessible financing for developing countries.

We welcome the inclusion of language referencing the principle of Common but Differentiated Responsibilities, as enshrined in the Rio Declaration, along with the reaffirmation of the right to development. These are foundational principles that must continue to guide global efforts on financing for development.

The document further strengthens the importance of national ownership and international cooperation in domestic resource mobilization, especially in the area of international tax cooperation. We appreciate the acknowledgment of the realities faced by countries in special situations, and the reaffirmation of national sovereignty in fiscal policymaking.

The Group welcomes the recognition of the need to mobilize private resources at scale and speed, the steps to support MSMEs through reviews of regulatory frameworks, and the call to scale up FDI in developing countries in accordance with national investment priorities. The acknowledgment of the developmental role of remittances, while reaffirming that they are not substitutes for ODA and FDI, is also valued. The support for domestic capital market development through innovative and thematic instruments, project pipeline building, and guarantees through MDBs to catalyze private finance are also notable achievements.

We welcome the commitments to increase grants in ODA, and the reaffirmation of the UN's central and coordinating role in international development cooperation, along with the commitment to revitalize the Development Cooperation Forum. This requires reinvigorating the development cooperation architecture that honors country ownership and leadership, with a strong focus on results, inclusive partnerships, transparency, and mutual accountability, recognizing the complementary roles of all actors at all levels. We also acknowledge the flexibility shown by the Group in referencing the OECD-DAC review process, and emphasize that UN Member States must be updated on its outcomes and be allowed to provide feedback for transparently.

The Group supports the call to refrain from unilateral coercive measures that are in breach of international law and the Charter of the United Nations, which hinder economic and social development, particularly in developing countries.

However, there remain a number of issues of principle that are important to, and fully endorsed by, the Group that have not been adequately accommodated in the current text. Among them is the regrettable omission of the commitment to "leave no country or person behind," which is a foundational principle under the FfD framework; the exclusion of references to non-tariff measures and the negative developmental impact of environmentally motivated unilateral trade measures; the removal of language inviting ECOSOC to examine the impact of unilateral measures; the omission of an explicit reference to the CBDR-RC as a guiding principle of climate action; and the omission of our proposed language on updating, improving and reforming outdated investment agreement reform that hinder progress on the SDGs.

We continue to call for meaningful reform of international financial institutions and regret the limited progress made in addressing the asymmetries that persist in global economic governance. While we recognize the adoption of the Compromiso de Sevilla as a modest step in the right direction, we need more political will to consider concrete proposals such as annual SDR allocations and the creation of a multilateral swap line for developing countries in times of crisis.

We also note the progress made on language related to financial regulation, particularly with regard to credit rating agencies, and expect the forthcoming report on risk weightings to be presented at the ECOSOC to stimulate further discussion and action on removing regulatory barriers to investment and access to financing in developing countries.

We commend the recognition of the role of science, technology, and innovation in addressing financing and digital divides, including by advocating for stronger national innovation systems and leveraging the potential of digital financial services. We welcome the call for stronger international cooperation on STI, and reiterate that this must include scaled-up finance and capacity-building for developing countries.

In conclusion, while the Group of 77 and China is pleased to join the consensus on this outcome document, we recognizes it as an important first step forward, and therefore we call for its full, effective, timely, and balanced implementation. The deliverables must be translated into concrete action on the ground, and our collective efforts must continue to strengthen the financing for development agenda in support of developing countries.

Thank you.