STATEMENT BY AMBASSADOR BURHAN GAFOOR, PERMANENT REPRESENTATIVE OF SINGAPORE TO THE UNITED NATIONS AT THE PR-LEVEL INTERSESSIONAL CONSULTATIONS OF THE 4TH INTERNATIONAL CONFERENCE ON FINANCING FOR DEVELOPMENT OUTCOME DOCUMENT AT UNHQ, NEW YORK

STATEMENT BY AMBASSADOR BURHAN GAFOOR, PERMANENT REPRESENTATIVE OF SINGAPORE TO THE UNITED NATIONS AT THE PR-LEVEL INTERSESSIONAL CONSULTATIONS OF THE 4TH INTERNATIONAL CONFERENCE ON FINANCING FOR DEVELOPMENT OUTCOME DOCUMENT AT UNHQ, NEW YORK

24 MARCH 2025

Thank you, Co-facilitators,

Singapore aligns itself with the statements delivered on behalf of the G77 and China and AOSIS, and we echo the calls made by many to raise the level of ambition and to collectively move forward and not backward. The document Rev1 is a good starting point for our negotiations, and it tries to seek a balance between acknowledging the urgent need to close the US$4 trillion financing gap, including the shortfalls so far, and capturing the gains we have made over the past decade. 

2 I would like to make three points on the Rev1.  

• First, what will constitute a successful outcome in Sevilla? Ultimately, success should be defined not by the words we adopt, but by the actions we are able to undertake and catalyse. In other words, our success must be defined on the basis of substantive criteria and not semantic ones. The FFD4 will be a litmus test for our ability to mobilise the larger financial ecosystem beyond the UN.  Our recommendations will be implemented by governments, but it will also guide the actions of financial institutions and private sector. Hence, we must craft an outcome that facilitates implementation by an ecosystem of entities.  Equally important, we must recognise the vulnerabilities of developing countries so that the outcome document delivers concrete outcomes for us. We therefore encourage member states to provide specific examples, positive test cases, and replicable models in the outcome document to inspire action and partnership.  

• Second, our negotiations must explore better ways to incentivise the private sector. There are two aspects to this:

 One, we must address the problem of private finance and credit rating agencies overpricing risk and creating pro-cyclical pressures that dampen developing countries’ fiscal space. Credit and debt sustainability assessments for developing countries must consider long-term asset value creation, including through debt-financed investments. At the same time, countries must implement domestic reforms to boost investor confidence. This is an area where specific examples can guide countries in implementation. 

 Two, we must send the message to the private sector that investing in developing countries and global public goods is not just “to feel good”, but that it is empirically profitable, and that developing countries can be important and essential partners for the private sector. 

• Lastly, the explosion of the digital economy is a positive trend, and this is accelerating financial inclusion and innovating easier and faster ways to invest in the SDGs. If there is one big success we  should secure in Sevilla, it should be that digital technologies are an accelerator to achieve the SDGs. Here too, we need clear roadmaps for what is needed and what should be done to facilitate investment in financial technologies and data governance. 

Co-facilitators, 

3 FFD4 in Sevilla is fundamentally an exercise in rebuilding trust in the multilateral system. In this regard, it is important to use the negotiations to have a real dialogue on financing gaps and on the international financial architecture. At the same time, we should not set ourselves up for failure by engaging in a narrative of a “glass half empty”. All of us have an obligation to make Sevilla a success. This will require flexibility and pragmatism from all sides.  You can be assured that Singapore will continue to participate constructively in this process. 

4 Thank you.

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