Shaping a Fairer Future: The Socialist International in Seville for Global Financial Reform
Ahead of the 4th United Nations Conference on Financing for Development (FfD4), the Socialist International took an active part in the event *“Financing our Future: Crafting a Progressive Vision for the Future of Financing for Development”, held on 30 June in Seville. Organised by the *Foundation for European Progressive Studies (FEPS) and co-financed by the Socialist International alongside other progressive foundations, the gathering convened political leaders, representatives of international institutions, experts and civil society to shape a shared vision for a more inclusive and sustainable global financial architecture.
The *Socialist International* was prominently represented at two key moments of the programme.
First, *Paulina Lampsa, Executive Vice-President of the Socialist International, moderated the opening panel titled *“The Financing of Development in the Global South: The Global Gateway as the European Strategic Instrument.” Panelists included *Mario Pezzini, former Director of the OECD Development Centre; **Ilke Toygür, Director of IE University’s Global Policy Center; **Udo Bullmann, MEP from the S\&D Group and European Parliament rapporteur on the Global Gateway; and **Leire Pajín*, MEP and Vice-Chair of the EuroLat Delegation.
In her opening remarks, Lampsa highlighted the critical juncture at which the international community finds itself. The last UN Conference on Financing for Development was held in Addis Ababa in 2015. A lot has changed since then, and this year’s conference is taking place in a deeply challenging geopolitical context. Development financing is weakening at the very moment when it is most needed. The erosion of multilateralism, the dismantling of USAID, the cuts to development assistance from traditional donors like the US—and not only the US—and the growing influence of transactional and nationalist approaches are all symptoms of a system in crisis. As she warned, “The global financial architecture is not only outdated—it is failing those who need it most. And unless we act decisively, we will see the SDG agenda reduced to a rhetorical exercise while the financing gap continues to widen.” Lampsa called on progressive forces to lead the way in reforming international cooperation and to ensure that the EU’s external action instruments—especially the Global Gateway—become tools of co-creation rather than vehicles of conditionality.
At the close of the event, *Chantal Kambiwa*, General Coordinator of the Socialist International, delivered a powerful intervention from the perspective of the Global South. She stressed that “it is essential to rethink the international financial architecture to make it fairer and more responsive to the real financing needs of countries in the Global South.” She warned that these countries—the most in need of resources to achieve the Sustainable Development Goals—continue to face the greatest obstacles to accessing fair financing in a system still shaped by inherited rules and interests.
Kambiwa highlighted the weight of the informal economy in the South—where it can account for up to 40% of GDP—the debt burden that hinders public investment, and the insufficient funding available for climate adaptation and basic services like education and health. “While in sub-Saharan Africa 545 women die for every 100,000 live births—compared to just 12 in developed countries—we are still asking: where is the money?” she concluded, citing the latest UN report estimating an annual financing gap of \$4.2 trillion to achieve the SDGs.
She underscored the need for reforms that enable fairer access to long-term, low-interest financing mechanisms, greater debt relief, and stronger inclusion of social and gender priorities in public investment. Kambiwa also emphasised the importance of mobilising private capital without sidelining low-income countries—calling on FfD4 to define how markets can be harnessed to support equitable development.
The closing remarks were shared with *Maria João Rodrigues*, President of FEPS, who offered a complementary European outlook, underscoring the responsibility of the Global North to construct a new cooperation pact.
The Socialist International reaffirms its commitment to driving a profound transformation of the international financial system—one that recognises global interdependence, prioritises social and climate justice, and firmly embeds the voice of the Global South as a central actor in multilateral governance.
