The Compromiso de Sevilla (the Seville Commitment) is the final outcome document for the Fourth International Conference on Financing for Development (FFD4).
About Fourth International Conference on Financing for Development (FFD4)
- Purpose of FFD4: It’s a cornerstone of a renewed global framework for financing sustainable development.
- Location: Sevilla, Spain.
- Participants: FFD unites global Government leaders, institutions, businesses, and civil society at the highest level.
- The United States decided to exit the process entirely.
- The Financing for Development (FFD): The process at the United Nations is centered around supporting the follow-up to the agreements of the three International Conferences on Financing for Development (See image)
Key Dimensions in FFD4 Outcome Document
- Global Financing Framework: Renews commitments from Addis Ababa Action Agenda, Monterrey Consensus, and Doha Declaration.
- International Financial Architecture Reforms: Calls for inclusive governance (e.g., IMF quota reforms, World Bank shareholding review).
- Debt Sustainability: UN to lead IMF/World Bank group proposing voluntary principles for responsible sovereign debt practices.
- Tax Reforms: It recognizes Pillar II implementation under OECD/G20 Inclusive Framework on Base Erosion and Profit Shifting (Mandate minimum corporate tax for multinationals in all operating jurisdictions).
- Also, calls for country-specific technical support to implement Global Anti-Base Erosion Model Rules & Subject to Tax Rule, under Pillar II.
- Aims to close the $4 trillion annual SDG financing gap in developing countries.