Finance Minister Muhammad Aurangzeb urged world leaders to renew their commitment to development cooperation at the Fourth Financing for Development Conference (FfD4) in Sevilla, Spain. He said global action is urgently needed to meet the goals of the 2030 Agenda for Sustainable Development. While addressing a high-level roundtable, he stressed that revitalizing global development partnerships is not optional but essential.
Aurangzeb outlined a three-part strategy to help turn global pledges into results. First, he said development must focus on local priorities rather than donor-driven plans. Countries should lead their own development agendas. He stressed that national ownership is vital for sustainable change on the ground.
Second, the minister called for more access to low-cost and blended financing. He said countries need better tools to attract private investment for climate and SDG-related projects. He also urged financial institutions and credit rating agencies to fairly assess developing nations based on their climate risks and reform efforts.
Third, Aurangzeb proposed setting up strong global systems to speed up the Sevilla action plan. These would include blended finance platforms, guarantees, and outcome-linked bonds to reduce risks for private investors. He also recommended a task force to track progress, assign duties, and ensure accountability.
In closing, Aurangzeb said development plans should focus on real outcomes, not just inputs. He highlighted climate action, gender equity, and digital inclusion as key priorities. He also called for more South-South cooperation based on local ideas. Pakistan, he said, stands ready to build fair and strong global partnerships.