A DEMOCRATIC RECKONING

Many wealthy countries are sharply reducing their foreign-aid budgets as they ramp up defense spending, which has compounded the challenges developing countries must confront

- Kaushik Basu

The Fourth International Conference on Financing for Development (FfD4) from 30 June to 3 July in Seville, Spain, represents a unique opportunity to advance bold progressive policies aimed at combating climate change, reducing poverty and inequality, and reforming the rules of multilateral engagement to strengthen global democracy.

United Nations member states have already finalized a landmark document - whose drafting was co-facilitated by a diverse group of countries - Mexico, Nepal, Zambia, and Norway-known as the Seville Commitment (Compromiso de Sevilla), which seeks to unite governments and civil-society organizations around these shared objectives.

Encouragingly, the Seville Commitment highlights the plight of the world's poorest populations, increasingly drowned out by the rising tide of hyper-nationalism in many advanced economies. This is particularly significant, given that developing countries need an estimated $4 trillion in annual financing to achieve the UN Sustainable Development Goals.