Sevilla. Prime Minister KP Sharma Oli has called for justice and fairness in the global economic and financial system while addressing the 4th International Conference on ‘Finance for Development’ here today.

Presenting his voice on behalf of the Group of Least Developed Countries at the conference in Sevilla, Spain, Prime Minister Oli stressed the need for effective implementation of the commitments made by the rich and developed countries to the world. The resolution to be ratified by the conference is a promise of a renewed global financing framework to achieve the 2030 Agenda for Sustainable Development, he said.

“Developing countries, especially least developed countries, strongly urge for its full implementation with goodwill and high morale. In this context, we call for justice and fairness in the global economic and financial system. We urge our development partners to provide 0.7 per cent official development assistance (ODA) commitment to developing countries and meet more than 0.2 per cent for least developed countries. ’

Prime Minister Oli made it clear that he was in favour of a rules-based and equitable global trading system, adding that all countries could benefit from this. He said the government was in favour of private sector cooperation to connect the global north and south through a value chain that brings common prosperity to all. Calling for affordable, predictable and accessible and adequate climate finance, he expressed the belief that the 4th Conference on Finance for Development would provide an important motivation for this.

Stating that it was a matter of concern that the progress of the least developed countries was not satisfactory as compared to the gross domestic product (GDP) of the world and there was a huge debt deficit in some countries, pm Oli called for ‘course correction’ of the world economic system on the basis of justice, transparency and equity by adopting the Sustainable Development Goals.

Stating that Nepal is preparing to be upgraded to a developing country in 2026, he hoped for appropriate support from the development partners for this purpose. Prime Minister Kp Sharma Oli and UN Secretary-General Antonio Guterres held a bilateral meeting today.