Seville: The President of the Republic, Abdelmadjid Tebboune, addressed the participants of the 4th International Conference on Financing for Development (FfD4) in Seville. His speech, delivered on his behalf by Prime Minister Nadir Larbaoui during the plenary session, emphasized the widening development gap between countries, the growing burden of debt, and the impacts of climate change and conflicts on global economies.
According to Algeria Press Service, President Tebboune underscored the challenges faced by the international community, particularly the ongoing conflicts in the Middle East and the struggles of the Palestinian people. He called for the conference to become a pivotal moment for renewing a collective commitment to multilateral action. He urged participants to seek bold outcomes that would drive comprehensive reform of the international financial system, which he argued is no longer suited to the current global transformations and inadequate for achieving the Sustainable Development Goals by
2030.
President Tebboune highlighted the specific challenges faced by the African continent, citing the scarcity of development financing sources and the worsening debt burden. He pointed out that the costs of debt service and interest are significantly higher than the amounts obtained from multilateral development banks, leading to rising financing costs and limited structural transformation. This situation, he noted, reduces the continent’s capacity to contribute to global stability and well-being.
The President called for urgent global initiatives to address the debt issue, including debt burden relief and total exemption for certain countries. He stressed the need for a multilateral system anchored in principles of justice and equity, serving the interests of all United Nations member states. President Tebboune advocated for a fundamental restructuring of the global financial architecture and meaningful participation by developing countries in the governance of international financial institutions, ensu
ring equitable access to development financing for all nations.