Vatican-backed Jubilee Commission Report on Global Debt Reform (2025)

UN Financing for Development (FfD) Conference

(Also known as the Monterrey Consensus Process)

Background:

• Initiated in 2002, the First International Conference on Financing for Development was held in Monterrey, Mexico.

• It marked the first global effort to comprehensively address issues related to financing for development, particularly for developing countries.

• The conference led to the Monterrey Consensus, which laid the foundation for future FfD processes.

Purpose & Objectives:

• To mobilize financial resources, international cooperation, and policy reforms for achieving:

  • Sustainable development goals (SDGs)

  • Poverty eradication

  • Economic resilience in developing and least developed countries (LDCs)

Key Areas of Discussion:

The conference focuses on six core areas (as per Monterrey Consensus and later reaffirmations):

1. Domestic resource mobilization

   • Taxation reforms, reducing illicit financial flows, broadening the tax base

2. Mobilizing international private finance

   • Foreign Direct Investment (FDI), remittances, private sector flows

3. International trade as an engine for development

   • Fair trade terms, WTO reforms, market access

4. Official Development Assistance (ODA)

   • Developed countries reaffirming the 0.7% of GNI target for ODA

5. External debt sustainability

   • Debt restructuring, relief for heavily indebted countries, transparency in lending

6. Addressing systemic issues

   • Global financial architecture reform, IMF-WB governance, financial regulations

Major Conferences So Far:

1. Monterrey (2002) – Adopted Monterrey Consensus

2. Doha (2008) – Doha Declaration reaffirmed Monterrey principles amid financial crisis

3. Addis Ababa (2015) – Adopted the Addis Ababa Action Agenda (AAAA), aligning FfD with Agenda 2030 and SDGs

4. New York (2020) – High-Level Dialogue on FfD during COVID-19 crisis

5. Seville, Spain (2025) – Focus on global debt crisis, climate finance, SDG gaps, and reforming international financial institutions

2025 Seville Conference: Key Themes

• Addressing sovereign debt distress and debt restructuring mechanisms

• Ensuring climate-aligned finance for developing countries

• Reforming IMF and World Bank to improve fairness and access

• Enhancing private finance alignment with SDG objectives

• Implementing recommendations from the Vatican-backed Jubilee Commission Report