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𝐓𝐫𝐞𝐚𝐬𝐮𝐫𝐲 𝐜𝐚𝐥𝐥𝐬 𝐟𝐨𝐫 𝐮𝐫𝐠𝐞𝐧𝐭 𝐫𝐞𝐟𝐨𝐫𝐦 𝐨𝐟 𝐢𝐧𝐭𝐞𝐫𝐧𝐚𝐭𝐢𝐨𝐧𝐚𝐥 𝐟𝐢𝐧𝐚𝐧𝐜𝐢𝐚𝐥 𝐚𝐫𝐜𝐡𝐢𝐭𝐞𝐜𝐭𝐮𝐫𝐞 𝐭𝐨 𝐬𝐮𝐩𝐩𝐨𝐫𝐭 𝐦𝐢𝐝𝐝𝐥𝐞-𝐢𝐧𝐜𝐨𝐦𝐞 𝐜𝐨𝐮𝐧𝐭𝐫𝐢𝐞𝐬

Our newspaper report: The Philippine government, through the Ministry of Finance, called on the international community to urgently reform the international financial architecture to provide precise support to middle-income countries in the face of increasingly severe global challenges.
The Ministry of Finance said in a statement on Wednesday that the call was made by Joven Barbosa, Undersecretary of the International Finance Group of the Ministry of Finance, at the Fourth International Conference on Financing for Development (FFD4), held in Seville, Spain, from June 30 to July 3. The conference brought together heads of state, ministers and senior officials from international organizations, civil society, business and local authorities to discuss reforms in financing at all levels and address the financing challenges that hinder the achievement of the Sustainable Development Goals (SDGs).
The conference adopted the Seville Commitment, which established a new global financing framework that directly affects developing countries. The commitment emphasizes the key role of multilateral development banks and calls for strengthening international development cooperation, expanding technical support, increasing private capital mobilization, strengthening debt sustainability, and carrying out far-reaching governance reforms.
The Philippines, through its Permanent Mission to the United Nations in New York, participated in the negotiation of the outcome document on behalf of the Group of 77 and China and the Group of Like-minded Middle-Income Countries.
Barbosa welcomed the Seville Commitment's commitment to addressing the specific challenges of middle-income countries, including the expectation for a UN system-wide response plan for middle-income countries. He called for urgent reform of the international financial architecture by strengthening the representation of developing countries, reviewing the surcharge and special drawing rights policies, and increasing quotas.
Barbosa pointed out that international cooperation and development financing need to go beyond the measurement of gross domestic product (GDP) and adopt a more inclusive approach. To address the middle-income trap, tailored support needs to be provided to middle-income countries to address their specific challenges. The Philippines will work with the Secretary-General's High-Level Expert Group to develop relevant indicators and welcome Spain's initiative on the Global Alliance Beyond GDP.
In addition, the Ministry of Finance supports the establishment of a United Nations intergovernmental process to build a more inclusive and equitable global debt architecture that ensures participation and transparency, while taking into account national development priorities.
Barbosa also stressed the importance of official development assistance, calling on multilateral development banks to increase their financing capacity, optimize the impact of projects in supported countries, and provide more favorable loan terms, grants and technical assistance. He also pointed out that climate finance should be readily available and should not be at the expense of official development assistance.
"The Philippines looks forward to the implementation of the Seville Commitment. Let us work towards fulfilling the promise to leave no one behind, as sustainable development is the key to achieving greater peace, stability, and prosperity for all," said Barbosa.

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