Nations meeting to combat poverty, but not US

 

 

 

MANY of the world’s nations are gathering starting Monday in Spain for a high-level conference to tackle the growing gap between rich and poor nations and try to drum up trillions of dollars needed to close it. The United States, previously a major contributor, pulled its participation, so finding funding will be tough. The four-day Financing for Development meeting in the southern city of Seville is taking place as many countries face escalating debt burdens, declining investments, decreasing international aid and increasing trade barriers. “Financing is the engine of development. And right now, this engine is sputtering,” United Nations Secretary-General Antonio Guterres said in his opening comments at the conference.

 

“We are here in Sevilla to change course, to repair and rev up the engine of development to accelerate investment at the scale and speed required.” The UN and Spain, the conference co-hosts, believe the meeting is an opportunity to reverse the downward spiral, close the staggering USD 4 trillion annual financing gap to promote development, bring millions of people out of poverty and help achieve the UN’s wide-ranging and badly lagging Sustainable Development Goals for 2030. Even though the gathering comes amid global economic uncertainty and high geopolitical tensions, there is hope among the hosts that the world can address one of the most important global challenges — ensuring all people have access to food, health care, education and water.