At FFD4 Plenary, PM Oli calls for justice and fairness in global financial system

KATHMANDU: Prime Minister KP Sharma Oli has called for justice and fairness in the global economic and financial system, warning that least developed countries (LDCs) remain “marginalised” and crippled by mounting debt.

Speaking at the plenary of the United Nations’ Fourth International Conference on Financing for Development (FFD4), PM Oli, who chairs the LDC group, said official development assistance was shrinking just as inequality was rising between and within nations.

“Debt is suffocating the South – specifically, LDCs’ debt has tripled in the last decade,” Oli told delegates. “Trade is fractured. Growth is unequal. Investment remains weak, and poverty is persistent.”

He highlighted a stark technological and digital divide, saying LDCs faced “poor and inadequate infrastructure” and suffered disproportionately from climate change despite accounting for less than 1% of global greenhouse-gas emissions.

Nepal's Prime Minister Oli praised the adoption of the Sevilla Commitment, which promises a renewed global financing framework to deliver the 2030 Agenda for Sustainable Development. He urged its full and faithful implementation and reform of the global financial architecture.

“We urge our development partners to deliver their 0.7% official development assistance commitment to developing countries and to meet and exceed 0.2% for LDCs,” he said. He also called for grants and concessional finance on fairer terms, a rules-based global trading system, a UN-led tax convention and adequate, predictable climate finance.

Turning to Nepal’s own graduation from LDC status in 2026, PM Oli said his government stood “firmly determined” but required “robust support” from development partners. He noted Nepal’s role as co-facilitator of the Sevilla Commitment alongside Norway, Zambia and Mexico.

Concluding his address, Prime Minister Oli appealed for “hope for a fairer global governance system that respects all voices” and “partnerships built on solidarity” to ensure that “no country is left behind.”

B360/RSS