Remarks by H.E. Annalena Baerbock
President of the 80th Session of the United Nations General Assembly
at the opening segment of the
2026 ECOSOC Forum on Financing for Development Follow-Up (FfD Forum)
Monday, 20 April 2026?
Trusteeship Council Chamber, United Nations
(As Delivered)
Your Excellency, President of ECOSOC,
Mr. Secretary-General,
Madame deputy SG
Excellencies,
Ladies and gentlemen,
Thank you for the opportunity to join you during this opening segment of the 2026 Financing for Development Forum, which assumes added importance as we look to maintain and mobilize political support for the Sevilla Commitment in the face of immense economic headwinds.
As the past weeks have made clear, in our interconnected world, what unfolds in one region echoes across all others, with deep consequences as highlighted by the Secretary-General.
Because of the crisis situation in the Middle East, oil prices have surged by more than 40 per cent, rising to around 100 USD per barrel, with spikes above 110 dollars.
Disruptions linked to the conflict have removed up to 1.5 million barrels of oil per day from global supply, driving sharp increases in fuel, transport, and broader trade costs.
The disruption of fertilizer has exacerbated food insecurity for millions of vulnerable people across the globe.
And the IMF cut its growth outlook for 2026, noting the threat of global recession.
Yet, frankly, in moments of crisis such as this, some of us are more affected than others.
Some have more savings in the bank for, as they say, a ¡®rainy day¡¯.
Whether that rainy day comes in the form of a conflict, like now, or a natural disaster, like any other day in these times, the reality is that some countries can weather the storms¡ªliterally and figuratively¡ª better than others. They have stronger fiscal buffers, diversified energy systems, and better access to capital.
Meanwhile, others were already facing structural constraints before crises hit. Constraints such as limited fiscal space, limited access to commodities, and high borrowing costs.
They have neither the money in the bank, nor the ability to borrow more at reasonable rates¡ and it is the most vulnerable who are suffering.
For them, these shocks do not simply disrupt progress or come with a budgetary cost, they reverse development gains, deepen inequality, and undermine stability.
This is the reality of the deeply unfair international financial architecture we must confront¡ and why today¡¯s discussion is so important; because financing for development, in a crisis-ridden world, is essential to ensuring all countries can thrive, trade and prosper together.
Debt sustainability must be front and center in this effort.
In 2024, the external debt burden of developing countries reached $11.7 trillion USD.
In 14 developing countries, debt servicing exceeded 20 per cent of government revenue.
These are resources that could be used to pay for healthcare, or schools¡
When you hold these numbers against the fact that we need an estimated $4 trillion USD to achieve the SDGs, the gap ¨C and the impact of that gap ¨C becomes evident.
But, dear excellencies, dear colleagues,
We all know all of this¡
The finance ministers with us today ¨C some of whom may even have been in Sevilla ¨C know this.
The world does not need us to rehash the same problems¡Nor does it need us to repeat promises already made¡ and certainly not to relitigate them, to reopen debates we already found compromise and consensus on less than one year ago in Sevilla.
What it needs now is action. Full stop.
We need to deliver on the promises already made, not come up with new ones, not renegotiate text, and not raise hopes only to disappoint. Because this goes also to the credibility of this institution in shaky times.
And thankfully, there are more and more solutions being put forward to make our promises a reality.
Consider the ¡®Borrowers¡¯ Platform¡¯, launched just last week. It aims to offer a tool for borrowing countries?to collectively address debt issues through shared experiences, while also increasing access to technical?assistance?and capacity-building in debt management.
The goal is to coordinate approaches and give borrowing countries a stronger, unified voice in global finance.
Consider also the proposed ¡®Debt Pause Clause Alliance¡¯, which, like the example I opened with, would support the suspension of debt servicing during times of crisis like now, be it disasters or economic shocks, and build the fiscal resilience of borrowing countries.
Or consider also the ¡®Global Hub on Debt for Development Swaps¡¯, which aims to strengthen the design and execution of debt swaps, so that borrowing countries can maximize the potential of debt-for-development swaps.
Each of these initiatives has immense potential, but only if they implemented¡ only if we bring them to fruition.
Excellencies,
The Sevilla Commitment has been made¡ its adoption, including the 280 actions proposed, are a success story for multilateralism.
Because the real work now goes to you, dear Ministers and representatives of all countries.
Each of these actions needs to be translated into concrete, national-level outcomes, with clear ties to national priorities, domestic institutions and financing strategies.
The many voluntary initiatives being proposed in the Sevilla Platform for Action ¨C some 130 by last count ¨C should give inspiration to what is possible, and empower governments to take action.
Actions which, if implemented, can be a lifeline for dozens of countries and billions of people we are here to serve.
Let us work in that spirit.
Thank you.
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