Remarks by the Deputy Permanent Representative of Brazil to the United Nations, Ambassador Norberto Moretti, at the Informal Breakfast meeting between HLAB members and Member States representatives from the Bureau of the Fourth International Conference on Financing for Sustainable Development (FFD4) on Economic and Social Affairs - July 15th, 2024

I will make some brief comments in an attempt to answer the guiding questions you posed to us. 

First, one of the main objectives for the 4th Conference on Financing for Development should be to avoid losing all the acquis we have accumulated since Monterrey. 

We should preserve the innovative instruments agreed upon in the Adis Ababba Action Agenda, mainly its follow up mechanisms – the ECOSOC FfD Forum; the Interagency Task Force report; and the Technology Facilitation Mechanism.  

We should also remain committed to addressing the development financing challenges in an integrated way, keeping the balance among the three dimensions of sustainable development.  

It is no secret that there are immense gaps in financing for development. We need to collectively work to find new sources of financing and reengage in the discussions on innovative financing instruments. While doing so, it is imperative that governements refrain from using protective measures, such as border adjustment mechanisms.  

Additionally, gaps in financing will only be bridged if we undertake concrete actions to reform the international financial architecture by making its governance more representative.  

There is also the need to promote more efficiency in the allocation of resources and increase capital for multilateral development banks. The MDBs have a crucial role to play in assisting developing countries in the implementation of their development policies. Their investment portfolio should therefore be aligned with developing countries' priorities. 

On another front, cooperation to fight illicit financial flows is key.  We need to do more to monitor illegal movements of capital and create mechanisms to expedite assets recovery.  

To conclude, there is much to be done, but with the support and recommendations of the High-Level Advisory Board, I believe we can make next year’s conference an important milestone in promoting a more inclusive international financial system. 

The overarching and indispensable condition is that there is enough political will in the developed world, amidst its own multifaceted challenges. For this, the key concept seems to be viewing FfD and solidarity as a long-term investment in global sustainable development and social and political stability that will benefit all countries, developing and developed alike.

Thank you.