Nations are meeting to drum up trillions to combat poverty — but the US
isn't going
[June 30, 2025] By
JOSEPH WILSON and EDITH M. LEDERER
BARCELONA, Spain (AP) — 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 U.N. and Spain, the conference co-hosts, believe the meeting is an
opportunity to reverse the downward spiral, close the staggering $4
trillion annual financing gap to promote development, bring millions of
people out of poverty and help achieve the U.N.’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.
“The government of Spain believes that this summit is an opportunity for
us to change course, for us to raise our voice in the face of those who
seek to convince us that rivalry and competition will set the tone for
humanity and for its future,” Spanish Prime Minister Pedro Sánchez told
the delegates as he inaugurated the conference.
The ambitious package seeks to reverse decline in development
High-level delegations, including more than 70 world leaders, are
attending in Seville, the U.N. said, along with several thousand others
from international financial institutions, development banks,
philanthropic organizations, the private sector and civil society.
At its last preparatory meeting on June 17, the United States rejected
the 38-page outcome document that had been negotiated for months by the
U.N.’s 193 member nations and announced its withdrawal from the process
and from the Seville conference.
The rest of the countries then approved the document by consensus and
sent it to Seville, where it is expected to be adopted by conference
participants without changes. It will be known as the Seville Commitment
— or Compromiso de Sevilla in Spanish.
The document says the leaders and high-level representatives have
decided to launch “an ambitious package of reforms and actions to close
the financing gap with urgency,” saying it is now estimated at $4
trillion a year.
Among the proposals and actions, it calls for minimum tax revenue of 15%
of a country's gross domestic product to increase government resources,
a tripling of lending by multilateral development banks, and scaling up
private financing by providing incentives for investing in critical
areas like infrastructure. It also calls for a number of reforms to help
countries deal with rising debt.
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Spain's Prime Minister Pedro Sanchez, left, speaks with Antonio
Guterres, Secretary-General of the United Nations, during the
four-day Financing for Development meeting in the southern city of
Seville, Spain, Monday, June 30, 2025. (AP Photo/Jose Angel Garcia)
 U.N. trade chief Rebeca Grynspan
said recently that “development is going backward” and the global
debt crisis has worsened.
Last year, 3.3 billion people were living in countries that pay more
interest on their debts than they spend on health or education — and
the number will increase to 3.4 billion people this year, according
to Grynspan. And developing countries will pay $947 billion to
service debts this year, up from $847 billion last year.
She spoke at a press conference where an expert group on debt
appointed by Guterres presented 11 recommendations that they say can
resolve the debt crisis, empower borrowing countries and create a
fairer system.
US objections to the document
While the U.S. objected to many actions in the outcome document,
American diplomat Jonathan Shrier told the June 17 meeting: “Our
commitment to international cooperation and long-term economic
development remains steadfast.”
He said, however, that the text “crosses many of our red lines,”
including interfering with the governance of international financial
institutions, tripling the annual lending capacity of multilateral
development banks and proposals envisioning a role for the U.N. in
the global debt architecture.
Shrier also objected to proposals on trade, tax and innovation that
are not in line with U.S. policy, as well as language on a U.N.
framework convention on international tax cooperation.
The United States was the world’s largest single founder of foreign
aid. The Trump administration has dismantled its main aid agency,
the U.S. Agency for International Development, while drastically
slashing foreign assistance funding, calling it wasteful and
contrary to the Republican president’s agenda. Other Western donors
also have cut back international aid.
U.N. Deputy Secretary-General Amina Mohammed said last week that the
U.S. withdrawal from the conference was “unfortunate,” stressing
that “many of the recommendations you see cannot be pursued without
a continuous engagement with the U.S.”
After Seville, "we will engage again with the U.S. and hope that we
can make the case that they be part of the success of pulling
millions of people out of poverty.”
___
Lederer reported from the United Nations.
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