Dear Madame President

The current international financial architecture needs continued reforms.

Financing for development is far below what we should tolerate as a global community. Inequality is increasing both within and between countries.

We must scale up financing to meet the SDGs, ensure states’ ability to fulfil human rights, and combat climate change.

We commend the results achieved from the ongoing reforms of the Multilateral Development Banks for bigger, better, and more effective banks. The MDBs are a critical source of affordable long-term finance for developing countries, however there is still much that remains to be done in the reform process.

A shrinking fiscal space adds to the alarming level of debt distress for an increasing number of developing countries. We need concrete measures both to solve the current debt crisis and to prevent further ones.

Norway sees domestic resource mobilization at the heart of SDG funding. [More than just money lost, corruption and illicit financial flows undermine public trust in democratic institutions].

We support international tax cooperation at the UN and making sure that tax cooperation is as inclusive and effective as possible in all forums. Tax cooperation should strive take into account the needs and priorities of economies in all stages of development.

Looking ahead, it is crucial to ensure that the 4th International Conference on Financing for Development in 2025 adopts an ambitious agenda aimed at reforming the current system.

It is in our collective interest to enable all countries to effectively address future shocks. Making the international financial architecture inclusive, effective, and equitable represents a vital step toward achieving that goal.

Thank you.