Civil Society FfD Mechanism Submission to FfD4 Elements Paper

The Civil Society FfD Mechanism submits a series of recommendations for the Fourth International Conference on Financing for Development (FfD4), calling for a fundamental redesign of global economic governance. The submission advocates for a shift from GDP-centric growth to wellbeing and ecological prosperity, proposing new UN-led frameworks for international tax cooperation, sovereign debt resolution, and development cooperation to remove systemic impediments facing the Global South.

• The submission calls for the adoption of a UN Framework Convention on International Tax Cooperation (FCITC) to create a fairer global tax system. It urges UN Member States to endorse the Terms of Reference for this convention and two early protocols by the end of 2027, focusing on reforming corporate tax, taxing high-net-worth individuals, and ensuring fair allocation of taxing rights.
• The document recommends a comprehensive overhaul of International Financial Institutions (IFIs) and Multilateral Development Banks (MDBs) through a UN intergovernmental process. It specifically calls for the abandonment of the "one-dollar, one-vote" governance structure and a move away from private finance-first approaches to development.
• A proposed UN Convention on International Development Cooperation (IDC) would reframe development aid from charity to justice and reparations. The submission suggests establishing the 0.7% Gross National Income (GNI) target as a floor and notes that unmet ODA commitments to the Global South are estimated at nearly USD 7.2 trillion.
• The submission advocates for a UN Framework Convention on Sovereign Debt to establish a multilateral debt resolution mechanism. This would include a binding global debt registry, an automatic debt service cancellation mechanism for countries facing extreme shocks, and the immediate cancellation of all unsustainable and illegitimate debts.
• To address systemic financial issues, the document recommends establishing a universal ECOSOC Commission to regulate Credit Rating Agencies (CRAs) to correct bias and pro-cyclicality. It also suggests exploring the creation of an international public credit rating agency under the UN.
• The submission calls for a multilateral agreement to permanently cease Investor-State-Dispute-Settlement (ISDS) provisions in international investment agreements, arguing that these allow corporations to sue governments in secret and create a "chilling effect" on national policy space.
• Regarding climate finance, the document demands that historical debtor countries in the Global North provide additional, public, grants-based funding. It criticizes the current system where 70% of international public climate finance is delivered via loans, which increases debt levels in the Global South.
• The submission proposes a UN intergovernmental global technology assessment mechanism to evaluate the impacts of digital technologies, including AI and cryptocurrencies, on society, workers, and women prior to and during their deployment.

APA

African Forum and Network on Debt and Development (2024). Civil Society FfD Mechanism Submission to FfD4 Elements Paper. https://www.afrodad.org/news-events/news/civil-society-ffd-mechanism-submission-ffd4-elements-paper

Chicago

African Forum and Network on Debt and Development. Civil Society FfD Mechanism Submission to FfD4 Elements Paper. 2024. https://www.afrodad.org/news-events/news/civil-society-ffd-mechanism-submission-ffd4-elements-paper.

Wikipedia

{{cite press release |author=African Forum and Network on Debt and Development |title=Civil Society FfD Mechanism Submission to FfD4 Elements Paper |date=15 October 2024 |url=https://www.afrodad.org/news-events/news/civil-society-ffd-mechanism-submission-ffd4-elements-paper |access-date=17 August 2026 |via=Climate Insights Directory}}

BibTeX

@misc{africanforumandnetworkondebtanddevelopment2024civil, author = {{African Forum and Network on Debt and Development}}, title = {{Civil Society FfD Mechanism Submission to FfD4 Elements Paper}}, publisher = {African Forum and Network on Debt and Development}, year = {2024}, month = oct, url = {https://www.afrodad.org/news-events/news/civil-society-ffd-mechanism-submission-ffd4-elements-paper}, urldate = {2026-08-17}, note = {Indexed by Climate Insights Directory} }