Barcelona: Many nations of the world start from Monday in Spain for a high-level conference to deal with the growing gap between rich and poor countries and try to drum the trillions of trillions required to close it. The United States, first a major contributor, took his participation, so it would be difficult to find funding.In the southern city of Sevile, a four -day financing for development meeting is facing to increase debt burden, decline in investment, reduction in international assistance and increase trade obstacles.In his initial comments at the conference, UN Secretary -General Antonio Guterres said, “Financing is the engine of development. And now, the engine is sputtering.”“We are here to change the syllabus in Sevilla, to revive the engine of repair and development, to accelerate the scale on the scale and the required speed.” The United Nations and Spain, the co-mage of the conference, believe that the meeting is an opportunity to reverse the spiral at the bottom, which helps to promote the waisting USD 4 trillion annual financing differences, bringing millions out of poverty and achieving the United Nations to achieve wide and badly sustainable development goals for 2030.Even though there is a gathering between global economic uncertainty and high geopolitical stresses, hopes are expected to address one of the most important global challenges – to ensure that all people have food, health care, education and water access.Spanish Prime Minister Pedro Sanchez told Delegates, “The Spain government believes that this peak is an opportunity for us to change the course, which is to raise their voice in front of those who try to convince us that rivalry and competition will set tone for humanity and its future.” Ambitious package wants to reverse the decline in growth High-level delegations, including over 70 world leaders, are participating in Seville, the United Nations said, with several thousand others of international financial institutions, development banks, philanthropic organizations, private sector and civil society.In its final preliminary meeting on 17 June, the United States rejected the 38-page result document, which was interacted by 193 member countries of the United Nations for months and announced its return from the process and from the Sevile Conference.The rest of the countries then unanimously approved the document and sent it to Sevile, where it is expected to be adopted by the conference without changes. It will be known as Sevilla commitment in Spanish – or compromise de Sevilla.The document says that leaders and high-level representatives have decided to launch an ambitious package of reforms and tasks to “close the financing gap with urgency”, saying that it is now estimated on 4 trillion USDs in a year.Between proposals and functions, it asks for a minimum tax revenue of 15 percent of the country’s GDP to increase government resources, a tripling of lending by multilateral development banks, and encourages to invest in important areas such as infrastructure. It also asks for several reforms to help countries deal with increasing loans.United Nations trade head Rebecca Grinsspan recently stated that “Vikas is backward” and the global debt crisis has deteriorated.Last year, 3.3 billion people were living in countries that pay more interest on their loans than spending on health or education – and this year the number will increase to 3.4 billion people. And developing countries will pay 947 billion USD for service loans this year above $ 847 billion, above the USD 847 billion last year.He spoke at a press conference, where an expert group presented 11 recommendations on a loan appointed by Guterres that they say that they could solve the debt crisis, empower lending countries and create a fair system. American objections in the document While the US objected to many tasks in the result document, American diplomat Jonathan Shreer told the June 17 meeting: “Our commitment to international cooperation and long -term economic development is stable.” However, he stated that the lesson “crosses many of our red lines,”, which involves interference in the rule of international financial institutions, crossing proposals, imagining a role for the United Nations in the annual lending capacity and global debt architecture of multilateral development banks.Shieria also objected to proposals on trade, tax and innovation which are not in line with American policy, as well as the language on the Framework Convention of the United Nations on International Tax Cooperation.The United States was the world’s largest single founder of foreign aid. The Trump administration has submerged its main aid agency, US agency for International Development, while the Foreign Assistance Fund is largely slipped, it is said to be useless and contrary to the Republican President’s agenda. Other western donors have also cut international assistance.United Nations Deputy General Secretary Amina Mohammed said that the US return from the conference last week was “unfortunate”, saying that “many recommendations you have seen could not be pursued without constant engagement with the US.” After Sevalile, “We will again join the US and hope that we can make the case that they are part of the success to get millions of people out of poverty”.
