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DRAFT REPORT (2025/2004(INI))

On financing for development – ahead of the Fourth International Conference on Financing for Development in Seville

DEVE-PR-768065

Committee on Development · Rapporteur: Charles Goerens

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This draft report sets out Parliament's position ahead of the Fourth International Conference on Financing for Development. It calls for reforms to debt, the international financial architecture, private finance, tax cooperation, and official development assistance.

Committee position. The rapporteur proposes a resolution calling for ambitious reforms in development financing, including increased climate finance, debt relief, IMF quota reform, and stronger tax cooperation.

Key points

  1. Urges the EU and Member States to work towards mobilising an additional USD 500 billion per year for climate mitigation and adaptation in developing countries.
  2. Calls for specific taxes, such as on windfall profits of fossil fuel companies, financial transactions, and shipping and aviation emissions, to finance global public goods.
  3. Calls for reform of the Common Framework for debt restructuring, including fair burden-sharing among all creditors and general debt relief when needed.
  4. Urges the G20 to develop a harmonised framework for domestic sovereign debt restructuring laws and calls for including private and new bilateral creditors in debt efforts.
  5. Calls for automatic quota reallocation in the IMF, rechannelling special drawing rights to developing countries and MDBs, and exploring innovative financing to expand MDB lending by USD 300-400 billion.
  6. Supports a joint committee for governance reforms in the Bretton Woods Institutions and stresses the role of private finance, calling for a conducive business environment and an SDG investment facilitation mechanism.
  7. Urges expansion of blended finance and creation of a global risk mitigation facility to mobilise private capital for least developed countries.
  8. Calls for effective application of the global minimum corporate tax rate of 15% and supports a coordinated minimum tax on ultra-high net worth individuals equal to 2% of wealth.
  9. Advocates strengthening tax systems, combating illicit financial flows, and creating a global beneficial ownership registry.
  10. Alarmed by ODA cuts, urges reaching the 0.7% ODA/GNI target and the 0.15% target for LDCs, and reversing the trend of tied aid.

Who is affected

  • Developing countries, especially least developed countries, would benefit from increased financing and debt relief.
  • Multilateral development banks and the IMF would see expanded lending capacity and governance reforms.
  • Private creditors and new bilateral creditors outside the Paris Club would be included in debt restructuring.
  • Multinational enterprises would face a global minimum corporate tax rate of 15%.
  • Ultra-high net worth individuals would be subject to a coordinated minimum tax of 2% of wealth.

Figures and deadlines

  • USD 500 billion per year for climate mitigation and adaptation in developing countries
  • USD 300-400 billion over the next decade to expand MDBs' lending capacity
  • 15% global minimum corporate tax rate
  • 2% of wealth for minimum tax on ultra-high net worth individuals
  • 0.7% ODA/GNI target, declined from 0.56% in 2022 to 0.51% in 2023
  • 0.15% ODA/GNI target for LDCs
  • EUR 4.4 billion (6.5% of total bilateral ODA) in tied aid in 2022