In recent meetings of the Forus Financing for Sustainable Development Working Group, members came together to discuss the complexities of financing development frameworks and explore ways to address them effectively at national and global levels.

One key topic was the need to reform debt practices, especially given the increasing debt burdens faced by many countries in the Forus membership. Members discussed the importance of finding fair and sustainable solutions to ease the financial strain on emerging nations.

Additionally, there was concern about the growing reliance on private funding over traditional aid, which has become more prominent since the Third International Conference on Financing for Development Forum in 2015. Forus members stressed the importance of ensuring that financing remains accessible and fair to all and not just to a privileged few. There is a need for better fiscal policies and governance structures to support sustainable development financing, advocating for transparency and accountability in financial systems.

The COVID-19 pandemic also took center stage, highlighting both existing and new challenges in development financing resulting from the health – and social - crisis. Members criticized initiatives like the Debt Service Suspension Initiative for not being comprehensive enough to address the economic fallout of the pandemic.

Moreover, there was a call for increased contributions to climate funds to tackle the urgent issue of climate change. With climate change posing unprecedented challenges to communities worldwide, including rising sea levels, extreme weather events, and disruptions to ecosystems, there needs to be a real commitment to mobilize resources to mitigate and adapt to these impacts.

The role of partnerships and global engagement was another focus area. Members talked about the potential of working together through platforms like the Global Partnership for Effective Development Cooperation and Civil20, under the Brazilian presidency this year and under the coordination of Forus member ABONG.

Forus looks forward to exploring how we can work and support members on their joint efforts to shape policies and drive initiatives in development financing. Priority areas include, financing major policy frameworks such as on climate finance linked to the Paris Agreement, financing the implementation of the SDGs, aiding post-COVID recovery efforts and examining how development finance can play a transformative role in promoting human rights and gender equality. Additionally, members will engage with public development banks as part of the Finance in Common initiative to make sure their projects align with sustainable development goals and the wellbeing of people and planet.