At the ongoing Financing for Development Conference in Sevilla,
Deputy Finance Minister for Economic Management, Dehpue Zuo, has issued a compelling call for transformative reforms in the global financial system and renewed commitments to multilateralism.
Speaking on behalf of Finance and Development Planning Minister Hon. Augustine Kpehe Ngafuan, Deputy Minister Zuo extended Liberia’s gratitude to the King, Government, and people of Spain for their warm hospitality in hosting this pivotal event aimed at redefining global development financing.
Minister Zuo expressed appreciation to United Nations member states for electing Liberia to a non-permanent seat on the UN Security Council, stating that Liberia is ready to work collaboratively to advance the global agenda for peace and sustainable development. He aligned Liberia’s position with that of the African Union and the G77 + China, reiterating Liberia’s commitment to global cooperation.
Deputy Minister Zuo emphasized the urgency of the conference, noting that despite the adoption of the Sustainable Development Goals (SDGs) a decade ago with the commitment to “Leave No One Behind,” many of the goals remain unmet. He attributed this to growing economic inequalities, the effects of climate change, and a steep decline in Official Development Assistance (ODA), all of which have intensified global poverty and human suffering.
In his address, Zuo advocated for the adoption of the Pact for the Future, a global commitment to accelerate implementation of the SDGs. He called for inclusive reforms to the international financial architecture to foster a more equitable, transparent, and participatory financial system that supports industrialization, trade, and sustainable economic growth, particularly in developing countries.
He further urged the international community to shift toward a transformative development financing model that strengthens domestic resource mobilization and incentivizes public-private partnerships. Special emphasis was placed on natural resource beneficiation—adding value to natural resources within producing countries—as a vital step toward fairer wealth distribution and sustainable growth.
The Deputy Minister strongly called for reforms in the global trade system, arguing that underpriced raw material exports without value addition undermine development. He joined other nations in pushing for fairer tax cooperation and the protection of developing countries’ taxing rights under double taxation treaties. He also pressed for strong action against illicit financial flows, tax evasion, and aggressive tax avoidance, all of which drain much-needed resources from the economies of the Global South.
Minister Zuo also raised concerns over unsustainable debt burdens that force developing nations to forego essential investments in education, healthcare, and infrastructure. He proposed reforms to credit rating mechanisms, increased transparency, and better use of Special Drawing Rights (SDRs) to create multidimensional financing strategies that address poverty and climate change.
At the national level, he highlighted Liberia’s ARREST Agenda for Inclusive Development (AAID), a comprehensive national development plan anchored on the SDGs and the African Union’s Agenda 2063. The AAID aims to mobilize domestic resources, strengthen revenue collection through digitalization, and improve fiscal responsibility. He stressed that good governance, anti-corruption measures, and investor confidence are integral to creating a viable development ecosystem in Liberia.
He’s calling for increased international investment in regional infrastructure such as transport, energy, water, and digital technology to drive industrialization. He urged multilateral development banks to scale up financing support to close the SDG funding gap—estimated at $4.2 trillion currently and projected to reach $6.4 trillion by 2030. He emphasized the need to make global governance more inclusive, effective, and reflective of present realities.
“Liberia remains committed to working with national, regional, continental, and international partners to realize its development agenda,” Minister Zuo declared. “We stand at a historic crossroad—one that demands decisive action to build a future of equity, peace, and prosperity. Together, we must ensure the challenges of today become the triumphs of tomorrow.”
The Liberian delegation at the 4th Financing for Development Conference headed by Deputy Minister Zuo includes Ambassador Teeko Yorlay, Ambassador Extraordinary and Plenipotentiary to France, and Mr. Baba Sillah, Deputy Permanent Representative to New York.