Speaking at the follow-up Forum on financial development, Monsignor Marco Formica highlights the urgent need to change the global financing model whilst keeping the preservation of human dignity at its core.
By Kielce Gussie
At the ECOSOC Follow-up Forum on Financing for Development, the Holy See’s Counsellor of the Permanent Observer Mission to the UN stressed that people and their dignity must be kept at the center of this development.
Addressing the President, Msgr. Marco Formica welcomed the forum as the first “since the Sevilla Commitment was adopted last July.” The Sevilla Commitment is a UN agreement dedicated to reforming global financial architecture and closing the yearly Sustainable Development Goal financing gap.
The Holy See Permanent Observer noted that this agreement acknowledges that the current financing model for development “falls short” and “more ambitious and equitable approaches” are immediately needed.
A means to an end
Both Msgr. Formica and the Sevilla Commitment stress that the core of financing for development must be to “put people at the centre of all our actions and reaffirm the path to a brighter future for all of humanity” (Sevilla Commitment). This is also true when speaking about technical elements of worldwide financing.
“Frameworks and financial tools are merely means to an end,” Msgr. Formica said, stressing that their ultimate value needs to be measured by their ability to “uphold the inherent God-given dignity of each person.” They must also foster the welfare of everyone, with a focus on the most vulnerable and most in need.
The Holy See Permanent Observer highlighted that a major concern is the ever-growing divide between the commitments created in the international context and the reality billions of people live each and every day—especially in “least developed countries, landlocked developing countries, and small island developing States.”
More funds for weapons over aid
Public investment in healthcare, education, and social protection is hampered by crippling debt. However, aid needs “are either not being met or are being broken while spending on arms is increasing.”
People in the most vulnerable situations “continue to bear the greatest costs of crises they did not cause.” Msgr. Formica stressed this is a question not only of “a policy failure, but also a moral one.”
This follow-up forum to the Sevilla Commitment, he noted, is not simply an exercise but an act of solidarity. It serves as encouragement for wealthier nations to fulfill their commitments to official development assistance. The Commitment pushes for debt relief mechanisms to be more accessible, more transparent, and better aligned with human needs.
Private financing is meant to be directed towards the common good more than just a return on investment. Msgr. Formica also emphasized how the Sevilla Commitment urges countries in debt to “be accountable for their spending and ensure that funds are spent on development.”
Closing, the Holy See Observer concluded with the words of Pope Leo XIV, saying that “if we acknowledge that all human beings have the same dignity, independent of their place of birth, the immense differences existing between countries and regions must not be ignored.”
