Finance minister attends global financing conference in Spain

Staff reporter

The finance minister Lekey Dorji led Bhutan’s delegation to the Fourth International Conference on Financing for Development (FfD4) in Seville, Spain from June 30 to July 3.

FfD4 aspires to build a renewed global financing framework that will unlock greater volumes of capital at a lower cost.

In Sevilla, and through a renewed global financing framework, global leaders are taking action to deliver a sustainable development goals investment push and to reform the international financial architecture to enable the transformative change that the world urgently needs.

At the conference, Lyonpo delivered Bhutan’s national statement and welcomed the adoption of the outcome document and commended the co-facilitators for their inclusive and transparent approach and informed that it reflects the needs and aspirations of developing countries and will serve as a valuable guide in mobilising financing for sustainable development amidst a period of profound transformation, escalating geopolitical uncertainty, and systemic risks.

He also reassured Bhutan’s commitment to environmental conservation and called for predictable and accessible climate finance, scaling up ODA commitments and non-debt-creating instruments to support long- term resilience and fiscal stability.

Lyonpo urged multilateral development banks to ease lending terms, through longer tenors, lower interest rates, and local currency financing, and to strengthen debt relief and restructuring mechanisms.

He reassured the gathering of Bhutan’s commitment to work in partnership with the international community to strengthen the global financing architecture and realise the promise of the 2030 Agenda.

Lyonpo also held bilateral meetings with Senior Minister of State for Foreign Affairs and Home Affairs of the Republic of Singapore, Sim Ann and discussed the Avoidance of Double Taxation Agreement (DGA) negotiations between Bhutan and Singapore largely to push to conclude expeditiously.

Sim Ann commended the noble initiative of His Majesty the King and extended her best wishes on the Gelephu Mindfulness City project and expressed the Government of Singapore’s collaboration.

Lyonpo also attended the high level side events.

In the Public Finance for Gender Equality: A Collective Commitment” organised by UNDP, UN Women and Group of Countries, Lyonpo presented Bhutan’s achievement on public finance to advance gender equality, and its impact and how Bhutan is looking into the future.

During the high-level side events, Tax Inspectors without Borders (TIWB), Lyonpo informed that as Bhutan transitions to a developing country, and as we strive to reduce our reliance on external financing post-LDC graduation, domestic resource mobilisation is no longer a technical aspiration but a development necessity.

Lyonpo said that the TIWB programme has been foundational to this journey, enhancing Bhutan’s tax capabilities and strategic fiscal independence.

In the Ministerial Meeting of Landlocked Developing Countries, the Bhutanese delegation informed the meeting that Lyonpo also had an opportunity to meet with the Ministers from India, Norway, Sweden, Luxembourg, Maldives, and other countries, and important officials including the president of ADB, top UN and OECD officials and those of multilateral development banks. The conference provided platforms to explore valuable financing leads and maintain relationships with officials in other countries.

The Ministerial Meetings of LLDCs provide essential platforms for landlocked developing countries to collaborate on strengthening regional cooperation, advocating for international support, developing joint infrastructure, enhancing trade, diversifying economies, and building resilience against external shocks.

The conference was attended by the Secretary General of the United Nations, Presidents of World Bank group, Asian Development Bank, European Investment Bank and other multilateral development banks, MD of International Monetary Fund, DG of World Trade Organisation, Presidents and Prime Ministers of many countries or Deputy Prime Ministers or Finance Ministers  from countries all over the world.