Read Current Affairs
- Why in News?
- United Nations member countries have finalized the “Compromiso de Sevilla” — the official outcome document of the Fourth International Conference on Financing for Development (FFD4), held in Sevilla, Spain. This conference marks a major milestone in reshaping global financial cooperation for sustainable development.
- Key Provisions:-
- FFD4 convened heads of state, international institutions, businesses, and civil society to address the urgent need for enhanced financial frameworks. Notably, the U.S. chose not to participate in the final process.
- The Seville Commitment builds on prior international agreements, including the Addis Ababa Action Agenda and Monterrey Consensus. It promotes reforms in global financial governance, including inclusive leadership at the IMF and World Bank, debt sustainability principles, and strengthened international tax rules under OECD/G20 Pillar II.
- The document also highlights technical support for countries implementing anti-tax base erosion rules, aiming to bridge the $4 trillion annual SDG financing gap in developing nations.
- Why in News?
- The Union Ministry of Women and Child Development has launched the ‘Gender Budgeting Knowledge Hub’ portal during the National Consultation on Gender Budgeting. This digital platform serves as a comprehensive resource center to support gender-responsive governance.
- Key Provisions:-
- Designed for use by central and state government departments, the portal offers policy briefs, case studies, gender-disaggregated data, and an application module for training proposals in gender budgeting and capacity building.
- Gender Budgeting (GB) is a critical framework that incorporates gender perspectives into planning and budgeting processes. It evaluates how budgetary decisions affect different genders and works to align resource allocations with gender equality goals.
- In India, gender budgeting is essential to address disparities in policy impact and ensure inclusive development. It fosters responsive governance, strengthens legal frameworks like the Sexual Harassment at Workplace Act (2013), and promotes women’s participation in local governance and planning through participatory budgeting processes at all administrative levels.
- Why in News?
- A recent report by the UN Conference on Trade and Development (UNCTAD) reveals that rising global uncertainty is dampening foreign direct investment (FDI), posing a serious challenge to achieving the 2030 Agenda for Sustainable Development in developing countries.
- Key Insights:
- Global FDI dropped 11% in 2024, falling to $1.5 trillion. Most developing nations in the top 20 recipients saw declines. The U.S. remained the top destination, while India ranked 16th.
- FDI growth remains uneven: Africa saw a 75% surge, mainly due to one major project in Egypt. Conversely, Latin America and the Caribbean faced a 12% decline.
- Investment in SDG-aligned sectors like renewable energy (-31%) and water/sanitation (-30%) has stagnated, with critical industries like infrastructure and job-generating sectors being sidelined.
- UNCTAD urges stronger roles for multilateral development banks and the use of innovative tools—such as guarantees and hybrid capital—to attract private investment and bridge the $4–5 trillion SDG financing gap.