SEVILLA, SPAIN – His Majesty King Mswati III has told world leaders that overlapping global crises are endangering progress towards the United Nations 2030 Agenda, warning that the current financial system is not fit to support sustainable development efforts, especially for vulnerable nations like Eswatini.
Speaking at the Fourth International Conference on Financing for Development (FFD4), the King said escalating debt, climate change and unequal access to development finance were pushing many countries further away from achieving the Sustainable Development Goals (SDGs).
“The worsening climate crisis, rising debt burdens, and the high cost of finance for countries that need it most have created a storm threatening the foundation of sustainable development,” said the monarch.
Despite these challenges, he said Eswatini continues to demonstrate commitment to the SDGs. However, limited resources remain a stumbling block. The King noted that pandemics such as COVID-19 and ongoing global tensions have left countries like Eswatini unable to meet key obligations.
He appealed for stronger partnerships and urged developed nations to support developing countries through technology transfers and more favourable financing terms, especially for environmentally friendly projects.
The King called for acceleration in transferring green technologies on concessional terms to help build new industries in sectors such as agriculture, tourism, mining, pharmaceuticals, and small businesses.
Referring to the outcomes of last year’s “Summit of the Future”, he echoed calls for reform of the global financial architecture to ensure it is more inclusive and responsive to the needs of developing nations.
He said Africa’s Agenda 2063 remains at risk due to persistent financial constraints, stressing the need for a global system that allows fair access to capital and promotes inclusive growth.
“It is not a matter of charity, but of necessity,” he said, adding that vulnerable nations face unsustainable borrowing costs. He proposed reforms to credit rating agencies and fairer allocation of Special Drawing Rights (SDRs).
The King also urged the adoption of alternative financing tools such as climate bonds, blended finance, and debt-for-climate swaps, noting they are crucial in closing the SDG funding gap, which stands at $4.3 trillion (approximately E77 billion) annually.
He said Eswatini remains committed to working with the United Nations to build a future that is resilient, inclusive and prosperous, aligned with the global goals outlined under the theme “Financing the Future.”
Discussion about this post