On 22 and 23 June 2023, the Summit for a New Global Financing Pact took place in Paris, an international meeting aimed at accelerating the urgent and necessary reform of the international financial architecture.

As the world faces unprecedented health, humanitarian, economic and geopolitical crises, funding to meet the essential needs of populations, particularly the most vulnerable, is in short supply. An estimated USD 4 trillion is necessary to overcome these challenges and achieve the SDGs in developing countries, 19 times the amount mobilized through Official Development Assistance in 2024. As a result, and in a context of growing debt, many low- and middle-income countries are struggling to fund essential public policies. Health, education, and gender equality are being pushed to the sidelines, even though they are crucial to achieving the United Nations 2030 Agenda. At the same time, the fight against climate change—which is already disproportionately affecting the most vulnerable countries and populations—still lacks financing commensurate with the scale of the needs.

Faced with these overlapping crises, which highlight ever-increasing global inequalities, the solution identified at the Summit for a New Global Financing Pact consists in mobilizing new financing to expand fiscal space for developing countries. Several areas for reform have been identified, aimed at meeting past financial commitments, maximizing existing financing mechanisms and mobilizing new sources of financing for development and climate, as well as agreeing on debt treatment for those countries struggling the most. These commitments are set out in the Pact for Prosperity, People and the Planet (4Ps), and in the roadmap resulting from the Summit.

Since November 2023, a Secretariat, hosted at the OECD, and an implementation committee have been steering this process. Their role: to keep the 4P agenda high on the international community’s list of priorities, monitor commitments, and promote coordination between partners. By June 2025, 73 countries have officially joined the 4P.

As a follow-up to the Summit, and to provide the most accurate picture possible of the efforts still to be made, Focus 2030 and the 4P Secretariat have carried out an independent review of the progress made on 40 commitments made in June 2023. Updates on further progress and key milestones are added regularly.

State of progress by issue

Of the 40 commitments identified, 8 have made significant progress, 16 have made encouraging but insufficient progress, 15 show minor progress, and 1 has regressed. The commitments can be broken down into five areas of action:

1- Reforming international financial institutions: encouraging progress has been made, notably by the World Bank Group, but it has yet to be translated into tangible impact for the most vulnerable populations.

2- Optimizing existing financing: encouraging progress has been made, notably following the adoption of a common framework for aligning public development banks with the SDGs by the IDFC.

3- Mobilizing more financing: further efforts will be required, particularly in terms of meeting past commitments (climate financing, official development assistance) and reallocating special drawing rights. However, the launch of a working group on international solidarity levies marks a step forward in this area.

4- Speeding up debt treatment: limited progress. Although progress has been made for countries that have requested debt treatment under the G20 Common Framework, reform of the overall architecture of debt treatment rules is progressing very slowly.

5- Mobilizing private financing: initiatives to encourage greater private capital flows for sustainable development and climate action are showing progress, but there is no guarantee that they will translate into more private investments.

The table below summarizes the developments observed since June 2023 for all these commitments.

Table updated on June 13, 2025.

Key findings

While this exercise highlights some notable progress, it remains too slow to deliver on the promise of the Agenda 2030 and the Paris Agreement.

Notable advances include a certain willingness on the part of multilateral development banks and international financial institutions to reform their operating methods and tools, and a positive dynamic with regard to governance reforms to ensure a more accurate representation of developing countries in these organizations.

Nevertheless, many challenges remain. Although Heads of State seem to agree on the need to act effectively and rapidly, decisions are not being taken: on debt treatment, mobilizing the private sector or making more resources available, progress is not keeping pace with the unprecedented contraction in the fiscal space of the most vulnerable countries.

Several signals are particularly worrying in view of the urgency of the situation: a recapitalization of the World Bank hardly seems to be envisaged by many political leaders, and several civil society organizations fear a “bogging down” of the Bank’s reforms; official development assistance is declining in many major donor countries - including France, which is one of the countries behind the 4P; and strong political will is lacking to mobilize more funding and meet past commitments.

Hopes seem to be pinned on the private sector, which cannot, however, carry out all the efforts on its own, and whose sectors and countries of investment can hardly be directed towards non-profit social policies such as education or health. It is therefore important not to substitute a sufficient allocation of concessional resources to developing countries for subsidies to the private sector, the effectiveness of which is not guaranteed.

To keep the promise of the Agenda 2030 and the Paris Agreement, it’s vital to redouble our efforts and respond to the needs of the most vulnerable countries, particularly at future international milestones. The year 2025 is particularly symbolic in this respect, with the 4th International Conference on Financing for Development (FfD4) from June 30 to July 3, 2025 in Seville, the Jubilee 2025, the 80th anniversary of the United Nations, and COP30 in Belém.