At the 4th International Conference on Financing for Development in Seville, Algeria delivered a strong call for overhauling the current global financial architecture, positioning itself as a leading voice for the Global South.
Representing President Abdelmadjid Tebboune, Prime Minister Nadir Larbaoui presented Algeria’s vision on Tuesday, denouncing a system he described as “no longer adapted to the major changes the world is experiencing today.”
“The current global financial system is no longer adapted to the major changes the world is experiencing today,” President Tebboune stated, highlighting issues that continue to disadvantage developing nations.
He pointed to deepening inequalities, unsustainable debt levels, climate-related economic pressures, and mounting geopolitical crises — notably in Gaza and Palestine — as critical indicators of a broken financial model.
The conference, held under the auspices of the United Nations from June 30 to July 3, brought together global leaders to address a $4 trillion annual financing gap hindering the achievement of Sustainable Development Goals.
Within this context, Algeria emerged as one of the summit’s most assertive participants, advocating for a “fair and inclusive” development paradigm.
Tebboune urged reforms that would allow greater participation of developing nations in global financial governance.
He specifically proposed the creation of a UN mechanism to address debt restructuring flaws and called for more transparent and unbiased rating agencies. Notably, he applauded the formation of an independent African financial rating agency as a step toward financial sovereignty.
Algeria also used the conference to underscore its own regional commitment, citing over $1 billion in funding channelled through the Algerian Agency for International Cooperation for Solidarity and Development to support infrastructure, health, education, and energy projects across Africa.
The conference’s draft resolution — the “Seville Compromise” — reinforces the Addis Ababa Action Agenda but remains non-binding.
It promotes increasing tax revenues, expanding fiscal space, and strengthening cooperation. Still, many analysts doubt its ability to produce measurable impact due to the absence of concrete enforcement mechanisms.
Despite these limitations, Algeria’s diplomatic performance stood out.
Prime Minister Larbaoui received personal commendation from King Felipe VI of Spain and held bilateral talks with Palestinian Prime Minister Mohammad Mustafa, reaffirming Algeria’s unwavering support for the Palestinian cause.
As the summit closes, Algeria has made clear its intention to lead efforts toward a more equitable international financial order — a stance resonating deeply across the Global South.
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