Financing for Development: The Addis Ababa Action Agenda
Three international historic and transformative agreements came into existence in 2015. These include the Addis Ababa Action Agenda (AAAA) on Financing for Development, the Agenda 2030 for Sustainable Development, and the Paris Agreement on Climate Change. The Post-2015 Development Agenda, which succeeded the United Nations’ Millennium Development Goals (MDGs) in the form of Sustainable Development Goals (SDGs), promises to go beyond poverty reduction and covers the issues related to social, economic, and environmental sustainability. Further, it incorporates issues such as social inclusion, infrastructure development and climate change mitigation and adaptation. To implement SDGs, appropriate sources of finance would need to be secured; towards this, official Development Assistance (ODA) and domestic resource mobilisation both are seen as critical to finance SDGs properly in developing countries, especially with a focus on addressing inequality and social injustice. In this era of ‘common but differentiated responsibility’ across countries, the Third International Conference on Financing for Development (FfD3) was expected to provide all countries with a platform for discussing possible solutions to daunting issues like growing economic inequality, climate change and means of implementation of transformational agenda of SDGs.