Many of the world’s nations are gathering starting Monday in Spain for a high-level conference to tackle the growing gap between rich and poor nations and try to drum up trillions of dollars needed to close it. The United States, previously a major contributor, pulled its participation, so finding funding will be tough. The four-day Financing for Development meeting in the southern city of Seville is taking place as many countries face escalating debt burdens, declining investments, decreasing international aid and increasing trade barriers. “Financing is the engine of development. And right now, this engine is sputtering,” United Nations Secretary-General Antonio Guterres said in his opening comments at the conference. “We are here in Sevilla to change course, to repair and rev up the engine of development to accelerate investment at the scale and speed required.” The U.N. and Spain, the conference co-hosts, believe the meeting is an opportunity to reverse the downward spiral, close the staggering $4 trillion annual financing gap to promote development, bring millions of people out of poverty and help achieve the U.N.’s wide-ranging and badly lagging Sustainable Development Goals for 2030. Even though the gathering comes amid global economic uncertainty and high geopolitical tensions, there is hope among the hosts that the world can address one of the most important global challenges — ensuring all people have access to food, health care, education and water. “The government of Spain believes that this summit is an opportunity for us to change course, for us to raise our voice in the face of those who seek to convince us that rivalry and competition will set the tone for humanity and for its future,” Spanish Prime Minister Pedro Sánchez told the delegates as he inaugurated the conference. The ambitious package seeks to reverse decline in development High-level delegations, including more than 70 world leaders, are attending in Seville, the U.N. said, along with several thousand others from international financial institutions, development banks, philanthropic organizations, the private sector and civil society. At its last preparatory meeting on June 17, the United States rejected the 38-page outcome document that had been negotiated for months by the U.N.’s 193 member nations and announced its withdrawal from the process and from the Seville conference. The rest of the countries then approved the document by consensus and sent it to Seville, where it is expected to be adopted by conference participants without changes. It will be known as the Seville Commitment — or Compromiso de Sevilla in Spanish. The document says the leaders and high-level representatives have decided to launch “an ambitious package of reforms and actions to close the financing gap with urgency,” saying it is now estimated at $4 trillion a year. Among the proposals and actions, it calls for minimum tax revenue of 15% of a country’s gross domestic product to increase government resources, a tripling of lending by multilateral development banks, and scaling up private financing by providing incentives for investing in critical areas like infrastructure. It also calls for a number of reforms to help countries deal with rising debt. U.N. trade chief Rebeca Grynspan said recently that “development is going backward” and the global debt crisis has worsened. Last year, 3.3 billion people were living in countries that pay more interest on their debts than they spend on health or education — and the number will increase to […]