Kathmandu, Nepal May 15–19, 2025
The 2nd Asian Conference on Finance, held in Kathmandu and organized by the Asian Peoples’ Movement on Debt and Development (APMDD), brought together global activists and experts to challenge the current financial system. The event provided a platform for discussions on debt justice, tax reform, and climate finance, emphasizing the urgency of transforming finance to serve people and the planet—rather than profit.
Debt: A Persistent Struggle
One of the core themes of the conference was sovereign debt. Activists highlighted how debt continues to trap nations in cycles of dependency, particularly in the Global South. Mae Buenaventura led a primer session on historical debt drivers, while Kusum Dhungel from SAAPE shared insights into Nepal’s own debt situation. There were strong calls for a UN-led debt regulation framework, including citizen debt audits and debt cancellation, to safeguard national sovereignty.
Scrutinizing International Financial Institutions
Participants critically examined the roles of International Financial Institutions (IFIs) such as the IMF, World Bank, and Asian Development Bank (ADB). Drawing on findings from the International People’s Tribunal (IPT) sessions in Manila, Kolkata, and Kathmandu, activists documented the harmful effects of austerity policies. Claudette Arboleda from APMDD exposed problematic ADB financing modalities, calling for structural reforms in IFI operations.
Tax Reform & Corporate Accountability
Discussions on taxation uncovered illicit financial flows and corporate tax abuse, particularly in extractive industries. Sudhir Shrestha from SAAPE highlighted Nepal’s struggles with regressive taxation and the need for stronger wealth taxes. Participants championed a UN Tax Convention to prevent profit-shifting and protect national tax bases. Gender-responsive tax justice frameworks were also explored, with Reshma Shakya co-facilitating a session on taxation and gender equity.
Climate Finance: Justice-Based Solutions Needed
A major focus was on climate finance, particularly the establishment of the Loss and Damage Fund and concerns over private finance’s role. Activists warned of historical injustices being reinforced unless justice-based frameworks are integrated into climate finance policies. Lidy Nacpil and Claire Miranda from APMDD provided updates on COP29 outcomes and financing energy transitions, emphasizing that mitigation efforts must not overshadow adaptation needs.
The conference concluded with a strong call for equitable access to climate finance and a commitment to global financial system reform. Activists and campaigners agreed that finance should serve justice, equity, and sustainability—rather than perpetuate inequality and exploitation.