Adequate and effective development financing is crucial for addressing global common challenges. Currently, there is a surge in global development financing needs but insufficient supply. Developing countries, in general, are facing financing difficulties. It is imperative to increase the scale and effectiveness of financing. The international community needs to continue to improve the architecture for global development financing, strengthen policy coordination, increase investment in productive sectors, and enhance developing countries’ capabilities to mobilize resources and raise funds. The international community should also support efforts to address common challenges and empower developing countries for shared and sustainable development.