UN Secretary-General says financing must shift global architecture
Key points
- Shift global financial architecture
- Systemic reforms: climate finance, debt treatment, trade, private investment
TL;DR
- UN Secretary-General said financing for development requires shifting the foundations of a global financial architecture that reproduces instability
- Representatives of UN specialized agencies, intergovernmental organizations and non-governmental organizations addressed the fourth International Conference on Financing for Development in Sevilla, Spain as the general debate concluded
- Representatives of small island developing States highlighted the importance of climate finance that takes into account their vulnerabilities
- Participants said the international community must rally around the multilateral trading system so rules-based, inclusive and transparent trade can drive sustainable growth
- World leaders and economists called for urgent, systemic reforms, including fairer access to financing, transparent debt treatment and long-term solutions for developing countries
- Global finance ministers underscored the need to scale up private sector investment, strengthen domestic markets and adopt tech-driven solutions
Original text
SEVILLA, SPAIN (3 July) — Financing for development was never just about finding money for the Sustainable Development Goals (SDGs), it was and still is about shifting the very foundations of a global financial architecture that reproduces instability, a speaker at today’s round-table discussion reminded delegates at the fourth International Conference on Financing for Development. Representatives of UN specialized a...
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