The first Biennial Summit for a Sustainable, Inclusive and Resilient Global Economy took place at the UN Headquarters in New York on Wednesday. Leaders focused on financing the Sustainable Development Goals and reforming the global financial system.
Representatives from member states and international organizations called for overhauling the global financing framework, strengthening multilateralism, and boosting the voice of developing countries. 🌍
UN Secretary-General António Guterres opened the session by stressing that today’s challenges demand a reformed international financial architecture that works for everyone.
Announced by the 80th UN General Assembly president Annalena Baerbock, the summit highlighted a funding gap of over $4 trillion for the SDGs. She echoed UN recommendations for greater representation of developing countries in institutions like the IMF and World Bank. 💡
Lok Bahadur Thapa, president of the UN Economic and Social Council, said the meeting aims to connect the UN more closely with international finance bodies. He warned that rising trade disputes are testing trust in the multilateral trading system. 🔄
IMF Managing Director Kristalina Georgieva noted that by 2030, global public debt could near 100% of GDP, squeezing fiscal space in many countries. She called for structural reforms to unlock private investment power. 💼
South African President Matamela Cyril Ramaphosa urged the African Union, the G20, and global financial institutions to coordinate efforts. He emphasized that global rules must be crafted jointly by all member states to ensure no one is left behind. 🤝
Reference(s):
cgtn.com
