Summit on New Global Financial Pact

June 23, 2023

France is taking the lead in hosting the Summit for a New Global Financing Pact on 22 and 23 June 2023. With over 300 high-level participants, including Heads of State and Government, international organizations, and representatives of civil society and the private sector, this summit aims to collectively address crucial challenges such as fighting inequalities, climate change, and protecting biodiversity.

Rethinking Global Financial Architecture

The primary purpose of the Summit for a New Global Financing Pact is to initiate a collective effort to reconsider the global financial architecture. The goal is to propose concrete solutions that foster a fairer and more responsive global financial system. By gathering diverse stakeholders, the summit aims to establish a platform for fruitful discussions and collaboration.

Round Tables and Key Discussions

The summit will feature six round tables, providing an opportunity for participants to engage in in-depth conversations on various topics. One of the key issues to be discussed is debt sustainability. This will involve examining ways to alleviate the burden of public debt, particularly for developing countries facing high risks of excessive debt.

Goals for Development and Climate Change

The Summit for a New Global Financing Pact aligns with broader development and climate change objectives. Participants will work towards achieving the Sustainable Development Goals (SDGs), financing the energy transition, adapting to climate change, and preserving biodiversity. These goals emphasize the importance of sustainable practices and the urgent need to address environmental concerns.

Importance of International Solidarity

Amidst a growing number of crises, international solidarity has become more critical than ever. The summit recognizes the significance of supporting vulnerable countries and ensuring their resilience. By fostering cooperation and collaboration, the international community can collectively address challenges and promote equitable development.

Establishing a Robust Financial Architecture

The aim of establishing a robust international financial architecture is multi-fold. It seeks to provide greater resources to countries in need, protect vulnerable nations from shocks, and restore the long-term trend of poverty reduction. This includes mobilizing financial support for initiatives related to the energy transition, climate change adaptation, and biodiversity conservation.

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