The Summit’s main objectives include creating fiscal space, promoting private sector development, fostering green infrastructure investment, and generating innovative financing for countries vulnerable to climate change.
Finance minister Nirmala Sitharaman will attend the Summit for the New Global Financing Pact in Paris on Thursday-Friday aimed at discussing various ways to enhance financial solidarity with countries in the Global South.
The Summit’s main objectives include creating fiscal space, promoting private sector development, fostering green infrastructure investment, and generating innovative financing for countries vulnerable to climate change.
“During the official visit, the Union Finance Minister will have multilateral and bilateral engagements with her counterparts,” the finance ministry said in a statement.
The two-day Summit will bring together heads of state and government, ministers, leaders of key international organisations, representatives of global financial institutions, private sector and civil society representatives.
According to UN secretary-general António Guterres, “the global financial system, which manages around $300 trillion in financial assets, is simply not fit for the purpose.” He recently stated, “Today’s poly-crises are compounding shocks on developing countries – in large part because of an unfair global financial system that is short-term, crisis-prone, and that further exacerbates inequalities”.
The aim of this Summit is to concurrently tackle the challenges of climate change, biodiversity protection, and the fight against inequality in order to achieve the Sustainable Development Goals (SDGs).
Source:financialexpress.com