Global Financial Pact summit concluded in France

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The Summit for a New Global Financial Pact, hosted by French President Emmanuel Macron in Paris, concluded on Friday with a joint declaration by world leaders and international organizations to reform the global financial system and mobilize resources for sustainable development.

The two-day summit brought together around 50 heads of state and government, including China’s Prime Minister Li Keqiang, Brazil’s President Jair Bolsonaro, Ethiopia’s Prime Minister Abiy Ahmed, and Barbados’ Prime Minister Mia Mottley, as well as representatives from the United Nations, the World Bank, the International Monetary Fund and other multilateral institutions.

The summit aimed to find financial solutions to the interlinked global goals of tackling poverty, curbing planet-heating emissions, and protecting nature, as set out in the 2030 Agenda and its Sustainable Development Goals (SDGs).

In their declaration, the leaders recognized that the current international financial architecture was not well suited to address the world’s challenges and that a “new consensus” was needed to ensure equal access to justice, finance, and opportunity for all.

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