The United Nations held its first Biennial Summit for a Sustainable, Inclusive and Resilient Global Economy on Wednesday to discuss the reform of the international financial system towards realizing its Sustainable Development Goals (SDGs).
The summit, first proposed by UN Secretary-General Antonio Guterres in his 2021 “Our Common Agenda” report, was held during the High-level Week of the 80th session of the UN General Assembly at UN headquarters in New York, the United States.
With over a 4-trillionUS-dollar gap in financing the SDGs waiting to be filled, “it offers clear recommendations on international financial reform, including giving developing countries a greater say within international financial institutions,” said UN General Assembly President Annalena Baerbock at the summit.
“The truth is without a deep reform of financial institutions, and unless we solve the vicious debt trap, we will never deliver on the SDGs,” Baerbock said.
In his opening remarks, Guterres envisioned the summit as a platform to bring coherence, ambition and inclusive induction to the global financing conversation. “We also understand that today’s international financial architecture needs reform to respond to the world of today and the scale and complexity of its challenges.”
Xinhua
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