 "Nirmala Sitharaman")
Finance Minister Nirmala Sitharaman on Wednesday left for France to attend a two-day summit in Paris that will discuss a new global financing pact.
Sitharaman will meet heads of state and government, ministers, leaders of international organisations, officials of global financial institutions, private sector and civil society representatives to discuss multilateral and bilateral engagements.
The summit is co-organised by France, Barbados and India. Its objective is setting the foundations for a new global financing architecture beyond the Bretton Woods system to address climate change, biodiversity crisis and development challenges and help countries achieve their Sustainable Development Goals.
The pact seeks to set up an architecture that will be robust enough to deliver more resources, protect them from possible economic or geopolitical shocks.
“In the months to come, there is an opportunity to reshape the architecture of development and climate finance for a stronger and more efficient international financial system,” according to nouveaupactefinancier.org, the summit’s official website.
It said that the key decisions will have to be taken at the G20 Summit in September and the COP 28 conference. “In the meantime, it may be useful to work and seek a basis for consensus. In that spirit, the Summit can be seen as a stepping stone, a focal point for discussion and identification of possible convergences.”
The summit will provide a platform for non-states actors—public and private funds, the private sector and civil society—to participate in discussions, assess key actions towards development and climate finance objectives.
