The new financial pact – Part 1

“On the initiative of the President of the Republic, France is hosting on June 22 and 23, 2023 more than 300 high-level participants, heads of state and government, international organizations and representatives of the private sector and civil society. The objective of this meeting is to lay the foundations for a renewed financial system to meet the common challenges of the 21st century: the fight against inequalities, climate change and the protection of biodiversity.”

https://www.diplomatie.gouv.fr/fr/politique-etrangere-de-la-france/developpement/evenements-et-actualites-sur-le-theme-du-developpement/evenements-et-actualites-sur-le-theme-du-developpement-2023/article/la-france-plaide-pour-l-adoption-d-un-nouveau-pacte-financier-mondial-22-23-06

“The public debt of all countries has reached unprecedented levels since the Covid-19 crisis One third of developing countries and two thirds of low-income countries face a high risk of debt distress. The trend of poverty reduction observed for several decades has come to a halt.”

https://nouveaupactefinancier.org/

“We will strike hard, because we will first establish a new consensus. The fight against poverty, the decarbonization of our economy, in order to achieve carbon neutrality by 2050, and the protection of biodiversity are closely linked. We must therefore jointly agree on the best way to face these challenges in poor countries and emerging countries in the developing world, on the amount of investment, on the reform of all infrastructures such as the World Bank, the IMF, public and private funds, and how we need to start a new process.” EMMANUEL MACRON, President of the French Republic

 

The summit in four slides

https://nouveaupactefinancier.org/img/NFP-Summit.pdf

MY TAKE…

 

Its bold, its need of the hour, and it links splendidly with the summit of the future… More on it over the next few days.