UN Secretary General at Paris: “And earlier this month, as part of our preparations for the Summit of the Future, I put forward a Policy Brief — a detailed blueprint for a redesigned global financial architecture capable of serving as a safety net for all countries.” https://press.un.org/en/2023/sgsm21855.doc.htm
France24 commentary: Petit pas, No mandate really for this conference, Suspension of debt is progress for countries suffering from climate crisis, insistence by France on international tax on carbon emissions from shipping. There will be another such summit in 2 years. G7 only two countries Germany and France. IMF and WB heads present on final stage
IMF President: “So, we have a richer world. But it is a world with huge imbalances First, we have youth in some places and capital in different places. Unless we build a bridge for capital to flow where young people are [to create job and prosperity], not only would we undermine prospects for growth, but we would also undermine global stability. Two, climate. The sources of emissions – historically and now – are primarily in advanced economies and large emerging market economies. But where is most of the impact? Tragically, in countries that have done nothing to create the problem. We must build a bridge to help address this imbalance. Three, financial capacity to cope with a fast-changing, more shock prone world. Financial resources are much larger in some places than in others. And so – our institutions have a huge responsibility to do what is necessary for the world today and the world tomorrow.” https://www.imf.org/en/News/Articles/2023/06/22/sp062223-md-remarks-at-summit-for-new-global-financing-pact
WB President: “For years, the World Bank Group, governments, and other multilateral institutions have tried – and fallen short – to mobilize meaningful private investment in emerging markets. Given the urgency and scale of our intertwined challenges, we must try a new approach – and the World Bank Group has a central role to play in this effort by using its resources, convening power, and knowledge to catalyze private capital more effectively.”“unched the Private Sector Investment Lab, a concrete step in a broader effort to develop, and rapidly scale, solutions that address the barriers preventing private sector investment in emerging markets.” https://www.worldbank.org/en/news/press-release/2023/06/22/world-bank-group-intensifies-focus-on-private-sector-launches-effort-to-scale-investment-in-emerging-markets