Vietnam attends New Global Financial Pact Summit
VOV.VN - Vietnamese Deputy Prime Minister Tran Hong Ha joined State and government leaders of 40 countries at the opening of an international summit for a New Global Financing Pact held in Paris, France, on June 22.
Leaders of many international organisations and financial institutions such as the United Nations, the World Bank, and the International Monetary Fund, as well as business executives and leaders of socio-political organisations also attended the ceremony.
The gathering initiated by French President Emmanuel Macron at the G20 summit 2022 is to build a new contract between the countries of the North and the South to address climate change and the global crisis.
The COVID-19 pandemic, the military conflict in Ukraine and their successive consequences have reduced the fiscal and budgetary space of many countries, affecting their ability to finance their populations’ access to basic social services.
Delegates examined ways to build a new vision for the global financial system, assist developing countries with high debt levels, and mobilize private finance for global goal implementation. They also looked at measures to encourage investment in infrastructure for energy transition, and achieve climate, biodiversity and sustainable development goals.
In his opening remarks, French President Emmanuel Macron pointed out that the summit is to seek to find financial solutions to the interlinked global goals of tackling poverty, curbing planet-heating emissions and protecting nature.
He emphasized that the world needs a “public finance shock” – a global push of innovation and financing – to fight these challenges, and that the current system was not well suited to address the world's challenges.
“Policymakers and countries shouldn’t ever have to choose between reducing poverty and protecting the planet,” Macron said.
Meanwhile, UN Secretary-General Antonio Guterres noted that the global financial structure is unfair and no longer effective that requires early reform to realize the sustainable development goals (SDG).
“We can take steps right now and take a giant leap towards global justice,” he said, adding that he has proposed a stimulus of US$500 billion a year for investments in sustainable development and climate action.
The leaders emphasized the role of solidarity and cooperation in building an inclusive, transparent, and people-targeted global financial system, and listening to the voices of developing and underdeveloped countries, as well as making commitments with concrete actions.