The “Summit for a New Global Financing Pact” concluded in Paris on Friday in the presence of more than 300 heads of state and government and other dignitaries from across the globe.
At the end of the summit, French President Emmanuel Macron said there is a full consensus on reforming and restructuring global financial agencies like the World Bank and International Monetary Fund.
Macron proposed a follow-up mechanism every six months to all commitments made during the two-day summit, and a meeting in every two years to see progress made from this consensus.
Meanwhile, US Treasury Secretary Janet Yellen revealed, in a press conference, that debt “is a global challenge,” welcoming progress with China, which lends a lot of money to developing countries outside the traditional framework.
She announced that multilateral development banks allocated USD 200 billion from loans to use them in curbing poverty and combating climate change, in addition to other priorities.
The summit was held upon an initiative from Macron to set bases for a new financial system to overcome the challenges of the 21th century.
Over two days, the conferees discussed means of enhancing international community cooperation in the face of challenges.
The summit included a number of activities and events as well as discussions.
Representing His Highness the Amir Sheikh Nawaf Al-Ahmad Al-Jaber Al-Sabah, Minister of Finance Manaf Al-Hajri led the Kuwaiti delegation to the summit.
The event also featured UN Secretary General Antonio Guterres, German Chancellor Olaf Scholz, President of the European Council Charles Michel and Saudi Crown Prince Mohammad bin Salman as well as other dignitaries.
Source: Kuwait News Agency