Date: June 22 and 23, 2023

Why a new global financial pact?

The world is currently facing the most difficult conditions in decades. As a result of the COVID-19 crisis, public debt has reached unprecedented levels in all countries, with one-third of developing countries and two-thirds of low-income countries at high risk of debt distress. Inflation has risen sharply, and tighter monetary policy is creating financial volatility and reducing risk appetite. The global trend of poverty reduction observed over several decades has been interrupted or even reversed, leading to widening global economic gaps. We need to move forward with solidarity and ambition if we are to achieve the SDGs, carbon neutrality and our common biodiversity protection goals.

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