France has put forward the summit's ambitious goals for a new global financial compact, hoping to contribute to a "real system shift" to combat climate change and poverty.
The discussions, taking place on June 22 and 23 in Paris between about a hundred countries, including fifty countries represented by their president or head of government, will be technical and arduous restructuring of debt, special drawing rights, sovereign funds, and multilateral banks.
French President Emmanuel Macron is behind the initiative, which he launched in November with Barbados Prime Minister Mia Mottley at the COP27 summit in Egypt, and stresses "the need for a funding shock to prove that no one will have to choose between fighting poverty and inequality and investing to protect the planet."
Source (Al-Araby Al-Jadeed Newspaper, Edited)
