The United Nations Biennial Summit for a sustainable, inclusive and resilient global economy, is well underway, in New York.
The meeting is attended by politicians, international institutions and officials representing the G7, G20 and the COP30 UN climate conference.
António Guterres, UN Secretary General, said this one-of-its-kind Summit, was “envisioned as a space to help bring coherence, ambition, inclusivity, and action.”
Also at the Summit, Kristalina Georgieva, Director of the International Monetary Fund (IMF) said global public debt is set to reach about 100% GDP by the end of the decade. “Many countries need to absorb future shocks and to attend to the pressing needs of their populations” she said. She also urged countries to prioritize putting debt on a “sustainable path, flat or downward” and to implement structural reforms to attract private investment.
President Cyril Ramaphosa, set to lead the G20 meeting spoke about the need to close the $4 trillion financing gap required to meet the sustainable development goals.
He said “faster” and “fairer” debt relief and restructuring, affordable and accessible financing, and reform of the global taxation rules, will assist. “We need confidence that commitments that are made will be honored and that global rules will be shaped by all members and not just a few” said Ramaphosa.
Picture: Supplied