Global financial system reform through ‘full consensus’
Emmanuel Macron listed several initiatives used at the end of the Paris summit for the fight against poverty and global warming.
International Monetary Fund President Kristalina Georgieva, Kenyan President William Rudo, French President Emmanuel Macron, US Treasury Secretary Janet Yellen and World Bank President Ajayi Banga attend a joint press conference during the summit on a new global financial deal.
AFP/Lewis Joly/POOL
French President Emmanuel Macron on Friday spoke of “absolute consensus” to “deeply reform” the global financial system to make it “more efficient, more equitable” at the end of a Paris summit dedicated to the fight against poverty. and climate change.
“We must start work now” to make it “more relevant to today’s world,” the head of state added, announcing a “follow-up meeting” in Paris on this “new consensus” in two years.
After two days of meetings in front of some forty heads of state and government, the president listed the developments. Among them, Zambia’s debt restructuring, and the reallocation of $100 billion Special Drawing Rights (SDR), a form of reserve currency from the International Monetary Fund, to poorer countries will help development. and climate change.
“Climate Resilient Debt”
He also reaffirmed that by late this year, rich countries must fulfill a 2009 pledge to free up $100 billion a year from 2020 to help poor countries facing global warming.
Mr. Macron vaguely referred to “a climate-proof loan clause” that would allow repayments to be suspended in the event of a natural “disaster,” without specifying which countries or organizations would implement it.
Among the many initiatives cited, Emmanuel Macron did not mention possible progress towards a carbon tax on international maritime transport, although they were among the main objectives of the summit.
“Monitoring Mechanism”
In this list of commitments or initiatives, “all those who are willing to comply properly can sign”, the French President introduced the leaders including the Brazilian Lula, the Chinese Premier Li Qiang, the US Treasury. Secretary Janet Yellen or several African heads of state.
He promised to be the only “scribe”, “notary” of their intentions, and proposed a “monitoring mechanism”. At this stage, no joint declaration of the Paris summit was issued.
AFP
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