Reforming the global financial architecture is necessary to enhance efficiency. This has become an urgent necessity for supporting developing countries and emerging economies to meet the SDGs.
Minister of Planning, Economic Development and International Co-operation Rania al-Mashat made the remarks on Friday in light of the upcoming 79th session of the United Nations General Assembly (UNGA) and the “Summit of the Future” in New York this week.
The minister will participate in high-level events during the 2024 UNGA Week. Mashat will also engage in the Summit of the Future, as well as serve as a keynote speaker in several discussion sessions with the World Economic Forum (WEF) and other international institutions.
Mashat said that this year’s UNGA is convening at a time when challenges are significantly escalating worldwide. These include challenges stemming from climate change affecting all aspects of life, leading to issues in food and water security, as well as geopolitical challenges and tensions in many regions, a statement by the Ministry of Planning and International Co-operation, said yesterday.
Mashat said that activating reform efforts with the IMF and the World Bank, the two largest financial institutions in the world, along with integrating multilateral development banks — especially those including emerging nations like the New Development Bank associated with BRICS — would create a unified and comprehensive approach to address the challenges hindering the achievement of the sustainable development goals (SDGs). She stressed the importance of equitable and just financing to ensure sustainable economic growth.
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