High-stake Summit In Paris!

The two-day Paris Summit on New Global Financing Impact which rumbles off in the French capital this June 22, 2023 is pregnant with a lot of expectations from across the globe. How well the world’s economy fares, or at least those of participating countries, will certainly depend on the outcome of the Paris gathering and the will of attendees to implement its recommendations. 
It is no longer a secret that the global economy has been suffocating under the weight of wide-ranging crises which have plunged some to recess and forcing others to barely stay afloat. There are problems of climate change, loss of biodiversity, health, debt, global poverty et al. To say the least, the world is confronted with the most challenging environment in decades. Following the Covid-19 shock, public debt is at record levels in most, if not all, countries. Experts opine that one-third of all developing countries and two-thirds of low-income countries are at high risk of debt distress. Inflation has surged and monetary tightening creates financial volatility and reduces appetite to risk taking. The problems are common and require concerted efforts for lasting solutions. The malaise of the global economy needs financial solidarity to stand the test of time!
Amidst these challenges of pursuing already outlined blueprints for sustainable socio-economic development, organisers of the Paris Summit on New Global Financing Impact hold that the international community’s responses are currently fragmented, partial and insufficient. Evidently, there is a risk that, through lack of cooperation and insufficient ambitions, the world comes short of meeting the Sustainable Development Goals (SDG) targets. There is thus the urgent need for a fundamental overhaul of the global approach to funding challenges that touch almost all economies though with varying degrees. The world needs a more responsive, fairer and inclusive international financial system to fight inequalities, finance the climate transition and bring each and every one closer to achieving the much-cherished Sustainable Development Goals.
According to Emmanuel Macron, President of the French Republic, “We will take a major step, as we will start by establishing a new consensus.” He holds that the fight against poverty, the decarbonization of the economy in order to achieve carbon neutrality by 2050, and the protection of biodiversity, are closely int...