French President Emmanuel Macron hosts a summit on Thursday and Friday to pin down a roadmap for easing the debt burdens of low-income countries while freeing up more funds for climate financing, APA reports citing Reuters.
The summit brings dozens of leaders together in the French capital to forge a top-level consensus on how to progress a number of initiatives currently struggling in bodies like the G20, IMF-World Bank and United Nations.
Ranging from debt relief to climate finance, many of the topics on the agenda take up suggestions from a group of developing countries, led by Barbados Prime Minister Mia Mottley, dubbed the 'Bridgetown Initiative'.
"We are moving to a world - I would call it the Bridgetown system of finance - (that) recognises that we have to massively upscale the public sector and focus that on building resilience and adaptation because it's hard for that to be funded any other way," said Avinash Persaud, a special envoy for Mottley on climate finance.
Though binding decisions are not expected, officials involved in the summit's planning said that some strong commitments should be made about financing poor countries.
Follow us on Telegram
t.me/apanewsaz
Follow us on Instagram
Follow us on TikTok
Follow us on Facebook
Follow us on X
