[cityhantam]

https://www.france24.com/en/europe/20230...ate-reform

World leaders headed to Paris summit in push for global debt, climate reform

World leaders will gather in Paris this week with ambitions to reimagine global financing for a new era shaped by climate change, as a cascade of crises swamps debt-burdened countries.

French President Emmanuel Macron has said the Summit for a New Global Financial Pact is aimed at building a "new consensus" to meet the interlinked global targets of tackling poverty, curbing planet-heating emissions and protecting nature.

Ideas on the table range from taxation on shipping, fossil fuels or financial transactions, to innovations in lending and a structural rethink of the International Monetary Fund (IMF) and World Bank.

France says the two-day summit, which begins on Thursday and will bring together some 50 heads of state and government, was more of a platform for ideas sharing ahead of a cluster of major economic and climate meetings in the coming months.

[cityhantam]

https://apnews.com/article/un-imf-world-...f0aa18087a

UN steps up criticism of IMF and World Bank, the other pillars of the post-World War II global order

UNITED NATIONS (AP) — From the ashes of World War II, three institutions were created as linchpins of a new global order. Now, in an unusual move, the top official in one — the secretary-general of the United Nations — is pressing for major changes in the other two.

Antonio Guterres says the International Monetary Fund has benefited rich countries instead of poor ones. And he describes the IMF and World Bank ’s response to the COVID-19 pandemic as a “glaring failure” that left dozens of countries deeply indebted.

Guterres’ criticism, in a recent paper, isn’t the first time he’s called for overhauling global financial institutions. But it is his most in-depth analysis of their problems, cast in light of their response to the pandemic, which he called a “stress test” for the organizations.

His comments were issued ahead of meetings called by French President Emmanuel Macron in Paris on Thursday and Friday to address reforms of the multilateral development banks and other issues.