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Speaker urges overhaul of global finance to unlock $1.3 trillion for developing countries
Summary
An unidentified speaker to the Group of 77 in China called for major reforms to the international financial architecture, earlier action on debt distress, and mobilizing $1.3 trillion a year by 2035 to close the financing gap for developing countries.
Unidentified Speaker opened the address to the Group of 77 in China and called for a transformation of the global financial system to reflect today’s realities and enable developing-country development.
"We need a global financial system that reflects today's realities, not the world of 1945," the speaker said, arguing that multilateral development banks…
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