PM Abiy participates at the Summit for a New Global Financing Pact roundtable in Paris

Addis Ababa, June 22, 2023 (FBC) – Prime Minister Abiy Ahmed participated on the roundtable entitled “Evolving the model of multilateral development Banks to address the 21st century challenges” at the Summit for a New Global Financing Pact in Paris, France.

The prime Minister emphasized the need to implement past pledges with resolve; boost concessional financing facilities; create a robust mechanism to finance the transition to a Green Future and end the debt crisis.

Recall that Prime Minister Abiy Ahmed and his delegation arrived in Paris to participate at the Summit for a New Global Financing Pact.

It is noted that the Summit is an opportunity to collectively rethink the global financial architecture of international solidarity and climate action by proposing concrete solutions to create a fairer, more effective and more responsive global financial system.

France is hosting the Summit on from 22 to 23 June 2023 under the theme “Building a new consensus for a more inclusive international financial system”.

The major objectives of the Summit are said to be restoring fiscal space to countries facing short-term difficulties, especially the most indebted countries, promoting private sector development in low-income countries, encouraging investment in «green» infrastructure for the energy transition in emerging and developing countries, and mobilising innovative financing for countries vulnerable to climate change.