FM Sitharaman Will Attend the Paris Financing Pact Summit

Nirmala Sitharaman, the finance minister, will go to Paris, France on business so she may attend the Summit for the New Global Financing Pact, which is slated for June 22–23. Leaders of important international organisations, ministers, heads of state and government, representatives of international financial institutions, members of the corporate sector, and members of civil society are all present at this high-profile summit.

The urgent need to overhaul the international financial system, which has largely stayed unaltered for more than 80 years since the landmark Bretton Woods conference, is addressed at this summit, which is why time is so important. More than 300 influential individuals from across the globe will assemble under the leadership of France to set the foundation for a new financial system that is ideally adapted to the shared problems of the twenty-first century. Combating inequality, dealing with climate change, and protecting biodiversity are some of these difficulties.

Ambitious Goals to Overcome Financial Challenges: The COVID-19 crisis has had a significant influence on the global financial environment, leading to an unprecedented rise in public debt across nations. Alarmingly, two-thirds of low-income countries and one-third of emerging countries today face a higher danger of having too much debt. Additionally, the advancement in eradicating poverty over the last several decades has reached a stop. As a result, there is an urgent need for global financial solidarity.

The main goal of this summit is to build a strong international financial system that can provide nations in need more resources. This architecture intends to defend crucial global public goods including the environment and health as well as prevent the most vulnerable countries from economic shocks and to make it easier to fulfil the Sustainable Development Goals (SDGs).
The French President has issued invites to heads of state and government, executives from international financial organisations, members of civil society, and business leaders in a spectacular show of inclusion. This varied meeting intends to establish the groundwork for a new system that can successfully handle the common issues that the whole world community is facing.
France has historically acted as a neutral international middleman, using its influence to settle complicated matters of worldwide importance. France has shown its dedication to encouraging collaboration and coming up with novel solutions by closing the funding gap in AIDS research and enhancing the availability of money for middle-income African nations.

The involvement of Nirmala Sitharaman, the finance minister, at the Summit for the New Global Financing Pact emphasises how critical it is to address the urgent need for change in the global financial system. This summit offers a unique chance to establish the foundation for a new financial system that encourages sustainability, resilience, and international collaboration at a time when the world is facing enormous difficulties.