MIL OSI Translation. Government of the Republic of France statements from French to English –
Acting unitedly to accelerate the implementation of the Paris Pact for People and Planet (4Ps) agenda in support of an ambitious reform of the international financial architecture
Just over a year after the June 2023 Summit for a New Global Financial Deal, the UN General Assembly’s High-Level Week provided an opportunity for world leaders to reaffirm their support for the 4P agenda to reform the international financial system. They also expressed their commitment to establishing a 4P Senior Officials Group that will play a strategic facilitative role in delivering ambitious outcomes for the upcoming major events in 2024, ahead of the 4th International Conference on Financing for Development in Seville in 2025.
On this occasion, the United Kingdom, Mauritania, Togo, Seychelles, Gambia and Guinea Bissau joined the Compact, bringing the number of 4P member countries to 66. Just over a year after its launch, the 4P is now a vibrant network involving countries from all income levels and continents. It offers the international community a unique opportunity to work together in a spirit of solidarity and equality to develop constructive measures and overcome bottlenecks. Heads of State and Government welcomed the establishment of the Compact Secretariat (housed at the OECD as an independent body) and are committed to supporting its important role in implementing the 4P agenda.
Numerous operational coalitions have been established under the Compact, enabling countries and interested stakeholders to work together in concrete ways to improve outcomes, including the Debt, Nature and Climate Review Process by International Experts, the Coalition for the Inclusion of Debt Suspension Clauses in the Event of Climate-Related Natural Disasters, the Global Solidarity Levies Task Force, the Global Roadmap on Biodiversity Credits, the Global Green Bonds Initiative, and the Coalition for Paris-Compliant Carbon Markets.
Despite an increasingly difficult international context, encouraging results have been achieved, but greater efforts will be needed to accelerate progress. Accordingly, in the presence of the UN, WTO, OECD, and IMF, Heads of State and Government reaffirmed their commitment to work together, in accordance with the fundamental principles of the Pact and in synergy with other relevant initiatives, such as the Bridgetown Initiative.
They have in particular:
affirmed their commitment to accelerate efforts to increase the participation and representation of developing countries and emerging economies in the decision-making bodies of international development finance institutions and other international economic and financial institutions. They supported the ambition of the Brazilian G20 presidency to work towards a fairer system of global governance, in particular with regard to the reform of the international financial architecture; stressed the need to provide concrete solutions to alleviate the debt burden and vulnerabilities of developing countries, including through innovative instruments, such as debt-for-climate or environmental swaps or the adoption, based on good practices, of debt service conditions, including debt suspension clauses in the event of climate-related natural disasters, as well as solutions to address liquidity issues and a voluntary reallocation of Special Drawing Rights to increase fiscal space for countries most in need; affirmed their commitment to support the scaling up of concessional financing for the poorest and most vulnerable countries, including to ensure that the 21st replenishment of the International Development Association is successful; stressed the importance of cooperation to support multilateral development banks (MDBs) and international financial institutions in following the recommendation to achieve a “1:1” ratio for private finance mobilized by public resources, and they recognized the need to mobilize private financial flows for their common priorities by reducing the mismatch between real and perceived investment risks. To this end, Heads of State and Government recognized the need to work together to develop a roadmap and establish a constructive dialogue between regulators, rating agencies, private investors, States and other stakeholders to improve the transparency and accuracy of country ratings and risk assessments, including to maximize the risk reduction impact and the mobilization of private financing by MDBs, development finance institutions and bilateral donors; recalled the need to increase public financing from all sources, including by exploring the possibility of globally targeted levies and other measures to develop fairer and more efficient tax systems, and by further supporting capacity building and the sharing of expertise to increase domestic resource mobilization. To advance these priorities, Heads of State and Government will continue to coordinate their efforts with other members of the Compact and raise the level of ambition in all fora, in order to contribute to ensuring that the best possible outcomes can be achieved. be obtained at the COPs, the International Conference on Financing for Development and other major international events.
List of signatories:
Emmanuel MACRON, President of the French RepublicMacky SALL, Special EnvoyAziz AKHANNOUCH, Head of Government of the Kingdom of MoroccoLolwa AL-KHATER, Minister of State for International Cooperation of the State of QatarGabriel BORIC, President of ChileMohamed Ould EL-GHAZOUANI, President of the Islamic Republic of MauritaniaMoussa FAKI, President of the African UnionMette FREDERIKSEN, Prime Minister of DenmarkLuiz Inácio LULA DA SILVA, President of the Federative Republic of BrazilAmina MOHAMMED, Deputy Secretary-General of the United NationsLuís MONTENEGRO, Prime Minister of the Portuguese RepublicMia MOTTLEY, Prime Minister of BarbadosGustavo PETRO, President of the Republic of ColombiaWilliam RUTO, President of the Republic of KenyaPedro SANCHEZ, Prime Minister of SpainKeir STARMER, Prime Minister of the United Kingdom of Great Britain and Northern Ireland of Northern IrelandJonas Gahr STØRE, Prime Minister of the Kingdom of NorwayTo LAM, President of the Socialist Republic of Vietnam
EDITOR’S NOTE: This article is a translation. Apologies should the grammar and/or sentence structure not be perfect.