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According to expert, Africa is facing challenges as a result of the global financial crisis
Olivier Pognon is the president of an organization dedicated to strengthening African countries' capacity to deal with foreign debt. During the G20 debate in the Brazilian city of Fortaleza, the Beninese lawyer emphasized the need for reform of global financial architecture, an idea that is aligned with the Brazilian presidency's priorities.
G20 advances consensus on reforming Multilateral Development Banks and broadening discussions on foreign debt
In Fortaleza, the G20 agreed to include debtor countries in discussions on foreign debt and to reform the Multilateral Development Banks (MDBs) to enhance investment capacity in Global South countries. Brazilian proposals on exchanging debts for investments and including debt suspension clauses for extreme weather events were also discussed.
Multilateral Development Banks deepen collaboration to work as a system
Developing a banking system is on the agenda of the G20 International Financial Architecture WG. The goal is to make institutions better, bigger and more agile in the face of the challenges of the global economy.
Lula discusses priorities at G20 with IMF and Asian Investment Bank
The President discussed the reform of global governance with the heads of multilateral financial institutions and defended investments to promote social inclusion and combat poverty. The meetings happened in Brasilia on Monday (4/3) and were attended by Fernando Haddad, Minister of Finance, and Dilma Rousseff, President of the NDB.
The International Financial Architecture Working Group holds its first meeting and debates global challenges and priorities
The first meeting of the G20 International Financial Architecture Working Group, presided by Brasil, discussed proposals to remodel the global financial order. The focus is on strengthening international financial institutions, approaching the challenges of sovereign debt and promoting resilient capital flows. The quest for a more effective and representative financial architecture is expected to dominate the proposals discussed in the Working Group, with important advancements in terms of the global economic and financial stability.
G20 in Fortaleza: world delegates seek solutions for global financial challenges
At the opening of the meeting, authorities highlighted the importance of international cooperation to guarantee investments for developing countries to counter hunger and poverty. Until Wednesday, the 13th, the G20 WG will also discuss external debt, the international payments system, and strengthening multilateral development banks.