Global leaders convene in Paris for summit on New Global Financing Pact

President Emmanuel Macron of the French Republic has invited world leaders, including President Ranil Wickremesinghe, to participate in the highly anticipated Global Leaders’ Summit for a New Global Financing Pact. The event, scheduled to take place in Paris on 22 and 23 June, with the aim to address the pressing challenges faced by the world today.

The Summit highlights the urgency of finding solutions to the multiple crises plaguing the global community. These crises range from climate change and biodiversity loss to the ongoing impacts of the COVID-19 pandemic, escalating conflicts, and growing inequalities. Such issues have significantly restricted the financial manoeuvrability of nations and pushed public debt levels to record highs, jeopardizing the achievement of Sustainable Development Goals (SDGs) and the targets outlined in the Paris Agreement on climate change and the Kunming-Montreal agreement on biodiversity.

Recognizing the need for a new financial pact to confront these challenges, President Macron extended a formal invitation to President Wickremesinghe, emphasizing the importance of collective action. The Summit aims to establish a shared vision for reforming the multilateral financial sector and charting a path towards a decarbonized global economy that aligns with the SDGs.