Bond's reaction to the Summit for a New Global Financial Pact

Today, Friday 23 June, concludes the summit for a New Global Financing Pact, in Paris.

World leaders and heads of multilateral development banks have met in Paris over the past two days to mobilise public and private sector support to meet the development and climate financing needs of low and middle-income countries.

Leaders have discussed how the most effective means of financing can be achieved through reforms of global financial architecture and debt relief.

In reaction to the outcomes of the summit, Stephanie Draper, Chief Executive of Bond, the UK network for organisations working in international development said:

We welcome the global leaders’ acknowledgement of the need to reform and transform our global financial system and the World Bank’s moves to ease the debt burden for countries impacted by climate disasters.

But we are missing a deeper commitment and action from richer countries to share the burden and recognise the role they have played in sustaining global poverty and driving climate change.

The UK’s high-level absence in these conversations marks a noted departure from being a global partner and playing a leadership role by showing up and doing its fair share to build a more equitable, sustainable world.

ENDS.

Notes for editors

The official briefing can be found on the New Global Financial Pact website.
Bond released a media briefing ahead of the summit on what the organisation would like to see from governments, including the UK, at the summit and over the next year to drive forward global finance reform and to deliver on climate finance promises.
Today, Bond’s Sandra Martinsone, Head of Policy Advocacy and Research published an op-ed in City A.M. about the Summit: Doling out more debt to developing countries won’t help without giving them a global voice
Bond is the UK network for organisations working in international development. Bond unites and supports a diverse network of over 350 civil society organisations from across the UK, and allies to help eradicate global poverty, inequality and injustice.
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