ADDIS ABABA – Prime Minister Abiy Ahmed has today joined world leaders gathering in Paris aiming to overhaul the current global financial system. The “New Global Financing Pact” Summit seeks to rally political leaders, financial institutions, and the private sector to lay a foundation for a new financial system that addresses inequality, debt overhangs, and climate change. Prime Minister Abiy, who arrived in Paris on Thursday morning, is among 40 world leaders including a dozen of African countries attending the two day summit. Abiy calls for urgent upgrade to the global financial systemToday, the PM participated in the roundtable entitled “Evolving the model of multilateral development Banks to address the 21st century challenges”. Developed nations have yet to come good on climate finance that they promised as part of a past pledge to mobilize $100 billion a year, a key stumbling block at global climate talks.

Source: Ethiopian News June 22, 2023 13:31 UTC