G20 Leaders recognised that the 21st century requires an international development financing system that is fit for purpose to address today’s global challenges as well as the shocks facing developing countries, in particular the poorest and most vulnerable. They called for better, bigger and more effective multilateral development banks (MDBs) by enhancing operating models, improving responsiveness and accessibility, and substantially increasing financing capacity to maximise development impact.
One of the key challenges of the 21st century is managing increasing debt vulnerabilities. Enhanced coordination amongst various stakeholders is needed to ensure that debt challenges are addressed. Multilateral institutions can play a key role in building a greater common understanding among key stakeholders involved in debt restructuring.
The seminar is being organised to discuss and deliberate on how to take forward the actions identified in the NDLD with a focus on two issues: “Reforming international financial institutions” and “Managing global debt vulnerabilities”.
