The World Bank chief announced a raft of measures on Thursday to aid countries hit by natural disasters, including a pause in debt repayments to the lender.
Around 40 leaders, as well as international organisations, have gathered in Paris for the "Summit for a New Global Financial Pact" with the goal of boosting a new global finance agenda.
"It is clear that the international financial architecture has failed in its mission to provide a global safety net for developing countries," United Nations Secretary General Antonio Guterres said, calling the system outdated, dysfunctional and unjust. "African countries are facing an unprecedented funding squeeze which have aggravated the vulnerabilities," he said.
The summit aims to create roadmaps for the next 18-24 months, ranging from debt relief to climate finance. Many of the topics on the agenda take up suggestions from a group of developing countries, led by Barbados Prime Minister Mia Mottley, dubbed the "Bridgetown Initiative".
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At Paris summit, World Bank unveils debt payment pause for disaster-hit countriesThe World Bank chief announced a raft of measures on Thursday to aid countries hit by natural disasters, including a pause in debt repayments to the lender, at a gathering of world leaders in Paris to give impetus to a new global finance agenda.
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At Paris summit, World Bank lays out plans to tackle natural disastersThe World Bank chief will announce a raft of measures on Thursday to aid countries hit by natural disasters, including a pause in payments to the lender, as world leaders gather in Paris to give impetus to a new global finance agenda.
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World Bank set to pause loan repayments by disaster-hit nations - FTThe World Bank will allow countries hit by disasters to pause repayments on loans to the multilateral lender, the Financial Times reported on Thursday.
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World Bank set to pause loan repayments by disaster-hit nations, Financial Times reportsThe World Bank will allow countries hit by disasters to pause repayments on loans to the multilateral lender, the Financial Times reported on Thursday.
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