In an effort to address pressing challenges facing the global financial system, an upcoming workshop titled “Confronting debt, climate change and poverty: Global Financial architecture reform and fiscal space of developing countries” is set to take place on 19th March. Chaired by Tomas Tobé, Chair of the Committee on Development, the event will provide a platform for stakeholders to explore critical issues surrounding global financial architecture and the fiscal space of developing nations.
Exploring Fiscal Space:
The workshop aims to delve into the concept of fiscal space and its significance for developing countries. Participants will analyze the role of fiscal policies and instruments in enhancing available financing options, with a focus on aligning financial strategies with sustainable development goals (SDGs).
Calls for Reform:
Against the backdrop of mounting concerns over the alignment of the global financial system with the SDGs, the workshop will address calls for reform. Discussions will revolve around proposals for restructuring global economic governance, reducing sovereign borrowing costs, and establishing an inclusive global tax architecture.
Key Agenda Items:
United Nations Summit of the Future: The workshop will examine the agenda of the upcoming United Nations Summit of the Future, which includes discussions on debt relief, global economic governance reform, and sustainable development financing.
Brazilian Presidency of the G20: Participants will assess the priorities of the Brazilian Presidency of the G20, particularly regarding the reform of global governance institutions and initiatives aimed at advancing the SDGs.
Expert Insights and Analysis:
Distinguished experts from various fields will contribute insights into the complexities of global financial architecture. Topics of discussion will include the role of IMF Special Drawing Rights as a development policy tool and the impact of taxation, expenditure, and debt servicing on SDGs, with a particular focus on goals 1 (no poverty) and 10 (reduced inequalities).
Conclusion:
By fostering dialogue and collaboration among stakeholders, the workshop aims to catalyze efforts towards a more inclusive, equitable, and sustainable global financial system. Through informed discussions and actionable insights, participants will seek to identify strategies for addressing the challenges of debt, climate change, and poverty within the context of global financial architecture reform.
