Foreign Minister Khanal calls for reform in international finance structure
KATHMANDU:- Foreign Minister Shisir Khanal has called for timely reforms to the international financial structure in a way that enhances the voice and representation of developing nations in the global economic governance system.
Addressing the 50th annual meeting of the Group of 77 (G-77) and China, held Saturday at the United Nations Headquarters in New York on the sidelines of the 81st session of UN General Assembly (UNGA), the Minister stressed the need for stronger cooperation among developing countries and greater unity among the Global South.
According to the Minister’s Secretariat, the Minister on the occasion echoed the need to renew unity and collective efforts to strengthen multilateralism, calling for effectively raising the voice of the Global South.
He said the UN-based international system should be further strengthened, emphasizing the need to accelerate the implementation of the Sustainable Development Goals (SDGs) through adequate and accessible financial resources, technology transfer, and capacity building. He also highlighted the need to bridging existing inequalities through economic and digital transformation.
The Minister for Foreign Affairs also spoke about the recent floods in Bhotekoshi-Trishuli river system in Nepal, which caused significant loss of life and property.
He called for climate justice and more grant-based climate finance to help countries affected by climate-related disasters. He urged the further strengthening of North-South, South-South, and triangular cooperation for shared prosperity.
