SANTO DOMINGO, 26 March. (From Leyre Guijo, EUROPA PRESS special representative) –
Ibero-American leaders urged Ecuador, which holds the interim presidency of the Ibero-American Community, to present a “more concrete proposal” to reform the international financial system at the 2024 summit.
This is the relevant paragraph by the Head of Government, Pedro Sánchez, where the leaders have finally managed to ratify a special declaration on international financial architecture and also in a Closing statement.
Sánchez explained that the leaders decided to “authorize” Ecuador so that in light of the Quito summit in November 2024, they decided to prepare a “more concrete proposal for reforming the financial system”.
In the special statement, the leaders argue that “the current multiple and interconnected systemic crises are having a disproportionate impact on low- and middle-income countries, creating and exacerbating inequalities, affecting their economic development, hindering access to finance and reducing their capabilities.” responding to external economic shocks”.
“This panorama reaffirms the widespread need for a structural reform of the international financial architecture that allows for a greater flow of resources towards sustainable development and expands the boundaries of access that Ibero-American countries have in terms of financing,” they stressed, “to surcharges on international financial support loans. with reference to “.
For this reason, they argued that “innovative financial instruments with conditions that facilitate sustainable borrowing should be available in order to mitigate and/or mitigate the effects of climate change and encourage adaptation processes”.
Source: Noti Merica