New global financial pact: Finance Minister represents President Tebboune at Paris Summit
BY: Hana Saada
ALGIERS- The Minister of Finance, Laaziz Faid, has embarked on a significant mission as the representative of President Abdelmadjid Tebboune at the Summit for a new global financial pact. The event, scheduled for June 22nd and 23rd, aims to bring together global leaders, multilateral financial institutions, international organizations, private sector representatives, and civil society to discuss pressing issues and propose innovative solutions.
In a press release issued by the Ministry of Finance, it was emphasized that the summit will focus on converging various agendas, including climate change, debt management, and sustainable development goals. By tackling these challenges head-on, the summit seeks to develop recommendations that can address the needs of vulnerable and low-income countries effectively.
Algeria’s active participation in this important gathering reflects the country’s dedication to contributing to the discourse on development financing. The Algerian authorities are keen on addressing the multidimensional crises stemming from the COVID-19 pandemic, over-indebtedness, and climate change. These challenges necessitate the establishment of a sustained dynamic, leading to tangible commitments for a new financial pact between the North and the South.
The significance of Algeria’s representation at the Paris Summit cannot be overstated. By engaging in these discussions and sharing their perspective, Algerian officials aim to shape the future financial landscape by promoting inclusivity, sustainability, and equitable development. As a country with a diverse economy and a strong commitment to social progress, Algeria’s insights and experiences can contribute significantly to the formulation of effective and comprehensive solutions.
The summit’s agenda, which spans over two days, provides a unique platform for leaders and stakeholders to engage in constructive dialogue and exchange ideas. By collaborating with participants from various sectors, including governments, financial institutions, and civil society organizations, the aim is to develop recommendations that are holistic and address the complex challenges faced by countries worldwide.
One of the key areas of focus will be climate change, as it continues to pose significant threats to global stability and prosperity. The summit seeks to explore innovative financing mechanisms to support climate adaptation and mitigation efforts, particularly in vulnerable regions. By mobilizing financial resources and fostering cooperation between nations, the international community can work towards achieving the objectives outlined in the Paris Agreement and create a sustainable future for generations to come.
Furthermore, the issue of over-indebtedness will be addressed comprehensively during the summit. The economic repercussions of the COVID-19 pandemic have exacerbated debt burdens for many countries, especially those with limited resources. Finding viable and sustainable solutions to alleviate debt pressures and ensure long-term economic stability will be a key objective of the discussions.
The summit’s ultimate goal is to establish a new financial pact between the North and the South, characterized by cooperation, fairness, and shared responsibility. This pact would aim to address the systemic issues that perpetuate inequality and hinder the development of vulnerable nations. By fostering a spirit of solidarity and collaboration, countries can work together to create
