From 22^nd 23^rd June 2023, France hosted an international conference for a new global financial pact that brought together a hundred or so Heads of State and Government, Heads of multilateral development banks, 120 NGOs, 70 private sector partners and 40 international organizations. During the Summit, the issues at stake were the repercussions of the multiple climate, energy, health and economic crises, particularly in the most vulnerable countries. The financing needed to address these crises were also central to the event’s programme.

The four major objectives for the Summit were:

• Restoring fiscal space to countries facing short-term difficulties, especially the most indebted countries
• Promoting private sector development in low-income countries
• Encouraging investment in green infrastructure for the energy transition in emerging and developing countries
• Mobilizing innovative financing for countries vulnerable to climate change.

The need for a new global financial pact is informed by the fact that International financial solidarity is still based on the World Bank and International Monetary Fund (IMF), which came about in 1944 through the Bretton Woods Agreement. However, the emergence of a number of countries since then and their economic rise, as well as shifts in the global geopolitical order, have prompted the need to reform these institutions and change existing financial mechanisms.