The "Summit for a New Global Financial Pact", held in the French capital aims to forge a top-level consensus on how to progress a number of initiatives currently struggling in bodies like the G20, COP, IMF-World Bank and United Nations.
The coronavirus pandemic pushed many poor countries into debt distress as they were expected to continue servicing their obligations in spite of the massive shock to their finances. Though binding decisions are not expected, officials involved in the summit's planning said some strong commitments should be made about financing poor countries.created the World Bank and International Monetary Fund , leaders aim to squeeze more financing from multilateral lenders for the countries that need it most.
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