Development finance system needs urgent reforms, more money, to stave off disaster - public, private groups

WASHINGTON : The global development finance system needs urgent reforms and far more private capital to address the multiple, overlapping crises that are pushing 250 million people back into extreme poverty, major public and private groups said in a statement.

"We call on governments and the private sector to mobilize development finance at the pace and scale needed to respond to these compounding crises. That is the only way we can put the world on track to achieve the Sustainable Development Goals and the Paris Climate Agreement," they said. Russia's war in Ukraine was also stoking global food insecurity by driving up the prices of wheat, corn, soybeans, fertilizers and sunflower oil, they said.

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US leads G20 boycott of Russian finance officialsUS Treasury Secretary Janet Yellen led a multinational group of finance chiefs on a walkout Wednesday as Russian officials spoke during a meeting of the G20, in the latest protest by Western nations over Moscow's invasion of Ukraine.Russia's attack on its neighbor loomed over the meeting of finance ministers and central bank governors from the world's most developed countries, the first since President Vladimir Putin ordered the invasion in late February.
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