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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