The Commonwealth Secretary-General, Patricia Scotland, said in her opening remark, “Our world faces overlapping, interlinked and accelerating economic, security and environmental challenges. They entwine and accelerate to amplify existing inequalities, threatening stability, resilience and development prospects.
“The need for ambitious, systemic change has never been greater. As the Commonwealth family, representing one-third of humanity, we are joining forces to call for reform of the global financial system to deliver an architecture that is multi-dimensional, fit-for-purpose and adaptive to emerging and existing challenges, to build and achieve resilience and achieve sustainable development.”
She highlighted that the Commonwealth’s Universal Vulnerability Index provides a solid basis to better target support for those who need it the most. Also, the Prime Minister of Barbados, Mia Mottley, said, “The continued discriminatory treatment between the global north and the global south really cannot continue, especially in a poly-crisis. The time is now for action and to ensure that the global financial system is fit for purpose.”All rights reserved.