G20 Leaders Vow to Speed Up Reform of International Financial System
© Photo Russian Foreign Ministry
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MEXICO CITY (Sputnik) - On November 18-19, the G20 Summit is taking place in Rio de Janeiro, Brazil. According to the press service of the association, the leaders of the 19 member countries are participating in the event, as well as representatives of the African Union and the European Union.
Following the summit in Rio de Janeiro, the G20 leaders agreed to accelerate the reform of the international financial system so that it meets the goals of sustainable development, combating climate change and efforts to eradicate poverty, according to the final declaration of the event.
"We will accelerate the reform of the international financial architecture so that it can meet the urgent challenge of sustainable development, climate change and efforts to eradicate poverty. We support the voluntary building-up of country platforms as one of the possible instruments to boost sustainable finance in emerging markets and developing economies," the declaration says.
The organization's leaders noted that financial platforms that are country-led, flexible and well-adapted to national circumstances "work as efficient instruments to mobilize both public and private capital to finance projects and programs in developing countries."
