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Making the International Financial System Work

The annual meetings of the International Monetary Fund and the World Bank have proved once again that where there is political will, there is a way forward. We can make meaningful progress toward a fairer, more efficient international financial system.

MARRAKESH – In the last two years, a series of international summits have focused on the future of the global financial architecture. But as we convened in Marrakesh for the annual meetings of the International Monetary Fund and the World Bank, many were asking whether it made sense to try to fix the existing system. Some were already convinced that this is neither possible nor desirable.

Let’s prove them wrong.

We arrived in Marrakesh four months after leaders gathered in Paris for the Summit for a New Global Financing Pact, where they laid out four principles that should guide our global efforts. The pillars of the so-called Paris Pact for People and the Planet echoed the finance-related outcomes of the United Nations Climate Change Conference (COP27) that took place in Sharm El-Sheikh seven months earlier; and they animated the negotiations at the G20 Summit in New Delhi, the Africa Climate Summit in Nairobi, and the recently concluded UN General Assembly in New York.