Kathmandu, 26 September (H.S.): Nepal’s Foreign Minister Shishir Khanal has stressed the need for timely reforms to the international financial system, calling for greater voice and representation for developing countries in global economic governance.

Addressing the 50th Annual Meeting of the Group of 77 (G77) at the United Nations Headquarters in New York during the 81st session of the United Nations General Assembly, Khanal emphasized the need to renew solidarity and collective action to strengthen multilateralism. He underscored the importance of amplifying the voice of the Global South and advancing towards a more equitable and inclusive global order.

Khanal highlighted the need to strengthen the United Nations-centred, rules-based multilateral system. He called for adequate and affordable financial resources, technology transfer and capacity-building support to accelerate action towards achieving the Sustainable Development Goals (SDGs). He also stressed the need to reduce widening inequalities among countries through economic and digital transformation.

Referring to the devastating floods that recently affected Nepal, the Foreign Minister emphasized the need for climate justice. He called for grant-based climate finance for developing countries bearing the brunt of the climate crisis. He also stressed the need to further strengthen North-South, South-South and triangular cooperation to advance shared prosperity.

He said that, alongside reforms to the international financial system, ensuring the effective participation of developing countries in decision-making processes is crucial to building a more equitable and inclusive global order.

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Hindusthan Samachar / Jun Sarkar