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UN / INTERNATIONAL FINANCIAL ARCHITECTURE

Presenting the Secretary-General’s policy brief on the international financial architecture, Assistant Secretary-General for Economic Development Navid Hanif said “the current international financial system is not delivering the long term stable and affordable financing required to achieve the Sustainable Development Goals and combat, climate change.” UNIFEED
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STORY: UN / INTERNATIONAL FINANCIAL ARCHITECTURE
TRT: 02:33
SOURCE: UNIFEED
RESTRICTIONS: NONE
LANGUAGES: ENGLISH / NATS

DATELINE: 25 MAY 2023, NEW YORK CITY / FILE

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Shotlist

FILE - NEW YORK CITY

1. Wide shot, exterior UN headquarters

25 MAY 2023, NEW YORK CITY

2. Wide shot, press room dais
3. SOUNDBITE (English) Navid Hanif, Assistant Secretary-General for Economic Development, Department of Economic and Social Affairs (DESA):
“The current international financial system is not delivering the long term stable and affordable financing required to achieve the Sustainable Development Goals and combat, climate change. And this is due to many reasons but first and foremost, the economic landscape has changed. The nature of markets have changed, they're deeply integrated. The risks have changed. And the rising inequality and climate emergency.”
5. Med shot, journalist
6. SOUNDBITE (English) Navid Hanif, Assistant Secretary-General for Economic Development, Department of Economic and Social Affairs (DESA):
“This is for the first time in the UN's history, that a UN Secretary General is presenting such a comprehensive set of proposals to reform the international financial architecture, because he has repeatedly conveyed the financial system is morally bankrupt.”
7. Wide shot, press room dais
8. SOUNDBITE (English) Navid Hanif, Assistant Secretary-General for Economic Development, Department of Economic and Social Affairs (DESA):
“G20 has already started capital adequacy framework analysis, how the multilateral development banks could change their operations. It started in Bali under the Indonesian presidency. World Bank is already developing an evolution roadmap, how it has to evolve to finance the SDGs and to fight climate change. It's ongoing. Similarly, IMF held a roundtable on debt how do we deal with the debt distress of these 62 countries at risk or already in debt distress.”
9. Wide shot, press room dais
10. SOUNDBITE (English) Navid Hanif, Assistant Secretary-General for Economic Development, Department of Economic and Social Affairs (DESA):
“What do we see coming our way? First, we see immediate shift in operations of these multilateral development banks. The new president of the World Bank is assuming office today, and we see a change coming in that leadership also. So, we are fairly optimistic that these proposals will land at different platforms and make changes which are long awaited and now desperately needed to reverse climate change and rescue the Sustainable Development Goals.”
11. Wide shot, end of presser

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Storyline

Presenting the Secretary-General’s policy brief on the international financial architecture, Assistant Secretary-General for Economic Development Navid Hanif today (2 Jun) said “the current international financial system is not delivering the long term stable and affordable financing required to achieve the Sustainable Development Goals and combat, climate change.”

Talking to reporters in New York, Hanif said, “the economic landscape has changed. The nature of markets have changed, they're deeply integrated. The risks have changed. And the rising inequality and climate emergency.”

He said the policy brief, being launched as part of the Secretary-General’s Our Common Agenda Policy Brief series, represents “the first time in the UN's history, that a UN Secretary General is presenting such a comprehensive set of proposals to reform the international financial architecture, because he has repeatedly conveyed the financial system is morally bankrupt.”

The Assistant Secretary-General noted that some changes have already taken place. He said, “G20 has already started capital adequacy framework analysis, how the multilateral development banks could change their operations. It started in Bali under the Indonesian presidency. World Bank is already developing an evolution roadmap, how it has to evolve to finance the SDGs and to fight climate change. It's ongoing. Similarly, IMF held a roundtable on debt how do we deal with the debt distress of these 62 countries at risk or already in debt distress.”

Looking ahead, Hanif said, “first, we see immediate shift in operations of these multilateral development banks. The new president of the World Bank is assuming office today, and we see a change coming in that leadership also. So, we are fairly optimistic that these proposals will land at different platforms and make changes which are long awaited and now desperately needed to reverse climate change and rescue the Sustainable Development Goals.”

The Secretary-General’s proposal contains of six areas of action; reform of the global economic governance; sovereign debt markets; long term, affordable loans to developing countries; global financial safety net; short termism and volatility in financial markets; and redesigning the international tax system.

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