PM puts five points to reshape global financial system

UNB :
Prime Minister Sheikh Hasina on Tuesday said the world financial system needs fundamental shift to address the ongoing financial crisis across the globe.

She put forward five points in reshaping the financial system while speaking at the High-level Roundtable titled “Towards a Fair International Financial Architecture” held at UN Headquarters here.

The points are:
First, MDBs, IFIs, and private lending agencies must re-align their priorities and mobilize additional funds for SDG implementation and climate action.

Second, funds need to be made available for developing countries at low-cost, concessional rates, and preferably in higher quantities of grants;
Third, all lending instruments should have disaster clauses to allow vulnerable countries to absorb shocks during crises;
Fourth, fair and effective debt relief measures need to be given priority based on coordination and transparency among creditors; and,
Fifth, instead of quotas, SDR borrowing limits should be based on needs and vulnerability, supported by easy lending processes.