Pokhara, 27 September | Foreign Minister Shishir Khanal has called for timely reforms in the international financial architecture to increase the voice and representation of developing countries in global economic governance. Addressing the 50th annual meeting of the Group of 77 and China, held at the United Nations Headquarters in New York on the occasion of the 81st session of the United Nations General Assembly, Khanal emphasized the need to strengthen the participation of developing countries in international decision-making processes.
According to his secretariat, Minister Khanal stressed the need to renew unity and collective efforts to strengthen multilateralism and ensure that the concerns of the Global South are effectively represented. He said the rules-based multilateral system centered on the United Nations should be further strengthened, while implementation of the Sustainable Development Goals should be accelerated through adequate and accessible financial resources, technology transfer and capacity-building support.
Khanal also emphasized the importance of reducing existing inequalities through economic and digital transformation. Referring to the significant loss of lives and property caused by the recent Bhotekoshi floods in Nepal, he highlighted the need for climate justice and greater international support for countries vulnerable to climate-related disasters. He called for grant-based climate finance to help developing countries address climate-induced disasters and urged stronger North-South, South-South and triangular cooperation for shared prosperity.
