Reforming Global Finance: A Call for Inclusivity and Equity

Finance Minister Nirmala Sitharaman called for comprehensive reforms in the international financial architecture and credit rating systems during her address at the 4th International Conference on Financing for Development in Seville, Spain. She underscored the need for inclusivity and equity in global finance.

Sitharaman emphasized the importance of enhancing climate finance, urging developed nations to bolster their contributions. She highlighted that climate finance should be predictable, accessible, and concessional, particularly for vulnerable countries needing adaptation support.

The Finance Minister also noted the significant role of the Global Sovereign Debt Roundtable in improving debt transparency. She further advocated for international cooperation to modernize tax systems and curtail illicit financial flows, reflecting India's successful tax reforms and digital advancements.

(With inputs from agencies.)