Sitharaman Calls for Global Financial Reforms at Summit

FM notes the financing gap for developing countries has widened beyond $4 trillion annually

- Rhik Kundu

Finance minister Nirmala Sitharaman called for urgent reforms to the global financial architecture, along with scaled-up climate finance and sovereign debt restructuring, especially for vulnerable economies and the Global South.

Speaking at the 4th International Conference on Financing for Development on Tuesday in Seville, Spain, Sitharaman said a decisive and transformative global response is needed as progress on the United Nation's sustainable development goals (SDGs) remains off-track.

The SDGs, agreed by all governments, include non-binding targets such as removing poverty and hunger, and ensuring good health, quality education, and gender equality by 2030.

Sitharaman also noted that the financing gap for developing countries has widened beyond $4 trillion annually.

"The need for urgent and transformative action is clear," she said.