LONDON (KAAB TV) – World leaders convening in Paris for the Summit for a New Global Financing Pact (PACT) must prioritize urgent assistance to countries grappling with debt and climate crises, according to Amnesty International.
The organization is calling for wealthier nations to commit to comprehensive debt relief, including loan cancellations, and to increase international support to vulnerable states.
The summit, taking place over two days, aims to address the pressing challenges faced by lower-income countries and ensure that financial pledges made by wealthier nations are honored.
Amnesty International emphasizes the importance of protecting the rights of people in lower-income countries and stresses the need for coordinated international action, debt restructuring, and debt cancellation to alleviate unsustainable levels of debt.
The organization also calls for the establishment of a global social protection fund to assist countries struggling to provide adequate protections.
Amnesty International highlights the connection between climate change and debt distress, urging wealthier states to fulfill their commitments to provide climate finance and help vulnerable nations mitigate and adapt to the impacts of the climate crisis.
The organization underscores the urgency of the situation and encourages leaders to seize the opportunity for progress at the G20 Leaders’ Summit and COP28 climate meeting later in the year.
Amnesty International emphasizes the importance of tax and financial reform to create a more inclusive and equitable global financial system.
While expressing concerns about some aspects of the summit, the organization calls for the protection of the rights of marginalized populations and a shift away from fossil fuels towards economic and social rights.
The summit was inspired by the Bridgetown Initiative, an agreement reached in 2022 in Barbados to address the debt, climate, and cost-of-living crises.
Over 50 heads of state or government are expected to attend the summit.
Amnesty International draws on the UN guiding principles on foreign debt and human rights, which provide guidance on the obligations and responsibilities of debtors and lenders in relation to human rights.