At UN, Foreign Minister Khanal calls for reform of international financial architecture

Foreign Minister Shishir Khanal has called for timely reform of the international financial architecture to enhance the voice and representation of developing countries. He expressed this view at the 50th annual meeting of the Group of 77 and China, held on the sidelines of the UN's 81st General Assembly in New York.

Minister Khanal said unity must be renewed to strengthen multilateralism and effectively amplify the voice of the Global South. He stressed the need to accelerate implementation of the Sustainable Development Goals through adequate and accessible finance, technology transfer and capacity building.

Referring to the recent floods in Bhotekoshi, he called for grant-based climate finance. At a high-level meeting of the Global Development Initiative (GDI) at UN headquarters, he said the remaining time until 2030 must be used for rapid implementation.

According to him, only about 36 percent of the Sustainable Development Goals are on track, and there is an annual financing gap of nearly $4 trillion. Praising the GDI put forward by Chinese President Xi Jinping, Minister Khanal noted that Nepal has already joined its Group of Friends.

He said there is great potential for cooperation in poverty reduction, agriculture, renewable energy, infrastructure and digital transformation. He also expressed gratitude to the Chinese government and people for their support during the floods.