India has reiterated its call for reform of international financial institutions to ensure greater representation for the Global South and provide developing countries with affordable and predictable financing. Speaking at the UN General Assembly’s Second Committee, Member of Parliament, C. P. Joshi said global financial institutions must be restructured to meet the needs of the 21st century.
Mr. Joshi highlighted India’s support for development in the Global South through the India-UN Development Partnership Fund, the IBSA Fund, the International Solar Alliance and the Coalition for Disaster Resilient Infrastructure. He said India is also sharing its expertise in digital public infrastructure, financial inclusion and domestic resource mobilisation with other developing countries.
India has committed 150 million dollars to the India-UN Development Partnership Fund, which allows recipient countries to set their own priorities without a loan component. It has also pledged around 70 million dollars for the Coalition for Disaster Resilient Infrastructure. India further called for the Sustainable Development Goals to respect national priorities and for unfinished development targets to continue beyond 2030.
