Global Financial Architecture Must Be Reformed to Create an Enabling Environment for Sustainable Development: Dr. Titumir

Dr. Rashid Al Mahmud Titumir, Adviser to the Prime Minister on Finance and Planning, has called for comprehensive reforms to the global financial architecture to ensure affordable, fair and risk-sensitive financing for developing countries.

He made the call on Friday at the “Leading SDG Action” Leaders’ Dialogue held at the United Nations Headquarters in New York.

“Our overall approach must be collective and forward-looking. We need to build a global financial architecture that not only finances development but also creates the enabling environment necessary to make development sustainable,” Dr. Titumir said.

To make the global financial system more effective and inclusive, Dr. Titumir outlined five priorities for reforming the international financial architecture, including multilateral development banks.

The priorities include developing financial mechanisms capable of anticipating and mitigating risks rather than relying primarily on reactive approaches to crises; strengthening the voice of vulnerable countries in the policymaking and decision-making processes of international financial institutions; ensuring long-term, affordable and equitable financing; improving alignment between international financing and national development priorities; and maintaining flexible support and preferential benefits for countries graduating from the Least Developed Country (LDC) category.

Dr. Titumir also highlighted Bangladesh’s “SDG Village” initiative as an example of grassroots-level implementation of the Sustainable Development Goals.

He said the initiative focuses on the needs and priorities of local communities and integrates efforts in renewable energy, safe water and sanitation, livelihood opportunities, women’s empowerment, digital services and climate resilience.

The dialogue was also attended by Teresa Ribera, Executive Vice-President of the European Commission; Aristide Medenou, Minister of Economy and Finance of Benin; and Beatrice Carles de Arango, Minister of Social Development of Panama.

The session was moderated by Sherwin Bryce-Pease of the South African Broadcasting Corporation.