Algeria’s Minister of Finance, Laziz Faid, called for a more inclusive and transparent international financial system that aligns with the specific needs of the Global South during his participation in the third South-South Summit on Saturday, according to a statement from the Ministry.
In his remarks at a virtual conference, Minister Faid emphasized that “reforming the international financial architecture is indispensable to make it more inclusive, transparent, and aligned with the particularities of the Global South, which has become a genuine driver of social and environmental transformation.”
The Minister further explained that “a global financial system centered on individuals is not only a noble goal but also an urgent necessity for achieving sustainable development goals and building a better future for everyone, where no one is left behind.”
He noted that “the countries of the Global South are currently at a critical crossroads in facing the comprehensive challenges of sustainable development.”
Minister Faid stressed the need to rethink traditional models of global finance that often promote economic growth without considering social and environmental realities. He stated, “Our goal must be clear: to place the human element at the center of all our financial initiatives.”
The Minister highlighted the importance of mobilizing resources that are not only sufficient but also accessible and equitable, emphasizing that these resources should be directed toward fighting poverty, reducing inequalities, and addressing urgent climate challenges.
Additionally, Faid underscored that access to clean and sustainable technologies remains “another priority for the Global South.” He advocated for easier access to low-cost financing for renewable energy projects and local technological innovation.
In his call to action, the Finance Minister urged his counterparts at the summit to “work collectively to build a new model of international development based on inclusivity, fairness, and solidarity to ensure that all people of the Global South benefit from the advantages of development.”
According to the statement, the third South-South Summit, held in India under the theme “Empowering the Global South for a Sustainable Future,” brought together around twenty countries from the Global South, particularly focusing on finance ministers. The summit addressed the topic: “Global Finance with a People-Centered Approach.”
The event provided an opportunity to share perspectives on various issues related to the challenges posed by global transformations, particularly those concerning debt in developing countries, access to low-cost financing, and the reform of multilateral development banks and financial inclusion.
