Developing Financial Systems to Achieve SDGs Worldwide

Monday 12 November 2018
Dubai - MENA Herald:

As part of the third Annual Meeting of the Global Future Councils, the Global Future Council on Development Finance emphasized the importance of developing a financial system that supports the achievement of sustainable development goals (SDGs), through integrating best local and international capital flows with SDGs financial initiatives.

The participants noted that integrating financial initiatives with SDGs initiatives will promote the capabilities of developing countries to improve the living conditions of their citizens and create a positive impact in the society.

They affirmed that this objective can be achieved through designing a new system to finance institutions and other stakeholders. The new system give countries access to the required resources that will help them achieve the SDGs and other climate-related aspirations.

In another meeting, the Global Future Council on Financial and Monetary Systems reviewed the impact of regulatory changes on the sector including the principles of encryption to ensure the proper use of data, strengthen the links between the stability of the financial system and economic growth, and the emergence of new players in the sector. In addition, the meeting discussed the role of technology and innovations, their impact on the society, and means of developing coordination and accountability across the global financial systems in both public and private sectors.

The participants shed light on the development of regulatory requirements, the digital assets, and the proper use of data that affect global financial and monetary systems. They called for exploring these systems, evaluating the impacts of technologies and the role of stakeholders, and considering the risks they impose on the society by adopting mechanisms to strengthen the links between stability of the financial system and economic growth.

The third Annual Meeting of the Global Future Councils is held in Dubai, under the patronage of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, in collaboration between the UAE Government and the World Economic Forum. The meetings bring together more than 700 of the most relevant and knowledgeable scientists, futurists and experts, grouped in 38 expertise-based, thematic councils that discuss the future of vital sectors and develop practical solutions to challenging issues.

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