In an effort to unite multilateral efforts and the international financial system around shared goals, the UN Secretary-General António Guterres convened a summit to foster inclusive dialogue, take stock of commitments relating to financing the SDGs, and explore ways to strengthen collaboration between multilateral institutions for the implementation of the 2030 Agenda for Sustainable Development.  

The first Biennial Summit for a Sustainable, Inclusive and Resilient Global Economy brought together Heads of State and Government, major multilateral platforms such as the Group of 7 (G7) and the Group of 20 (G20), the incoming Presidency of the 2025 UN Climate Change Conference (UNFCCC COP 30), country groupings such as small island developing States (SIDS) and the least developed countries (LDCs), and the principals of international financial institutions (IFIs), including the World Bank and the International Monetary Fund (IMF).

Mandated by the Pact for the Future among the actions to reform the international financial architecture, the Summit was first proposed by the Secretary-General in his ‘Our Common Agenda’ report in 2021. Addressing participants, Guterres said the Summit builds on the premises of cooperation, coherence, and inclusivity and represents “networked, inclusive multilateralism in practice.”

IMF Managing Director Kristalina Georgieva discussed what countries can do to help support reforms. “Get your house in the best possible order,” she urged. Warning that the growing global public debt can deprive “many countries [of] the fiscal space they need to absorb future shocks and to attend to the pressing needs of their populations,” she recommended countries put debt on a “sustainable path, flat or downward” and implement structural reforms to attract private investment.

Cyril Ramaphosa, President of South Africa, which holds the 2025 G20 Presidency, emphasized the need to close the USD 4 trillion annual SDG financing gap. He called for “faster” and “fairer” debt relief and restructuring, affordable and accessible financing, and reform of the global taxation rules to help curb illicit flows.

Ngozi Okonjo-Iweala, Director-General of the World Trade Organization (WTO), pointed to the “remarkable resilience” of the trading system despite the “unstable and uncertain equilibrium” created by tariff actions by the US. Welcoming all free trade and regional trade agreements, she encouraged Member States to diversify trade.

In her closing remarks, Deputy Secretary-General Amina Mohammed urged participants to shift their focus “from reflecting on the events of today to what you can do tomorrow” – to unlock more finance, make debt work in service of development, and create a fairer system.

Convening three months after Member States agreed on a set of actions under a new global financing framework at the Fourth International Conference on Financing for Development (FfD4), the first Biennial Summit for a Sustainable, Inclusive and Resilient Global Economy took place in New York, US, on 24 September, during the High-Level Week of the 80th session of the UN General Assembly (UNGA). [Watch First Biennial Summit for a Sustainable, Inclusive and Resilient Global Economy] [UN Press Release] [UN News Story]