The Summit for a New Global Financial Pact, held in France last Thursday and Friday, ended with several decisions in favour of poor countries.

World leaders met in Paris to discuss reforming the global financial system for the climate, while addressing North-South inequalities. The Summit gave rise to a lot of promises, and only one resolution. Emmanuel Macron welcomed a “complete consensus” to “deeply reform” the global financial system

First, Zambia's creditor countries, including China, agreed to restructure part of its debt, valued at $32.8 billion, including $18.6 billion with foreign creditors. The announced restructuring concerns bilateral loans, granted by states, which amount to 6.3 billion dollars, including 4.1 billion for China alone, according to a French government source

Second, a group of rich countries and development banks have committed to mobilising 2.5 billion euros to help Senegal reduce its dependence on fossil fuels. “Senegal is committed to increasing renewable energies to 40% by 2030 [...] with funding of the order of 2.5 billion euros”, declared the Senegalese President Macky Sall, announcing this “partnership for a fair energy transition” (JETP) established with France, Germany, the United Kingdom, Canada and the European Union, reports “Jeune Afrique & raquo;. Whether the promise will be fulfilled remains to be seen.

Thirdly, the World Bank announced “expanding the toolbox” for international aid with new instruments. Another measure, revealed by the head of the World Bank, consists of offering insurance to states for development projects. All this remains - for now - in the form of announcements.

Fourthly, the International Monetary Fund (IMF) will increase its funding for poor countries to $100 billion. In 2021, the international community agreed on the principle of a global issue of $650 billion in Special Drawing Rights (SDRs), the IMF's reserve currency, which could be used for development and climate transition. Rich countries have promised to return part of their SDRs to poor countries, reaching an amount of 100 billion