ArmInfo. At the Financing for Development Forum held under the auspices of the UN Economic and Social Council (ECOSOC) in New York, Deputy Minister of Finance Edgar Mkrtchyan spoke about global economic challenges and presented Armenia's strategic priorities in modernizing the international financial system and financing for development.
According to the press service of the Armenian Ministry of Finance, he presented innovative instruments for ensuring debt sustainability, in particular the "debt-for-development swap" mechanism. This approach directly links debt reduction with investments aimed at enhancing climate resilience and environmental protection, creating a strong link between financial stability and the Sustainable Development Goals (SDGs).
Touching upon the principles of international lending, Mkrtchyan emphasized the importance of utilizing criteria beyond GDP. He argued that incorporating additional metrics would allow for a more accurate assessment of the vulnerability levels of middle-income countries. Furthermore, he highlighted the expansion of national currency lending as a vital tool for bolstering economic resilience, reducing dependence on exchange rate fluctuations, and stimulating the growth of domestic capital markets.
In his closing remarks, Mkrtchyan stressed the necessity of a fundamental transformation of the global financial system. He stated that the ultimate goal is to evolve international lending from a heavy economic burden into a genuine and effective engine for national development.
The Financing for Development Forum is dedicated to the launch of the Sevilla Commitments and the modernization of the global financial system. The goal of the forum is to promote reforms of the global financial system and expand financing opportunities for developing countries to achieve the Sustainable Development Goals (SDGs). High-level meetings with the leadership of the Bretton Woods institutions, the International Trade Organization, and the UN Conference on Trade and Development, as envisaged by the Sevilla Agreements, are also scheduled within the framework of the forum.
