UN SUMMIT OF THE FUTURE (Syllabus: GS Paper 3 – Economy)

Context: The UN Secretary-General recently emphasized that the reform of multilateral development banks (MDBs) will be a key theme at this year’s Summit of the Future, the flagship event of his term, scheduled during the annual high-level UN General Assembly meeting this September.

UN Summit of the Future

• About: It is a timely initiative by the United Nations, recognizing historically unprecedented challenges in their globality and vast time horizon.
• Aim: To build upon the Sustainable Development Goal (SDG) Summit and deliver an action-oriented Pact for the Future to accelerate progress towards the Sustainable Development Goals, achieved through an action-oriented outcome document called the Pact for the Future.
• A High-Level Event: The summit gathers world leaders to forge a new international consensus on delivering a better present and safeguarding the future.
• Restoring Trust and Cooperation: It serves as a moment to mend eroded trust and demonstrate that international cooperation can effectively tackle current challenges and those that have emerged or may yet emerge.
• Participation: The high-level event will bring together UN Member States, UN agencies, NGOs, CSOs, academic institutions, the private sector, and youth under the theme, ‘Summit of the Future: Multilateral Solutions for a Better Tomorrow’.
• Centered Around Five Key Targets:

oReaffirm the UN Charter

oReinvigorate multilateralism

oBoost implementation of existing commitments

oAgree on solutions to new challenges

oRestore trust