Leaders head to Paris for key finance meeting

STORY: A meeting which could change the way global finance is done got under way in France on Thursday (June 22).

Leading political figures are attending the event in Paris - called the "Summit for a New Global Financial Pact".

French President Emmanuel Macron is hosting the event.

"And for me, this year and next year are absolutely critical. If we miss the target, if we are not sufficiently ambitious and efficient, if we don't move our standards and portfolio, trust of our people will be lost."

The summit aims to build top-level agreement on how to progress a number of initiatives struggling in bodies like the IMF, G20 and U.N.

The aim is to build roadmaps for the next 18-24 months to deal with issues like debt relief and climate finance.

Talks will also focus on how to boost crisis financing for low-income countries.

Many of the topics on the agenda take up suggestions from a group of developing countries.

Barbados Prime Minister Mia Mottley:

"And Emmanuel, I've left you for last because privately I call this the 'How dare you summit'. How dare you? How dare you upset the order? How dare you step out of your crease and summon us all to this inflection moment that will determine whether we will have the capacity and the will to bring peace and scope to the problem."

One senior French diplomat said the international financial system is no longer adapted to face financing challenges.

It comes after the health crisis pushed many poor countries into debt distress.

Many of those states also face the challenge of tackling the impacts of climate change while adapting to the green transition.

Wealthy nations have yet to come good on climate finance promised as part of a past pledge to mobilize $100 billion a year.

Binding decisions are not expected at the meeting.

But officials said some strong commitments should be made about financing poor countries.

Officials said there should be an announcement that a $100 billion target has been met.

And that will be made available through the International Monetary Fund for vulnerable nations.