"The truth is without a deep reform of financial institutions, and unless we solve the vicious debt trap, we will never deliver on the SDGs," UN General Assembly President Annalena Baerbock said.

UNITED NATIONS, Sept. 24 (Xinhua) -- The United Nations held its first Biennial Summit for a Sustainable, Inclusive and Resilient Global Economy on Wednesday to discuss the reform of the international financial system towards realizing its Sustainable Development Goals (SDGs).

The summit, first proposed by UN Secretary-General Antonio Guterres in his 2021 "Our Common Agenda" report, was held during the High-level Week of the 80th session of the UN General Assembly at UN headquarters in New York, the United States.

With over a 4-trillion-U.S.-dollar gap in financing the SDGs waiting to be filled, "it offers clear recommendations on international financial reform, including giving developing countries a greater say within international financial institutions," said UN General Assembly President Annalena Baerbock at the summit.

"The truth is without a deep reform of financial institutions, and unless we solve the vicious debt trap, we will never deliver on the SDGs," Baerbock said.

In his opening remarks, Guterres envisioned the summit as a platform to bring coherence, ambition and inclusive induction to the global financing conversation. "We also understand that today's international financial architecture needs reform to respond to the world of today and the scale and complexity of its challenges."

Scarce public resources and an unfair system necessitate the reform. "There is a huge bias against the interests of the developing countries," the UN general secretary said.

UN Economic and Social Council President Lok Bahadur Thapa said the summit was designed to strengthen systemic links between the United Nations and international financial institutions. Trade frictions are eroding trust in the multilateral trading systems, and "our task is to restore the trust... It also means ensuring reforms are inclusive, equitable, and legitimate," Thapa said.

International financial institutions, including the WTO, the IMF, the World Bank and regional banks, joined UN member states on Wednesday in discussing and addressing the critical challenges facing development finance.

IMF Managing Director Kristalina Georgieva held that the global economic system is being reset in multiple ways, adding that the IMF will "continue to play a very constructive role and support financially our members, especially lower-income countries."

"The trading system needs deep reform," said WTO Director-General Ngozi Okonjo-Iweala. "We should deploy scarce resources more effectively."

"Africa's voice has too little influence in shaping global economic governance. Today, this summit provides an inclusive platform where the priorities and needs of African countries can be heard and translated into global action," said African Union Commission Chairperson Ali Youssouf. "Africa's financing needs are immense."