‘Have to redesign financial system to ensure wealth shared by all:’ Dr Yunus on 3rd Voice of the Global South summit
The financial system of Bangladesh needs to be redesigned in a way that makes sure wealth is shared by all, said the Interim government’s Chief Adviser Dr Muhammad Yunus, today (17 August).
“My life-long experience has been that our financial system is created to promote wealth concentration. We have to redesign our financial system to make sure wealth is shared by all,” he said while virtually attending the third Voice of the Global South summit.
“It should not be a one-way path for wealth. We must ensure financial services for all people, particularly women and youth. We can learn from each other how this can be done successfully,” he added.
“Many countries have taken a lead in this matter. We need to do more. Finance should never be a wall for anybody. It should be designed to unleash entrepreneurship and creativity. Social business banks can be encouraged to be created for solving problems such as poverty and unemployment,” he added.
The chief adviser said, “Being old should not mean that you have to retire, withdraw yourself from economic activities. Human creativity never stops on a date fixed by the state. It doesn’t stop until the last breath.
“We may work together to see how to make societies supportive of creativity of all people as long they live,” he added.
The third Voice of the Global South summit is Dr Yunus’s first multilateral engagement after taking oath as head of the interim government.
Earlier, Indian Prime Minister Narendra Modi invited Prof Yunus to attend the summit.
The inaugural session is being held at the Head of State/Government level and is hosted by the Indian premier.
The theme of the Inaugural Leaders’ Session is the same as the overarching theme of the summit, “An Empowered Global South for a Sustainable Future”.
India had hosted the 1st Voice of Global South Summit (VOGSS) on 12-13 January 2023 and the 2nd Voice of Global South Summit on 17 November 2023, both in virtual format.
Both the previous editions of the summit saw participation of over 100 countries from the Global South.
