Towards a new international financial architecture

Within the framework of the XIV Meeting of Economists CAF-Segib, the Ibero-American Secretary General and the Manager of Resource Mobilization and Global Partnerships of CAF discussed new forms of international financial architecture.

The discussion on new perspectives for a new international financial architecture was opened by Cristina Manzano, Director of External Relations at Segib, who recalled that last year the main topic of the SDG Summit was the need to reform this international financial order in order to achieve the goals set by the 2030 Agenda and face the challenges of climate change and the digital transition. One year later, the debate is still ongoing.

For Allamand, the importance of addressing this financial reform jointly by Ibero-America, lies in the need to provide responses to the triple challenge (green transition, digital transition and social crisis) that the region is experiencing, in a complex framework, with an economy that is not growing in a positive way and high indebtedness on the part of the countries. “All these issues require a new financial architecture, an issue on which the region must raise a solid and unanimous voice.”

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Ignacio Corlazzoli, CAF’s manager for Resource Mobilization and Global Partnerships, said that this new perspective requires a roadmap that promotes a greater increase in public and private capital, new financial instruments and better coordination between banks and new actors in the Global South to respond to issues such as security or migration. CAF, as the Ibero-American bank, together with other multilateral institutions, has a fundamental role in promoting this roadmap.

In order to move forward, both speakers agreed on the importance of approaching the next major events for the region, such as the Autumn meetings of the IMF and World Bank, the G20 in Rio de Janeiro, the Ibero-American Summit in Cuenca and the Sustainable Financing Summit in Seville in July 2025, with a firm position that emphasizes the need to create financial instruments that facilitate a greater flow of resources for sustainable development and expand the access that Ibero-American countries have in terms of financing.

The importance of addressing this financial reform jointly by Latin America, goes through the need to provide responses to the triple challenge (green transition, digital and social crisis)

“Recalling the words of the Ibero-American Secretary General, Enrique Iglesias, these institutions are more than banks; it is not therefore a technical issue, it is a question of political will,” said Corlazzoli.

Secretary-General Allamand also recalled the work already carried out years ago by his predecessor, Rebeca Grynspan, on special drawing rights. In addition, at the last Summit, the 22 leaders approved a Special Communiqué on International Financial Architecture that advocates a structural reform of the conditions of international financing to expand access by low- and middle-income countries to financial resources for sustainable development.