Muhammad Yunus Advocates for Financial System Redesign in the Global South to Foster Inclusive Wealth Distribution

Muhammad Yunus, Chief Advisor of the Bangladesh government, called for a redesign of the financial system in the Global South to ensure wealth is shared by all. He emphasized that social business and entrepreneurship could create miracles, addressing issues such as poverty, unemployment, and environmental problems.

Muhammad Yunus, Chief Advisor of the Bangladesh government, urged a redesign of the financial system in the Global South. He emphasized that social business entrepreneurship could work miracles, creating a world of zero net carbon emissions, zero wealth concentration, and zero unemployment.

Addressing the 'Third Voice of Global South Summit' virtually hosted by India, Yunus criticized the current education and financial systems for preparing youth primarily for jobs, neglecting their creative capacities. The Nobel laureate advocated for a new system to harness the creativity of the Global South's youth.

Yunus, a pioneer in microfinancing, proposed common facilities to unleash the energy of young populations through social business. He highlighted the importance of financial services for all, particularly women and youth, and invited Global South leaders to collaborate on social businesses to tackle social and environmental issues.

(With inputs from agencies.)