The United Nations (UN) has historically served as a cornerstone of multilateral diplomacy, addressing global challenges through collective action, peace initiatives, and solidarity toward less advantaged nations. In recent years, however, multilateralism has been challenged by rising geopolitical tensions, uneven economic growth, and institutional inefficiencies. The UN has responded with Our Common Agenda in 2021 and Pact for the Future in 2024, both of which aim to address financial instability and structural inequities, and to restore trust in multilateral institutions. While these efforts are commendable, their success will depend on addressing entrenched power imbalances, securing adequate financial resources, and sustaining effective multilateral cooperation. This chapter discusses the main challenges confronting the international financial system, reviews the United Nations’ proposals for addressing them, and concludes with an overall assessment.