-Says the global financial system prioritizes their interest
By G. Bennie Bravo Johnson I
In his address at the “The Summit of the Future” at the United Nations General Assembly (UNGA), President Joseph Nyumah Boakai urged the international community to establish a financial system that alleviates the burdens faced by developing nations and emphasized the urgent need for reform to enhance global development.
“We need to advocate for the financial system that would prioritize liquidity and reduce the burdens of developing nations,” President Boakai stated, highlighting the critical role that financial stability plays in fostering growth and development in countries like Liberia.
Held under the theme: “Multilateral Solutions for a Better Tomorrow”, the Summit of the Future is a high-level event, bringing world leaders together at UN Headquarters in New York, to forge a new international consensus on how they deliver a better present and safeguard the future.
During his speech, President Boakai outlined the strides his administration has made in promoting good governance, combating corruption, and ensuring that national resources are utilized effectively in alignment with the 2030 Agenda for Sustainable Development. He underscored the importance of transforming global governance structures to accelerate the achievement of these goals.
““We create a fairer financial environment that empowers all countries to pursue their development goals,” he asserted, and called for a collective effort to dismantle the barriers that hinder progress.
President Boakai spoke on the topic: Transforming Global governance and turbocharging the implementation of the 2030 Agenda for sustainable development.
The Liberian leader appealed to the international community to take decisive action to alleviate the economic pressures faced by vulnerable nations. “I urge the international community to take drastic measures to alleviate the economic pressure faced by vulnerable nations. Let’s work together and remove barriers that hinder our potentials and enable us to advance our shared vision for sustainable development,” he stated.
Reflecting on Liberia’s political landscape, President Boakainoted the significance of the smooth transfer of power following the 2023 general elections, which he believes has laid the groundwork for transformative development in the nation. Despite acknowledging the numerous challenges Liberia faces, he expressed unwavering determination to overcome them.
“Even though we are facing difficult challenges, I believe that we are more determined than ever to overcome them,” he affirmed, emphasizing Liberia’s commitment to progress in the face of adversity.
President Boakai also pointed to alarming trends highlighted in recent reports. The 2023/24 Human Development Report indicated that the world’s poorest countries are falling further behind, exacerbating inequalities and political divisions. Additionally, the 2024 Financing for Sustainable Development Report revealed that least developed countries are now spending 12% of their revenues on interest payments, a figure that has quadrupled in the past decade.
“This highlights the urgent need for reform in the global financial system. It requires decided action to address the common challenges together to overcome the obstacles that are holding back the progress of developing nations,” he concluded, calling for a unified effort to create a more equitable financial landscape.
Established in 1945 under the Charter of the United Nations, the General Assembly occupies a central position as the chief deliberative, policymaking and representative organ of the United Nations. Comprised of all 193 Members of the United Nations, it provides a unique forum for multilateral discussion of the full spectrum of international issues covered by the Charter. It also plays a central role in the process of standard-setting and the codification of international law.
The Assembly meets from September to December each year (main part), and thereafter, from January to September (resumed part), as required, including to take up outstanding reports from the Fourth and Fifth Committees. Also during the resumed part of the session, the Assembly considers current issues during high-level thematic debates organized by the President of the General Assembly. During that period, the Assembly traditionally also conducts informal consultations on a wide range of substantive topics towards the adoption of new resolutions.
Functions and powers of the General Assembly:
The Assembly makes recommendations to States on international issues within its competence. It has also taken actions across all pillars of the United Nations, including with regard to political, economic, humanitarian, social and legal matters. In September 2015, the Assembly agreed on a set of 17 Sustainable Development Goals, contained in the outcome document of the United Nations Summit for the adoption of the post-2015 development agenda (resolution 70/1 entitled “Transforming our world: the 2030 Agenda for Sustainable Development). In 2022, the Assembly held a series of meetings to discuss the recommendations put forward by the Secretary-General in his report entitled “Our Common Agenda”, an agenda of action, designed to strengthen and accelerate multilateral agreements – particularly the 2030 Agenda – and make a tangible difference in people’s lives (Read “Our common agenda”, summary of thematic consultations).
Decision making:
Each of the 193 Member States in the Assembly has one vote. Votes taken on designated important issues – such as recommendations on peace and security, the election of Security Council and Economic and Social Council members, and budgetary questions – require a two-thirds majority of Member States, but other questions are decided by a simple majority. That said, following informal consultations among Member States during which proposals are negotiated, the majority of resolutions are adopted without a vote (i.e., by consensus).
This year features a UN once again caught in a debate over its relevancy while attempting to stem wars in Gaza, Ukraine and Sudan. All of which its Secretary General Antonio Guterres is keen to remedy.
