{"id":39128,"date":"2024-04-20T09:34:56","date_gmt":"2024-04-20T09:34:56","guid":{"rendered":"https:\/\/www.africa-press.net\/lesotho\/all-news\/the-need-of-a-wholesale-reform-of-the-global-financial-system"},"modified":"2024-04-20T10:31:32","modified_gmt":"2024-04-20T10:31:32","slug":"the-need-of-a-wholesale-reform-of-the-global-financial-system","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/lesotho\/all-news\/the-need-of-a-wholesale-reform-of-the-global-financial-system","title":{"rendered":"The need of a wholesale reform of the global financial system"},"content":{"rendered":"

Africa-Press – Lesotho. <\/strong><\/span>The Secretary-General and President of the General Assembly emphasized the pressing need for immediate reform of the global financial system during a meeting on Monday. Specifically, they discussed the critical issue of debt relief for the billions of individuals residing in developing nations. In his address at the high-level gathering on debt sustainability, Ant\u00f3nio Guterres highlighted the severe consequences of debt on emerging economies. Guterres stated, \u201cThe international financial system\u2019s failure in managing debt is a glaring example. The past four years have been marked by a debt crisis.\u201d He pointed out that the heavy burden of repaying external debt hinders many countries from making significant investments in their own citizens.<\/p>\n

Startling figures<\/p>\n

According to UN figures, in 2023, global public debt reached $313 trillion, with the situation particularly alarming in developing economies.<\/p>\n

Over a fifth of the tax revenue in 25 developing countries went towards servicing external debt, while extremely high borrowing costs left countries with about 3.3 billion people in total \u2013 around 40 per cent of the global population \u2013 spending more on interest payments than on health or education initiatives.<\/p>\n

\u201cInstead of a safety net, developing countries are faced with an outdated, dysfunctional, unjust system that isn\u2019t meeting their needs,\u201d he added.<\/p>\n

Convened by the President of the General Assembly, the debate on debt sustainability and socioeconomic equality for all, marked the first high-level discussion as part of the world body\u2019s first ever Sustainability Week.<\/p>\n

Other highlights include dedicated discussions on sustainable transport, tourism and energy.<\/p>\n

Worsening inequalities
\nAlso addressing the General Assembly, Dennis Francis, President of the body\u2019s 78th session, emphasized the worsening inequalities between richer and poorer nations.<\/p>\n

\u201cBy 2030, an estimated 600 million people will still remain impoverished \u2013 indicative of the glacial pace of \u2018progress\u2019 that falls far short of our SDG goals,\u201d he said, noting that 10 per cent of the world\u2019s population owns 76 per cent of the global wealth.<\/p>\n

And while, the world is on track to see its first trillionaire by 2030, it will take another 229 years to eradicate poverty.<\/p>\n

\u201cIt is clear that the gap between the wealthy North and the Developing South is widening, increasingly limiting the life chances of people living there,\u201d he said.<\/p>\n

He outlined the impact of such disparities on youth, women, persons with disabilities and those living in rural areas.<\/p>\n

\u201cIf nothing is done to correct this situation, they will literally be left behind, denied from enjoying the fruits of development and ignored. Clearly, this is neither acceptable nor sustainable,\u201d Mr. Francis warned.<\/p>\n

Need for lifeline
\nSecretary-General Guterres underscored the need for a lifeline so developing countries can pull themselves out of the \u201cquicksand of debt\u201d.<\/p>\n

He said the SDG Stimulus programme which he proposed last February, must now be brought \u201cto life\u201d.<\/p>\n

The Stimulus aims to secure $500 billion annually in extra financing from the world\u2019s most developed nations, to meet the 2030 Agenda for Sustainable Development.<\/p>\n

\u201cWe must dramatically scale-up affordable, long-term financing, primarily through Multilateral Development Banks (MDBs),\u201d he said, also urging global creditors to explore \u201cdebt pauses\u201d for vulnerable countries and for international financial institutions to help them restructure their debt.<\/p>\n

Reforms needed
\nAlongside, the global financial architecture requires \u201cwholesale reform\u201d, he said, notably their approach to debt.<\/p>\n

This included enhancing debt transparency, scaling-up lending in local currencies and developing new debt instruments.<\/p>\n

\u201cAbove all, we must increase developing countries\u2019 representation across the system and every decision that is made. They need a seat at the table. They deserve a seat at the table,\u201d Mr. Guterres said.<\/p>\n

BY
\nNEWSROOM<\/b><\/p>\n

For More News And Analysis About Lesotho<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Lesotho. The Secretary-General and President of the General Assembly emphasized the pressing need for immediate reform of the global financial system during a meeting on Monday. Specifically, they discussed the critical issue of debt relief for the billions of individuals residing in developing nations. 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