President Joseph Boakai has called for global financial reform to support development in developing nations--urging global stakeholders in the financial sector to see reasons and act now.
In a compelling speech delivered at the UN General Assembly, Boakai highlighted the challenges faced by Liberia and other developing countries in achieving the Sustainable Development Goals due to economic pressures and growing inequalities.
He emphasized the urgency of collaborative efforts to address these obstacles hindering sustainable development.
"We are gathered here with a common mission to work together in making the world a better place for everyone," Boakai declared. He acknowledged the significant challenges Liberia faces in meeting the Sustainable Development Goals (SDGs), noting that these struggles are shared by many developing countries. "Although we are facing difficult challenges, I believe we are more determined than ever to overcome them."
Boakai called on global leaders to take concrete and intentional measures to alleviate economic pressures on vulnerable nations. He encouraged unity in dismantling barriers that hinder potential growth and advancing a collective vision for sustainable development.
"We must advocate for a financial system that provides liquidity and alleviates the burden on developing nations," he stated. He stressed the importance of international cooperation and accountability in creating a fairer global financial environment.
Referencing the 2023-2024 Human Development Report, to recent reports that underscored the widening gap between the world's poorest nations and the challenges they face in allocating resources, Boakai stressed the need for immediate global financial reform.
"This is a troubling trend," the President said. "The world's poorest nations are falling further behind, deepening inequalities and political divisions."
In the 2024 Financing for Sustainable Development Report, which Boakai also referenced in his speech, it is noted that the least developed countries currently allocate 12 percent of their revenues to interest payments, which is four times higher than it was a decade ago.
Boakai said, "This underscores the urgent need for global financial reform."
He urged developed and developing nations to work together to overcome these shared challenges and called for decisive action to eliminate barriers to progress.
"We must confront our shared challenges together and eliminate the obstacles stalling our progress," Boakai noted.
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UN Secretary-General António Guterres had earlier described the reports as a "call to action" for the international community.
Boakai outlined Liberia's commitment to good governance and resource management, noting efforts to combat corruption and ensure efficient resource utilization for national development.
"We have made significant strides in promoting good governance, reducing waste, and ensuring that all resources are effectively utilized for Liberia's growth."
He underscored the importance of aligning these efforts with the global cooperation goals set forth in the 2030 Agenda for Sustainable Development. Recognizing the critical role of global governance reform in advancing the 2030 Agenda, Boakai advocated for a fairer financial system that supports developing nations and fosters international cooperation and accountability.
He urged the international community to take bold steps to alleviate economic pressures on vulnerable nations and work towards a shared vision of sustainable development through collective action and cooperation.
