New York — President Joseph Boakai has called on the international community to take urgent action in reforming the global financial system to better support developing nations. Speaking at the Summit of the Future at the UN, Boakai highlighted the mounting economic pressures and growing inequalities, urging collaborative efforts to overcome the challenges obstructing 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."
Citing the latest 2023-2024 Human Development Report, Boakai pointed to a troubling trend: the world's poorest nations are falling further behind, deepening inequalities and political divisions. He further referenced the 2024 Financing for Sustainable Development Report, which revealed that least developed countries now allocate 12 percent of their revenues to interest payments--four times more than a decade ago. "This underscores the urgent need for global financial reform," Boakai asserted.
The Liberian leader called for decisive action from both developed and developing nations to address these pressing issues. "We must confront our shared challenges together and eliminate the obstacles stalling our progress," he urged. Boakai echoed UN Secretary-General António Guterres, who described the reports as a "call to action" for the international community.
Outlining Liberia's commitment to good governance and effective resource management, Boakai emphasized the nation's efforts to reduce corruption and ensure resources are used efficiently for 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 said. These efforts, he explained, are aligned with the 2030 Agenda for Sustainable Development, which seeks to transform lives through global cooperation.
However, Boakai emphasized that accelerating the implementation of the 2030 Agenda requires substantial reform in global governance. "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.
In closing, Boakai urged the international community to take "drastic measures" to relieve the economic pressures on vulnerable nations. "Let us unite to remove the barriers limiting our potential and drive forward our shared vision for sustainable development," he concluded.
