Pres. Boakai Pushes for Reform in Global Financial System at UNGA.

New York: Liberia's President Joseph has emphasized the need for global reform and transformative action to be taken in the World's sustainable financial system to relieve vulnerable nations from economic pressure and unstainable debts.

The Liberian Leader in his address at the United Nations Global Compact: Private Sector Forum during the Summit of the Future, held at the United Nations Headquarters in New York on Sunday, September 22, furthered that the global financial system is failing the world's poorest countries.

He stated that vulnerable nations, including Liberia, are facing "suffocation" by crippling economic pressures and unsustainable debts stifling development for the World's least developed countries.

"We are being crushed under the weight of a financial system that benefits the powerful while leaving vulnerable nations to struggle for survival. The economic pressures we face are stifling our development, and without decisive global reforms, many of our nations will remain trapped in this cycle," the Liberian President pointed out.

According to President Boakai, while Liberia has taken strong independent steps toward reform by reducing waste, promoting transparency, and fighting corruption, these efforts alone are not sufficient to counterbalance the structural inequalities in the global financial system.

He added: the "2024 Financing for Sustainable Development Report," noting, "Countries like Liberia are being forced to spend up to 12% of their revenues on interest payments—a fourfold increase over the past decade. This is unacceptable. The world cannot expect us to achieve sustainable development while we are drowning in debt."

"We have made tremendous strides in governance and accountability, but the structural flaws in the global financial system continue to hold us back," he stated.

However, as he prepares to address the 79th Session of the United Nations General Assembly this Wednesday, September 25, 2024, the Liberian Chief Executive stressed that no amount of domestic reform can fully offset the impact of an inequitable global financial system.

He called on the United Nations for a complete overhaul of the current global financial structures, advocating for greater liquidity for developing nations and a reduction in the debt burdens that have stymied progress for too long. 

"We need a fair and just system that allows vulnerable nations to grow and achieve their full potential," he urged. "It’s time for the world to realize that without substantial reform, vulnerable nations will continue to be left behind, and the global community will remain unstable and divided. The time to act is now", President Boakai proposed.