President Joseph Nyuma Boakai made a passionate plea to world leaders for an overhaul of the global financial governance system, emphasizing the need for reforms to ensure vulnerable and developing nations have the necessary resources and flexibility to achieve the Sustainable Development Goals (SDGs).
The summit, taking place in New York from September 22 to 23, 2024, serves as a platform for global leaders to collaborate on future-oriented strategies that secure a sustainable, fairer world.
In his address to the summit on Sunday, September 22, President Boakai outlined the growing economic disparities that hinder the ability of developing countries to meet their development targets.
He stressed that the current global financial structure needs to be reimagined to prioritize liquidity, reduce debt burdens, and empower countries to chart their own paths toward sustainable growth.
“The financial system as it stands today is failing to provide the necessary tools for many countries to realize their development goals,” Boakai told world leaders. “If we are serious about achieving the Sustainable Development Goals, we must create a fairer financial environment, one that enables developing nations to thrive without the weight of crippling debts or unfair economic policies.”
The President also called on world leaders to take “drastic measures” to mitigate the economic pressures that particularly affect low-income nations. He emphasized that a reformed financial system should focus on advancing a shared vision for global progress, ensuring that no nation is left behind. “We need bold actions to remove the barriers that hinder the potential of developing nations and enable us to advance our shared vision for sustainable development.”
Boakai further elaborated that the transformation of global governance should be based on a collaborative effort that fosters inclusion and equality, especially when addressing global economic and financial crises. He highlighted that transforming global financial systems would allow developing nations to better navigate the challenges of the 21st century, from climate change to poverty reduction.
“If countries are to turbocharge their efforts to meet the SDGs, we must reshape the global financial system in a way that not only prioritizes liquidity but also reduces the burden on developing nations. It’s not just about financial aid; it’s about empowering these nations to stand on their own feet and sustain their growth.”
The UN Summit of the Future, an initiative launched by the United Nations, is a gathering of world leaders designed to foster bold actions and commitments toward redefining humanity’s path forward. The summit seeks to encourage global cooperation, focusing on the next phase of development that emphasizes environmental sustainability, equitable governance, and peace.
Liberia’s President is set to deliver another speech later in the week when he addresses the UN General Assembly. His message will continue to focus on how international cooperation can drive global transformation, with a particular emphasis on creating a financial system that works for all.
The Summit of the Future, organized from September 22 to 23, 2024, is part of ongoing efforts by the UN to ensure a more secure and sustainable tomorrow, aligning international strategies with the pressing need to tackle inequality, poverty, and environmental concerns. Leaders at the summit are
expected to deliver commitments and policies that will support these goals, paving the way for a future that is both inclusive and prosperous.
