As President Joseph Boakai prepares to address the 79th Session of the United Nations General Assembly on September 25, he has issued a powerful call to the international community, asserting that vulnerable nations like Liberia are being “suffocated” by severe economic pressures and unsustainable debt.
In a compelling speech at the United Nations Global Compact: Private Sector Forum during the Summit of the Future, Boakai warned that the global financial system is failing the world’s poorest countries, emphasizing the urgent need for transformative action.
“We are being crushed by a financial system that benefits the powerful while leaving vulnerable nations to struggle for survival. The economic pressures we face are hindering our development, and without decisive global reforms, many countries will remain trapped in this cycle,” President Boakai said.
Highlighting the dire situation facing Least Developed Countries (LDCs), he noted that rising debt burdens are draining essential resources for development.
The Liberian leader referenced the “2024 Financing for Sustainable Development Report,” revealing that Liberia is compelled to allocate up to 12% of its revenues to interest payments—a fourfold increase in just a decade. “This is unacceptable. We cannot achieve sustainable development while drowning in debt,” he asserted.
While acknowledging Liberia’s strides in governance and resource management, Boakai stressed that these efforts alone cannot counter the structural inequalities in the global financial system.
“We have made significant progress in promoting transparency and combating corruption, but the flaws in the global system continue to hinder our growth,” he noted.
The Liberian leader called for a comprehensive overhaul of current financial structures, advocating for increased liquidity for developing nations and a reduction in crippling debt burdens.
“We need a fair and just system that enables vulnerable nations to thrive and reach their full potential,” he pointed out.
In closing, President Boakai reminded the international community that achieving the Sustainable Development Goals (SDGs) is only possible if countries like Liberia can develop without being overwhelmed by financial challenges.
“Without substantial reform, vulnerable nations will remain behind, and the global community will stay unstable and divided. The time to act is now,” President Boakai emphasized while concluding his speech.
