Liberia-As President Joseph Boakai prepares to address the 79th Session of the United Nations General Assembly on Wednesday, September 25, 2024, the Liberian Leader has issued a stark warning to the international community, stating that vulnerable nations, including Liberia, are being “suffocated” by crippling economic pressures and unsustainable debt.
He made the statement in a forceful 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, 2024.
The Liberian Chief Executive warned that the global financial system is failing the world’s poorest countries, and the time for transformative action is long overdue.
“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,” President Boakai declared.
Painting a grim picture of the challenges confronting Least Developed Countries (LDCs), President Boakai highlighted that rising debt burdens are siphoning off critical resources needed for development.
He cited 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.”
The Liberian leader further mentioned that while Liberia has taken strong independent steps toward reform-by reducing waste, promoting transparency, and fighting corruption-these efforts alone are not enough to counterbalance.
Meanwhile, President Nyuma Boakai is expected to deliver his first address as President of Liberia to the United Nations General Assembly today in New York, the United States of America.
The Liberian leader is expected to plea Liberia’s case at the gathering of world leaders especially the pressing economic issues in Liberia. Boakai will rally the world to support his country to recover from its years of economic stagnation and peas for Africa’s role at the United Nations.
It is also expected that the President will iterate Liberia bid for a non-permanent seat on the United Nations Security Council. Liberia is seeking a non-permanent seat on the UNSC to become the voice of Africa at the world gathering.
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