Pres. Boakai Urges Int’l Community To Alleviate Economic Pressures Of Vulnerable Nations

By Reagan S. Lebbie

 President Joseph N. Boakai, Sr. has urged the International Community to institute drastic measures to alleviate the economic pressures faced by vulnerable nations, including Liberia.

According to the Liberian leader the “2024 Financing for Sustainable Development Report” indicates that Least Developed Countries (LDCs) are now spending 12% of their revenues on interest payments—four times more than a decade ago. This highlights the urgent need for reform in the global financial system.

Speaking on September 22, 2024, at the United Nations Global Compact: Private Sector Forum, Summit of the Future at the United Nations Headquarters, in New York, USA, the Liberian leader emphasized that the 2023/2024 Human Development Report shows a concerning trend in global development, where the world's poorest countries are falling behind, leading to greater inequalities and political divisions.

“Let's work together to remove the barriers that hinder our potential and enable us to advance our shared vision for sustainable development," President Boakai said.

President Boakai said that the prevailing developmental challenges deliver a clear message that, if countries are to turbocharge to achieve the SDGs, the financial systems need to be reformed to help developing countries achieve sustainable development.

The Liberian leader expressed Liberia’s deepest appreciation to the international community and the United Nations for their ongoing support and partnership, citing, "We can address the systemic challenges that hinder progress so as to unlock the immense potential of our global community".

The Liberian Chief Executive disclosed that his government has introduced an ambitious agenda focusing on Agriculture, Roads, Rule of Law, Education, Sanitation, and Tourism (ARREST) as the foundation for achieving our Sustainable Development Goals (SDGs).

“As you may know, the recent Presidential and General Elections, conducted in a spirit of peace and democracy, paved the way for a smooth transfer of power just eight months ago and set an objective path to development,” he noted.

He narrated that Liberia has encountered significant obstacles in making progress towards the Sustainable Development Goals (SDGs) but pledged the country’s dedication to overcoming these challenges.

"Our experience reflects the struggles of many developing nations, which are hindered by social and economic pressures. The current situation requires us to take decisive action. We need to address our common challenges together and overcome the obstacles that are holding back our progress. As the UN Secretary-General António Guterres has emphasized, we must see these reports, especially the Human Development Report, as a call to action during this important Summit,” he noted.

He further stressed that Liberia has made significant efforts to promote good governance, reduce waste and corruption, and ensure that all resources are used effectively for the country's development in line with the 2030 Agenda for Sustainable Development.

However, the Liberian leader said to accelerate the implementation of the 2030 Agenda, it is crucial to transform global governance, as he underscored the need to advocate for a financial system that prioritizes liquidity and reduces the burden on developing nations.

President Boakai pointed out that by promoting international cooperation and accountability, Liberia can create a fairer financial environment that empowers all countries to pursue their development goals.

 "I want to express my deepest appreciation to the international community and the United Nations for their ongoing support and partnership. Together, we can address the systemic challenges that hinder progress to unlock the immense potential of our global community,” he said.