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Djibouti FM calls for international financial reform in UNGA speech

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In a speech to the United Nations General Assembly on Saturday, Djibouti’s Foreign Minister underscored the necessity for a global commitment to reform the international financial system. The objective is to empower developing nations in their pursuit of growth and the attainment of developmental objectives. Mahmoud Ali Youssouf voiced criticism of a phenomenon often referred to as “minilateralism,” which denotes the tendency of countries to form exclusive groups, highlighting that this trend undermines the principles of inclusive multilateralism.

Youssouf reasserted Djibouti’s dedication to intergovernmental negotiations for the upcoming Summit of the Future, slated for late September next year in New York. This summit aims to reinvigorate multilateralism, enhance the implementation of national commitments, and restore trust among United Nations member states.

A central point in Youssouf’s address was the urgency of reforming the international financial structure. He pointed out that the exorbitant costs of loans and dwindling public revenues are impeding developing nations from investing in the UN’s Sustainable Development Goals. This, in turn, increases the risk of defaults on debt payments.

Djibouti, one of the 22 African nations designated by the World Bank as facing “financial distress,” suspended payments on a significant portion of its debt to China earlier this year.

Despite challenging global economic conditions, Youssouf emphasized Djibouti’s unwavering commitment to achieving the Sustainable Development Goals. The country has made notable strides in areas such as reducing malnutrition and effectively managing the pandemic. Djibouti has integrated the SDGs into its national development plans and strategies, including the 2035 Djibouti Vision, which seeks to bolster peace, national unity, economic diversification, human capital, regional integration, and international cooperation.

Additionally, Djibouti has prioritized poverty reduction, access to clean drinking water, and sustainable economic growth. Youssouf pointed to the Ghoubet Wind Power Station, Djibouti’s inaugural grid-ready renewable energy facility, which commenced operations in mid-September. This project, producing approximately 60 megawatts of electricity, represents the first international investment endeavor in Djibouti’s energy sector and sets a precedent for future private investments.

Youssouf also urged nations to fulfill the goals outlined in the Paris Climate Agreement and called for the full implementation of the Loss and Damage Fund, an agreement reached during the COP27 conference in Egypt last year. This fund aims to provide financial aid to countries affected by the impacts of climate change.

Furthermore, Youssouf stressed the importance of seeking a peaceful resolution to the conflict in Sudan, highlighting the deep political, historical, and cultural ties between Djibouti and Sudan. He also called for a peaceful settlement to Djibouti’s dispute with Eritrea concerning the Doumeira Islands. Notably, clashes in this small border region along the Red Sea coast in 2008 resulted in casualties among Eritrean and Djiboutian soldiers. Djibouti has accused Eritrea of maintaining control over the region since the withdrawal of Qatari peacekeepers six years ago.

Source: Arab News

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