In a strong appeal for global economic reform, Sierra Leone’s Deputy Minister of Foreign Affairs and International Cooperation, H.E. Francess Piagie Alghali, delivered the country’s statement at the Second Committee of the UN General Assembly during its 79th session. The debate focused on critical economic growth and development issues, including macroeconomic policy, financing for development, sustainable development, and globalization.
Speaking at a time when the world is grappling with multiple global crises-ranging from the lingering impact of the COVID-19 pandemic and the effects of the Ukraine-Russia war to the severe consequences of climate change-Deputy Minister Alghali echoed President Julius Maada Bio’s earlier call for comprehensive reforms to the global financial architecture.
“Sierra Leone reaffirms the urgent need for comprehensive reform of the present global financial architecture to make it deliver effectively and fairly for all,” Alghali stated. She emphasized that the global economic sys
tem must be transformed to address the needs of developing countries and ensure that their priorities are at the center of every decision and mechanism, a critical step towards achieving the 2030 Agenda for Sustainable Development.
The Deputy Minister also highlighted the pressing issue of illicit financial flows, which undermine Africa’s economic stability. She called for global financial reforms that would not only close existing loopholes, enhance transparency, and strengthen international cooperation to curb these flows but also pave the way for a more equitable and prosperous global economy.
In addition, Alghali urged the reallocation or redirection of unused Special Drawing Rights (SDRs) to developing countries, stressing that this would expand financing for sustainable development and provide vital liquidity to countries facing fiscal challenges as they work towards achieving the Sustainable Development Goals (SDGs).
The session underscored the profound interconnectedness of global crises and the ur
gent need for solidarity and collective action to address the financial, environmental, and social challenges facing nations worldwide.
Source: Sierra Leone News Agency