Algeria Calls For Ending Marginalization of Developing Countries Within International Economic Institutions
Algeria calls for an end to the marginalization of developing countries within international economic institutions, the permanent representative to the United Nations, ambassador Nazir Al-Arabawi, said.
“Algeria is loyal to the lofty principles of the Group of 77 and China. It remains at the forefront of countries supporting the group, based on the fundamental principles of the foreign policy led by President Abdelmadjid Tebboune”, he added.
In a speech he delivered during the ministerial meeting of the Group of 77 and China that was held at the United Nations headquarters in New York on Wednesday, under the slogan of achieving sustainable development goals, Al-Arabawi asserted the need to put an end to the marginalization of developing countries in international institutions of economic governance, given that this historical injustice reinforces instability and underdevelopment along with calling for the establishment of a global economic system based on justice and equality in sovereignty, in addition to reforming the international financial system and establishing it on transparent and effective rules.
The ambassador emphasized the hard times and grave challenges that the world is currently experiencing and the exacerbating severity, especially for developing countries, which are directly affected by the negative impacts of the Covid19 Pandemic in addition to geopolitical tensions and multiple crises, including the economic and financial crisis, with increased pressure on ensuring food and energy security and its direct repercussions on the sustainable development goals by 2030.
Ambassador Al-Arabawi called for preserving the solidarity that has long constituted a distinctive feature of the Group of 77 and China, and for continuing efforts to put the priorities of developing countries at the forefront, while calling on developed countries to assume their responsibilities regarding the implementation of the global development agenda approved within the framework of the United Nations, through fulfilling its financial support obligations.
“The permanent representative referred to some of the main areas that require an effective redoubling of collective efforts to confront the current international economic situation, highlighting the issue of financing development at the heart of the approach to achieving the goals of the 2030 Agenda and enhancing economic and trade interaction between countries to achieve the goals of sustainable development.”
Al-Arabawi also confirmed the need to put an end to the marginalization of developing countries in the international institutions of economic governance, given that this historical injustice continues to fuel instability and underdevelopment while calling for the establishment of a global economic system based on justice, sovereign equality, global interdependence, common interests and cooperation among all nations in addition to reforming the international financial system and basing it on transparent and effective rules that are capable of promoting sustainable development, economic growth and facing various crises.
“The world is living today with grave challenges, which have been exacerbated in particular by developing countries, which have been directly affected by the Covid19 pandemic, in addition to geopolitical tensions and multiple crises, including the economic and financial crisis, the energy crisis, food security, market volatility, inflation, and tightening monetary debt, and the implications of climate change, biodiversity loss and pollution”.
In this context, the permanent representative of Algeria to the United Nations asserted the importance of placing the issue of financing for development at the heart of the international community’s endeavour to achieve the goals of the 2030 Agenda for Sustainable Development and to enhance economic and trade interaction between countries.
On the other hand, Ambassador Nazir Al-Arabawi called on countries to improve tax administration and the ability to mobilize other revenues, commit to preventing and combating illegal financial flows, and strengthen regional and international cooperation and effective practices regarding the return and recovery of assets.
In the same context, the Algerian ambassador confirmed the need to take several measures to assist developing countries, especially African ones, with sovereign debts and welcomed the various initiatives taken by the Secretary-General of the United Nations and the United Nations Development Group, as well as the measures and incentives adopted by the International Monetary Fund, the World Bank Group and the Group of Twenty.
Concluding his speech, Al-Arabawi stressed the importance of official development assistance and concessional financing to assist developing countries, including African countries, and he again called on developed countries to fulfil their international obligations in this field, especially in the context of the need to increase support for countries facing severe crises as a result of the pandemic, which has been exacerbated because of inflation and rising food prices in world markets.
