Djibouti Calls for Global Financial Reform to Empower Developing Nations

Djibouti Calls for Global Financial Reform to Empower Developing Nations

Djibouti Calls for International Financial Reform for Developing Nations Djibouti's foreign minister, Mahmoud Ali Youssouf, addressed the UN General Assembly on Saturday and emphasized the need for reform of the international financial structure. He argued that high loan costs and falling public revenues prevent developing nations from investing in the UN's Sustainable Development Goals, increasing the likelihood of defaulting on debt payments.

Youssouf criticized the concept of "minilateralism," which he sees as undermining inclusive multilateralism. He reiterated Djibouti's commitment to intergovernmental negotiations for the Summit of the Future, set to take place in New York next year, which aims to revitalize multilateralism and restore trust among UN member states. Djibouti, one of the 22 African nations labeled by the World Bank as "in financial distress," has been actively working towards achieving the SDGs despite the challenging economic situation. The country has integrated the SDGs into its national development plans, focusing on poverty reduction, access to clean water, and sustainable economic growth.

Notably, Djibouti commissioned its first-ever grid-ready renewable energy power station, the Ghoubet Wind Power Station, in September. This project, producing approximately 60 megawatts of electricity, is a significant investment in the country's energy sector and serves as a model for future private investment. Youssouf also called on nations to fulfill the goals outlined in the Paris Climate Agreement and emphasized the importance of resolving conflicts peacefully. He highlighted the need for a peaceful solution to Sudan's conflict and urged for a peaceful resolution to Djibouti's dispute with Eritrea over the Doumeira Islands.

Djibouti has accused Eritrea of occupying the region since the withdrawal of Qatari peacekeepers six years ago. By addressing these regional challenges and advocating for international financial reform, Djibouti hopes to create an atmosphere of peace, cooperation, and good neighborliness.

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