Kuwait calls for reforming global financial system

NEW YORK, Oct 9 (KUNA) -- Kuwait on Thursday called for reforming the global financial system to be more just and transparent.
This came in a speech delivered by the country's Diplomatic Attache, Rashid Farhan, before the Second Committee of the UN General Assembly, which is concerned with economic and financial affairs.
Farhan said that the global economy is witnessing a critical phase characterized by slow growth, rising debt burdens, and declining external financing flows, threatening the achievement of the Sustainable Development Goals (SDGs).
He pointed out that the external debt of developing countries has reached approximately USD 11.7 trillion, limiting their ability to invest in human development and infrastructure. He stressed that sustainable economic growth requires diversifying economies and strengthening the productive base through investment in infrastructure, technology, renewable energy, and sustainable agriculture. In this regard, he noted Kuwait's continued efforts to diversify the national economy and strengthen its position as a regional economic and commercial hub, based on its New Kuwait 2035 vision.
He highlighted the dire humanitarian and economic conditions in the Gaza Strip, where the recent genocide has led to widespread destruction of infrastructure and a near-total collapse of economic activity. This calls for supporting the Palestinian economy and enabling its gradual recovery.
Financing development is a collective responsibility that requires a comprehensive reform of the international financial system to restore confidence and the ability of developing countries to invest in a more sustainable and equitable future and ensure that no country is left behind in the process of sustainable development, he concluded. (end) ast.hb