During his address at the United Nations Global Compact, Liberian President Joseph Boakai urged immediate global action to address the overwhelming debt burdens and economic challenges faced by vulnerable nations. The speech, delivered at the UN Headquarters in New York, comes ahead of his address at the 79th Session of the United Nations General Assembly on September 25, 2024.
President Boakai described how countries like Liberia are being “suffocated” by the global financial system, which he asserted favors powerful nations while leaving the poorest countries struggling to survive. He stressed that the economic challenges facing Least Developed Countries (LDCs) are stifling development efforts and called for transformative global reforms.
“We are being crushed beneath a financial system that favors the powerful while leaving vulnerable countries struggling to survive. The economic challenges we face are hindering our development, and without significant global reforms, many nations will remain ensnared in this cycle,” President Boakai said.
The Liberian leader highlighted the findings of the “2024 Financing for Sustainable Development Report,” revealing that countries like Liberia are allocating up to 12% of their national revenues to service interest payments, a staggering fourfold increase over the past decade.
“This situation is unacceptable,” he stated, emphasizing the need for the global community to take action. “The global community cannot expect us to achieve sustainable development while we are suffocating under debt.”
While Liberia has made commendable strides in governance, accountability, and anti-corruption measures, President Boakai noted that these domestic reforms are not enough to overcome the entrenched inequalities in the global financial system. He explained that despite Liberia’s efforts to promote transparency and reduce waste, the structural imbalances within international financial systems continue to hinder the nation’s progress.
“Our initiatives to foster development, educate our youth, and build sustainable infrastructure are being stifled by a system that favors the interests of wealthier nations at our cost,” Boakai asserted.
The Liberian president called for a comprehensive reform of the global financial structures, advocating for increased financial support for developing countries, reduced debt burdens, and a more equitable system that empowers vulnerable nations to thrive.
Boakai’s message was clear: without significant reform, the world’s most vulnerable nations will continue to struggle, and the global community will remain unstable. He warned that achieving the Sustainable Development Goals (SDGs) will be impossible unless countries like Liberia are given the opportunity to develop without overwhelming financial constraints.
“It’s imperative for the world to understand that without significant reform, vulnerable nations will persistently be sidelined, and the global community will remain unstable and fragmented. The time to act is now,” Boakai concluded.
