STATEMENT BY
BASKARAN MANOGARAN
REPRESENTATIVE
PERMANENT MISSION OF MALAYSIA TO THE UNITED NATIONS
AT THE GENERAL DISCUSSION OF THE SECOND COMMITTEE OF THE 79TH SESSION OF THE UNITED NATIONS GENERAL ASSEMBLY
ON AGENDA ITEM 16: MACROECONOMIC POLICY QUESTIONS; AND AGENDA ITEM 17: FOLLOW-UP TO AND IMPLEMENTATION OF THE OUTCOMES OF THE INTERNATIONAL CONFERENCE ON FINANCING FOR THE DEVELOPMENT
10 OCTOBER 2024, CONFERENCE ROOM 2, UNHQ
Mr. Chair,
Malaysia aligns itself with the statements delivered by Uganda on behalf of the G77 and China as well as by Indonesia on behalf of ASEAN
- Malaysia thanks the Secretary General for his reports under these agenda items. It is evident that these reports urge for an immediate and judicious action.
- The world has just turned a new page. The Pact for the Future, a landmark declaration, has been adopted at the recent Summit of the Future on 22 September 2024. While it is rich with ambition and high in aspiration, the success of this pact ultimately hinges on our collective will, and dedication to turning our vision into concrete actions. Rest assured, Malaysia is fully committed to the implementation of the Pact.
Mr. Chair,
- The items on our agenda today are not isolated concerns. As a matter of fact, the issues have been central to the development agenda for many developing nations.
- The sad reality is, for far too long, the existing international financial architecture has not reflected the realities and needs of today’s world, and has not effectively provided the necessary funding required for the attainment of the SDGs.
- Developing nations often struggle with heavy debt, making it hard for them to invest in their own growth. They are also more affected by global economic shocks, like financial crises, changes in commodity prices, or climate change. In addition, they face obstacles to fair trade and investment, such as unfair trade terms and limits on capital flows. If this continues, these countries will remain behind, making it harder to achieve the SDGs and widening the gap between rich and poor nations.
- To this end, Malaysia has consistently called for a reformed international financial architecture that is inclusive, fair and more responsive to the unique challenges faced by developing economies. We must ensure a financial system that works for all, not just for the most powerful economies.
Mr. Chair,
- As we witness geopolitical uncertainties, supply chain disruptions, and cost of living crisis relentlessly batter the most vulnerable nations, can we afford to turn our backs? It is imperative for development partners to fulfil longstanding commitments to official development assistance (ODA). Furthermore, the reallocation of Special Drawing Rights (SDR) should be targeted appropriately to countries most in need.
- The devastating economic consequences of climate change are no longer a secret, and all of us, especially developing nations, are facing significant challenges as a result. The recent achievement of surpassing the $100 billion mark for the past two years (2022 : $116 Billion and 2023: $125 billion) for climate financing is commendable, yet the road ahead demands even greater ambition. We must go beyond merely meeting targets; we need to increase the scale, speed, and accessibility of climate finance.
Mr. Chair,
- International efforts must also be complemented by domestic policies and initiatives. Malaysia has embarked on this journey through the launch of the Madani Economy: Rakyat Empowerment Framework in 2023. This framework aims to restructure the nation’s economy, fostering growth, equity, and resilience.
- By prioritising initiatives like enhancing competitiveness, attracting investments, eradicating hardcore poverty, and addressing the rising cost of living, Malaysia is demonstrating its commitment to aligning national policies with the sustainable development goals as well as related principles outlined in the Pact for the Future.
- The time for incremental progress has passed. It is imperative that we act with the urgency that this global crisis demands, pushing for more comprehensive, sustained, and inclusive support to safeguard the future of all nations.
Thank you.