STATEMENT BY MALAYSIA
AT THE SECOND COMMITTEE
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 DEVELOPMENT
6 OCTOBER 2022
Madam Chair,
Today, we are deeply saddened to learn about the tragic shooting incident in Thailand that claimed 38 lives, including 22 children. Malaysia wishes to extend its profound sympathies and condolences to the families of the victims, Government and people of Thailand. We stand in solidarity with our neighbour, wish them fortitude and hope that such horrific incident would never reoccur.
Madam Chair,
2. Malaysia aligns itself with the statements delivered by Pakistan on behalf of the G77 and China as well as Indonesia on behalf of ASEAN.
3. Malaysia would like to thank the Secretary-General for his reports under these agenda items. The reports serve as a stern reminder that the global community must do more if we want a sustainable recovery.
4. It is clear that no nation has been spared from back-to-back crises which have befallen the world in the past few years. Globally, recovery signs are being observed but progress has been worryingly uneven between developed and developing countries.
5. As highlighted by the UN Global Crisis Response Group on Food, Energy and Finance, we should first respond by addressing the inherent financial divide facing developing countries. In this context, Malaysia supports the call on the G20 to increase their voluntary commitments of Special Drawing Rights (SDRs) to the set target of USD 100 billion.
6. In this extreme time, it has also become more critical for development partners to keep true to their commitment of fulfilling their development assistance to developing countries. Actions on SDR and ODA are needed more than ever by developing countries to bridge the funding gap for SDGs which has expanded to up to USD 135 trillion.
7. Malaysia would also like to reiterate the vital need to reform the international financial architecture. This is to ensure a more just and effective system to balance the needs of universal development. The global community must rise together to address the decline in the Human Development Index for two successive years.
8. At the same time, Malaysia shares the strong conviction that the imposition of unilateral coercive measures is counter-productive and hampers the overall efforts towards achieving recovery.
Madam Chair,
9. Malaysia believes in order to achieve a full, speedier and comprehensive recovery, we must recover cooperatively. The inequalities between us must not be allowed to widen. In this regard, we reiterate the need to resolve vaccine inequalities as the prerequisite for sustainable recovery.
10. Next, we must improve the global multilateral trading system. Malaysia will continue to call for the vitality of a free and open trade and investment architecture. Trade policies must be non-discriminatory and tailored to facilitate the implementation of the SDGs. In this context, Malaysia will work towards greater trade cooperation by joining new FTAs with strategic partners including through the recent ratification of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership.
Madam Chair,
11. The well-being of the people has always been at the heart of Malaysia’s development. In this regard, the Government has spent more than USD 17 billion (RM 80 billion) in subsidies as part of our recovery efforts in 2022. As a result, the Malaysian economy continued to strengthen registering a stronger growth of 8.9% in the second quarter, as compared to 5.0% in the first quarter. We are confident such measures would contribute to generating economic growth between 5 – 6 per cent for this year.
12. Malaysia is committed to achieving the Agenda 2030 and implementing the SDGs. The SDGs are embedded in our 12th Development Plan and we are committed to implementing development projects and programmes that prioritise environmental, social and governance (ESG) principles. We are also working closely with the relevant multi-stakeholders focusing on youth and women as well as localising the SDGs in the country. The Government has also agreed to establish a National SDG Centre to intensify SDG programmes and monitor their progress.
Madam Chair,
13. Malaysia will continue to play its role in relevant international cooperation frameworks towards recovering and building back better and greener. We believe sustainable development is achievable if the global response is fair and inclusive, including through innovation and transfer of technology.
I thank you for your attention.