Kuwait city: 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. According to Kuwait News Agency, Farhan stated that the global economy is experiencing a phase marked by slow growth, rising debt burdens, and declining external financing flows, which pose threats to achieving the Sustainable Development Goals (SDGs). He highlighted that the external debt of developing countries has reached approximately USD 11.7 trillion, restricting their capacity to invest in human development and infrastructure. Farhan emphasized that sustainable economic growth necessitates the diversification of economies and strengthening of the productive base through investments in infrastructure, technology, renewable energy, and sustainable agriculture. He noted Kuwait's ongoing efforts to d iversify its national economy and bolster its position as a regional economic and commercial hub, in line with its New Kuwait 2035 vision. Additionally, Farhan pointed out the severe humanitarian and economic conditions in the Gaza Strip, where recent events have led to extensive infrastructure destruction and a near-total collapse of economic activities. He underscored the need to support the Palestinian economy and facilitate its gradual recovery. In conclusion, Farhan asserted that financing development is a shared responsibility that demands comprehensive reform of the international financial system. Such reform is essential to restore confidence and enhance the ability of developing nations to invest in a sustainable and equitable future, ensuring no country is left behind in the sustainable development process.
