President advocates reforms of International Financial Institutions at the UN General Assembly.

At the 79th session of the United Nations General Assembly, the President of Angola, João Lourenço, called for the implementation of structural reforms in international financial institutions.

The President of the Republic, João Lourenço, recently expressed, in New York, the need to carry out reforms in the financial sector, a mechanism that safeguards the economic sovereignty of States.

The Angolan head of state argued that such changes are essential to promote greater equity in the global economic system, ensuring the participation of countries in Africa, Latin America, the Middle East and the Indian subcontinent in important financial decisions.

The current global financial model favours a restricted group of countries, compromising the sustainable development and economic stability of emerging nations, he stressed.

In this sense, there is an urgent need for a new international financial architecture that allows for the redistribution of power and offers fairer conditions for developing countries to face global economic challenges.

He also highlighted the progress made in combating corruption and promoting economic growth, particularly through electrification and improving social infrastructure during his reign.

President advocates reforms of International Financial Institutions at the UN General Assembly

At the 79th session of the United Nations General Assembly, the President of Angola, João Lourenço, called for the implementation of structural reforms in international financial institutions.

Oct 2, 2024 - 16:37
President advocates reforms of International Financial Institutions at the UN General Assembly
© Photography by: DR
President advocates reforms of International Financial Institutions at the UN General Assembly

The President of the Republic, João Lourenço, recently expressed, in New York, the need to carry out reforms in the financial sector, a mechanism that safeguards the economic sovereignty of States.

The Angolan head of state argued that such changes are essential to promote greater equity in the global economic system, ensuring the participation of countries in Africa, Latin America, the Middle East and the Indian subcontinent in important financial decisions.

The current global financial model favours a restricted group of countries, compromising the sustainable development and economic stability of emerging nations, he stressed.

In this sense, there is an urgent need for a new international financial architecture that allows for the redistribution of power and offers fairer conditions for developing countries to face global economic challenges.

He also highlighted the progress made in combating corruption and promoting economic growth, particularly through electrification and improving social infrastructure during his reign.

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