Edun seeks restructuring of int’l financial system
Minister of finance and coordinating minister of the economy, Wale Edun, has said that the international financial architecture ought to be structured to proactively support the implementation of the sustainable development goals (SDGs).
Edun spoke on Tuesday at the launch of the UNDP 2023/2024 human development report (HDR), titled, ‘Breaking the Gridlock: Reimagining Coorporation in a Polarized World’, in Abuja.
Abubakar Bagudu, minister of budget and economic planning; Nkiruka Onyejeocha, minister of state for labour and employment; Jamila Ibrahim, minister of youth development, also attended the event.
Speaking at the launch, Edun said the HDR is a rallying cry that “we can and must do better than this, and it charts a way forward for conversations on reimagining development cooperation for a better world”.
“In re-imagining cooperation, international financial architecture ought to be structured to proactively support the implementation of the Sustainable Development Goals (SDGs) and the realization of human rights,” the minister said.
“The only way to facilitate such a structure is through ambitious reforms, starting with more inclusive, representative and, ultimately, more effective global economic governance.”
Also speaking at the event, Mohamed Fall, UN resident and humanitarian coordinator, said polarisation among countries is among the causes of global gridlock which prevents countries from forging international cooperation towards addressing shared challenges.
“The HDR argues that polarization and mismanagement of cross-border interdependencies are at the root of many contemporary challenges, ranging from debt distress in numerous low and middle-income countries to threats to food security to a pervasive sense of disempowerment around the world,” Fall said.
“Polarization within and amongst our countries is creating a global gridlock, and preventing us from forging international cooperation towards addressing our shared challenges.”
According to Fall, this polarisation, whether at the sub-national, national, regional, or global levels, signifies an erosion of trust, “that is dividing societies into opposing camps and poisoning domestic and international cooperation”.