JakartaPost-Sept 23, 2023
As wealthy nations were held to their unfulfilled promises during a dialogue on Wednesday at the 78th United Nations General Assembly (UNGA) in New York, Indonesian delegates reiterated their support for reforming the international financial architecture, describing the current system as long outdated and unsuitable. Indonesia voiced its support amid louder and wider calls from developing nations for a revamp of some of the world’s most important financial institutions and their governance as the gap between developed and developing nations continues to deepen. The quadrennial High-Level Dialogue on Financing for Development was held on Wednesday as one of the most important sideline events, where nations worldwide discussed financing flows, including funding for sustainable development. “The current global economic order [is] a remnant of a post-war architecture which benefits mostly industrialized countries. […] Bretton Woods institutions should be reformed,” Foreign Minister Retno LP Marsudi told Wednesday’s dialogue. The minister said it was only by “rectifying” the situation and creating a “conducive” environment that the Global South could develop and advance the Sustainable Development Goals (SDGs), which had made sluggish progress thus far. “We need breakthroughs to fix the global economy to be more representative of the voice and the interests of developing countries,” Retno said. Through the hundreds of meetings taking place at the UN headquarters this week, the Indonesian delegation has tirelessly campaigned for the Global South’s “right to develop”, the right to downstream industries and an end to “trade discrimination”. https://www.thejakartapost.com/world/2023/09/23/indonesia-reiterates-call-to-reform-global-financial-system.html.
