New york: Libya has renewed its call for a comprehensive reform of the global financial system and a boost in development financing to ensure these systems are fairer and more attuned to the needs of developing nations. This appeal was made by Essam Mohamed Al-Qaffa, the Deputy Permanent Representative of Libya to the United Nations, during the Economic and Social Council’s forum on financing for development.
According to Libyan News Agency, the statement, which was shared on the mission’s official X platform on Monday, highlighted the critical need to activate international cooperation to tackle the ongoing sovereign debt crisis and foster a more equitable financial landscape. It underscored the necessity for Libya to access its frozen assets, which would facilitate its developmental trajectory and contribute to economic stability.
Furthermore, Libya voiced its concerns over the impact of Middle Eastern conflicts on the global economy, emphasizing the importance of supporting the Palestinian people and addressing their humanitarian needs. The statement called for concrete outcomes, such as debt relief, increased investment in clean energy, and efforts to bridge the technological divide between nations.