NEW YORK: Tunisia’s Minister for Foreign Affairs Nabil Ammar has told the UN General Assembly that “Substantive” reforms to the global financial system and economic governance are essential to bridge the gap between rich and poor nations, Arab media reported on Saturday.
He warned that the world is “passing a very delicate page in its history,” defined by increasing crises and challenges, “wars getting worse and geopolitical divisions being observed.”
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He called for worldwide acknowledgment that the global financial system has failed in its aims. The Minister said that only then can the system, “which has increased the gap between advanced nations and developing states,” be reconstructed.
“The global monetary system has failed; the system which was constituted after World War II to provide a safety net for the globe, to promise long-lasting financing for the progress and for the least-developed nations. This financial system has disappointed and has abandoned these nations.”
