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BD wants change in global financial governance

Published : Saturday, 14 September, 2019 at 12:00 AM  Count : 169

Bangladesh has called for a "fundamental change" in the global financial and economic governance structure to bolster cooperation among the developing countries.
Permanent Representative (PR) of Bangladesh to the UN Ambassador Masud Bin Momen said the process of change needs to be initiated immediately.
He was speaking at the event to observe the United Nations Day for South-South Cooperation (41st Anniversary of the adoption of the Buenos Aires Plan of Action) at the UN headquarters in New York on Thursday.
He also stressed the importance of the role of the Southern countries in the decision making process of international economy.
"There must be a more central role for the South in the international economic decision-making. It is important to recognise that to bolster South-South Cooperation (SSC), a fundamental change in the global financial and economic governance structure needs to be initiated," he was quoted as saying in a statement.
Masud also flagged some other points such as delivering on official development assistance (ODA) commitments, extending the financial support from new regional and global banks, accelerating technology transfer, implementing preferential trading rules of WTO and support from the reformed UN Development System (UNDS) to SSC initiatives.
He reiterated Bangladesh's proposal for establishing a 'Ministerial Forum' of Southern countries under the aegis of SSC which was proposed for the first time at BAPA+40 Conference in Buenos Aires, Argentina by the Foreign Minister of Bangladesh.

The ambassador also referred to the 'South-South Centre on Knowledge and Innovation' which is going to be set up by Bangladesh.

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