UNGA president urges reforming 'uncompromising' financial systems, says they keep developing countries trapped in debt

Csaba Korosi, president of the 77th session of the UN General Assembly (UNGA), has called for reforming the current financial systems, which, he said, are "uncompromising" and keep developing countries "trapped in a vicious cycle of debt and interest"

"We can no longer tolerate the uncompromising financial systems that keep developing countries trapped in a vicious cycle of debt and interest."

Csaba Korosi, president of the 77th session of the UN General Assembly (UNGA), has called for reforming the current financial systems, which, he said, are "uncompromising" and keep developing countries "trapped in a vicious cycle of debt and interest".

"We can no longer tolerate the uncompromising financial systems that keep developing countries trapped in a vicious cycle of debt and interest," the UNGA President told the 46th Annual Meeting of Ministers for Foreign Affairs of Group of 77 and China on Friday.

Measures will also be taken to reform the systems that "obstruct the opportunities of these nations to boost productive capacities", Xinhua news agency quoted Korosi as saying.

"We need an international financial system, based on inclusion, which inspires full commitment to multilateralism, sustainability and social stability," he added.

Speaking about the role of the G77, the UNGA President said that it "has a key role to play in shaping the solutions that will help us manage, and solve, the `mega crises` unfolding across our world".

Terming the current era as "a new chapter of history unfolding as we speak", he called on G77 member states to contribute "collective wisdom and sheer strength of diversity" in order to "create enabling environments and implement action-oriented solutions so that we can achieve the 2030 Agenda together".

Pakistan is the current chair of Group of 77 and China, which now has 134 members and is the UNs biggest inter-governmental group of emerging countries.

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