UN General Assembly
2023

Thirdly, we are in dire need of restoring trust in the economic tools of the global system, with a view to enabling it to address the urgent development aspirations of peoples. The best way to prevent conflicts is through comprehensive and sustainable development. That makes it incumbent upon us to uphold the role of international organizations in supporting developing countries in facing ongoing international crises and promoting resilience against international future crises. In that regard, it is essential that the international community synergize its efforts, take constructive steps to reform the current global financial structure and develop the current international financial system in such a way as to enable developing countries to achieve the Sustainable Development Goals (SDGs). That requires establishing effective and innovative financing tools and promoting existing financing tools, including special drawing rights of the International Monetary Fund. That also calls on us to look into the best ways of allocating them, in addition to modifying the practices of multilateral development banks in order to realize three goals: increasing the amount of funds; providing funds from different sources and tools such as concessional loans and grants; and improving developing countries’ access to those development banks for achieving development in line with the national priorities of those countries. It is high time to reform the World Trade Organization and to consolidate its centrality in maximizing the returns of the rules-based multilateral trading system.