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UNGA president urges reforming "uncompromising" financial systems

Csaba Korosi, president of the 77th session of the UN General Assembly, speaks at the first plenary of the 77th session of the General Assembly at the UN headquarters in New York, on Sept. 13, 2022. (Xinhua/Wang Ying)

"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 said.

UNITED NATIONS, Sept. 23 (Xinhua) -- Csaba Korosi, president of the 77th session of the UN General Assembly (UNGA), on Friday 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 the Group of 77 and China.

Measures will also be taken to reform the systems that "obstruct the opportunities of these nations to boost productive capacities," he said.

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

Speaking about the role of the G77, Korosi 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," the UNGA president 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 United Nations' biggest inter-governmental group of emerging countries. ■