The United Nations Economic and Social Council (ECOSOC) must have a greater say in the running of global economic affairs, where new arrangements are urgently needed given the continuing financial turmoil around the world, the Prime Minister of Mauritius said today.
Navinchandra Ramgoolam told the fourth day of the General Assembly’s annual general debate that the global economy has still not recovered from the 2008 crisis.
Developed countries face budget deficits, unsustainable debts and high rates of unemployment, a number of emerging economies are rising rapidly, while poorer developing countries have suffered the negative impact of financial and economic failures in which it had no part, he said.
“As the economic centre of gravity shifts eastwards and creates new opportunities we must ensure that the formidable global challenges do not create economic insecurity for those who feel left behind and lead to other threats to international security. It is imperative that we manage these transformations judiciously and with pragmatism.”
Dr. Ramgoolam said the UN’s universal membership, as well as its legitimacy, made it the most appropriate body for resolving global economic, financial, trade and development issues.
“The United Nations played a significant role in the ’70s in shaping the conceptual framework for a new international economic order. The United Nations adopted a number of landmark resolutions which laid the normative foundation for a more equitable economic order.
“The United Nations still has a role to play in shaping the world economic order to ensure economic security, in accordance with its mandate under the [UN] Charter.”
He called for the world body to undergo reforms in its structures and working methods so that it has a better balance between political and economic issues.
ECOSOC, one of the six principal organs of the UN, is a 54-member body tasked with furthering economic and social cooperation and development, and Dr. Ramgoolam it “must be given the prominence that it was intended to have.”
He added that the UN and ECOSOC should also work more closely with regional institutions to pursue economic development.