Remarks by the President of the General Assembly
Mr. Phil¨¦mon Yang
Annual Ministerial Meeting of the Foreign Ministers of
the Least Developed Countries
26 September 2024
[As Delivered by Chef de Cabinet Mr. Ivor Fung]
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Excellencies,
Ladies and Gentlemen,
As we all know, the world is far from perfect, and not every country or individual enjoys the same level of development or prosperity.
However, it is unacceptable that 45 nations remain classified as Least Developed Countries, where per capita income is less than 1,018 US dollars¡ªamounting to less than 3 dollars per day for their citizens.
World leaders made a solemn commitment in the 2030 Agenda for Sustainable Development to leave no one behind.
This pledge has since become a global consensus and serves as a guiding principle for promoting international development cooperation.
The need to mobilize additional resources for these Least Developed Countries is clear: without the success of these 45 nations¡ªrepresenting one-fifth of the United Nations¡¯ Member States¡ªwe risk deepening global inequality and witnessing the failure of the 2030 Agenda for Sustainable Development.
Excellencies,
The adoption of the Doha Programme of Action in 2023 charted a new path for Least Developed Countries, particularly through its five key initiatives: the Sustainable Graduation Support Facility, the Investment Support Center, the Food Stockholding Mechanism, the Online University, and the Enhanced Resilience Building Mechanism.
Moreover, the adoption of the Pact for the Future demonstrated that Member States can unite despite their differences, to build a brighter future for both current and future generations.
This collective effort provides an invaluable foundation for Least Developed Countries to implement the Doha Programme of Action and strengthen global partnerships to support these nations.
The President of the General Assembly, His Excellency Phil¨¦mon Yang, is committed to addressing the unique challenges faced by countries in special situation, including Least Developed Countries.
Excellencies,
Significant financing is urgently needed to ensure the successful implementation of the Doha Programme of Action for Least Developed Countries.
It is estimated that these countries will require 1 trillion US dollars annually just to double the share of manufacturing in their Gross Domestic Product.
With the Fourth International Conference on Financing for Development scheduled for 2025 in Spain, Least Developed Countries must seize this opportunity to highlight their specific challenges and advocate for enhanced financial support.
Meanwhile, given that Least Developed Countries hold only 4% of the World Bank’s voting rights and received less than 2.5% of the International Monetary Fund¡¯s special drawing rights issued in 2021, it is crucial to accelerate the reform of the international financial system to ensure sufficient and effective financing for these nations.
Least Developed Countries must collaborate closely in the preparatory process for the Fourth International Conference on Financing for Development, fostering synergy to advance both the Doha Programme of Action and the 2030 Agenda.
Excellencies,
I wish the meeting every success and assure you that Least Developed Countries will remain a key focus throughout this presidency.
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