Ismail Sabri urges UN members to establish an International Monetary Cooperation Mechanism

Photo courtesy of United Nations.

NEW YORK, Sept 24 – Prime Minister Datuk Seri Ismail Sabri Yaakob called on fellow United Nations member states to establish an establish an International Monetary Cooperation Mechanism to build a more effective and just system that is able to balance the needs of global development.

In his speech at the general debate of the 77th session of the United Nations General Assembly at the UN headquarters here, he made this request with reference to the ongoing inflation worldwide and how in an interconnected world, the policies and decisions of some countries could affect other nations.

“For example, in tackling inflation that the world is suffering from, the monetary policy and determining of interest rates by one country also has an impact on other countries.

“This is where cooperation and coordination among countries need to be stepped up, so as to achieve the goal of a more just economic wellbeing for all,” he said.

In an international financial and monetary structure that is still dominated by a few major powers, as well as during the world economic recovery, domestic monetary decisions have to be adjusted by considering the reality and needs of developing countries, he said.

The prime minister also spoke of Malaysia’s concerns with other current issues in the global front including climate change and the Russia- Ukraine conflict and its effects on the rest of the world

“Peace and stability are crucial in overcoming every major challenge of today; whether it is the climate change crisis, global poverty or the lasting effects of the pandemic. No matter how great our plans may be, they will not measure up to the destruction and waste that come with modern warfare. This is the truth that we should not forget.

“Conflicts will only result in negative effects for the whole world. It is due to conflicts that we are now facing various problems such as lack of nutrients and food resources.

“In facing this, Malaysia calls on all countries to emphasise the issue of food security to guarantee sufficient food resources for all.

“The UN Charter and international laws are there to promote the peaceful settlement of disputes between countries. The charter and the laws set the limits of a country in pursuing its own interests. Based on that principle, Malaysia opposes violations of international laws, including the principle of sovereignty and territorial integrity of any nation.”

Ismail Sabri said Malaysia also welcomed the creation of the sea route corridor that allows for the shipment of grain from Ukraine, adding that it was a positive step in addressing the food security problem.

The prime minister also expressed the country’s disappointment with the situation of the Occupied Palestinian Territories (OPT).

“The Palestinian people continue to live under the shackles of Israel’s discriminatory policies. Illegal settlements are becoming more widespread. This is against international law, including Security Council Resolution 2334,” he said, calling for a quick resolution to the problem.

He also raised Malaysia’s concerns with Myanmar, saying the UN Security Council had not taken any serious action in dealing with the country’s situation since the coup in February 2021.

“The political crisis in Myanmar has also worsened the situation of millions of Myanmar refugees, including the Rohingya refugees. Although Malaysia is not a signatory to the 1951 Convention on the Status of Refugees and the 1967 Protocol, Malaysia, on humanitarian grounds, accepted nearly 200,000 Rohingya refugees.”

He urged more countries to take in more refugees to be resettled in their respective countries while getting down to the root cause of the Rohingya crisis.

He said the conflicts and crises that occur in the world, including in Ukraine, Palestine and Myanmar, cannot be resolved due to the debility of the global governance system and the UN.

“The biggest problem in the UN is the Security Council. The power of veto is often misused to favour the world powers that have it. It is not democratic and violates the principles of human rights. This makes it impossible for conflicts to be resolved by any of the permanent members of the Council.

“In line with the principle of one country one vote, now is the time to abolish the veto power. As an organisation that brings the spirit and symbol of democracy to the world, the UN needs to return to its foundation.”