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STATEMENT BY

 

MS. YANG AISHAH ADNAN

FIRST SECRETARY

PERMANENT MISSION OF MALAYSIA TO THE UNITED NATIONS

 

AT THE GENERAL DISCUSSION OF THE SECOND COMMITTEE OF THE

78^TH SESSION OF THE UNITED NATIONS GENERAL ASSEMBLY

 

ON AGENDA ITEM 16: MACROECONOMIC POLICY QUESTIONS; AND

AGENDA ITEM 17: FOLLOW-UP TO AND IMPLEMENTATION OF THE OUTCOMES OF THE INTERNATIONAL CONFERENCE ON FINANCING FOR DEVELOPMENT

 

 

Mr. Chair,

 

Malaysia aligns itself with the statements delivered by Cuba on behalf of the G77 and China as well as Indonesia on behalf of ASEAN.

 

2.     Malaysia also thanks the Secretary-General for his reports under these agenda items. These reports strongly emphasise the need for greater efforts from the global community to achieve a sustainable recovery.

 

3.     The existing international financial architecture has not effectively provided the necessary funding required for the attainment of the SDGs. Many developing nations have faced challenges in increasing their public funding and investments due to constraints on fiscal capacity and difficulties in accessing cost-effective, long-term financing. Thus, essential reforms such as adjustments in global economic governance, bridging gaps within the sovereign debt framework and enhancing the operations of multilateral development institutions are needed.

 

4.     The 2023 Financing for Sustainable Development Report underscores the presence of significant debt-related challenges in 52 developing countries. It is crucial for multilateral and commercial creditors to take immediate action and ensure that proper assistance be provided to all developing countries in need.

 

5.     In parallel, Malaysia strongly maintains the view that the imposition of unilateral coercive measures is counterproductive and hinders collective efforts aimed at fostering economic recovery and development. Subsequently, our focus must be on enhancing the global multilateral trading system. Trade policies should be fair and inclusive, designed to enable the realisation of the SDGs. In this regard, Malaysia will continue to advocate for a free and open trade.

 

6.     The sequence of external economic shocks, rising commodity prices, climate change effects, and geopolitical tensions have disproportionately affected the most vulnerable countries. In these challenging circumstances, it has become increasingly vital for developed partners to uphold their commitment to providing official development assistance. Furthermore, the reallocation of Special Drawing Rights must also prioritise countries facing the greatest need. It is also crucial to maintain robust governance, transparency, and accountability throughout the allocation and utilisation of SDRs to ensure their efficacy in promoting economic growth and poverty alleviation.

 

Mr. Chair,

 

7.     International investment in renewable energy nearly tripled since the Paris Agreement. However, investment growth has only been strongest in developed economies and it tells us that more focus is needed in assisting the developing countries. It is unfortunate that more than 30 developing countries have not attracted any international renewable energy projects since 2015. The annual commitment of USD 100 billion in climate financing by developed nations holds the potential to close the climate action gap. Simultaneously, it is essential to combat greenwashing, as it can cultivate a misleading perception of climate accomplishments, which could impede progress toward authentic environmental goals.

 

Mr. Chair,

 

8.     The digital economy is projected to contribute 25.5 per cent to Malaysia’s GDP by 2025. In our commitment to advancing the nation's digitalisation, Malaysia has introduced the Malaysian Digital Economy Blueprint which provides a robust framework aimed at generating 500,000 job opportunities within the digital economy, supporting the establishment of 5,000 startup companies over the next five years, and attracting USD 15 billion in new investments to bolster the digital sector.

 

9.     In order to maintain an open and equitable digital landscape in this era, the global community must promote inclusive digital ecosystems that facilitate cross-border trade and transactions. Malaysia welcomes foreign digital investment and digital entrepreneurs interested in expanding their presence in the country, positioning Malaysia as a gateway to the regional market such as ASEAN.

 

10.     With that, I thank you.