|President raps world finance systems|
|Thursday, 21 June 2012 12:16|
Morris Mkwate in RIO DE JANEIRO, Brazil
Addressing the United Nations Conference on Sustainable Development (Rio+20) which opened here yesterday, he said global financial regulatory mechanisms should be refined to avoid human-induced world economic problems such as the 2008-2009 crisis, largely triggered by speculation.
The President said small nations were invariably failing to achieve development objectives owing to punitive economic measures meted out against them by some developed countries.
“The 2008 to 2009 economic and financial crises were spawned by activities that were not based on the real economy but on speculative practices.
“Regrettably, some quarters are down-playing the gravity of this issue and eroding the sensitive role it plays in the United Nations and international financial institutions.
In an environment where there are inadequate resources to meet development objectives, the President said, there are concerns that some powerful countries continue to implement punitive economic measures which curtail further the ability of small states.
The Head of State and Government and Commander-in-Chief of the Zimbabwe Defence Forces said the world economic crisis resulted in the marginalisation of poor countries.
He said resources allocated to development assistance under the Millennium Development Goals programme had already been depleted, three years before the expiry of the deadline for the attainment of the goals.
“It is our hope that the SDGs will not undermine the MDGs. We should, therefore, not lose sight of the need to achieve set targets in the areas of, inter alia, poverty alleviation, education, combating HIV and Aids, gender mainstreaming as well as the health and welfare of mothers and children,” said President Mugabe.
“The implementation of Sustainable Development Goals requires an appropriate institutional mechanism to carry the agenda forward. We expect the United Nations, in light of its international character, to remain at the centre of these efforts.
“We do not believe that creating new institutions is a panacea to implementation shortcomings. Already, the Economic and Social Council provides an appropriate platform to follow up pillars of sustainable development.”
The President said Ecosoc ensured all states and other stakeholders collaborate on sustainable development.
In addition, he advocated sourcing “predictable and sustainable resources” following indications developed countries, which voluntarily committed to funding sustainable development efforts in developing nations, were dragging their feet.
“There should be no room for elitist and exclusive clubs in the field of sustainable development. We are after all in peril if we do not put our act together to save the environment and, with it, our collective future,” President Mugabe said.
“Let the presence of more than 100 world leaders and their collective resolve be reflected through outcomes that will uplift the majority of humankind out of poverty.”