The COVID-19 pandemic has brought to the fore, for all the world to see, the gross failure of the current globalized system. We, humanity, will only progress when we establish a higher platform of economy, one dedicated to the promotion of human life, not the balance sheets of debts
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UN Speech by Ivory Coast President: “Bolder Measures” Needed To Help African Economies Hit by COVID-19
September 28, 2020
The remarks by President Quattara at the United nations echoed those of other leaders of developing nations. However, we must contemplate taking even bolder action. The present global financial-economic system needs to be restructured. The Bretton-Woods system as envisioned by President Franklin Roosevelt has been distorted beyond recognition. The amount of debt and derivatives on the books of the international banking system is suffocating real economic expansion. Yes, we must have a debt moratorium for the duration of the crisis, but we have to do more. We have to construct a New Bretton Woods that will deflate existing unpayable debt and establish standards for prioritizing the issuance of new credits explicitly for development; in particular infrastructure. The COVID-19 pandemic has brought to the fore, for all the world to see, the gross failure of the current globalized system. We, humanity, will only progress when we establish a higher platform of economy, one dedicated to the promotion of human life, not the balance sheets of debts. Read: New Economic Order Required to Combat COVID-19 in Africa
General debate of the 75th session of the United Nations General Assembly: Statement by His Excellency Mr. Alassane Ouattara, President of the Republic of Côte d’Ivoire
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