Cooperation, coordination needed among nations to achieve fairer economic well-being, says PM

Malaysian Prime Minister Datuk Seri Ismail Sabri Yaakob giving his speech during the general debate of the 77th session of the United Nations General Assembly at the UN headquarters Friday (Sept 23). - Photo: Bernama

NEW YORK: An international monetary cooperation mechanism that can ensure a system that is fair and effective must be put in place to achieve global economic well-being, said Datuk Seri Ismail Sabri Yaakob.

The Prime Minister said such a mechanism could act as a balance to the universal need for development.

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He said in today’s interlinked world, policies and decisions made by any one nation could affect another.

“For instance in dealing with the grip of inflation, monetary policies, fixing interest rates by one country would have an impact on others.

“This is where cooperation and coordination among countries can be better improved to achieve fairer economic well-being,” he said in his speech to world leaders gathered at the United Nations 77th General Assembly on Friday (Sept 23) (Saturday (Sept 24), Malaysian time).

Ismail Sabri, in his maiden physical appearance at the UNGA, pointed out that international financial and monetary structure remained dominated by several superpowers.

“With the world economy in the process of recovery, domestic monetary policies must be coordinated, taking into account the needs of developing nations.

“Malaysia urges UN member states to set up an international monetary cooperation system for a more effective and just system that is able to balance the needs of global development,” he said.

The Prime Minister reminded the august hall that one of the important lessons taken from the Covid-19 pandemic was that acts of self-interest would only cause distrust.