Systemic issues are issues that arise from the built-in features of the global system and the impact of the interaction of its parts; as implied in the chapter title in the Monterrey Consensus, it pertains to the coherence and consistency of the monetary, finance and trade systems. Systemic issues point at the weak points in the whole global financial “architecture,” the international structures and mechanisms that are beyond the control of individual countries. Systemic issues are a particular concern to developing countries, which have experienced their greatest development reversals during international payments crises.Read More
On 10 September 2015, at its Sixty-Ninth Session, the UN General Assembly in plenary session adopted the resolution on “Basic Principles on Sovereign Debt Restructuring Processes” (A/RES/69/319) in New York, with 135 member States voting for, six against and 42 abstentions. On the grounds that it would create uncertainty and reduce external financing for developing countries, the United States, supported by developed country allies – European Union countries, Japan, Australia and New Zealand – voted against the proposed General Assembly effort to start work toward a multilateral legal framework in the UN.
Thirty years ago, the United Nations adopted the Declaration on the Right to Development (“the Declaration”). Is this anniversary worth celebrating? Has this declaration outlived its usefulness and its anniversary best forgotten? My answer is NO.Read More
Good and bad news for half a million Malaysians suffering from Hepatitis C: there is a new effective medicine but a patient was charged RM385,000 for one course. In India it is available for less than RM4,000. Can anything be done about this?Read More
At the Financing for Development Conference in Addis in July 2015, developed countries blocked a proposal to establish an intergovernmental body within the United Nations on international cooperation in tax matters. There is a fundamental difference between North (where international companies are mostly headquartered) and South (whose interest lies in obtaining a fair share of the tax revenues arising from the operations of international companies in its territory). This divide can be better bridged in work by an intergovernmental body in the UN. The Addis Ababa outcome however sacrifices good governance and tax justice.Read More