UN Financing Appeal Last Hope for SDGs and Climate? Jomo Kwame Sundaram
The United Nations Secretary-General’s Dialogue on Financing for Development on 20 September may well be the world’s last chance to save the Sustainable Development Goals (SDGs) and curb global warming in time. The UN and International Finance Many features of the international financial system – including multilateral arrangements developed over many decades – have been overtaken by new developments, sometimes resulting in multidimensional crises. The month-long 1944 Bretton Woods gathering was convened as a UN conference to create conditions conducive to post-war recovery and post-colonial development. But the systemic concerns of John Maynard Keynes and others from developing countries were…
UN Must Reclaim Multilateral Governance from Pretenders Jomo Kwame Sundaram
International governance arrangements are in trouble. Condemned as ‘dysfunctional’ by some, multilateral agreements have been discarded or ignored by the powerful except when useful to protect their interests or provide legitimacy. Economic multilateralism under siege Undoubtedly, many multilateral arrangements have become less appropriate. At their heart is the United Nations (UN) system, conceived in the last year of US President Franklin Delano Roosevelt’s presidency and World War Two. The 1944 UN conference at Bretton Woods sought to build the foundations for the post-war economic order. The International Monetary Fund (IMF) would create conditions for lasting growth and stability, with the…
NAM 2.0+G77 vs G7+NATO+OECD+WEF Jomo Kwame Sandaram
Jomo K.S. warns US policies are driving the world to war and depression leaving developing countries with a strong vested interest to reconvene a new non-aligned movement and strengthen democratic institutions of global governance. Link to transcript: https://gpenewsdocs.com/nam-2-0g77-vs...
World Bank Climate Finance Plan Little Help, Unfair Jomo Kwame Sundaram and Khoo Wei Yang
Rich nations have contributed most to the current climate crisis. They are primarily responsible for the historical emissions and greenhouse gas (GHG) accumulation of the last two centuries. Developing countries, especially in the tropics and sub-tropics, are the main victims of global warming today. Most need finance and other means to build resilience and to develop in the face of the climate crisis. But the rich have resisted major efforts to help developing nations better cope with the crisis. Climate finance lacking But recent international climate finance flows fall far short of developing countries’ needs, not only in the aggregate, but also…
Mining Revenues Undermined Jomo Kwame Sundaram
The primary commodity price boom early this century has often been attributed to a commodity ‘super-cycle’, i.e., a price upsurge greater than what might be expected in ‘normal’ booms. This was largely due to some minerals as most agricultural commodity price increases were more modest. This minerals boom improved many developing country growth records, not least in Africa. With growing pressures to act urgently in response to accelerating global warming, mitigation efforts have been stepped up, promising energy transitions to reduce greenhouse gas emissions. These require major shifts from fossil fuel combustion to renewable energy and complementary (e.g., transport) technologies.…
Government Health Financing for All, Not Insurance Jomo Kwame Sundaram and Nazihah Noor
To achieve universal health coverage, people need public healthcare systems providing fair access to decent health care. This should be an entitlement for all, regardless of means, requiring adequate, appropriate and sustainable financing over the long term. Appropriate arrangements can help ensure a financially sustainable, effective and equitable healthcare system. However, insurance-based systems – both private and social – not only incur unnecessary costs, but also undermine ensuring health for all. Private health insurance Voluntary private health insurance (PHI) is not an acceptable option for both equity and efficiency reasons. Those with lower health risks are less likely to buy…
Exchange Rate Movements due to Interest Rates, Speculation, not Fundamentals Jomo Kwame Sundaram
Currency values and foreign exchange rates change for many reasons, largely following market perceptions, regardless of fundamentals. Market speculation has worsened volatility, instability and fragility in most economies, especially of small, open, developing countries. US Fed pushing up interest rates For no analytical rhyme or reason, US Federal Reserve Bank (Fed) chairman Jerome Powell insists on raising interest rates until inflation is brought under 2% yearly. Obliged to follow the US Fed, most central banks have raised interest rates, especially since early 2022. The US dollar or greenback’s strengthening has been largely due to aggressive Fed interest rate hikes. Undoubtedly,…
Improving Healthcare for All Jomo Kwame Sundaram and Nazihah Noor
In 2015, almost all heads of government in the world committed to the United Nations’ Sustainable Development Goals (SDGs), including universal health coverage (UHC). This was consistent with the World Health Organization’s commitment to Health for All. The COVID-19 pandemic exposed most countries’ under-investment in public healthcare provisioning and other weaknesses. Clearly, health system reforms and appropriate financing are needed to improve populations’ wellbeing. Instead of helping, more profit-seeking investments and market ‘solutions’ in recent decades have undermined UHC. Health markets the world over rarely provide healthcare for all well. Instead, they have increased costs and charges, limiting access. Worse,…
Weak Ringgit Due to Speculation Jomo Kwame Sundaram
Jomo said a multitude factors – including the role of certain “powerful” speculators and Malaysians who hoard their cash abroad – exerted pressure on the ringgit. A weak ringgit is “not the most important problem” for Malaysia currently, according to a prominent economist. Professor Jomo Kwame Sundaram, a research adviser at Khazanah Research Institute, also said that the ringgit’s depreciation was not caused by the country’s economic fundamentals. Speaking exclusively with StarBiz, he said multitude factors – including the role of certain “powerful” speculators and Malaysians who hoard their cash abroad – exerted pressure on the ringgit. Like many other currencies,…
Can Carbon Trading stop Global Heating? Sarah Razak and Jomo Kwame Sundaram
As our planet continues to heat up at an alarming rate, carbon credits, markets and trading have been promoted as effective measures to combat global warming. While there is an urgent need to curb planetary heating, growing reliance on this innovation is problematic, to say the least. Global warming occurs when heat from the sun is absorbed by greenhouse gases (GHGs) such as carbon dioxide (CO2) and methane. Like a blanket, GHGs trap heat, preventing it from escaping our atmosphere. This raises temperatures on Earth, accelerating climate change and triggering extreme weather events such as droughts, cyclones and floods. Historically,…