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Malawi: President Chakwera Calls For Support From Developed Nations

March 10, 2023

By Joseph Dumbula [caption id="attachment_105018" align="alignnone" width="1200"] President Chakwera[/caption] Malawi President Lazarus Chakwera has called for more support from developed nations at the ending Fifth United Nations Conference on the Least Developed Countries (LDC5) in Doha Qatar. Chakwera in his closing remark said there is need for LDCs to graduate into middle income category there is need to double efforts and more action to be done by financial institutions to ease access to resources by LDCs for the implementation of the programme. “It’s a collective effort and we need a new approach; therefore, the civil society and the media should take part to champion the interests and priorities of LDCs in their coverage and to hold duty bearers accountable for the pledges they made here and in the past. LDCs are the cabins on the ship that have been most severely damaged by icebergs and that the ship has been hit by the impacts of climate change and the Covid 19 pandemic,” said Chakwera. He further said that his vision is to see Doha Programme of Action become the Doha celebration of achievement saying it will be a moment of great pride for all LDCs Countries. According to Deputy United Nation Secretary General Amina Mohammed the five key deliverables need to respond to challenges currently faced by Least Developed Countries. The 46 least developed countries (LDCs) comprise about 14% of the global population. They are some of the poorest and most vulnerable economies in the world. They account for only 1.3% of global gross domestic product, receive just 1.4% of total foreign direct investment and trade under 1% of world merchandise exports. LDCs are the battleground on which the 2030 Agenda for Sustainable Development will be won or lost. At LDC5, UNCTAD calls for bold action and development cooperation to achieve inclusive growth and sustainable development in LDCs. UNCTAD calls for: Effective debt relief and management in LDCs to avert the growing risks of debt distress, partly caused by the lack of alternative sources of development finance. Export diversification in LDCs to shift economic activities, jobs and resources from low-productivity sectors to higher-value-added and higher-productivity sectors. Stronger productive capacities in LDCs to improve their capacity to make quality goods and deliver services to enable them to participate more fully in global trade. A new strategy to enable LDCs graduate with momentum (stop being LDCs). How LDCs achieve graduation is as important as when they do so. Increased investment capacity in LDCs through financial and technical support for investment project preparation and contract negotiation, investment-related dispute resolution, investment promotion facilities and related assistance. A just, balanced and sustainable low-carbon transition in LDCs through increased international support that considers the long-term development needs of these countries.

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