Indonesian FM Urges BRICS to Lead Reforms in Global Financial Governance
New York, The Gulf Observer: Indonesian Foreign Minister Sugiono has urged BRICS member states to take an active role in driving reforms in global financial governance, stressing its importance for achieving the Sustainable Development Goals (SDGs) by 2030.
Speaking at the meeting of BRICS Foreign Ministers held on the sidelines of the 80th UN General Assembly High-Level Week on Friday, Sugiono underlined that BRICS has a crucial role not only through development financing but also as a political platform to advocate for a fairer international financial system.
“The time is running out. Only 15 percent of SDG targets are on track, while most remain off course or even regressing. Developing countries face a staggering US$4 trillion financing gap,” he cautioned.
Sugiono emphasized the urgency for BRICS to challenge systemic imbalances, amplify the voice of the Global South, and push for reforms in international financial institutions. “This UNGA must generate the political will and resources to accelerate SDG implementation, or the promise of the 2030 Agenda will slip further away,” he said.
Marking the UN’s 80th anniversary, the minister also underscored the need for institutional reform to ensure that multilateral bodies remain agile, responsive, and fit for purpose. He welcomed the UN80 Initiative as an opportunity to forge a collective vision for the future of multilateralism and called on BRICS to play a central role in advancing practical reforms to strengthen the UN system.
“BRICS carries the weight and legitimacy to push for reforms that make multilateralism more inclusive, equitable, and effective, ensuring the UN delivers on its core mandate,” he noted.
On humanitarian issues, Sugiono reiterated Indonesia’s deep concern over the continued illegal occupation of Palestine, while appreciating BRICS members’ consistent support for the Palestinian cause. “BRICS has an important role to play in advancing the long-delayed statehood of Palestine by keeping the issue high on the global agenda and challenging double standards in international forums,” he affirmed.
