Vietnam chairs discussion of ESCAP committee on macroeconomic policy

Vietnamese Ambassador to Thailand Phan Chi Thanh chairs a discussion of the fourth session of ESCAP’s Committee on Macroeconomic Policy, Poverty Reduction and Financing for Development. (Photo: VNA)

Bangkok (VNA) – Vietnamese Ambassador to Thailand Phan Chi Thanh, who isalso Permanent Representative of Vietnam to the United Nations Economic andSocial Commission for Asia and the Pacific (ESCAP), chaired the finaldiscussion of the fourth session of ESCAP’s Committee on Macroeconomic Policy, Poverty Reduction and Financing for Development onNovember 3.

During the three-day session in Bangkok,countries shared the view that the world and the region are encountering many macro-economicchallenges, including a slow growth outlook, soaring inflation and interest rates,tightened fiscal policies, the shortage of public funding sources for sustainabledevelopment, and risks of a debt crisis in many countries.

Given that context, participants discussedmeasures on enhancing the sustainability of public debts and boosting sustainablefinance to secure sustainable development goals and climate actions in theAsia-Pacific region.

Under the chair ofAmbassador and Permanent Representative Thanh, the session adopted sixrecommendations and two decisions.

In particular,participants proposed the ESCAP Secretariat continue implementing studies,supporting capacity building, promoting dialogue, and sharing information andexperience in sustainable finance and public debts with member countries. They calledfor creating conditions for regional and sub-regional cooperation mechanisms tonarrow the shortage of funding sources; helping resolve macro-economic policyissues and debt crises, and increasing investment in sustainable development; andpromoting coordination with the consulting group on finance provision for sustainabledevelopment strategies to elevate the mechanism on sharing policies andexperience related to macro-economic challenges and sustainable financeissues.

The closing sitting of the fourth session of ESCAP’s Committee on Macroeconomic Policy, Poverty Reduction and Financing for Development on November 3 (Photo: VNA)

This wasthe third time Vietnam had been elected to the executive boards of majorconferences of ESCAP over the last two years, affirming Vietnam's increasing role and contributions to the forum.

ESCAP is the mostinclusive intergovernmental platform in the Asia-Pacific region, comprising with 53 official member states and nine associate members. It supportssocio-economic development and the implementation of the UN’s 2030 Agenda for SustainableDevelopment in the region.

Meanwhile,the Committee on Macroeconomic Policy, PovertyReduction and Financing for Development, onethe nine specialised committees of ESCAP, convenes annual sessions to look intomeasures for helping countries build policies on economic development and mobilisationof finance and resources for sustainable development./.

VNA