Mr. President,
The unjust international order perpetuates inequality and the financial gap between an opulent North and a South that is forced into debt due to the disparities that the system itself generates.
This order only serves a select group of nations that gained prosperity at the expense of the South's impoverishment, thereby becoming perpetual creditors. The North’s historical debt remains unpaid.
Developing countries have seen their external debt double over the past ten years. When accessing financial markets, they face interest rates up to eight times higher than those of developed countries.
Many nations in the South have to allocate a substantial part of their revenue to servicing the debt, which is equivalent to a new form of exploitation.
In such unfavourable conditions, the South will never be able to secure the necessary resources to achieve the Sustainable Development Goals.
The debt burden will continue to divert resources that could be allocated to education, healthcare, and the realisation of other economic, social, and cultural rights, including the right to development.
The external debt of developing countries, which has been already paid, is unpayable and must be cancelled.
Cuba reiterates its support for the mandate of the Independent Expert and will submit a draft resolution at this session on the impact of foreign debt on the full enjoyment of human rights. We thank you in advance for your support for this initiative.
Thank you.