In this context, the role of the Economic and Financial Affairs Council is crucial in reforming our global financial system and promoting equity between developed nations and the global South.

Our first agenda “Addressing the African Debt Crisis” seeks to tackle the underlying problem exacerbating endless fiscal pressures in Africa, a pressing issue affecting millions across the continent. Repeated global financial and commodity shocks, high borrowing costs due to an international financial architecture conducive to reasonable borrowing, and poor economic and political governance, all unanimously pressure African economies, preventing them from reaping the fruits of sustained economic growth. As an ECOFIN delegate, you will delve into the complexities of African debt, evaluate its historical roots, and structure innovative frameworks for debt relief and future growth that must cater to the intricate requirements of the diverse parties involved. This agenda offers a unique opportunity to engage in high-stakes diplomacy and policymaking that will influence local and global financial policies, potentially impacting the lives of millions and setting the tone for decades of development.

Our second agenda, "Addressing the trend of dedollarisation by reforming the international finance system," reflects the changing geopolitical realities towards an increasingly multipolar world. As countries and multilateral institutions have started transitioning away from the dollar, it presents the international community a unique opportunity to reform our international financial ecosystem to prevent currency weaponization, unilateral sanctions and promote sustainable trade. As ECOFIN delegates you must seize this chance to explore and develop an alternative system that can effectively promote prosperity, reduce conflicts and safeguard the global economy.

Our third agenda "Discussing the economic implications of hyperinflation in Venezuela" reflects the everlasting hyperinflationary spiral that erodes the purchasing power of citizens in Venezuela. The excessive printing of the Venezuelan Bolivar has led to catastrophic effects, such as mistrust of the country's currency and rising food prices. It has also created negative spillover effects for other countries in South America, including a mass influx of Venezuelan refugees in Columbia and Brazil. As delegates of ECOFIN, you must work collaboratively to come up with solutions for the Venezuelan government to re-instill trust in its currency and institutions, and to mitigate the effects of hyperinflation in the country and the rest of the world.

ECOFIN at DAIMUN 2024 will be a powerhouse of innovation and insightful debates. Delegates will explore the advances of technology that can revolutionize the modern economy, build a meaningful consensus towards our shared tomorrow and herald impactful action towards achieving our developmental goals.

We look forward to welcoming you to ECOFIN at DAIMUN 2024!