Navigating the Global Debt Crisis: Accusations in ECOFIN

On November 3,4,5 we had SiNep MUN, where The Orbona was the Eco-fin News Media. Below is the synopsis of the Eco-fin Committee of the MUN. 

 - Prashamshya Man Karmacharya, The Orbona

“We would like to form a meaningful peace treaty amongst our nations, Libya, Oman, UK, Bangladesh, Nepal, and France, We would like all these nations to accept this treaty so that they can collaborate together to solve the problems of the world, and also we can help countries like Russia to be honest with its money and stop taking corruption”, the delegate of Libya stated aggressively during the GSL speech, as the delegate emphasized how “we (Libya) would like to break all ties with Russia” in the ECOFIN committee.

As the nations dissected the different driving factors for the continuously increasing debt in developing countries, the delegate of Libya accused Oman of violating the said “peace treaty”. “What are the terms and conditions of the treaty?” The delegate of the USA inquired with a hit of passive aggressiveness, which exposed how the “peace treaty” itself wasn't formed and Libya’s delegate was falsely making accusations. As the discussion deepened, the delegates of Libya, Sudan, Bolivia, Denmark, France, and Bangladesh established social and political instabilities as the driving factor for the continuously increasing debt in developing countries, following other factors such as COVID-19. Global uncertainties, climate change, war, mismanagement of funds, low tax reserves, unequal financial architecture, and low tax rates were brought up. Additionally, the delegate of China also accused the EU nations of a lack of proper planning while establishing them as a factor in the problem. As the session progressed, various exchanges of accusations, clarifications, apologies, and solutions came forth by the member nations. This same flow of the session is expected to deepen during the subsequent sessions to form a globally accepted solution.