Economic & Social Council Economic & Social Council
Welcome to the ECOSOC Page!
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Economic & Social Council Chair and Liaison Officer 2012
Joseph Kahinda -- Chairperson |
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Delegates and Friends, Contact: joseph.kahinda@gimun.org / ecosoc@gimun.org |
Friederike Seifert -- Liaison Officer |
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I was born in Erfurt, Germany, where I spent most of my life. But I lived in Moscow, Russia, for four years, where I also went to school for the first time. Later on, I went to Baie-Comeau, Canada, as an exchange student for one year. I'm currently in my first year of my Bachelor's in Economics and Science at the University of Geneva. My interest for global challenges is influenced by my mother who teaches international relations, my experiences in various countries and activities linked to international politics. I hope to be able to live my passion for global challenges and to meet other enthusiasts of politics and international affairs during my engagement at the GIMUN Annual Conference 2012. Contact: friederike.seifert@gimun.org / ecosoc@gimun.org |
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Agenda
1. Multilateral debt relief; an implementation status review
Debt in our context will refer the external debt, both private and public, of countries, which has been growing enormously on a global scale, since the early 1970s. Countries all over are facing debt crises today that though built on previous dept repayment crises, were mainly precipitated by the credit collapse of 2008. The most recent occurrence of this is found in Greece and therein lies the justification of our focus.
Our focus should, however, not overshadow the other debt crises that trouble much of the global economy: the increasing and potentially unmanageable debt of the developing countries, and budget deficits of the developed countries, their balance of payments deficits, and the insolvency of many of their savings and loan institutions.
In 1996, the IMF and the World Bank initiated a program to provide debt relief and low interest rates to cancel or reduce external debt repayments to sustainable levels. This was later reviewed and improved in 1999. 12 years later, this committee purposes to review the program, its implementation status, and to improve on it where prudent, so as to make it more applicable to today’s Global Debt crises.
2. Engendering sustainable development by merging the best of both traditional and modern microfinance
approaches.
Microfinance is the provision of regular financial services to those who live in poverty and would otherwise lack financial services. Ultimately, the goal of microfinance is to give low income earners a chance to create sustainable livelihoods and eventually get out of poverty.
Tracing its roots to the 1800s, traditional microfinance had a noticed and documented benefit as a way of improving livelihood. This laid the foundation for the modern practices of the same which, in their form, were first practiced in the 70s by Muhammad Yunus, who as a result of the practices was in 2006 awarded a Nobel Peace Prize.
Microfinance has increasingly gained credibility in the finance industry, and many large financ organizations and social investors are contemplating microfinance as a source of future growth, even though very few anticipated the success of microfinance in the 70s.
This committee, while focusing on microfinance in developing countries, will recognise the farther reaching implications it could have on developed nations. Having pre-1900s practice and modern practice, we will seek overlapping benefit areas and how these can be applied to improve the economic fortunes of all.
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Countries
Argentina
Brazil
Cameroon
Chile
Cote d’Ivoire
Egypt
Estonia
Finland
France
Germany
Ghana
India
Italy
Japan
Morocco
Pakistan
Peoples Republic of China
Peru
Poland
Qatar
Republic of Korea
Russian Federation
Rwanda
Senegal
Turkey
United Kingdom
United States
Uruguay
Venezuela
Zambia
Observers:
- IMF
- World Bank
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Resources