President Hage Geingob has reminded the UN General Assembly that the unprecedented global debt levels and interest rates are limiting the fiscal space of countries, including Namibia.
Dr Geingob delivered Namibia's statement during the General Assembly that is underway in New York.
The UN members' collective aspirations should remain acutely aware of the vulnerabilities facing developing countries, President Geingob emphasised to the UNGA. This also includes the limitations to resource mobilisation posed by the World Bank's classification.
President Geingob reiterated that Namibia's classification as an upper middle-income country by the World Bank does not take into account the vast income disparities between the wealthy and the poor as a consequence of 100 years of colonialism and apartheid occupation.
"However, I am pleased to hear that a number of developing and developed countries are in agreement with this unfair classification, which denies countries like Namibia access to soft loans and grants, which are necessary to fight inequality and to lift many out of poverty."
Dr Geingob also reiterated Namibia's call for the reform of the UN Security Council in line with the Common African Position.
The African Common Position dating back to as early as 1994, is based on the need to democratize the UN's most powerful organ and for Africa to have a permanent seat.
"I always say inclusivity spells harmony and exclusivity spells conflict. Africa is a continent of 1.2 Billion citizens and the exclusion of Africa from the Security Council is an injustice. For as long as the Council fails to reflect in stature and composition, current global realities, it will not be able to adequately address global concerns. We, therefore, reiterate our call for the reform of the Security Council, in line with the Common African Position."
On Wednesday the world body marked the United Nations International Day of Peace under the theme "End racism. Build Peace".
The Namibian Head of State reminded fellow leaders of the fragility of peace and therefore the need to safeguard it.
"Our United Nations as the premier guarantor of multilateralism is our best bet to ensure peaceful and prosperous humanity. Namibia will continue to place a high premium on the noble aspirations of the United Nations as a beacon of hope and equality of all nations. As a beneficiary of successful multilateral efforts, we hold in high regard the convening power of this august Assembly and recommit to working with fellow member states to change the world for the better."
The UNGA high-level debates continue as leaders are urged to tend to press needs facing humanity, throughout the week.