New Zealand’s remark “They call it ECOFUN for a reason!” certainly describes the merriment and camaraderie of this committee over the past few days. On the first day, the lively delegates collaborated to improve the economic, social, and environment aspects of life in the Middle East and North Africa by debating the issue “Sustainable Development in the Middle East and North Africa”. After long debates concerning issues from the reliability of a sub-committee to the uses of the aid given to Middle East and North African countries, the committee passed a super resolution, sponsored by Qatar, Brazil, Chad, and Kazakhstan. The proposals of the committee included that developed countries provide a greater amount of aid, that a committee be created to help combat corruption, and that multilateral development banks invest more in the Middle East and North African regions.
These delegates then addressed “Currency Devaluation,” which involved the discussion of whether having varied values of currencies is fair and what measures should be taken to ensure stability in global trade. ECOFIN Chair Tony Chen stated that two main super resolutions emerged, as delegates either did or did not support currency devaluation. Of the ones that were passed, one sponsored by France, Brazil, Canada, and Somalia requested the creation of a committee to track exchange rates in countries and punish countries that use currency devaluation to improve their current account. Another resolution of Angola, Qatar, Chile, Malaysia, and Chad proposed that large restrictions on currency devaluation be placed on developed countries and small ones on undeveloped nations and like the other resolution, encouraged the creation of a committee to monitor devaluation. We are so proud of ECOFIN’s hard work and can’t wait for more ECOFUN next year!