Position paper: Second Committee Brunei, Ronit and Bony

Committee- Second General Assembly

Topic- Follow-up and Implementation of the International Conference on Financing for Development

Country- Brunei

Delegates-Ronit Banerjee, Bonye Lumbanraja

The International Conference on Financing for Development (ICFD) allowed countries to adopt the Monterrey Consensus. This document contains international goals for developing countries. These goals include finding ways to eradicate poverty and develop a global partnership for development. Brunei has played a large role in the implementation of this conference. Brunei is a monarchy with a national ideology based on Islam. It is the third largest oil producer in South East Asia, averaging about 180,000 barrels a day. However, vacillation in the price of oil has created uncertainty and instability in Brunei’s economy due to the Asian financial crisis of 1997 and 1998. Therefore, it is evident that the long-term economy of Brunei is unpredictable. Brunei is willing to accept aid and advice from other countries to ensure domestic tranquillity.

The political and foreign policy of Brunei plays a vital role in relation to the ICFD. Several councils and a cabinet of ministers advise sultan Haji Hassanal Bolkiah, the ruler. The media is extremely pro-government. However, the royal family is given the most importance in terms of symbolism. One of the goals addressed in the Monterrey Conference is reducing unemployment. Brunei is doing everything possible to combat this problem. The government of Brunei has drawn up plans to become an International Offshore Financial Center as well as a center for Islamic banking creating small and medium enterprises.

Brunei’s import and export rates have a positive impact on the economy and hopefully will stay that way. Their Exports partners include Japan 51%, United Kingdom 14%, United States 10%, Singapore 8%, Thailand 3%. There are certain resolutions and changes that Brunei supports which would definitely be beneficial. For example, further widening the economic base beyond oil and gas.

On februaury 22^nd Sultan Hassanal Bolkiah said in his National Day speech "All citizens of the world covet prosperity, which we here are enjoying. All citizens of the world want to be free from suffering due to chaos or instability, a suffering from which we here are free." This proves that life in Brunei is very pleasant. This is why it is extremely important to preserve this lifestyle by finding numerous ways to stabilise the economy.

As far as the unemployment rate is concerned statistics show that in 1995, 4.9 percent of the entire working population were jobless. Though this may not seem overly disturbing, recent statistics show that the unemployment rate has increased a twofold to 10 percent. It is vital that this rate must decrease in order to preserve the domestic tranquillity that we as a nation are grateful for and proud of.

There are a few resolutions that we have come up with to eradicate this problem. Even though we are the third largest oil producer in Southeast Asia and the fourth largest producer of liquefied natural gas in the world, we will expand our economic base to include more emphasis on strengthening the tourist and banking sectors. Brunei is a beautiful country with a large ethnic background and interesting culture and history. With this new world becoming more and more modern as we speak, the interest to learn about ancient cultures increases in demand, thus opening the grand doors of Brunei to tourism.