Malaysia’s Prime Minister Ismail Sabri Yaakob proposed to the UN on Friday to establish an international monetary cooperation mechanism amid rising global inflation.

The mechanism, said Yaakob, will be able to “build a more effective and just system that is able to balance the needs of global development.”

Yakoob was addressing the UN General Assembly in New York -- the first to speak in the native Malaysian language, Bahasa Melayu.

“A major lesson that COVID-19 pandemic taught us -- we cannot run away from every challenge that confronts us,” he said, adding that not caring about the effect on others “will only generate mistrust in international cooperation.”

In an interconnected world “the policies and decisions of some countries can affect other nations,” said Yaakob.

Pointing to tackling inflation by UN member states, the Malaysian premier said: “The monetary policy and determination of interest rates by one country also has impact on other countries.”

“This is where cooperation and coordination among countries needs to be stepped so as to achieve the goal of a more just economic well-being for all,” he said.

“In an international financial and monetary structure that is still dominated by a few major powers, as well as during the world economic recovery, domestic monetary decisions have to be adjusted by considering the reality and needs of the developing countries,” said the Malaysian premier, proposing that UN member states establish a new international monetary cooperation mechanism.