Global leaders call to leave unfair global fund architecture behind

Paris, Jun 22 (RHC) United Nations Secretary-General António Guterres and Barbadian Prime Minister Mia Mottley called on Thursday for profound changes in the international financial system.

The financial architecture is in crisis; it became outdated, dysfunctional, and unfair and does not respond to a multipolar world, Guterres warned in his speech on the first day of the Summit for a New Global Financing Pact.

The UN chief expressed concern about the situation and said the Sustainable Development Goals, including those related to poverty and hunger, are slipping away.

Guterres regretted that the Covid-19 pandemic and the war in Ukraine have further complicated the situation.

The wealthy countries could generate the necessary liquidity to relaunch their economies, a capacity that developing countries do not have, as they face the dilemma of either paying their debts or dealing with the fundamental problems of their populations, a scenario with terrible consequences for several generations, he pointed out at the Palais Brongniart.

According to the UN secretary-general, the elements exposed confirm that the international financial architecture has failed in its mission to contribute to global security and the countries of the South.

For Mottley, the call in Paris cannot be to reinforce the divisions and the order of the past but to find similar points in the face of the challenge of saving the planet and making it possible for us to live on it. (Source: Prensa Latina)