UN Secretary General calls for reform of the global financial system

Editor's Choice
UN Secretary General calls for reform of the global financial system
UN Secretary General Antonio Guterres

UN Secretary-General Antonio Guterres delivered a stark message to the ongoing G77+China summit in Kampala, urging immediate reform of the global financial system and warning that its current state is failing developing countries. He pointed to the Bretton Woods institutions, created after World War II, as outdated and inadequate to address the needs of today's world.

"These financial institutions still largely correspond to the power relations and the global economy of that time," Guterres declared. "They must be reformed so that they are truly universal, reflect the realities of today, and are much more responsive to the needs of developing countries."

He proposed an "SDG stimulus" of $500 billion annually in affordable long-term finance for sustainable development and climate action in developing countries. This, he argued, would provide much-needed breathing space for countries facing crippling debt burdens and help them transition to a more sustainable future.

The G77+China summit represents the developing world's collective voice on the global stage. Guterres' call for reform echoes a growing frustration among developing countries with the status quo, and his proposal for an SDG stimulus could become a rallying point for their demands.

Reader's Comments