Current location:Global Gist news portal > sport
UN chief calls for reform of global financial architecture, particularly with regard to debt
Global Gist news portal2024-05-21 06:37:36【sport】1People have gathered around
IntroductionUNITED NATIONS, April 15 (Xinhua) -- UN Secretary-General Antonio Guterres on Monday called for the
UNITED NATIONS, April 15 (Xinhua) -- UN Secretary-General Antonio Guterres on Monday called for the "wholesale reform" of the global financial architecture and specifically, its approach to debt. He made the appeal at a high-level thematic debate on debt sustainability and socio-economic equality for all, which marks the beginning of the first-ever UN General Assembly Sustainability Week. "From enhancing debt transparency, to scaling-up lending in local currencies, to developing new debt instruments and faster and fairer restructuring processes, we need to find new ways for countries to borrow boldly and sustainably in times of need," he said. Above all, there is a need to increase developing countries' representation across the international financial system and every decision that is made, said the UN chief. "They need a seat at the table. They deserve a seat at the table. It's far past time." Guterres also asked for efforts to bring to life the SDG Stimulus of at least 500 billion U.S. dollars a year in financing for developing countries, which world leaders agreed on at the SDG Summit in September 2023. "We must dramatically scale up affordable, long-term financing, primarily through multilateral development banks (MDBs). I renew my calls for recapitalizing MDBs and re-channeling unused Special Drawing Rights for countries in need," he said. There is also a need to find ways to leverage the vast sums of callable capital that the shareholder countries of MDBs have at the ready, sitting in central banks, he said. "This means working with MDBs, central banks and credit rating agencies to greenlight greater volumes of low-cost lending by MDBs to support developing countries as they invest in development." "And we must go further in deploying innovative financing mechanisms, such as hybrid capital bonds to increase lending capacity and attract more private capital to projects and expand the size and reach of loans. At the same time, we must ensure that any new concessional financing doesn't evaporate in debt service payments," said Guterres. He renewed his call to creditors to explore debt pauses for vulnerable countries; urged international financial institutions to help countries restructure their debt to create space for urgent investments; and called on the International Monetary Fund to temporarily suspend interest rate surcharges at this time of constrained liquidity. "Developing countries need a lifeline to pull themselves out of the quicksand of debt," he said. The global financial system is broken, but not beyond repair. The world cannot afford to continue throwing developing countries' plans and futures onto a raging bonfire of debt, said Guterres.
(Editor:Liao Yifan)
Address of this article:http://europaisland.lochsaege.com/html-7a399644.html
Very good!(6744)
Related articles
- Justin Timberlake set to bring his The Forget Tomorrow World Tour to Australia in 2025
- Kunming Zoo welcomes a newborn Asian elephant calf
- China Rolls out Red Carpet for Central Asian Leaders Ahead of Milestone Summit
- China's Zhangjiajie prepares for reopening
- Pentagon vows to keep weapons moving to Ukraine as Kyiv faces a renewed assault by Russia
- Fuyuan in NE China makes efforts to develop its distinctive cultural tourism industry
- Xi Focus: Xi Calls for Making Beijing
- Scenery of Mount Emei in SW China's Sichuan Province
- Rangers are undefeated at .500 to keep World Series champs from a losing record with Bochy
- Bringing on the summer tourism heat
Popular articles
Recommended
Independent UN experts urge Yemen’s Houthis to free detained Baha'i followers
Scenery in Ergun, China's Inner Mongolia
Scenery of Great Wall in Beijing
This week: Retail sales, United Airlines and Netflix earnings
Baby Reindeer's real
Xi Focus: Xi Calls for Making Beijing
Xi Focus: Xi's Inspiring Words for Young People
A Journey to Mogao Grottoes in Dunhuang through light and shadow
Links
- Phish fans are famously dedicated. What happens when they enter the Sphere?
- Stoinis powers Lucknow to 6
- 'Challengers' review: Prepare to get hot and bothered
- 'Challengers' review: Prepare to get hot and bothered
- Teresa Giudice, 51, of RHONJ poses with her mini
- How major US stock indexes fared Monday, 4/22/2024
- Crew members injured in crash on set of Eddie Murphy movie 'The Pickup'
- Analysis: Golf has two dominant forces in Scheffler and Korda. It didn't happen overnight
- PICTURED: Mom
- Juventus requires a late goal to beat Lazio 3