Saturday, March 04, 2023

The Least Developed Countries Summit

 United Nations chief Antonio Guterres in his speech on the opening day of the UN’s Least Developed Countries (LDC) summit in Qatar on Saturday, Guterres said that wealthy nations should provide $500bn annually to help others “trapped in vicious cycles” that block their efforts to boost economies and improve health and education.

“We are perfectly aware of the inequities created by our unfair global economic and financial system...Fossil fuel giants are raking in huge profits, while millions in your countries cannot put food on the table.”

He said, “Our global financial system was designed by wealthy countries, largely to their benefit. Deprived of liquidity, many of you are locked out of capital markets by predatory interest rates”  adding, poorer states were trapped in a “perfect storm for perpetuating poverty and injustice.”

Guterres said LDCs required a “minimum” $500bn a year to help overcome their problems, build up job-creating industries and repay debts. Richer countries have also promised, but failed, to produce hundreds of billions of dollars to help poorer states battle climate change. Guterres said the UN would “keep pushing for the resources already promised”.

UN chief condemns rich countries’ ‘vicious’ tactics against poor | News | Al Jazeera

No comments: