2023-05-21 17:18:25
The head of the UN participated this May 21 in the G7 meeting held in Japan and expressed his support for various reforms that allow for better global governance, since the actions and agreements reached in 1945 —the year the organization was created— to guarantee world stability “failed”.
“There is a systemic and unfair bias in the global economic and financial frameworks in favor of rich countries, which is naturally generating frustration in the developing world,” he said.
For the UN chief, the COVID-19 pandemic and Russia’s special military operation in Ukraine aggravated this bias.
As an example, Guterres cited the financial aid given by the International Monetary Fund (IMF) for the health crisis, valued at 650,000 million dollars. While the G7 countries, with a population of 772 million, received $280 billion, the entire African continent, with a population of 1.3 billion, only received $34 billion.
“If the multilateral development banks would work together and change their business models and approach to risk, they might mobilize huge amounts of private finance for developing countries at reasonable cost,” he added.
“The solution does not lie in the formation of antagonistic blocs or in responses that involve only a small number of countries. This will be especially important in this context of transition towards a multipolar order, which will require profound changes in the institutions,” Lula pointed out.
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