Top Posts
NDDC, others push for climate change awareness in...
Heaviest monsoon in a decade kills 458 people...
Council releases first fully electric bin lorry
Report: A fifth of migratory species face extinction...
Stakeholders seek integration of climate change into national...
Study shows US asthma inhalers produce same emissions...
Report: Nigeria, others may lose $300 billion, 49m...
Pope Leo hits out at climate change critics
Nigeria insurers prepare to global delegates on climate...
Energy Dept. asks employees not to use words...
EcoNai Newsroom
  • Newsround
  • Nigeria
  • Africa
  • World
World

Guterres calls for sweeping reform of ‘biased’ financial system

by Segun Ogunlade January 10, 2023
written by Segun Ogunlade January 10, 2023
528

U.N. Secretary General, Antonio Guterres has called for sweeping reform of the international financial system that will allow low-income countries vulnerable to climate calamities receive adequate funding from richer nations.

The UN boss made the call at a conference in Geneva where officials representing about 40 governments, private donors and financial institutions met to discuss rebuilding efforts for Pakistan who had suffered great loss from flood last year.

During the meeting, Guterres said that the international financial system was skewed to benefit wealthy countries and should be reformed to ensure a more equitable distribution of resources.

“It is very clear that the present system is biased. The system was conceived by a group of rich countries and naturally it basically benefits rich countries,” he was quoted to have said regarding a “morally corrupt global financial system”.

Read also: Ortom urges FG to dredge River Benue to prevent flooding

Guterres was speaking alongside Pakistani Prime Minister Shehbaz Sharif, who said Pakistan needed $8 billion from the international community over the next three years to support recovery efforts after floods that killed at least 1,700 people, displaced millions and damaged critical infrastructure.

“We need a new debt architecture and we need to make sure that debt relief is effectively provided by the system even to middle income countries that are on the verge of very difficult, very dramatic situations including suspending payments,” Guterres added.

Meanwhile, delegations from the International Monetary Fund met with Pakistan’s finance minister on the sidelines of the conference, but has yet to approve the release of $1.1 billion originally due to be disbursed in November last year and has left Pakistan with only enough foreign exchange reserves to cover one month’s imports.

Guterres condemned the inaction of global leaders and the paltry sum they invest to combat climate emergencies and called for the vulnerability of countries to be taken into account when major financial institutions distribute below-market-rate financing.

“We need to redesign our financial system in order to be able to take into account vulnerability and not only GDP when decisions are made about concessional funding to countries around the world,” he said.

Story was adapted from Reuters.

Climate changeFinanceReformUN
0 comment 0 FacebookTwitterPinterestEmail
admineconai

previous post
Ortom urges FG to dredge River Benue to prevent flooding
next post
Flood Recovery: Donors pledge more than $9bn Pakistan

Related Posts

Heaviest monsoon in a decade kills 458 people...

October 9, 2025

Council releases first fully electric bin lorry

October 9, 2025

Study shows US asthma inhalers produce same emissions...

October 7, 2025

Pope Leo hits out at climate change critics

October 3, 2025

Protesters seek $5tr payment from fossil fuel companies

October 1, 2025

UN official says climate change displaces up to...

September 30, 2025

UN ends high-level week with calls for peace,...

September 30, 2025

China announces plans to cut greenhouse gas emissions...

September 25, 2025

China locks down as Super Typhoon Ragasa nears...

September 24, 2025

Trump says climate change ‘greatest con Job in...

September 24, 2025

Leave a Comment Cancel Reply

Save my name, email, and website in this browser for the next time I comment.

Newsletter

Subscribe my Newsletter for new blog posts, tips & new photos. Let's stay updated!

  • Facebook
  • Twitter
  • Instagram
  • Linkedin
  • Bloglovin
  • Vimeo

@2021 - All Right Reserved. Designed and Developed by Eco-Nai+

EcoNai Newsroom
  • Newsround
  • Nigeria
  • Africa
  • World