UN Secretary Antonio Guterres called for financial justice because "many countries are unable to cope with debt servicing."
During the G77+China Summit held in Havana on Friday, United Nations Secretary Antonio Guterres called on the South to raise "voices in the fight for a world that works for everyone" since global governance systems are failing developing countries.
"Now they find themselves entangled in a web of global crises. Poverty is on the rise, and hunger is increasing. Prices are soaring, debt is excessive, and climate disasters are becoming more frequent. Global systems and frameworks have let them down. The conclusion is clear: the world is failing developing countries," he said.
"To change this situation, we need national-level measures to ensure good governance, mobilize resources, and prioritize sustainable development. And we need global-level measures that respect national sovereignty, with the aim of building an international system that upholds human rights and serves the common interest."
Guterres also acknowledged that many global institutions reflect "a bygone era" and highlighted the need to update the United Nations Security Council (UNSC), the International Monetary Fund (IMF), and the World Bank (WB).
Entrando a la plenaria de la histórica Cumbre del G77 + China, tuve un cálido encuentro con el presidente del Estado de Palestina Mahmud Abás, a quien le reiteré nuestra amistad y apoyo inquebrantable por la causa del pueblo palestino. pic.twitter.com/mCHi83OOMK— Nicolás Maduro (@NicolasMaduro) September 15, 2023
Venezuelan President Nicolas Maduro's text reads, "Entering the plenary session of the historic G77+China Summit, I had a warm meeting with Palestinian President Mahmud Abbas, to whom I reiterated our friendship and unwavering support for the Palestinian people's cause."
In the economic arena, he called for financial justice and urgent measures because "many countries are unable to cope with debt servicing" due to the effects of the pandemic, global inflation, and "the impact of extreme weather events."
It is necessary to establish an effective debt relief mechanism quickly because the changes currently proposed are progressing but too slowly.
"Reforms of the international financial system are gaining ground, but they will take time. We need to act immediately," Guterres stressed.
He pointed out that science, technology, and innovation can foster solidarity and address common problems, but often exacerbate inequalities and reinforce divisions.
"Only global action can address these inequalities, ensure a fair transition to a digital economy, and ensure that in a new technological era, no one is left behind," the UN Secretary said, urging the G77+China to play a "leading role" in various multilateral forums.
"I count on this Group, which has long been a champion of multilateralism, to step forward, use its power, and advocate for a system based on equality, a system ready to end centuries of injustice and neglect, and a system that benefits all humankind," he concluded.