UN Secretary-General António Guterres has urged international development banks to transform their business models to allow a flow of funds to the least developed countries at “reasonable cost”. The announcement was made by Guterres at the opening of the Fifth Least Developed Countries Development Conference held in Qatar. DEA News.
The UN Secretary-General urged international financial institutions to find “creative ways to expand funding”, including contingencies such as epidemics and natural disasters, and incorporate provisions to support governments in such emergencies into their debt instruments.
Guterres also called for the IMF to accelerate the transition of special drawing rights from developed to less developed countries that need them most, and to transform the “deeply biased” global financial system, in which the least developed countries receive loans at eight interest rates. times lower than in developed countries.
In his speech, Guterres called on rich countries to allocate $500 billion a year to poor countries. fananews.
The last least developed countries conference took place in 2019 before the coronavirus pandemic.
Formerly Australia, India, USA and Japan spoke for the enlargement of the UN Security Council.