UN chief calls for reform of global financial architecture

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(VOVWORLD) -UN Secretary-General Antonio Guterres on Monday called for the “wholesale reform” of the global financial architecture and, specifically, its approach to debt.

UN chief calls for reform of global financial architecture - ảnh 1UN Secretary-General Antonio Guterres. (Photo: AFP/VNA)

He made the appeal at a high-level debate on debt sustainability and socio-economic equality for all, which marks the beginning of the first-ever UN General Assembly Sustainability Week.

Guterres noted that, from enhancing debt transparency to scaling-up lending in local currencies and developing new debt instruments and faster and fairer restructuring processes, it’s crucial to find new ways for countries to borrow boldly and sustainably in times of need.

Above all, there is a need to increase developing countries' representation across the international financial system in every decision that’s made, said the UN chief.

He called for efforts to bring to life the SDG stimulus of at least 500 billion USD a year in financing for developing countries, which world leaders agreed on at the SDG Summit last September, renewed his call to creditors to explore debt pauses for vulnerable countries, and urged international financial institutions to help countries restructure their debt to create space for urgent investments.