Guterres Calls For Undertaking Reform Of 'Morally Bankrupt' Global Financial System

Guterres Calls for Undertaking Reform of 'Morally Bankrupt' Global Financial System

UN Secretary-General Antonio Guterres said on Friday that the global financial system, which he characterized as being "morally bankrupt," should be reformed

UNITED NATIONS (Pakistan Point News / Sputnik - 23rd September, 2022) UN Secretary-General Antonio Guterres said on Friday that the global financial system, which he characterized as being "morally bankrupt," should be reformed.

"We need to reform a morally bankrupt global financial system," Guterres said at the opening ceremony of the annual meeting of foreign ministers of the Group of 77 countries and China.

Guterres noted that the financial system was created by rich countries to benefit them and it perpetuates poverty and inequalities.

The UN Secretary-General said there is a need to balance the scales between developed and developing countries and create a new global financial system that will benefits all.

"This must include lending criteria that go beyond Gross Domestic Product and provide a true view of the vulnerabilities faced by developing countries," he said.

The Group of 77 was created at the United Nations in 1964 as a coalition of 77 non-aligned states. The group currently comprises of 134 developing countries that promote their collective economic interests.