Guterres Says Financial System Needs Radical Transformation, Time For New Bretton Woods

Guterres Says Financial System Needs Radical Transformation, Time for New Bretton Woods

UN Secretary-General Antonio Guterres said on Monday that the global financial architecture needs to undergo radical transformation rather than a simple evolution

WASHINGTON (Pakistan Point News / Sputnik - 06th February, 2023) UN Secretary-General Antonio Guterres said on Monday that the global financial architecture needs to undergo radical transformation rather than a simple evolution.

"The global financial architecture does not need a simple evolution; it needs radical transformation. It is time for a new Bretton Woods moment," Guterres said in an address to the UN General Assembly.

Guterres emphasized that the global financial architecture is at the heart of the most significant problems such as the economic inequality and injustice the world faces.

The UN chief urged the international community to keep the developing countries at the center of every decision and mechanism of the global financial system.

"A new resolve to address the appalling inequalities and injustices laid bare once again by the pandemic and response," Guterres said. "A new determination to ensure developing countries have a far greater voice in global financial institutions."

Guterres also called on the multilateral development banks to change their business model to address the needs of developing countries.

"They should multiply their impact by massively leveraging their funds to attract greater flows of private capital to invest in the capacity of developing countries to achieve the Sustainable Development Goals," he said.