Browsing: Antonio Guterres

• About 3.3 billion people are living in countries where debt interest payments exceed expenditure on health or education.
• African countries pay four times more for borrowing than the US and eight times more than wealthy European economies.
• UN Secretary-General António Guterres says growing debt burden is undermining global prosperity.

The United Nations has fired a warning shot on soaring global public debt, which hit record $92 trillion in 2022, saying that it risks sending more poor countries into the roiling economic crisis.

According to UN Secretary-General António Guterres, the swelling debt burden is undermining global prosperity. There has been a five-fold surge in public debt levels since 2000. Guterres says it “demands immediate action to tackle the escalating crisis affecting developing countries in particular.”

The UN Secretary-General underlined: “On average, African countries pay four times more for borrowing than the United States and eight times more than the wealthiest European …

The United Nations (UN) has called for major reforms for two institutions considered key players in the new world order. Antonio Guterres, the UN secretary-general, is pushing for major changes in the IMF and the World Bank.

According to Guterres, the International Monetary Fund has profited the rich nations at the expense of the developing ones. The UN secretary-general describes the response by IMF and the World Bank towards the COVID-19 pandemic as a “glaring failure” that left most developing nations significantly indebted.…