UN chief determined to fight pandemics and governance deficits in the international financial system in 2022

“I am determined that 2022 will be the year when we will finally close the deficits of the two systems of governance,” he stressed.

“By making these much-needed reforms, we will move towards a much more just, peaceful and sustainable world.”

In his opening remarks, the senior UN official listed a number of serious issues facing the world today, including the Covid-19 pandemic, inequalities, the burden on developing countries. and the climate crisis.

Regarding the pandemic, Guterres said “Covid-19 is not going to go away,” while warning that 98 countries have not been able to meet this year-end vaccination target, the agency reported. Xinhua press.

“Forty countries have not yet been able to immunize 10% of their population yet. In low-income countries, less than 4% of the population is fully immunized,” he added.

“Transmissions show no sign of slowing down. This is due to vaccine inequity, reluctance and complacency,” the secretary general said.

Two months ago, the World Health Organization (WHO) unveiled a strategy to immunize 40% of people in all countries by the end of 2021 and 70% by mid-2022.

“At the current rate, Africa will not reach the 70% threshold before August 2024,” Guterres warned.

The UN chief stressed that vaccine inequality gives variants “a free pass to go wild – devastating the health of people and economies in all corners of the world.”

“We cannot beat a pandemic in an uncoordinated way,” he said.

“Countries need to take concrete steps in the coming days to make greater progress towards meeting the WHO’s 40% global target, and be much more ambitious in their efforts to reach 70% of the population in all countries. countries by the middle of 2022, “the secretary of state said. General added.

Regarding economies, the UN chief said “countries and economies are in a hurry from all sides, especially in the developing world”.

“The unbalanced recovery efforts of Covid-19 are accelerating inequalities and increasing strains on economies and

people, ”he added.

The secretary-general said defaults will become inevitable for low-income countries which already bear much higher borrowing costs.

“The need to repay ever growing and more expensive debt will leave developing countries little fiscal space for recovery, job creation, climate action, reinventing education and retraining and training workers,” and much more, ”he said.

“Today’s global financial system accentuates inequalities and instability,” the secretary general stressed.

“It is a system that allows credit rating agencies to undermine the credibility of developing countries with good growth prospects and vital development needs, and turns private finance into risk averse.”

Referring to the United States, the UN chief said that “inflation here in the United States has peaked in 40 years and we are seeing it increasing elsewhere”.

“As the US Federal Reserve indicated yesterday, interest rates will rise with it – and that will place even greater fiscal constraints on those countries most in need of aid,” he said.

Speaking of inequalities, Guterres noted that “inequalities keep widening. Social upheaval and polarization continue to grow. And the risks keep increasing.

“It is a powder keg for social unrest and instability. It represents a clear and current danger for democratic institutions,” he stressed, adding that “it is time to clearly assume the need for a reform of the international financial system “.

–IANS

integer / khz /


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Don F. Davis