{"id":25847,"date":"2024-01-22T11:34:23","date_gmt":"2024-01-22T11:34:23","guid":{"rendered":"https:\/\/www.africa-press.net\/ethiopia\/all-news\/un-chief-urges-for-reform-of-global-financial-system-to-be-more-inclusive"},"modified":"2024-01-22T13:04:12","modified_gmt":"2024-01-22T13:04:12","slug":"un-chief-urges-for-reform-of-global-financial-system-to-be-more-inclusive","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/ethiopia\/all-news\/un-chief-urges-for-reform-of-global-financial-system-to-be-more-inclusive","title":{"rendered":"UN Chief Urges for Reform of Global Financial System to be More Inclusive"},"content":{"rendered":"

Africa-Press – Ethiopia. <\/strong><\/span>Developing countries must lead efforts to reform outdated multilateral institutions and frameworks, UN Secretary-General Anto\u0301nio Guterres said in remarks to the third summit of the Group of 77 (G-77) and China, which opened in Kampala, Uganda, on Sunday.<\/p>\n

More than 130 countries are members of the bloc, the largest grouping of the global South, representing 80 percent of the planet\u2019s population \u2013 and their solidarity and partnership are essential to building a sustainable, peaceful, and just world for all, he said.<\/p>\n

\u201cLet us face it: those that benefit most from the present global governance system are unlikely to lead its reform. So, momentum for change must come from you,\u201d he told leaders. “I urge you to keep driving these efforts forward.\u201d<\/p>\n

The Secretary-General was in the Ugandan capital this weekend to participate in the Summit and the latest meeting of another UN partner, the Non-Aligned Movement (NAM), held on Saturday.<\/p>\n

He outlined many of the challenges facing the world today, including achieving the Sustainable Development Goals (SDGs) by the 2030 deadline as well as ensuring economic recovery from the COVID-19 pandemic, respect for human rights, and climate action.<\/p>\n

\u201cWhile South-South cooperation is strong and deepening, it does not replace the need for the respect of the commitments of the global North \u2013 for sustained engagement to reduce poverty and inequality, support growth, and build resilience in developing countries,\u201d he said.<\/p>\n

Although righting our troubled world requires effective global action, Guterres said “the current international system is out of date, out of time, and out of step” as it was established when many G-77 countries were still colonized.<\/p>\n

He called for reform of the UN Security Council, saying it is paralyzed by geopolitical divisions while its composition does not reflect the reality of today\u2019s world.<\/p>\n

Similarly, the global financial system established after the Second World War, which “failed to provide a global safety net for developing countries in distress”, must also be reformed to be more inclusive.<\/p>\n

\u201cYet, amidst all this gloom, there is hope,\u201d Guterres said, pointing to the SDG Summit last year and its strong political declaration, and the Summit of the Future this September provides an opportunity to build on that success.<\/p>\n

\u201cIt is a chance to create the conditions for countries to achieve the SDGs. To find consensus on frameworks to address new challenges. And to build a better world for us all,\u201d he said, noting that the Summit will also consider deep reforms of the international financial architecture.<\/p>\n

Calling for the G-77 to unite against climate catastrophe, Guterres urged members \u201cto hold developed countries to account for climate justice, and for leading an equitable and just transition, based on the phaseout of fossil fuel and massive investment in renewable energy.\u201d<\/p>\n

Financial commitments made by richer countries also must be met, and clarification on the 100 billion USD promised annually for climate action as well as doubling adaptation finance by 2025 are mere starting points.<\/p>\n

While the Loss and Damage Fund marks a step forward, \u201cwe must call for meaningful contributions that have not yet been announced,\u201d Guterres said.<\/p>\n

The President of the UN General Assembly, Dennis Francis, also delivered remarks at the Summit.<\/p>\n

\u201cNow \u2013 more than ever \u2013 the G77 and all nations must come together and build bridges of dialogue, hope and cooperation to create a more fair, more just and more prosperous world for all,\u201d he said.<\/p>\n

Warning that the international community is \u201cquite literally at a fork in the road,\u201d he urged countries to \u201cseize the opportunity of Summits such as this, to rededicate ourselves to our core values – principles that remain as relevant and compelling today as they ever were.\u201d<\/p>\n

Echoing the Secretary-General, he upheld the need for urgent reform of multilateral organizations, including the UN, and international financial institutions, \u201cto better recognize and leverage the significance of the Global South.\u201d<\/p>\n

For More News And Analysis About Ethiopia<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Ethiopia. Developing countries must lead efforts to reform outdated multilateral institutions and frameworks, UN Secretary-General Anto\u0301nio Guterres said in remarks to the third summit of the Group of 77 (G-77) and China, which opened in Kampala, Uganda, on Sunday. More than 130 countries are members of the bloc, the largest grouping of the […]<\/p>\n","protected":false},"author":84,"featured_media":25846,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,12],"tags":[233,277,235],"class_list":["post-25847","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-policy","tag-africa-press","tag-africa-press-ethiopia-2","tag-ethiopia"],"yoast_head":"\nUN Chief Urges for Reform of Global Financial System to be More Inclusive - Ethiopia<\/title>\n<meta name=\"description\" content=\"Developing countries must lead efforts to reform outdated multilateral institutions and frameworks, UN Secretary-General ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/ethiopia\/all-news\/un-chief-urges-for-reform-of-global-financial-system-to-be-more-inclusive\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UN Chief Urges for Reform of Global Financial System to be More Inclusive\" \/>\n<meta property=\"og:description\" content=\"Developing countries must lead efforts to reform outdated multilateral institutions and frameworks, UN Secretary-General ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/ethiopia\/all-news\/un-chief-urges-for-reform-of-global-financial-system-to-be-more-inclusive\" \/>\n<meta property=\"og:site_name\" content=\"Ethiopia\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2024-01-22T11:34:23+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-01-22T13:04:12+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/ethiopia\/sites\/50\/2024\/01\/sm_1705911851.043926.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1170\" \/>\n\t<meta property=\"og:image:height\" content=\"530\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/ethiopia\/all-news\/un-chief-urges-for-reform-of-global-financial-system-to-be-more-inclusive#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/ethiopia\/all-news\/un-chief-urges-for-reform-of-global-financial-system-to-be-more-inclusive\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/ethiopia\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"UN Chief Urges for Reform of Global Financial System to be More Inclusive\",\"datePublished\":\"2024-01-22T11:34:23+00:00\",\"dateModified\":\"2024-01-22T13:04:12+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/ethiopia\/all-news\/un-chief-urges-for-reform-of-global-financial-system-to-be-more-inclusive\"},\"wordCount\":659,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/ethiopia\/all-news\/un-chief-urges-for-reform-of-global-financial-system-to-be-more-inclusive#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/ethiopia\/sites\/50\/2024\/01\/sm_1705911851.043926.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Ethiopia\",\"ethiopia\"],\"articleSection\":[\"all news\",\"policy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/ethiopia\/all-news\/un-chief-urges-for-reform-of-global-financial-system-to-be-more-inclusive#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/ethiopia\/all-news\/un-chief-urges-for-reform-of-global-financial-system-to-be-more-inclusive\",\"url\":\"https:\/\/www.africa-press.net\/ethiopia\/all-news\/un-chief-urges-for-reform-of-global-financial-system-to-be-more-inclusive\",\"name\":\"UN Chief Urges for Reform of Global Financial System to be More Inclusive - 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