April 18, 2023
1 min read

Guterres urges renewal of global financial architecture

He warned that the 2030 Agenda and the Sustainable Development Goals (SDGs) are turning into “a mirage of what might have been..reports Asian Lite News

UN Secretary-General Antonio Guterres has called for worldwide engagement and support to renew the international financial architecture, which he said was created for a world “no longer exists”.

Guterres made the remarks on Monday at the opening of the Financing for Development Forum, which takes place at the UN headquarters in New York from April 17 to 20, Xinhua news agency reported.

He warned that due to a multidimensional crisis, the 2030 Agenda and the Sustainable Development Goals (SDGs) are turning into “a mirage of what might have been,” as communities and governments struggle to meet immediate needs.

Inequalities within some countries are regressing toward early 20th century levels, a time before women were allowed to vote, and before widespread acceptance of the concept of social protection, he said.



According to Guterres, the United Nations has proposed the SDG Stimulus plan to scale up affordable long-term financing for all countries in need, aiming to boost investments that will help to achieve the SDGs, relieve the debt burden of developing countries, and improve access to funding.

“In the longer term, we will not solve today’s challenges by relying on the financial system that helped to cause them,” he noted.

The global financial architecture was created for a world that no longer exists, Guterres said, adding that “it cannot address the challenges faced today by developing countries” and “has failed countries at their moment of greatest need.”

It is now widely recognized that the world needs an economic system that is coherent and coordinated, and reflects today’s global economic reality, a system that supports stable economic conditions and helps countries to invest in the SDGs, he said.

“We need engagement and support from all corners of the world to renew the international financial architecture and make it able to face the challenges of today and tomorrow,” said Guterres.

ALSO READ: India’s geopolitical ambitions challenge China’s hegemony

Previous Story

Missing Indian woman climber, Baljeet Kaur found alive on Mt Annapurna

Next Story

India, UK are natural partners, says CDS Radakin

Latest from -Top News

‘Kill and Dump’ Haunts Balochistan Again

The latest killings have reignited accusations of extrajudicial executions and the use of counterterrorism laws to cover up custodial deaths in Balochistan….reports Asian Lite News Concerns have deepened across Balochistan following the

‘ASEAN Expands, But Keeps Its Soul’

Malaysian Foreign Minister Mohamad Hasan urged ASEAN to uphold its unity and strategic resolve amid intensifying geopolitical tensions and mounting external pressures…reports Asian Lite News Consensus and inclusivity will remain the cornerstones

Bangladesh bends to beat Trump’s blow

Dhaka seeks compromise as Trump’s 35% tariff looms large over key exports; Washington urges worker protections, factory relocation to US…reports Asian Lite News Bangladesh has opened the second round of critical trade

China seethes as US lands F-35s in PH

As US F-35 jets land in the Philippines for the first time, Manila cements its frontline role in Washington’s power play against rising China….reports Asian Lite News The Philippines is rapidly cementing
Go toTop

Don't Miss

Jaishankar meets Guterres, discuss Sudan situation

There are about 4,000 Indian citizens in Sudan, and according

Guterres hopes ‘everyone’s rights protected’ in elections

This comes after US State Department doubled down on its