In a news conference, Secretary-General Antonio Guterres emphasized the need for reforming international financial and development institutions to better represent the interests of the Global South. He noted that while organizations like BRICS can play a complementary role for developing nations, it's crucial to avoid contributing to the fragmentation of the global economy.
Guterres pointed out that institutions like the International Monetary Fund and the World Bank, established in the aftermath of World War II, no longer adequately reflect today's global economy and power relations. He stressed the importance of reforming these institutions to be more inclusive and representative of the current global economic landscape.
The Secretary-General highlighted the need for international financial institutions to better represent the interests of the Global South and urged for meaningful reforms to address their undercapitalization and insufficient size to meet contemporary global needs.
While acknowledging the important role of organizations like BRICS in supporting developing countries in finance and trade, Guterres emphasized the importance of maintaining a united global economy and avoiding fragmentation. He underscored the need for a single global economy, market, and internet to prevent divisions that could hinder progress.
Guterres also called for a serious conversation between developed and developing countries to address global challenges effectively, including conflicts, climate action, the impact of Artificial Intelligence, and achieving the Sustainable Development Goals. He highlighted the importance of cooperation between rich and emerging economies to navigate the complexities of the current geopolitical landscape.
(With Agency Inputs)
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