THE FACTS On Saturday, March 4, at the opening of the Summit of Least Developed Countries (LDCs) in Doha, the Secretary-General of the United Nations sharply criticized the global economic order that prevents the economies of the poorest and working nations from getting back on their feet . their education and health systems.
Finally putting an end to hypocrisy and action: On Saturday, March 4, the United Nations Secretary-General sharply criticized the global economic system, which he sees as only benefiting rich countries, at the opening of the Least Developed Countries Summit in the capital . Doha.
António Guterres urged developed countries to provide annual aid of around US$500 billion to the world’s poorest countries, “trapped in vicious circles” that prevent the reform of their economies and the revitalization of their systems. Education and health – an explosion in the cost of capital
“Economic development is difficult when countries lack resources, are mired in debt and still face the historic injustice of an uneven response to Covid-19,” he said, as poorer countries repeatedly denounce the unfair distribution of vaccines, which are concentrated in Europe and North America.
“Our global financial system was designed by rich countries, largely in their favour,” he said. “Cash-strapped, many of you are being driven out of capital markets by oppressive interest rates.”
“Fighting a climate catastrophe you didn’t cause is a challenge when the cost of capital explodes” and the financial aid received is “a drop in the ocean”, added Guterres.
Promises Of Help Were Not Fulfilled.
Leaders and representatives from 33 African countries, 12 Asian and Pacific countries and Haiti are gathered in Doha five decades after the United Nations created the Least Developed Countries category to provide special international support to its most vulnerable and disadvantaged members.
An action plan for these countries was adopted at the United Nations General Assembly last year. But no pledges of large financial contributions were planned during the summit, which has been postponed twice due to the coronavirus. According to Guterres, rich countries have not fulfilled their promises to provide between 0.15 and 0.20 percent of their GDP to less developed countries, caught “in a perfect storm of perpetuating poverty and injustice”.
Afghanistan and Burma do not exist in Doha and their governments are not recognized by UN members. A head of state or government of a wealthy country was not expected in the Qatari capital.
Since 1971, the number of LDCs has almost doubled – originally 24. Ranked among the poorest countries, they benefit from trade privileges and easy access to aid and other finance. Tiny Bhutan is set to ‘graduate’ from the Least Developed Country category this year. It is expected to be followed by Bangladesh, Laos, Nepal, Angola, Sao Tome and Principe and Solomon Islands by 2026.