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    World

    UN Chief António Guterres warns of looming 'great fracture' in global economic and financial systems at ASEAN summit

    UN Chief António Guterres warns of looming 'great fracture' in global economic and financial systems at ASEAN summit

    U.N. Secretary-General António Guterres issued a stark warning on September 7 during a summit with Southeast Asia's ASEAN bloc, China, the United States, and other global leaders in Indonesia. He asserted that the world faces the imminent threat of a "great fracture" in its economic and financial systems. 

    UN Chief António Guterres warns of looming 'great fracture' in global economic and financial systems at ASEAN summit
    Photo: UN Chief António Guterres warns of looming 'great fracture' in global economic and financial systems at ASEAN summit 
    Source: Reuters

    In his comprehensive address, Guterres touched on geopolitical tensions, multilateral development finance, and the pressing issue of climate change, urging world leaders to seek peaceful and inclusive solutions to the myriad challenges confronting the globe.

    Guterres expressed grave concerns about the increasing risk of fragmentation.

    "There is a real risk of fragmentation – of a great fracture in world economic and financial systems; with diverging strategies on technology and artificial intelligence and conflicting security frameworks," he noted.
    Indonesian President Joko Widodo with UN Secretary General Antonio Guterres
    Photo: Indonesian President Joko Widodo with UN Secretary General Antonio Guterres
    Source: Reuters

    He called for the establishment of a mechanism aimed at providing relief for debt-stricken developing economies. This mechanism would encompass payment suspensions, longer lending terms, and lower interest rates, ultimately fostering economic stability in these nations.

    Furthermore, the U.N. Chief voiced support for re-routing an additional $100 bn of the International Monetary Fund's Special Drawing Rights through multilateral development banks to bolster liquidity and support the evolving needs of developing economies. This initiative aligns with the commitment made by wealthy nations in 2021 to redirect unused funds, an international reserve currency, to poorer countries.

    U.N. Secretary-General Antonio Guterres with Malaysia's Prime Minister Anwar Ibrahim
    Photo: U.N. Secretary-General Antonio Guterres with Malaysia's Prime Minister Anwar Ibrahim
    Source: Reuters

    In a significant development earlier this year, world leaders gathered at a Paris summit and rallied behind a proposal to encourage multilateral development banks, such as the World Bank, to take more significant financial risks to expand lending. 

    World Bank President Ajay Banga presented a comprehensive "toolkit" at the summit. This toolkit includes provisions like pausing debt repayments, granting countries flexibility to reallocate funds for emergency responses, introducing novel types of insurance to support development projects, and assisting governments in establishing advanced emergency systems.

    U.N Secretary-General Antonio Guterres with Indonesia's President Joko Widodo and First Lady Iriana
    Photo: U.N Secretary-General Antonio Guterres with Indonesia's President Joko Widodo and First Lady Iriana 
    Source: Reuters

    Addressing another global concern, Guterres expressed deep apprehension over the ongoing political, humanitarian, and human rights crisis in Myanmar. Since a military coup in 2021, Myanmar has been embroiled in a relentless conflict. Guterres reiterated his urgent plea to the military authorities of Myanmar, urging them to heed the aspirations of their people, release all political prisoners, and pave the way for a return to democratic governance.

    "I reiterate my urgent call on the military authorities of Myanmar to listen to the aspirations of its people, release all political prisoners, and open the door to a return to democratic rule," he stated.

    In a statement released on the preceding September 6, ASEAN chair Indonesia conveyed the "grave concern" expressed by regional leaders about the lack of substantial progress on their five-point peace plan for Myanmar. ASEAN leaders are scheduled to engage in discussions with the United Nations later on September 7 to address the escalating crisis in Myanmar and explore avenues for a peaceful resolution.

    As global leaders grapple with multifaceted challenges, including economic fragmentation and political turmoil, Guterres' call for unity and collaborative efforts remains an urgent rallying cry for a world in search of stability and sustainable solutions. 

     

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    07.09.2023, 12:33   Comments (0)   1469
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