UN CHIEF CRITICIZES RICH COUNTRIES ‘VICIOUS’ TACTICS AGAINST THE POOR

Sat 04 March 2023:

Guterres says wealthy nations should provide $500bn a year to help the most deprived states ‘trapped in vicious cycles’ boost their economies.

United Nations chief Antonio Guterres has condemned rich countries and energy giants for throttling poor nations with “predatory” interest rates and crippling fuel prices.

Speaking on the first day of the UN’s Least Developed Countries (LDC) summit in Qatar on Saturday, Guterres indicated that wealthy nations contribute $500 billion annually to assist those who are “trapped in vicious cycles” that hamper their attempts to grow their economies and improve their access to healthcare and education.

The summit of the 46 LDC is normally held every 10 years but has twice been delayed since 2021 because of the coronavirus pandemic.

Afghanistan and Myanmar, two of the poorest countries, are not present at the meeting in Qatar’s capital Doha because their governments are not recognised by UN members.

No leader from any of the world’s major economies attended.

Guterres immediately criticized how rich nations treat less developed nations during the summit’s opening remarks.

“You [LDCs] represent one in eight people on Earth. I have enormous admiration for your remarkable efforts to achieve graduation, and sustain graduation. But your countries are also trapped in vicious cycles that make development difficult,” he said.

“We are perfectly aware of the inequities created by our unfair global economic and financial system.

“Economic development is challenging when countries are starved for resources, drowning in debt, and still struggling with the historic injustice of an unequal COVID-19 response,” he said.

“Combatting climate catastrophe that you did nothing to cause is challenging when the cost of capital is sky high and the financial help received is a drop in the bucket. Fossil fuel giants are raking in huge profits, while millions in your countries cannot put food on the table.”