New York-Paris: Europe and the Arabs
UN Secretary-General Antonio Guterres said the international financial system is "in crisis" and called for urgent action to meet the urgent needs of developing and emerging economies.

Guterres added, in a speech delivered at the opening of the Paris summit "for a new international financial pact," that the goals of the sustainable development plan deviate from the track, and that the most basic goals on hunger and poverty are on the opposite track after decades of achieving progress. According to the UN news release. We received a copy of it this morning

"In 2023, more than 750 million people in the world do not have enough to eat. Tens of millions of people teeter on the brink of extreme poverty. The COVID-19 pandemic and the Russian invasion of Ukraine have exacerbated this situation," Guterres said.

The Secretary-General recalled that there are 52 countries that are defaulting on their debts or are dangerously close to entering the debt default stage. This list includes most of the least developed countries.

urgent action
Guterres touched on the policy brief he issued earlier, which included a proposed plan to reform the international financial structure in order to be able to provide a safety net for all countries.

"While we work to implement the deep reforms that are needed, we can take urgent action today to meet the urgent needs of developing and emerging economies. That is why I proposed an annual stimulus package for the sustainable development plan of $500 billion in favor of investments in sustainable development and climate action," Guterres said.

The Secretary-General stated that this plan includes concrete steps that world leaders can take now, and that they can "establish an effective debt relief mechanism that supports payment freezes, longer-term lending terms and lower interest rates for middle-income countries that suffer from vulnerabilities, particularly with regard to climate."

Guterres said that world leaders can expand conditional financing operations for countries in need, by redirecting unused special drawing rights more widely and using innovative mechanisms to increase international liquidity.

Special Drawing Rights are international reserve assets established by the International Monetary Fund to supplement member countries' official foreign exchange reserves and help provide them with liquidity.

Steps to defeat poverty and hunger
"If we take these steps together, they will help defeat poverty and hunger, boost developing and emerging economies, and boost investments in health, education and climate action," Guterres said.

In his speech, the Secretary-General said that we should not wait for a comprehensive reform of the international financial architecture, "but we can take steps now, and then take a leap towards global justice."

Guterres acknowledged that there are limitations to international cooperation in today's world that make it difficult to solve problems. But he said, "The solutions are not impossible, and we can start now."

A call for the development of pluralism
The Secretary-General also visited the Paris School of International Affairs and gave a lecture there in which he spoke about the challenges facing the world.

Guterres told a gathering of college students that the international situation has rarely been as bleak as it is now, referring to the crises the world is experiencing, including climate change, wars, the uneven economic recovery process from the effects of the Covid-19 epidemic, and the widening gap between the rich and the poor.

The Secretary-General added that most of the pluralistic organizations and mechanisms were built in the post-World War II period and reflect the balance of economic and political power at that time, but after 80 years, "today's world has become very different, so international organizations must express this image, and represent all peoples and continents." ". He also stressed that multilateralism must be recast from top to bottom.

reform on all fronts
Guterres touched on the need to turn the tide, rebuild bridges, and reform collective action on all fronts, including the international financial system, climate, peace and security, and new technologies.

“There is an urgent need to increase cooperation on climate action,” said the Secretary-General, adding that “we must be more ambitious on two fronts: reducing climate change (on the one hand) and achieving climate justice (on the other hand).”

The Secretary-General also made it clear that international cooperation in the field of security and peace is in a state of stagnation, indicating that the tools currently available are not appropriate.

Guterres said, "We must reconsider our approach on security and peace. That is why I propose a new agenda for peace that deals with the issue of peace in an integrated manner to identify the roots of conflict and prevent the seeds of war from spreading."

The Secretary-General also noted the challenge posed by new technologies, including artificial intelligence and social media platforms, saying, "Misinformation and hatred, especially against women, is spreading across the internet like wildfire."

Guterres added that artificial intelligence challenges our collective perception of reality, which is why "I call for the adoption of a global digital compact that will bring together governments, regional organizations, the private sector and civil society. I will also appoint a high-level advisory group on artificial intelligence."