The global financial system has become unfair and failed to protect the poorest countries

The Secretary-General of the United Nations, António Guterres, said that the global financial system has become unfair, failed to protect the poorest countries, and has become unable to respond to the current challenges.

Guterres confirmed, during the summit.New Global Finance CharterIn Paris, today, Thursday: “There must be radical reforms to the global financial system,” especially since this system failed to provide a protection net for developing countries.

Guterres added that the international financial institutions have limited capacity and cannot play their role.

The Secretary-General of the United Nations said that Europe received 13 times more loans from the IMF than Africa received.

Guterres continued, “I proposed providing 50 billion dollars annually to achieve the sustainable development goals.”

He called for providing loans with low interest rates to poor and developing countries.

Heads of state, finance ministers and activists from around the world gather in Paris this week to discuss ways to reform global development banks such as the International Monetary Fund and the World Bank, helping them tackle a world facing the climate change crisis.