Key Points
UN seeks reforms in international financial institutions
Developing countries need more access to concessional funding
Africa disproportionately impacted by climate change despite minimal contributions
Multilateral banks must redirect private investment strategically
In a press conference on Saturday on the margin of the African Union (AU) summit, Guterres said developing countries should be given concessional funding, and multilateral development banks shall direct private investment toward them.
He said the UN is pushing for reforms of international financial architecture to give developing countries more voice, more power, more representation and more access to the resources they need, Xinhua news agency reported.
"The international financial institutions such as the World Bank, the International Monetary Fund, and others were created after the Second World War. The African continent was practically not represented, because most of today's African countries were still in a colonial regime. They essentially serve the interests of those who created them," he said.
According to the UN chief, many African countries are facing a debt burden in a situation where there is no effective mechanism to deal with debt relief.
Africa is not contributing to climate change the most, but it is worst affected by its impacts, including the worst storms and drought, said the UN chief, urging developed countries, which caused climate change, to treat emerging nations fairly.
Besides, achieving and sustaining peace throughout the African continent is the core task of the UN, Guterres highlighted.
"The challenges are great, but the opportunities are greater, and the United Nations will be with the people of Africa every step of the way," he added.
The AU summit, which brought together leaders from AU members, is underway under the theme "Justice for Africans and People of African Descent Through Reparations."
