UN Secretary General Antonio Guterres widened the attack when he condemned a global financial system 'designed by wealthy countries'. UN Secretary General Antonio Guterres widened the attack when he condemned a global financial system "designed by wealthy countries, largely to their benefit." Without any cash reserves, the poor nations were being forced to pay "predatory interest rates." Ahead of the summit, the UN Development Programme (UNDP) estimated that 52 countries were either suffering debt stress or close to it and in danger of default. Alongside the official summit, civil society activists held their own meetings to propose radical solutions to the debt problem.

Source: Daily Nation March 06, 2023 22:39 UTC