Doha: The United Nations Secretary General Antonio Guterres has said that the rich countries are using cruel tactics against the less developed countries. He was inaugurating the summit of underdeveloped countries in Doha, Qatar. Rich countries are squeezing poor countries by charging extortionate interest rates and interfering with fuel prices. Economic development is challenging when countries are starved of resources, deep in debt and struggling with historical injustice.
As capital costs skyrocket, it is challenging for rich countries to do nothing to combat climate disasters. Financial aid is like a drop in the bucket. Fossil fuel giants reap huge profits. Meanwhile, millions of people in poor countries do not have enough food to satisfy their hunger. Poor countries are falling behind in the digital revolution. Guterres said the war in Ukraine has only increased the prices poor countries pay for food and fuel.
Global financial systems are shaped by rich countries. Mostly for their own good. Poor countries are stuck with predatory interest. Rich countries are not keeping their promises of 0.15 percent to 0.20 percent of their gross income to poor countries. Money is needed to service debt, grow industry and create jobs. He added that at least $50,000 crore is needed annually to solve the problems of poor countries.
Malawi President Lazarus Chakwera, who is presiding over the summit, said that the aid provided by rich countries is not a benefit or charity, but a moral responsibility. 46 least developed countries are involved in the summit. The summit, which is held every 10 years, was supposed to take place in 2021. Postponed due to covid. The governments of Myanmar and Afghanistan are not recognized by the UN member states, so they do not participate even though they are underdeveloped countries.
News Summary – Cruel strategy against poor countries: UN chief