UN chief calls for reform of global financial architecture, particularly with regard to debt ...Middle East

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UN chief calls for reform of global financial architecture, particularly with regard to debt
NEW YORK: UN Secretary-General Antonio Guterres on Monday called for the “wholesale reform” of the global financial architecture and specifically, its approach to debt, reported Xinhua.He made the appeal at a high-level thematic debate on debt sustainability and socio-economic equality for all, which marks the beginning of the first-ever UN General Assembly Sustainability Week.“From enhancing debt transparency, to scaling-up lending in local currencies, to developing new debt instruments and faster and fairer restructuring processes, we need to find new ways for countries to borrow boldly and sustainably in times of need,“ he said.Above all, there is a need to increase developing countries’

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