The Secretary-General of the United Nations, Antonio Guterres, announced today (Thursday), during a summit of the Association of Southeast Asian Nations (ASEAN), China, the United States and other countries in Indonesia, that the world is facing the risk of a “massive crack” in its economic and financial systems.
In a diverse speech that touched on geopolitical tension, multilateral development financing and climate change, Guterres called on world leaders to find peaceful and comprehensive solutions to the challenges facing the world.
He added, “There is a real danger of disintegration, of a massive rift in the global economic and financial systems due to the divergence of technology and artificial intelligence strategies and conflicting security frameworks.”
He called for a mechanism to ease the burden on highly indebted developing economies, including deferred payments, longer lending conditions, and lower interest rates.
He also expressed his support for redirecting an additional $100 billion in Special Drawing Rights to the International Monetary Fund through multilateral development banks to increase liquidity and support the needs of developing economies.