UN chief expresses should reform Security Council and Bretton Woods as per ‘needs of precise world’

By Reuters: UN Secretary-General Antonio Guterres talked about on Sunday that it was time to reform every the Security Council and Bretton Woods to align with the “realities of today’s world”.

Speaking at a press conference in Hiroshima, Japan, the place the Group of Seven summit meeting had been held, Guterres talked about every institutions mirrored the flexibility relations of 1945 and wished to be updated.

“The global financial architecture has become outdated, dysfunctional and unfair,” he talked about. “In the face of the economic shocks from the COVID-19 pandemic and the Russian invasion of Ukraine, it has failed to fulfil its core function as a global safety net.”

Guterres moreover spoke of how he felt that on the G7 summit there was a rising consciousness amongst rising worldwide places that not enough was being completed to reform outdated institutions or “remove the frustrations” of the Global South.

India’s financial system will develop over 6% this yr and subsequent, the International Monetary Fund talked about in its World Economic Outlook this January.

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China and India collectively will account for about 50% of world growth in 2023, IMF chief economist and director of the evaluation division Pierre-Olivier Gourinchas talked about on the time.

The wealthy G7’s monetary clout has moreover shrunk beforehand 30 years, accounting for 29.9% of world GDP in 2023 as compared with 50.7% in 1980, based mostly on the IMF.

“We will see now what the impact is of the discussions that were held here in Hiroshima,” Guterres talked about. “The G7 members were able to discuss with some of the most important emerging economies in the world.”

G7 host Japan made some extent of inviting figures from the so-called Global South to Hiroshima for talks. Invitees included Indian Prime Minister Narendra Modi, Brazil’s President Luiz Inacio Lula da Silva and Indonesian President Joko Widodo.