UN Task Force Calls for an Overhaul of Global Finance to Curb Poverty

UNITED NATIONS – A U.N. task force has released a statement to call for an overhaul of national as well as international financial systems to deal with various issues such as poverty, climate change, and inequality, etc. The major components of the UN task force such as the International Monetary Fund, World Bank Group, and World Trade Organisation have mentioned all the recommendations in a new report to meet the 17 U.N development goals for 2030 to eradicate poverty, and dealing with other challenges of the developing countries. In the report, it was clearly mentioned that mobilizing financial funds is a big challenge to achieve the UN goals to ensure a prosperous growth throughout the world.

U.N. Secretary-General Antonio Guterres said that the private sector has been taking steps in financing to meet the sustainable development goal. However, he added that the changes have not been happening at the required scale as well as the necessary speed. The international financial system has a significant role to play in addressing urgent global threats and to boost international cooperation. Various challenges such as slow economic growth, rising income inequality and hurdles to multilateralism could only be tackled by introducing a fundamental shift in the international financial system. At the national level, various financial sources such as have contributed on a large scale. Similarly, it is imperative to make changes in the international financial system to meet the targets of the U.N.

Appreciating the role of rapid advancements in technology, geopolitics in contributing to the sustainable development of societies as well as economies, U.N. Deputy Secretary-General Amina Mohammed shared her views on this subject. She said cooperation at the global level is required to deal with challenges which prevent sustainable development. In the report, the U.N. task force enlisted a number of recommendations to bring a change in the current global financial architecture in order to achieve the U.N goals.

While addressing a news conference, Mohammed said in order to achieve various U.N goals such as new infrastructure, clean energy, and fight climate change, high economic growth, there is a requirement of a huge amount of fund which could only be achieved by restructuring the architecture of the international financial system.

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