United Nations Secretary-General António Guterres called for a restructuring of the global financial architecture, arguing that developing countries should not be denied sustainable economic growth because of an unequal international financing system.
Addressing the opening of the General Debate of the 81st United Nations General Assembly, (UNGA 81) Guterres said mounting debt pressures, limited access to affordable capital and climate-related disasters were deepening inequalities between countries.
“Aucun pays ne devrait être privé d’un avenir durable parce qu’il se situe du mauvais côté d’un système financier profondément inégalitaire,” Guterres said in French.
No country should be deprived of a sustainable future because it is on the wrong side of a profoundly unequal financial system.
He said many developing countries were burdened by unsustainable debt, exposed to disasters for which they bear limited responsibility and excluded from financing at affordable rates.
The UN chief called for reforms that would make the international financial system more representative and responsive to the needs of poorer economies.
Debt Relief and Development Finance
Guterres urged the international community to pursue debt relief that is “rapide, efficace et juste”, or rapid, effective and fair.
He also called for larger and more ambitious multilateral development banks capable of financing long-term development projects at affordable costs and on a greater scale.
According to Guterres, these institutions must be better equipped to mobilise private capital, particularly in countries where public resources are insufficient to meet development needs.
He further advocated for special drawing rights to benefit countries that need them most, highlighting the role of international reserve assets in addressing financing constraints.
“This is not a technical debate, but a question of representation, equity and power-sharing,” Guterres said in French.
The remarks place global financial reform at the centre of efforts to address inequality, rather than treating disparities in wealth and access to resources solely as economic outcomes.
Inequality as a Question of Economic Power
Guterres said inequality determines who has access to resources, who gets opportunities and whose voice influences decisions.
He argued that although humanity has accumulated unprecedented wealth, knowledge and technological capacity, billions of people remain without adequate food, clean water, education, decent work and healthcare.
The secretary-general linked the financing challenges of developing countries to wider questions of representation in global decision-making institutions.
He said the international community must ensure that economic systems support sustainable development and do not reinforce exclusion.
Guterres also highlighted gender inequality, saying economies are more dynamic when women have equal opportunities and institutions become more effective when power is shared.
The UN secretary-general’s call comes as global governance institutions face pressure to respond to shifting economic power and the financing requirements of developing countries.
