Beautiful Virgin Islands

Thursday, Jun 26, 2025

UN Chief Condemns "Vicious" Tactics Of Wealthy Nations Against Poor

UN Chief Condemns "Vicious" Tactics Of Wealthy Nations Against Poor

UN leader Antonio Guterres on Saturday slammed the world's rich countries and energy giants for throttling poor nations with "predatory" interest rates and crippling fuel prices.
UN leader Antonio Guterres on Saturday slammed the world's rich countries and energy giants for throttling poor nations with "predatory" interest rates and crippling fuel prices.

Guterres told a summit of the most deprived states on the planet that wealthy nations should provide $500 billion a year to help others "trapped in vicious cycles" that block their efforts to boost economies and improve health and education.

The summit of the 46 Least Developed Countries (LDC) is normally held every 10 years but has twice been delayed since 2021 because of the coronavirus pandemic.

Afghanistan and Myanmar, two of the poorest countries, are not present at the meeting in Doha because their governments are not recognised by UN members.

No leader from any of the world's major economies attended.

At the summit opening, Guterres hit out straight away at the way poor nations are treated by the more powerful.

"Economic development is challenging when countries are starved for resources, drowning in debt, and still struggling with the historic injustice of an unequal COVID-19 response," he said.

The LDCs have long complained that they did not get their fair share of the Covid vaccines that were concentrated on Europe and North America.

"Combatting climate catastrophe that you did nothing to cause is challenging when the cost of capital is sky-high" and the financial help received "is a drop in the bucket", said Guterres.

"Fossil fuel giants are raking in huge profits, while millions in your countries cannot put food on the table."

Guterres said the poorest nations were being left behind in the "digital revolution" and the Ukraine war had only increased prices they pay for food and fuel.

Broken Promises

"Our global financial system was designed by wealthy countries, largely to their benefit," he said.

"Deprived of liquidity, many of you are locked out of capital markets by predatory interest rates," the UN leader said.

Wealthy nations had failed to keep a promise to give 0.15-0.20 percent of their Gross National Income to LDCs.

With poorer states trapped in a "perfect storm for perpetuating poverty and injustice", Guterres said LDCs required a "minimum" $500 billion a year to help overcome their problems, build up job creating industries and repay debts.

Richer countries have also vowed, but failed, to produce hundreds of billions of dollars to help poorer states to help battle climate change. Guterres said the UN would "keep pushing for the resources already promised".

Malawi's President Lazarus Chakwera, the summit chairman, also hit out at the "broken promises" made by the international community.

He said that aid was "not a favour or an act of charity" but a "moral responsibility".

Under proposals called the Doha Programme of Action, a food stockholding system will be set up to help countries facing hunger crises through drought and high prices.

The plan also calls for an investment centre to help LDCs attract foreign funding and lower interest rates to ease the impact of their debts.

Bhutan will this year become one of seven countries -- along with Bangladesh, Laos, Nepal, Angola, Sao Tome and Principe and the Solomon Islands to "graduate" out of LDC status by 2026.

But they will gradually lose trade and aid privileges. Guterres said they risk becoming "victims of the cruelest sleight-of-hand trick -- support systems vanishing before their eyes" and would need help after they move up the wealth scale.
Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
UK to Enhance Nuclear Capabilities with Acquisition of F-35A Fighter Jets
Russian Shadow Payments via Cryptocurrency Reach $9 Billion
Explosions Rock Doha as Iranian Missiles Target Qatar
“You Have 12 Hours to Flee”: Israeli Threat Campaign Targets Surviving Iranian Officials
Macron and Merz: Europe must arm itself in an unstable world
Germany and Italy Under Pressure to Repatriate $245bn of Gold from US Vaults
Airlines Evaluate Flight Cancellations Amid Escalating US-Iran Tensions
Starmer Invites Innovators to Join Government Talent Scheme
UK Economy’s Strong Opening Quarter Shows Signs of Cooling
Harrods Seeks Court Order to Secure Al Fayed Estate for Victims
BA and Singapore Airlines Cancel Dubai Flights Amid Middle East Tensions
Trump Faces Backlash from MAGA Base Over Iran Strikes
Meta Bets $14 B on Alexandr Wang to Drive AI Ambitions
WATCH: Israeli forces show the aftermath of a massive airstrike at Iran's Isfahan nuclear site
FedEx Founder Fred Smith, ‘Heart and Soul’ of the Company, Dies at 80
Chinese Factories Shift Away from U.S. Amid Trump‑Era Tariffs
Pimco Seizes Opportunity in Japan’s Dislocated Bond Market
Labubu Doll Drives Pop Mart to Status as China’s Most Valuable Toy Maker
Global Coal Demand Defies Paris Accord Goals
We have new information and breaking details to share about what is shaping up to be a historic air campaign tonight
Six Massive Bombs Dropped on Fordow; Trump: 'A Historic Moment for the U.S., Israel, and the World'
Fordow: Deeply Buried Iranian Enrichment Site in U.S.–Israel Crosshairs
United States Conducts Precision Strikes on Iran’s Nuclear Sites
US strikes Iran nuclear sites, Trump says
Pakistan to nominate Trump for Nobel Peace Prize.
BBC Demands Perplexity AI Immediately Stop Using Its Content
Telegram Founder: I Will Leave My Fortune to Over 100 of My Children
Political Turmoil Resurfaces in Belgium Amid Economic Concerns
Fed policymakers divided on timing of interest rate cuts
Trump signals imminent agreement with Harvard University
Inheritance tax referendum alarms Swiss billionaire community
Japan cancels bilateral security meeting amid US defence demands
AI skeptic Emily Bender warns that ‘the emperor has no clothes’
Israel Confirms Assassination of Quds Force Commander in Tehran
16 Billion Login Credentials Leaked in Unprecedented Cybersecurity Breach
Senate hearing on who was 'really running' Biden White House kicks off
Iranian Military Officers Reportedly Seek Contact with Reza Pahlavi, Signal Intent to Defect
FBI and Senate Investigate Allegations of Chinese Plot to Influence the 2020 Election in Biden’s Favor Using Fake U.S. Driver’s Licenses
Vietnam Emerges as Luxury Yacht Destination for Ultra‑Rich
Plans to Sell Dutch Embassy in Bangkok Face Local Opposition
China's Iranian Oil Imports Face Disruption Amid Escalating Middle East Tensions
Trump's $5 Million 'Trump Card' Visa Program Draws Nearly 70,000 Applicants
DGCA Finds No Major Safety Concerns in Air India's Boeing 787 Fleet
Airlines Reroute Flights Amid Expanding Middle East Conflict Zones
Elon Musk's xAI Seeks $9.3 Billion in Funding Amid AI Expansion
Trump Demands Iran's Unconditional Surrender Amid Escalating Conflict
Israeli Airstrike Targets Iranian State TV in Central Tehran
President Trump is leaving the G7 summit early and has ordered the National Security Council to the Situation Room
Taiwan Imposes Export Ban on Chips to Huawei and SMIC
Israel has just announced plans to strike Tehran again, and in response, Trump has urged people to evacuate
×