Beautiful Virgin Islands

Monday, Jul 14, 2025

UN chief slams rich countries’ treatment of poor states

UN chief slams rich countries’ treatment of poor states

UN Secretary-General 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.
Speaking in the Qatari capital, Doha, Guterres told leaders of more than 40 of the most deprived states that wealthy nations should provide $500 billion a year to help others “trapped in vicious cycles” that block efforts to boost economies and vital services.

The summit of Least Developed Countries 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 Doha meeting of 46 LDC states because their governments are not recognized by UN members. No leader from any of the world’s major economies attended.

At a leaders’ summit ahead of the start of the general LDC conference on Sunday, 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 complained that they did not get a fair share of the COVID vaccines that went mainly to 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 fueled their food and fuel prices.

“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.

A host of presidents and ministers hit out at financing conditions for LDCs, whose debt has more than quadrupled in a decade to an estimated $50 billion in 2021.

East Timor’s President Jose Ramos-Horta called interest rates “rapacious” and “insensitive.”

Malawi’s President Lazarus Chakwera, the summit chairman, highlighted “broken promises” and said that aid was not “an act of charity” but a “moral responsibility.”

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

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

He added that the UN would also “keep pushing” richer countries to hand over hundreds of billions of dollars promised separately to help poorer states battle climate change.

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

It also calls for new efforts 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
FBI Chief Kash Patel Denies Resignation Speculations Amid Epstein List Controversy
Air India Pilot’s Mental Health Records Under Scrutiny
Google Secures Windsurf AI Coding Team in $2.4 Billion Licence Deal
Jamie Dimon Warns Europe Is Losing Global Competitiveness and Flags Market Complacency
South African Police Minister Suspended Amid Organised Crime Allegations
Nvidia CEO Claims Chinese Military Reluctance to Use US AI Technology
Hong Kong Advances Digital Asset Strategy to Address Economic Challenges
Australia Rules Out Pre‑commitment of Troops, Reinforces Defence Posture Amid US‑China Tensions
Martha Wells Says Humanity Still Far from True Artificial Intelligence
Nvidia Becomes World’s First Four‑Trillion‑Dollar Company Amid AI Boom
U.S. Resumes Deportations to Third Countries After Supreme Court Ruling
Excavation Begins at Site of Mass Grave for Children at Former Irish Institution
Iranian President Reportedly Injured During Israeli Strike on Secret Facility
EU Delays Retaliatory Tariffs Amid New U.S. Threats on Imports
Trump Defends Attorney General Pam Bondi Amid Epstein Memo Backlash
Renault Shares Drop as CEO Luca de Meo Announces Departure Amid Reports of Move to Kering
Senior Aides for King Charles and Prince Harry Hold Secret Peace Summit
Anti‑Semitism ‘Normalised’ in Middle‑Class Britain, Says Commission Co‑Chair
King Charles Meets David Beckham at Chelsea Flower Show
If the Department is Really About Justice: Ghislaine Maxwell Should Be Freed Now
NYC Candidate Zohran Mamdani’s ‘Antifada’ Remarks Spark National Debate on Political Language and Economic Policy
President Trump Visits Flood-Ravaged Texas, Praises Community Strength and First Responders
From Mystery to Meltdown, Crisis Within the Trump Administration: Epstein Files Ignite A Deepening Rift at the Highest Levels of Government Reveals Chaos, Leaks, and Growing MAGA Backlash
Trump Slams Putin Over War Death Toll, Teases Major Russia Announcement
Reparations argument crushed
Rainmaker CEO Says Cloud Seeding Paused Before Deadly Texas Floods
A 92-year-old woman, who felt she doesn't belong in a nursing home, escaped the death-camp by climbing a gate nearly 8 ft tall
French Journalist Acquitted in Controversial Case Involving Brigitte Macron
Elon Musk’s xAI Targets $200 Billion Valuation in New Fundraising Round
Kraft Heinz Considers Splitting Off Grocery Division Amid Strategic Review
Trump Proposes Supplying Arms to Ukraine Through NATO Allies
EU Proposes New Tax on Large Companies to Boost Budget
Trump Imposes 35% Tariffs on Canadian Imports Amid Trade Tensions
Junior Doctors in the UK Prepare for Five-Day Strike Over Pay Disputes
US Opens First Rare Earth Mine in Over 70 Years in Wyoming
Kurdistan Workers Party Takes Symbolic Step Towards Peace in Northern Iraq
Bitcoin Reaches New Milestone of $116,000
Biden’s Doctor Pleads the Fifth to Avoid Self-Incrimination on President’s Medical Fitness
Grok Chatbot Faces International Backlash for Antisemitic Content
Severe Heatwave Claims 2,300 Lives Across Europe
NVIDIA Achieves Historic Milestone as First Company Valued at $4 Trillion
Declining Beer Consumption Signals Cultural Shift in Germany
Linda Yaccarino Steps Down as CEO of X After Two Years
US Imposes New Tariffs on Brazilian Exports Amid Political Tensions
Azerbaijan and Armenia are on the brink of a historic peace deal.
Emails Leaked: How Passenger Luggage Became a Side Income for Airport Workers
Polish MEP: “Dear Leftists - China is laughing at you, Russia is laughing, India is laughing”
BRICS Expands Membership with Indonesia and Ten New Partner Countries
Weinstein Victim’s Lawyer Says MeToo Movement Still Strong
U.S. Enacts Sweeping Tax and Spending Legislation Amid Trade Policy Shifts
×