United Nations Secretary General Antonio Guterres criticized wealthy nations and energy companies for harming poor nations with high interest rates and unaffordable fuel prices.
Speaking to leaders from over 40 of the world’s most impoverished states, in the United Nations Conference on Least Developed Countries (LDCs) in Doha, Guterres urged rich countries to provide $500 billion annually to help those “trapped in vicious cycles” that hinder efforts to improve economies and critical services.
The Emir of Qatar, Sheikh Tamim bin Hamad Al Thani, is leading the 5th United Nations Conference on LDCs, which seeks to identify sustainable solutions for nations grappling with poverty, the effects of climate change, food and energy crises, and high debt burdens.
Guterres noted that economic development is difficult for countries starved of resources, burdened by debt, and still dealing with the historic inequality of the COVID-19 response.
The LDCs have complained about not receiving an equitable share of COVID-19 vaccines, which mainly went to Europe and North America.
The UN Secretary-General also criticized the high cost of capital and inadequate financial aid, which makes it challenging to combat climate change, especially when millions of people in these countries are struggling to afford food.
Furthermore, Guterres observed that the poorest nations are being left behind in the digital revolution, and the Ukraine war has pushed up their food and fuel prices. He also criticized fossil fuel companies for earning enormous profits while millions in these countries are unable to put food on their tables.
The four day conference, under the theme “From Potential to Prosperity,” occurs once a decade and provides an opportunity for the international community to support sustainable development in the LDCs and assist them in making progress toward achieving prosperity.
World leaders, private sector representatives, civil society, and youth organizations are among those attending the summit, which aims to share developmental ideas and mobilize political will, solidarity, action, and solutions to transform LDCs and achieve the Sustainable Development Goals (SDGs) by 2030.
Afaf Al Fahchouch