UN asks rich economies to provide $500bln annually for poor nations

António Guterres, UN Secretary General, condemned on Saturday the rich countries’ way of controlling poor countries with vicious interest rates and high fuel prices and asks them to offer $500 billion annually to help poor nations.

Guterres said in the fifth UN conference for developing countries, hosted by Al-Doha that rich countries should offer this help for the countries that are stuck in hollow rings, which stop it from enhancing its economy, health, and education.

“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,” said Guterres.

Two of the poorest countries in the world, Afghanistan and Burma, did not attend the conference because the UN does not acknowledge their governments. None of the leading countries in the field of economy attended the conference as well.

The interest rate is one of the weapons used by the Central Banks to control the inflation by taking in the extra liquid from the economy and dent the demand. However, the American high interest rates means a lot to capitalism across the world.

Guterres also said that the poor nations were left behind in the digital revolution and that the Russia-Ukraine war had only increased prices these countries pay for food and fuel.