{"id":140747,"date":"2021-10-04T21:32:58","date_gmt":"2021-10-04T21:32:58","guid":{"rendered":"https:\/\/precoinnews.com\/?p=140747"},"modified":"2021-10-04T21:32:58","modified_gmt":"2021-10-04T21:32:58","slug":"u-n-chief-unchecked-debt-dagger-through-heart-for-global-recovery","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/markets\/u-n-chief-unchecked-debt-dagger-through-heart-for-global-recovery\/","title":{"rendered":"U.N. chief: Unchecked debt 'dagger through heart' for global recovery"},"content":{"rendered":"
FILE PHOTO: United Nations Secretary-General Antonio Guterres addresses the 76th Session of the U.N. General Assembly in New York City, U.S., September 21, 2021. REUTERS\/Eduardo Munoz\/Pool\/\/File Photo<\/figcaption>

NEW YORK (Reuters) – U.N. Secretary-General Antonio Guterres warned on Monday that if left unchecked debt distress in the world\u2019s most vulnerable countries would be \u201ca dagger through the heart of global recovery\u201d from the coronavirus pandemic.<\/p>\n

\u201cThe international community has taken a few positive steps, but it is time for a quantum leap in support,\u201d Guterres said, speaking at the opening of the U.N. Conference on Trade and Development in Barbados.<\/p>\n

As of mid-2021, over half of the world\u2019s poorest countries \u201care in external debt distress, or at risk of it,\u201d World Bank President David Malpass said last week.<\/p>\n

The International Monetary Fund in August approved a $650 billion allocation of Special Drawing Rights (SDRs) – the fund\u2019s unit of exchange backed by dollars, euros, yen, sterling and yuan. Guterres pushed for a substantial re-allocation of unused SDRs – \u201cnot a symbolic one\u201d – to vulnerable countries.<\/p>\n

He also called for G20\u2019s Debt Service Suspension Initiative to be extended into next year and made available to all countries that need it, including middle-income countries, for a comprehensive strategy around reforming the international debt architecture and for private finance to help fill the gap.<\/p>\n

\u201cWe know suspending debt payments will not be enough in many countries. They will need effective debt relief, involving both public and private creditors,\u201d Guterres said.<\/p>\n

\u201cIt is deeply unfair that rich countries can borrow cheaply and spend their way to recovery – while low- and middle-income countries struggle to keep their economies afloat,\u201d he said.<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

FILE PHOTO: United Nations Secretary-General Antonio Guterres<\/p>\n","protected":false},"author":3,"featured_media":140746,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23054],"tags":[],"yoast_head":"\nU.N. chief: Unchecked debt 'dagger through heart' for global recovery - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/markets\/u-n-chief-unchecked-debt-dagger-through-heart-for-global-recovery\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"U.N. chief: Unchecked debt 'dagger through heart' for global recovery - Pre Coin News\" \/>\n<meta property=\"og:description\" content=\"FILE PHOTO: United Nations Secretary-General Antonio Guterres\" \/>\n<meta property=\"og:url\" content=\"https:\/\/precoinnews.com\/markets\/u-n-chief-unchecked-debt-dagger-through-heart-for-global-recovery\/\" \/>\n<meta property=\"og:site_name\" content=\"Pre Coin News\" \/>\n<meta property=\"article:published_time\" content=\"2021-10-04T21:32:58+00:00\" \/>\n<meta name=\"author\" content=\"mediabest\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/precoinnews.com\/wp-content\/uploads\/2021\/10\/U.N.-chief-Unchecked-debt-dagger-through-heart-for-global-recovery.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"mediabest\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/precoinnews.com\/markets\/u-n-chief-unchecked-debt-dagger-through-heart-for-global-recovery\/\",\"url\":\"https:\/\/precoinnews.com\/markets\/u-n-chief-unchecked-debt-dagger-through-heart-for-global-recovery\/\",\"name\":\"U.N. chief: Unchecked debt 'dagger through heart' for global recovery - 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