UN Chief Urges Financial Aid As COVID-19 Pushes 60Mln More People Into 'Extreme Poverty'

Muhammad Irfan Published May 28, 2020 | 07:56 PM

UN Secretary-General Antonio Guterres said on Thursday that 60 million people worldwide have been pushed into extreme poverty due to the novel coronavirus pandemic and urged mobilizing immediate financial support to address the problem

UNITED NATIONS (UrduPoint News / Sputnik - 28th May, 2020) UN Secretary-General Antonio Guterres said on Thursday that 60 million people worldwide have been pushed into extreme poverty due to the novel coronavirus pandemic and urged mobilizing immediate financial support to address the problem.

"Unless we act now, the COVID-19 pandemic will cause unimaginable devastation and suffering around the world. Sixty-million more people pushed into extreme poverty," Guterres said. "We need to respond with unity and solidarity. A key aspect of solidarity is financial support."

Guterres also urged focusing on reducing the outflow of capital from some developing countries and enhancing global liquidity.

The UN chief pointed out that as countries risk facing a wave of defaults and sovereign debt crises, alleviating crushing debt should be extended to all developing and middle-income nations.

Durable solutions securing space for investment, recovery and achieving Sustainable Development Goals need to be found, Guterres said.

In addition, Guterres said the international community should find ways to encourage commercial creditors who hold a growing share of developing countries' sovereign debt to join debt relief efforts.

The international community should jointly focus on preventing illicit financial flows and establishing confidence boost to relaunch investment in sustainable development.

Guterres added that the international community must not only beat the novel coronavirus, but aim for a better recovery, reduce inequalities and eradicate poverty and hunger.

Guterres was speaking at a high-level event on financing solutions related to the novel coronavirus crisis and aimed at accelerating global response to the economic impacts of the pandemic.