UN chief urges aid surge in world of 'climate chaos, raging conflicts' - International
Dozens of world leaders and more than 4,000 representatives from businesses, civil society, and financial institutions are gathering in the city of Seville for the June 30-July 3 conference to seek fresh impetus for the crisis-hit aid sector.
But the United States is snubbing the biggest such talks in a decade, underlining the erosion of international cooperation on combating hunger, disease, and climate change.
Guterres told delegates at the opening of the conference that two-thirds of the United Nations' sustainable development goals set for 2030 were "lagging" and more than $4.0 trillion of annual investment would be needed to achieve them.
US President Donald Trump's gutting of his country's development agency, USAID, is the standout example.
But Germany, Britain, and France are also making cuts while they boost spending in areas such as defence.
International charity Oxfam says the cuts to development aid are the largest since 1960.
More than 800 million people live on less than $3.0 a day, according to the World Bank, with rising extreme poverty affecting sub-Saharan Africa in particular.
Disruption to global trade from Trump's tariffs and ongoing conflicts in the Middle East and Ukraine have dealt further blows to the diplomatic cohesion necessary for concentrating efforts on helping countries escape poverty.
The crisis meant children going unvaccinated, girls dropping out of school and families suffering hunger, said Guterres.
He urged the international community to "change course" and "repair and rev up the engine of development to accelerate investment" in "a world shaken by inequalities, climate chaos and raging conflicts".
A blistering heatwave that is scorching southern Europe welcomed the delegates to the Fourth International Conference on Financing for Development, an example of the extreme weather that scientists say human-driven climate change is fuelling.
'Colonial debt'
Kenya's William Ruto, Senegalese President Bassirou Diomaye Faye, Ecuador's Daniel Noboa, Angolan leader João Lourenco, and Sudanese army chief Abdel Fattah al-Burhan were among prominent Global South leaders in Seville.
Among the key topics up for discussion is reforming international finance to help poorer countries shrug off a growing debt burden that inhibits their capacity to achieve progress in health and education.
The total external debt of the group of least developed countries has more than tripled in 15 years, according to UN data.
Critics have singled out US-based bulwarks of the post-World War II international financial system, the World Bank and the International Monetary Fund, for reform to improve their representation of the Global South.
Painstaking talks in New York in June produced a common declaration to be adopted in Seville that only went ahead after the United States walked out.
The document reaffirms commitment to the UN development goals such as eliminating poverty and hunger, promoting gender equality, reforming tax systems and international financial institutions.
The text also calls on development banks to triple their lending capacity, urges lenders to ensure predictable finance for essential social spending and for more cooperation against tax evasion.
Coalitions of countries will seek to spearhead initiatives in addition to the so-called "Seville Commitment", which is not legally binding.
But campaigners have criticised the text for lacking ambition and have rung alarm bells about rising global inequality.
Hundreds of demonstrators braved the sizzling heat in Seville on Sunday to demand change in international tax, debt and aid policies.
"Global South countries will never be able to decide how they want to do development if they are bound to the new colonial debt," protester Ilan Henzler, 28, told AFP.
Follow us on:
Short link:
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Egypt Independent
2 hours ago
- Egypt Independent
Iran's president approves law suspending cooperation with UN nuclear watchdog
CNN — Iranian President Masoud Pezeshkian has approved a law to halt cooperation with the International Atomic Energy Agency (IAEA), a move which will likely obscure any attempt by Tehran to restart its damaged nuclear program. Wednesday's decision comes a week after Iran's parliament passed a law to suspend cooperation with the UN nuclear watchdog. Iran blames the IAEA for collaborating with Israel and providing a pathway for strikes on its nuclear facilities, an accusation which the agency denies. Pezeshkian ordered Iran's Atomic Energy Organization, the Supreme National Security Council, and the Ministry of Foreign Affairs to begin implementing the law, state-run news agency IRNA said. It's unclear when and how the new law will be implemented, but the decision could pave the way for Iran to rebuild its nuclear program without inspections or monitoring from the IAEA. Iran is a signatory to the Non-Proliferation Treaty (NPT), which requires members to allow monitoring and inspections of facilities to confirm the peaceful nature of nuclear programs. 'We are aware of these reports. The IAEA is awaiting further official information from Iran,' an IAEA spokesperson told CNN. Germany said that Pezeshkian's move sends a 'disastrous signal.' 'For a diplomatic solution it is essential for Iran to work with the IAEA,' German foreign ministry spokesman Martin Giese told reporters, as reported by Agence France-Presse (AFP) Israel launched an unprecedented attack on Iran last month that targeted its military commanders, nuclear facilities and the scientists who develop its atomic program. In the week that followed, the United States launched supportive strikes on Iranian nuclear facilities in Natanz, Isfahan and Fordow. A 12-day conflict between Israel and Iran ended with a ceasefire last week. Iran said its facilities were badly damaged in the attacks but that it intends to continue enriching uranium to continue its 'peaceful' nuclear program. On Sunday, the IAEA said US strikes on Iran fell short of causing total damage to the program and that Tehran could restart enriching uranium 'in a matter of months.' Rafael Grossi, director general of the IAEA, at the UN nuclear watchdog's headquarters in Vienna, Austria, last before Israel attacked the Iranian facilities, the IAEA said it could not verify that Tehran's nuclear program is entirely peaceful and issued a report saying Iran was enriching uranium to near weapons-grade levels. That document triggered an IAEA resolution censuring Iran, fueling outrage across the Iranian government who accuse the agency and its director general, Rafael Grossi, of being biased. Iran's Supreme Leader Ayatollah Khamenei has repeatedly denied Iran is building a bomb and says weapons of mass destruction are forbidden under Islam. The country began enriching uranium to higher levels after US President Donald Trump withdrew in 2018 from a nuclear agreement signed between the Obama administration and Iran.
See - Sada Elbalad
2 hours ago
- See - Sada Elbalad
Al-Mashat: Current Global Financial System Exacerbates Disparities in Capital Flows, Limits Financing Opportunities for Developing Countries
Nada Mustafa As part of her ongoing participation in the Fourth International Conference on Financing for Development in Seville, Spain, within the Egyptian delegation headed by H.E. Prime Minister Dr. Mostafa Madbouly, on behalf of H.E. President Abdel Fattah El-Sisi, President of the Arab Republic of Egypt, H.E. Dr. Rania A. Al-Mashat, Minister of Planning, Economic Development and International Cooperation, participated in a number of events concerning expanding fiscal space for developing countries, national frameworks and platforms, aligning capital flows with Sustainable Development Goals (SDGs), and a new vision for debt. Expanding Fiscal Space for Developing Countries and a New Vision for Debt H.E. Dr. Rania Al-Mashat participated in a panel titled "Expanding Fiscal Space: A New Vision for Debt and Development Finance," with the participation of Dr. Mahmoud Mohieldin, Chair of the UN Expert Group on Debt and the UN Special Envoy on Financing the 2030 Sustainable Development Agenda; Ms. Rola Dashti, Executive Secretary of the Economic and Social Commission for Western Asia (ESCWA); and Ms. Zuzana Brixiova, Director of Macroeconomics, Finance and Governance Division at the UN Economic Commission for Africa (UNECA). The Minister of Planning, Economic Development and International Cooperation emphasized that the 4th International Conference on Financing for Development represents a pivotal moment for fulfilling the international community's commitments for achieving SDGs, particularly after the successive crises the world is facing, which undermine the ability of developing and emerging countries to meet the requirements of the development path. H.E. Minister Al-Mashat highlighted the importance of implementing the recommendations of theUN expert group's report on solving the debt problem in Global South countries. These included 11 key recommendations, among them: redirecting and renewing resources of existing funds in multilateral development banks and the International Monetary Fund to enhance liquidity, adopting policies to extend maturities and finance loan repurchases, reducing debt service during crises, reforming the G20 Common Framework to include all middle-income countries, and reforming the Debt Sustainability Analyses (DSA) of the IMF and World Bank to better reflect the situation of low and middle-income countries, among other recommendations. H.E. Dr. Al-Mashat expressed her aspiration that the 4th International Conference on Financing for Development will contribute to taking concrete steps towards restructuring the global financial system, which has become inadequate for the magnitude of challenges and changes facing developing and emerging countries. She noted that rising debts and decreasing investments undermine the ability of developing and emerging countries to catch up. She also stressed the need to overcome global challenges and return to the multilateral development cooperation system. H.E. Dr. Al-Mashat reiterated Egypt's efforts to promote financing for development through innovative mechanisms such as debt swap programs with Germany and Italy, and the signing of a new agreement with China. She pointed to the credibility and trust between Egypt and international financing institutions, which facilitated the mobilization of more than $15.6 billion in development financing for the private sector since 2020. Reforming the Global Financial Architecture: Aligning Capital Flows with Development and Climate Goals In a related context, H.E. Dr. Rania Al-Mashat participated in a high-level session titled "Reforming the International Financial Architecture: Aligning Capital Flows with Development and Climate Goals," organized by the Columbia Center on Sustainable Investment (CCSI), the Sustainable Development Solutions Network (SDSN), and the Belt and Road Green Development Council (BRIGC). Participants included Professor Jeffrey Sachs, President of the UN Sustainable Development Solutions Network (SDSN); Mr. Claver Gatete, Executive Secretary of the UN Economic Commission for Africa (ECA); Professor Kevin Urama, Chief Economist of the African Development Bank; and Ms. Carla Louveira, Minister of Finance of Mozambique, among others. H.E. Dr. Rania Al-Mashat reaffirmed that achieving inclusive and sustainable development in the African continent cannot be based solely on borrowing or on mobilizing domestic resources. Instead, it is essential to integrate both approaches to ensure sufficient and sustainable financing for development projects. H.E. Minister Al-Mashat also emphasized that Egypt is working to achieve a delicate balance between domestic and international financing, guided by a clear vision that mobilizing domestic resources supports sustainability, while international partnerships provide momentum for implementing major strategic projects. Regarding the global financial structure,H.E. Dr. Al-Mashat added that the current international financial system has led to a deepening of the disparity in capital flows between developing, emerging, and developed countries, and limits financing opportunities in southern countries. She asserted that developing countries, especially African nations, still bear unfair financial burdens due to the high cost of financing compared to developed countries, and this disparity weakens our ability to achieve the SDGs within set timelines. H.E. Minister Al-Mashat mentioned that capital flows are moving in the opposite direction, away from the countries with the greatest needs, despite the high-return investment opportunities these countries offer. She underscored that instead of capital flowing towards high-yield development opportunities, we observe outflows due to increased risks associated with global fluctuations, which limits the ability of countries to attract long-term financing. She concluded that serious reforms are urgently needed in the international financial system. Rania Al-Mashat Rania Al-Mashat Rania Al-Mashat Rania Al-Mashat read more Gold prices rise, 21 Karat at EGP 3685 NATO's Role in Israeli-Palestinian Conflict US Expresses 'Strong Opposition' to New Turkish Military Operation in Syria Shoukry Meets Director-General of FAO Lavrov: confrontation bet. nuclear powers must be avoided News Iran Summons French Ambassador over Foreign Minister Remarks News Aboul Gheit Condemns Israeli Escalation in West Bank News Greek PM: Athens Plays Key Role in Improving Energy Security in Region News One Person Injured in Explosion at Ukrainian Embassy in Madrid News China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War News Flights suspended at Port Sudan Airport after Drone Attacks Videos & Features Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream News Shell Unveils Cost-Cutting, LNG Growth Plan Technology 50-Year Soviet Spacecraft 'Kosmos 482' Crashes into Indian Ocean News "Tensions Escalate: Iran Probes Allegations of Indian Tech Collaboration with Israeli Intelligence"
Al-Ahram Weekly
4 hours ago
- Al-Ahram Weekly
Stocks diverge as tariffs deadline looms - Markets & Companies
Stock markets diverged and the dollar rose Wednesday as US President Donald Trump ruled out a fresh delay to reciprocal tariffs. Tokyo-listed equities took a hit from Trump's threats to ramp up Japanese levies, Hong Kong closed higher and Europe's main indices were up around midday. Stocks trading was "taking a relatively positive tone despite the tech-led weakness seen in the US" on Tuesday, noted Rostro chief market analyst Joshua Mahony. Oil prices jumped more than one percent as crude-producer Iran suspended cooperation with the United Nations' nuclear watchdog, days after a ceasefire in a war that saw Israeli and US strikes on nuclear sites in the Islamic republic. Market watchers reacted also to Trump's signature budget bill that scraped through the Senate. Optimism over an extension to deep tax cuts helped to offset warnings it could add around $3 trillion to the national debt. A week before Trump's 90-day pause on reciprocal tariffs ends, few governments have struck deals to avert the taxes, though White House officials say several are in the pipeline. And while the administration had set July 9 as the deadline to finalise pacts, investors largely expect that to be pushed back or countries given extra time. However, the president said Tuesday he was "not thinking about the pause" and again warned he would end negotiations or hike some duties. Among those in his sights was Japan, which he slammed this week over US rice and auto exports to the country. Asia Society Policy Institute vice president, Wendy Cutler, told AFP that "Japan's refusal to open its rice market, coupled with the US resistance to lowering automotive tariffs, may lead to the reimposition of Japan's 24 percent reciprocal tariff". In Washington senators passed Trump's "Big, Beautiful Bill" he says will boost the economy by extending tax cuts and slashing spending on programmes such as Medicare. The legislation now faces a tough passage through the House of Representatives, where some Republicans have raised concerns about its cost amid already heightened fears over the country's finances. On the corporate front Wednesday, shares in Qantas dropped more than two percent after the Australian airline said it was probing a "significant" cyberattack where hackers infiltrated a system containing sensitive data on six million customers. Hong Kong-listed Chinese tech titan Alibaba dipped after saying it would issue US$7 billion in subsidies for certain purchases. Hong Kong is expected to lead the world in IPO financing this year despite uncertainty from geopolitical tensions and trade tariffs, accountancy giant PwC said. Follow us on: Facebook Instagram Whatsapp Short link:
